Sunday 26 November 2017

What’s Happening In Retail This Week - 26/11/2017

Amazon launch strikes a glitch – Thursdays launch of the Amazon Australia website struck a glitch according to news sources with consumers unable to access their site. It turns out that Amazon had only made the site available to a small group of testers. Presumably all the publicity was welcomed by Amazon as they continue to tease consumers and rivals with their plans.

Specialty Fashion Group to close 300 stores – the owners of brands like Katies, Millers, and Rivers have announced that they are reducing their store footprint with a reduction from around 1000 stores currently to 700 stores by 2020. SFG reported an after tax loss of $8.4m for the FY2017.

Bunnings to finally offer online ordering in 2018. – Bunnings will offer their Special Orders range online in 2018. This range covers items that are not held in stock but are ordered in for the customer. Special orders could previously only be ordered in-store.

Jack Ma gives advice to start-ups – “If it is hot, forget it” – see full article here -

Fruit Market Operator Fined Over $660,000 - The operator of the Sunshine Fruit Market was fined a record $660,000 for incorrectly paying a worker, an Afghan refugee, including a period when the worker received no pay at all. The underpayments date back to 2012 and became the subject of litigation by the Fair Work Ombudsman.

One Liners:

1. Deloittes say retailers downbeat about growth prospects this Christmas.
2. Baby Bunting downgrades its full year guidance.
3. Walmarts online sales up 50% last quarter.
4. Old Navy sales drives Gap performance.
5. RBA warns banks about passing Tap-n-Go costs to retailers.
6. Woolworths launches new sustainability effort on waste.
7. Uniqlo to open 5th Melbourne store at Highpoint.
8. Ikea recalls dressers as 8th child dies.
9. Kathmandu raises profit with lower sales and better margins.
10. Harrods to spent millions re-furbishing for Asian market.
11. Myer battle continues as AGM rejects Lew position on Board.
12. Woolworths to open more “Dark Stores” (warehouses for e-commerce).