Latest Retail News – 21/10/2018
1. Iconic Lygon Food Store goes into administration.
2. Nike opens first House of Innovation in Shanghai.
3. 60% of Aussies expect most retailing will be done online within 5 years.
4. Measly retail growth in August.
5. Consumer sentiment stabilises after 2 months of falls.
6. Luxury group, LVMH, announce drop in Chinese demand.
7. Sears prepares to file for bankruptcy.
8. Violet Crumble returns to Aussie hands.
9. Adairs to focus on new categories, larger stores and online.
10. Westfield unveils Living Centre Of The Future with 40% dedicated to dining, entertainment and leisure.
11. Coles sales lift 5% in first quarter.
12. Recent court ruling on leave for casuals could impact on retail industry.
13. Myer relaunches “My Store” campaign.
14. Michael Hill first quarter sales drop.
15. Kaufland gets ready to tackle Australian market.
16. Uniglo Asian profit jumps by 34%.
17. Amazon Australia launches into food.
18. Woolworths invests $30m in organic food.
19. Premier Investments calls for removal of Myer Board.
20. Roger David Appoints administrators.
21. Max Brenner rescue falls through.
Reject Shop Share Price Plunges – Reject Shop have announced that same store sales were down 2.4% in the first 15 weeks of the financial year which translates to a possible 44% drop in profit for the year. Concidentally their share price dropped 44% as a result of the announcement. https://www.abc.net.au/news/2018-10-17/the-reject-shop-share-price-collapses/10386984
Roger David Enters Administration – Australian menswear chain, Roger David, is to launch an immediate clearance sale as it prepares to shut down after Christmas. https://www.smh.com.au/business/companies/heartbroken-roger-david-collapses-into-administration-20181018-p50adk.html