Retail Sales Up, Riding On Sales Tax Holidays
Retail Sales rose modestly this August, thanks to sales tax holidays offered by the State Governments and the back-to-school season. Though there was not a huge rise in sales this August, still the modest rise gave some retailers a reason to smile.
The Tax Break offered by the Government of Massachusetts, which gave sales of $2500 absolutely tax free, was in particular a lenient stand.
Self-service Tills Not Everyone’s Cup of Tea
In a bid to address the problem of long queues at the check-out and curb it, Supermarkets have introduced self-service tills.
However, now a new research, aimed to ponder over the efficacy of the new system adopted in the supermarkets, has claimed that the system is posing an opposite effect on some and has actually raised waiting times instead of lowering them.
Robert Swannell and Marks & Spencer in Talks about Pay Cut
The retail giant seems to have been in talks with Robert Swannell regarding the striking of an accord, according to which the experienced investment banker will be offered a pay package of around £500,000.
The existing Chairperson of the retail house, Sir Stuart, takes home £875,000 each year and his remuneration has been a topic of controversy for a lot of years amongst investors.
M&S did not come forward to offer any comment about its potential new chairperson however it could make an announcement regarding the same in this week.
Over 300 ex-Woolworths Stores Standing Empty
It has been a year and a half ever since Woolsworths collapsed and that over 300 stores, which were earlier owned by it, have been standing all empty.
The Local Data Company, which offers information and details on the retail sector, was of the stance that this represented some of 40% of the onetime national chain.
The firm said that a few of the specialists thought that almost 150 stores might never ever be utilized as shops in future.
A majority that is using the outlets are discount retailers, which also includes Poundland.
Tesco launches game trade-ins across the UK
Supermarket chain Tesco finally launched its video game trade-in service across the UK. Adverts for buy and sell pre-owned video games were published in national newspapers.
2010 FIFA World Cup on PS3 is available for just £12, while Mario Kart Wii, Alan Wake on 360 and 360 version of Red Dead Redemption have been priced at £17, £14 and £19 respectively.
July Celebrates Highest Online Retail Sales in Three Years
July saw the online monthly retail sales touching £5 billion, which is said to be the maximum in three years.
The possible reason for this surge is heavy downpour, which forced people to stay at home and do their shopping online.
Data released by IMRG and Capgemini revealed that online sales increased 18% during the month of July. It was seen that on an average, Britons had spent £81 online.
In addition, the annual rise is also the greatest that was seen since 2007.
Kentville Store Owner Gains Victory in First Round of Challenge against Tobacco Display Ban
Bob Gee, a Kentville store owner gained victory over the first round of the challenge against the provincial regulation that bans the tobacco products being exhibited.
Under the Tobacco Access Act, Gee was charged for displaying tobacco products at his Mader's Tobacco Store in July 2009. On this, he raised a challenge, taking aid of Charter of Rights and Freedoms against the legislation for violating his right to freedom of expression.
Poundland Discount Chain Marks Expansion
Poundland, which is widely known as the discount high street retailer, is reported to be seeking for bigger stores in a view to widen its business. The store chain recently posted to have fetched 130% rise in its net annual profits.
In addition, the chain has witnessed its revenues to have marked a climb of over 33% as compared to the figures recorded the previous year, triggered mainly by the country’s austerity trends.
Discount chain Poundland to open new 50 stores, creating up to 2,000 jobs
Discount retailer Poundland announced on Thursday that it decided to open as many as 50 new stores to meet increased demand, in a move that will generate up to 2,000 full- and part-time jobs.
Poundland, which operates 263 stores and items costing £1, attracted more and more customers due to tough economic times. Chief executive Jim McCarthy said that he was confident that the chain would growth and expand further despite the fragile economic conditions.
Interest Rates in Treasury Touch New Low with Feeble Retail Sales
Trading in the Treasury looked weak due to which interest rates plunged on Friday, which was also a direct consequence of weakening retail sales report that could not meet the expectations that had been kept by economists.
The rate of the Treasury’s 10-year note saw a hike of 62.5 cents to $99.563, whereas its yield is 2.68%, which slumped by almost 2.75% late on Thursday.
The Commerce Department’s dual readings on spending scenario by consumers depicted that retail sales saw hike of 0.4% in the month of July, which showed a fluctuation in the stocks market.
Grocery suppliers and the clash with supermarkets
The coalition government is to push ahead with plans to craft a supermarket ombudsman to avert retailers from misusing their power by abusing farmers and other suppliers, quick claims from business biggies that it shall be an needless and costly affair.
The statement swayed in from the Department for Business, Innovation and Skills in regards to a three month discussion on the latest Groceries Code Adjudicator that shall avert supermarkets from mishandling their suppliers that includes manufacturer in developing nations.
Marks & Spencer hire Stewart as CFO
The home ware and food retailer Marks and Spencer Group U. K. clothing, expressed on Tuesday that it has hired Alan Stewart as its chief financial officer.
Stewart, who is at the moment, is working as CFO at aircraft leasing company AWAS, shall commence at the retailer by the end of October. Formerly, he was designated as the finance director at stationery, book and newspaper group WHSmith.
Stewart shall swap Ian Dyson, who shall be joining U. K. pub firm Punch Taverns as chief executive.
Best Buy proffers Side Shield to iPhone 4 users
Best Buy mobile is offering free Side Shields for iPhone 4, meant for those who face issues with call drooping issues.
The experts state that the shield is clear and can be applied to the outer edge of the device. ZAGG, the company who has developed the shield, claims that it is designed specially to cater services to the call drop issues which are being faced with the antenna of the smartphone.
The Shield and its installation comes for free for all those who take it from Best Buy or if one member of BB Reward Zone, despite purchased the phone elsewhere.
US retailer lists unannounced GoldenEye 007 with Gold Classic Controller Pro
US retailer Toys'R'us has started listing "GoldenEye 007 with Gold Classic Controller Pro for Nintendo Wii.” The listing emerged as a surprise as the game is yet to be officially announced.
The listed GoldenEye bundle is comprised of a copy of the upcoming shooter and a special golden edition of the Wii Classic Controller Pro.
The listed bundle also indicated that the golden edition of the controller may not be made available for purchase separately.
UK retail sales rose up sharply in July- Says CBI
According to the latest survey of the retail sector by CBI, the retail sales in UK rose at the fastest speed in this July since 2007 April. The business group CBI has said that the sales were gone up because of the warm weather, world cup and annual summer discounts.
The clothing, footwear, leather and grocers sectors have reported the strongest growth in sales.
According to the Distributive Trades Survey, which monitors 20,000 outlets across UK, the sales are expected to rise in the next month also.
Aurora reports £22.6m in operating profit
Clothing retailer Aurora Fashions has reported an operating profit of £22.6 million for the period of 11 months ended January 30th 2010.
Aurora Fashions, the parent company of several renowned fashion brands such as Warehouse, Karen Millen, Coast and Oasis, managed to score worldwide sales of £661 million during the 11-month period, despite very challenging market conditions.
Wal-Mart to use sophisticated ID tags to track products
Wal-Mart Stores Inc. plans to roll out sophisticated electronic ID tags to track individual pairs of jeans and underwear, the first step in a system that advocates say better controls inventory but some critics say raises privacy concerns. Wal-Mart Stores Inc. is also putting electronic identification tags on men's clothing like jeans starting Aug. 1 as the world's largest retailer tries to gain more control of its inventory.
Wal-Mart Introduces New ID Chips to Track Garments
Starting next month, Wal-Mart Stores Incorporation is installing a new mechanism to facilitate the identification of its garment production.
The mechanism would depend on electronic identification tags, attached to every piece of garments, as jeans, t-shirts, underwears, socks, etc., to track sizes and, consequently, identify which size is actually missing from the shelves, to know whether it is available at the stock room and supply it.
Existing home sales fell down by 5% in US
The existing home sales have fallen down by 5% in the US as compared to the sales figure in the month of May making its second month fall in a row. As per the National Association of Retailers, the house sales closed at an annual rate of 5.37 million in the month. This figure is still 9.8% higher than the figure of a year before at the toughest recession period.
Meanwhile it is lower than the expected 7 million mark. The stock of the existing homes for sale has risen by 2.5% touching to 4 million.
Household slashes stroked out B&Q sales
The B&Q holder Kingfisher expressed that the quarterly sales at the UK's largest DIY chain stays under thrust since the shoppers put off the big tag procurement.
The retailer's choice to precede lesser promotions thronged in to the recession as B&Q's likely sales dwindled by 4.3% in the previous 10 weeks till July 10, on a contrast with a dip of 2.8% during the first quarter of the financial year.
A robust recital in France, where the group functions based in Castorama and Brico Depot, curtailed the dip in the group similar store sales by 0.8% in the quarter.
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