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Indian government agrees to vote on supermarket reform as opposition mounts Thursday, 29th November 2012
The Indian government on Thursday announced it would allow a vote on its decision to allow foreign supermarkets to expand into India, as intense opposition to the controversial new rules left Indian parliament in a deadlock. The symbolic vote comes amidst concern over the government’s flagship economic reform, which critics say would destroy the livelihoods of small store owners by allowing foreign multinationals to set up operations in India’s USD 450 billion retail sector.
Ted Baker sees revenues rise 22.1% Thursday, 15th November 2012
British design label Ted Baker on Thursday revealed a 22.1 per cent increase in group revenue for the 13 weeks to 10 November. Building on a 15.4 per cent increase in retail sales for its first half, Ted Baker saw retail sales rise 24.6 per cent for the period compared with the same time a year before, while average retail square footage rose by 13.7 per cent.
Hobbs plans international expansion as sales rise continues Monday, 12th November 2012
Premium British retailer Hobbs London is said to be planning an international expansion, after encouraging sales both in stores and online. According to the Telegraph, sales in the last nine months have risen 9 per cent to £87 million, with a 55 per cent rise in online sales.
Visa and MasterCard both see profits rise with increased card use Thursday, 1st November 2012
The world’s largest credit and debit card networks each reported an increase in profits thanks to a rise in consumer spending and card use worldwide. According to Visa, the biggest global network operator for credit and debit cards, payments after adjustments to currency exchange rates grew 6 per cent in the three months to September compared with a year before.
Quiz continues UK expansion Wednesday, 31st October 2012
Fast fashion retailers Quiz has renewed two leases in Manchester’s Trafford Centre and Preston, as the brand continues to expand in the UK and internationally. With locations across the UK including Westfield’s Stratford City and concessions in Debenhams, Quiz have renewed and opened 10 stores for 2012.
Ikea to add 200 stores by 2020 Thursday, 25th October 2012
The world’s largest furniture retailer expects it revenue to grow by as much as 85 per cent in the next eight years, as it looks to add 200 units worldwide by 2020. According to a report by NASDAQ, Ikea expects revenue to increase to EUR 45 billion to EUR 50 billion by 2020, up from EUR 26.9 billion for its most recent year end in August.
Asos posts 40% rise in annual profit Thursday, 25th October 2012
Asos on Thursday announced a 40 per cent rise in year profit, with strong trading overseas managing to offset a slower domestic market in the UK. The online-only fashion retailer has long been the one to watch for its engaging ecommerce strategy, and annual figures on Thursday showed why: Asos reported back on a pro forma underlying pretax profit of £44.5 million for the year to 31 August, above analysts’ consensus forecast of £44 million, and well above the £31.7 million reached for the same period the year before.
American Apparel opens biggest international store in Beijing Saturday, 20th October 2012
American Apparel is set to open its largest international store in the capital of China, Beijing. At almost 7500 square feet, the new store is located inside Parkview Green, in Beijing’s Chaoyang District, one of the largest shopping and business districts in the city.
Michael Kors signs on Covent Garden for Christmas Tuesday, 16th October 2012
Premium American fashion label Michael Kors will add another store to its presence in the UK, after signing on a 2,523 sq ft property in London’s Covent Garden. With five stores already trading in the UK, Michael Kors beat four other retailers to the store, which is it expected to open in time for peak Christmas trading.