WEEKLY WISDOM
“Start where you. Use what you have. Do what you can.”
FINANCE
COSTCO (USA) reported Q4 sales rose 17.5% to $61.44 billion – a record high. Annual profit rose 25% to $5.01 billion, growing at its fastest rate in more than 20 years.
- Full year net sales increased 17.7% to $192.05 billion.
- To tackle supply chain issues, Costco is placing orders earlier and has chartered three ocean vessels for the next year. Each ship can carry 800-1000 containers.
Despite all the challenges facing brands and retailers, sales remain strong and there’s a continued uptick in new store openings. A laudable achievement!
MARKETS
In India rising consumer confidence is expected to boost demand during the festive season even as high performance indicators remained a mixed bag during August and the first half of September, analysts at ratings agency Icra have said.
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RETAIL
The Shanghai government will support companies applying for approval to sell duty-free goods, and encourage duty-free shops to be set up at airports, hotels, malls and other commercial venues, municipal authorities said.
- The development of a “duty-free economy”, which will encourage spending on imported products, including heavily-taxed luxury goods, was outlined in a 2021-2025 consumption plan released on Saturday.
- Annual duty-free spending is in the tens of billions of yuan.
Giordano (Hong Kong) has opened its first store in Ghana within Melcom Plus in Kaneshie, Accra.
- Another 4 locations within the Melcom Department stores in Achimota, Frafrah, Tema and Weija are scheduled to be opened this year.
Abercrombie & Fitch (USA) has opened a new store on London’s Regent Street.
JD.com (CHINA) launched the “JD MALL” brand, the upgraded version of its E-Space omnichannel retail experience store. The new shopping destination will first debut in Xi’an, China, on September 30.
- With an area of 42,000 square meters across five floors, JD MALL in Xi’an offers an immersive omnichannel shopping experience to consumers through 200,000 items from over 150 domestic and international brands.
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