Top 7 retail stories from around the world
Print20 September 2024
Corporate presence
Have you heard that Chinese online retail giant JD.com has established a corporate presence in Ireland, following similar moves by companies like Shein.
In 2023, JD.com posted sales of $153 billion (€137 billion) and doubled its net income to $3.4 billion (€3 billion), according to the Irish Independent.
Among the directors of its new Irish firms is Nani Wang, who gained attention for purchasing an €80 million mansion in Sardinia in 2022.
Supporting retailers
Have you heard that Retail Excellence Ireland (REI) is calling on the government to use part of Apple’s €13 billion back-tax windfall to support retailers struggling with rising costs, increased crime, and antisocial behaviour, according to the Irish Times.
The group argues that immediate financial assistance could prevent many businesses from closing, as they grapple with inflation, minimum wage increases, and other expenses.
REI also advocates for reducing the VAT rate from 23% to 21%, adjusting the PRSI rate, and ensuring greater representation for SMEs in government discussions.
24-hour delivery
Have you heard that The Co-op is launching a 24-hour online grocery delivery service in Leeds, London, and Manchester starting in September 2024 to meet rising demand for late-night shopping.
Partnering with Deliveroo, Just Eat, and Uber Eats, the service will build on the Co-op’s expanding online presence, which generated £311 million (€369 million) in sales in 2023, according to Retail Insight Network.
Co-op aims to grow its market share from 23% to more than 30% by leveraging its platform and quick commerce partners, while also expanding membership benefits and partnerships with logistics providers like InPost.
Holiday hires
Have you heard that Target is planning to hire 100,000 seasonal employees for the holiday season, with pay ranging from $15 (€13.40) to $24 (€21.49) per hour, while also offering current staff extra hours through its On Demand programme.
According to Retail Dive, the retailer is expanding its holiday product assortment by 50% compared to last year, featuring thousands of low-cost items priced at $5 (€4.50) and $10 (€9).
Additionally, Target will bring back popular promotions like Target Circle Week and Deal of the Day, along with new Bullseye Playground shop sections in nearly 200 stores.
Rate spike
Have you heard that a Bankrate study found that retail credit card interest rates have reached a record high, averaging 30.45%, compared to 24.35% in 2021 and well above the overall average credit card rate of 21%.
The highest Annual Percentage Rate of 35.99% was found at retailers like Academy Sports + Outdoors, Petco, and Burlington, while 34.99% rates were charged at 13 other stores, including Banana Republic, Nordstrom, and T.J. Maxx.
According to Forbes, these rates represent the highest levels since Bankrate began tracking them in 2008.
International expansion
Have you heard that Pret A Manger reported a 10% sales increase to £569 million (€676 million) in the first half of 2024, driven by international expansion.
The company exceeded its five-year growth target three years early, with global sales up 22% to £1.1 billion (€1.3 billion) and a record 81 new shops opened, over half of them outside the UK.
According to the Retail Bulletin, India saw the fastest growth, with 15 new shops opened in Mumbai and Delhi within a year.
Price shift
Have you heard that Morrisons, once one of the most expensive supermarkets, has undercut Aldi and Lidl for the second week in a row, offering the cheapest basket of essentials at £11.95 (€14.20) due to a 15% price cut on chicken breasts and it’s More Card scheme.
Aldi and Lidl follow closely at £12.12 (€14.41) and £12.13 (€14.42), while Asda, Sainsbury’s, and Tesco trail behind, according to the Manchester Evening News.
Both Aldi and Asda dispute the comparison, arguing that it doesn’t account for product quality or broader pricing across their ranges.
Read more: Top 7 retail stories from around the world
Fans 0
Followers