This year Prime Day, and competing shopping festivals, will essentially be clearance events as retailers look to unload excess inventory as quickly as possible.
FINANCE
Levi’s (USA) Q2 net revenue rose 15% year-on-year to $1.5 billion. Net income fell 23% to $50 million.
- 30% of revenue came from company-owned stores, while 7% came from DTC e-commerce.
RETAIL
MANGO (Spain) plans to open at least 20 stores in Canada over the next 10 years. The retailer has partnered with Fox Group (Israel), a retail group, which manages over 1,000 stores worldwide for international brands.
- Six Mango stores are planned for Toronto in 2022-23.
- Mango plans to open 30 new stores in the U.S. in the next three years.
Athleta (USA), a division of Gap, is planning to open 30 to 40 new stores in 2022, including its first-ever outlet locations. The focus is on the U.S. and Canada.
Gap (USA) has entered into a franchise agreement with Reliance Retail (India) to bring the Gap brand to India.
Lululemon (Canada) is opening its first stores in Spain in Madrid and Barcelona. The company already has 40 stores in other European countries.
Walmart (USA) said that it will not hold its own sale during Amazon’s Prime Day (July 12-13). However clearance signs are abundant throughout stores and Rollbacks, Walmart’s 90-day price cuts, are seen on a growing number of items on the retailer’s site, according to local media reports.
- Walmart said it is planning additional markdowns, removing excess inventory and canceling orders.
- Target, Macy’s, Best Buy and many other retailers are planning overlapping events.
PODCAST
Why Passwords are Less Secure Than You Think – and What’s Replacing Them
Data security is something we take for granted. We don’t often think about the consequences, until our company data gets hacked.
Denis O’Shea, a technology expert and founder of Mobile Mentor, talks about how to create solid data security for your company – especially for those people working remotely.
In this podcast Denis talks about:
– Why we need to ditch our passwords
– What’s driving the surge in security breaches and ransomware attacks
– How to secure remote workers who are using their personal devices for company business.
INDUSTRY INSIGHTS
“The combination of the pandemic, rising prices of goods and supply chain issues seem to have created the perfect situation for many industries to engage in varying degrees of price-gouging without having to endure the usual push back from consumers or customers.
“The prices for Amazon Prime, Netflix, flights, gas and just about all household goods are rising more than the cost of making the goods or providing the services. In some cases, a lot more.”
– Rohit Bhargava, founder, Non Obvious Company
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