Retailers are getting increasingly nervous about the coming holiday season. Deals are rolling out at even earlier dates. Deadlines for returns are being pushed to the end of January or later.
RETAIL
Central Group (Thailand) said it planned to expand its footprint in Europe further with investments worth nearly $1.29 billion over five years in new stores, upgrades and e-commerce.
- The group has budgeted $900 million to invest in three projects in Germany, Austria and Switzerland.
River Island (UK) is planning to make its U.S. debut but has not set a date for opening its first store. However the brand has said their online sales are surging in the States.
“US sales are now several times bigger than in 2019,” said Will Kernan, chief executive at River Island, discussing the brand’s strong online growth.
Ralph Lauren (USA) plans to open around 250 stores in the U.S. next three years, reinforcing its focus on DTC.
“The majority of our business is coming from our direct-to-consumer channels,” CEO Patrice Louvet told investors.
FatFace (UK) plans to enter the Canadian market, with its first store in Ontario. The retailer is also planning 8 new stores for North America.
Cos (Sweden), part of the H&M Group, has entered Taiwan with its first brick-and-mortar store at the Taipei 101 Shopping Center.
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FINANCE
Gap Inc. (USA) is laying off about 500 corporate employees, according to a Wall Street Journal report. The job cuts are part of an effort to return the company to profitability.
JD Sports (UK) has warned that surging inflation and worker strikes threaten to curb consumers’ spending power and disrupt its supply chain.
- The retailer still expects full-year pre-tax profits will be in line with record profits reported in January.
MARKETS
U.S. consumers are expected to spend more than they did last year during the holiday season, according to a Mastercard SpendingPulse report. It expects holiday sales to increase by 7.1 percent on a year-on-year basis, which is less than the sales gain seen last year.
UK retail sales fell much more than expected in August, as the cost of living squeezes households’ disposable spending.
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