Top 7 retail stories from around the world
Print30 August 2024
Global surge
Have you heard that JD Sports has seen growth driven by strong revenue surges in the US and Europe, despite a softer performance in the UK, according to Retail Week.
For the 13 weeks to August 3, 2024, the company reported a 2.4% increase in group like-for-like sales and an 8.3% rise in organic sales.
Debt concerns
Have you heard that a recent Bankrate survey revealed 31% of back-to-school shoppers plan to take on debt, a slight increase from 2022.
According to Retail Dive, despite the ongoing financial pressures, fewer shoppers are opting for cheaper brands or feeling strained by their spending compared to previous years.
While inflation is less of a concern this year, the use of credit cards and buy now, pay later services remains significant, raising concerns about long-term debt.
Dubious discounts
Have you heard that a consumer group investigation found that major UK retailers, including Boots, Superdrug, and Tesco, are accused of using misleading pricing tactics on loyalty card offers, often inflating non-member prices to make discounts seem more attractive.
According to The Guardian, Which? discovered that many products had been priced higher for non-members for only a short time before loyalty discounts were applied, raising concerns about the legitimacy of these “savings.” The Competition and Markets Authority is investigating these practices, with a report expected in November.
Paradox of choice
Have you heard that ThredUp is launching a new suite of AI-powered shopping tools aimed at addressing the “paradox of choice” in fashion resale, which could significantly enhance customer experience.
According to Forbes, despite facing a challenging quarter with declining sales and strategic missteps, chief executive officer James Reinhart is optimistic about the potential of this AI innovation to attract new customers and improve engagement.
The new technology promises to refine search results and outfit recommendations, potentially transforming the online shopping experience on ThredUp.
Delivery boost
Have you heard that Amazon is expanding its grocery delivery subscription options with new plans for both Prime and Prime Access members.
Prime members can now choose a $9.99 (€8.95) monthly plan for unlimited delivery on orders more than $35 (€31.35), or a $99.99 (€89.55) annual plan with two months free, according to Retail Wire.
For non-Prime Access members, a $4.99 (€4.47) monthly plan offers similar benefits, improving grocery access for low-income customers.
Retail revival
Have you heard that UK retail sales rose 0.5% in July, rebounding from a 0.9% drop in June, as summer discounts and the Euro 2024 football competition spurred spending, particularly at department stores and sports shops.
According to the Irish Times, the improvement eases concerns about a potential economic slowdown, with inflation near the Bank of England’s 2% target and a strong hiring pace boosting optimism.
Sales volumes, though still below pre-pandemic levels, showed positive growth, with increased consumer spending in areas such as football merchandise and electronics.
Read more: Volume of retail sales up 1.7% in March 2024
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