Retail News CRM

Author: Mei Ling Tan

  • Barclays to pull out of Korean market

    Barclays to pull out of Korean market

    British banking group Barclays will close its Seoul office as part of its global slimming down strategy, an official from the financial regulator said Wednesday.

    A director at the Financial Supervisory Service (FSS) said Barclays told the authorities of its plan to close its banking and securities business in Korea.

    “Barclays plans to pull out of the Korean market,” said the director, asking not to be named.

    Foreign banks have been withdrawing from the local market, or downsizing, as part of their global strategy to exit non-core businesses. Last month, U.S. banking giant Citigroup signed an agreement with Apro Service Group to sell its consumer finance subsidiary in the country, Citigroup Capital Korea.

    Barclays confirmed that it is looking for business chances in other countries, but said no firm decisions have been made.

    “We are constantly monitoring our opportunities in different geographies and businesses over the cycle,” Barclays said. “If any firm decisions are made, we will provide an update.”

    In December, Barclays said it had agreed to sell its Italian retail banking network of 89 branches, including a broadly balanced portfolio of assets and liabilities, to CheBanca!, a member of the Mediobanca Group.

    “This transaction is further evidence of the reshaping of Barclays Group to focus on our core businesses,” said Barclays Group CEO Jes Staley. “We continue to make progress in the reduction of Barclays non-core assets as we target risk-weighted assets of around 20 billion pounds at the end of 2017.”

    According to Barclays, its rundown of non-core businesses continued last year, with risk-weighted assets (RWAs) decreasing to 55 billion pounds in September from 57 billion pounds in June.

    The U.K. banking group said its announced sale of the Portuguese retail business in the third quarter last year, which will be completed in the first quarter this year, is expected to result in a further 1.7 billion pounds reduction in non-core RWAs.

    Barclays reported 4 percent growth in the group’s adjusted profit before tax to 5.2 billion pounds for the first three quarters of 2015 from the previous year, reflecting improvements in all core operating businesses. Its adjusted return on average shareholder equity also increased to 7.1 percent during the period.

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  • Taste Hong Kong lineup revealed

    Taste Hong Kong lineup revealed

    IMG, organisers of the inaugural Taste Hong Kong in March, have revealed a star studded initial lineup of participating restaurants.

    A lucky eight Michelin stars have been accrued by the restaurants combined! Taste of Hong Kong will take place on the Central Harbourfront from March 10-13, with limited edition, early bird tickets on sale from today.

    The festival itself will host 12 of Hong Kong’s latest, greatest and hottest restaurants, transforming the Central Harbourfront into a foodie wonderland for four days of eating, drinking and entertainment. Founding Restaurants at Taste of Hong Kong include Aberdeen Street Social, Amber, Arcane, Chino, Duddell’s, Serge et le Phoque, Tin Lung Heen, Tosca, Yardbird and Ronin, with yet more to be revealed. The festival will also see international celebrity chefs and visiting restaurants engaging with the Hong Kong gourmet community.

    Taste of Hong Kong chef

    Guests will see top chefs create spring dishes in live demonstrations, get hands on with interactive masterclasses, indulge in Champagne, wine and sake tastings and sample exceptional ingredients and artisanal products amongst the producers market. Three signature dishes will be served-up by each participating restaurant alongside one ‘Icon Dish’- an exclusive item created especially for the festival.

    Taste of Hong Kong Early Bird tickets are on sale from today (January 14) on Ticketflap. Tickets start at HK$108 on weekdays and HK$138 for weekend sessions. VIP pass holders enjoy fast track festival entry, exclusive access to the VIP enclosure, HK$300 worth of the official festival currency “Crowns” and three complimentary premium beverages.

    International banking group Standard Chartered is the presenting partner of the premium dining event, adding to its longstanding support of dynamic, citywide events.

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  • Lagardère Travel Retail renews Relay concession at Hong Kong Airport

    Lagardère Travel Retail renews Relay concession at Hong Kong Airport

    Lagardère Travel Retail has renewed its news concession at Hong Kong International airport (HKIA) with its Relay concept, being awarded five stores in the existing and new concourses.

    This win follows soon after Lagardère Travel Retail was recently awarded the luxury fashion and souvenir stores at HKIA, with Kate Spade, Pandora, CK Platinum, and Paul & Shark, as well as three Discover Hong Kong stores. “This diversification demonstrates the group strength and capability to operate in different business lines and confirms our development strategy with HKIA” said the travel retailer.

    With the new contract, Lagardère Travel Retail will take the opportunity to launch the Relay brand’s latest global evolution and roll out its updated brand logo and store features. Relay will continue to offer to the HKIA traveller the great range of books and magazine that it has become famous for and a good range of other stationery, souvenirs & gifts.

    The retailer said Relay has been a trusted landmark at HKIA with more than a decade in operations and will “proudly continue to operate following the latest tender process”.

    The Relay stores sets itself apart through its attractive design and clear accessible zoning allowing travellers the ease to search and manoeuvre as they travel on their journey and within the different sections of offer, according to the retailer.

    Offering travellers a tailored selection of books, magazine, stationery, souvenirs & gifts to facilitate and enrich the journey, the brand’s tagline states: “Rely on RELAY: upgrade your journey”.

    Lagardère Travel Retail operates more than 1500 Relay stores within more than 120 airports and 700 train stations. The Relay brand is the global market leader within this category and continues to evolve to meet the changing needs of passengers worldwide, said the company.

    Lagardère Travel Retail general manager Louis Dambrine said: “We value our collaboration with HKIA where we have operated for 10 years. Relay renewal is a great achievement and we are ready to deliver our commitment in terms of innovative concept and operational excellence.

    “Since more than 65 million passengers will pass by our new stores every year, special attention has been placed towards creating an inviting shop front, understandable offer, visible display and coupled with an effective cashier system to ensure a seamless experience.

    “While we continue to operate Relay, we will be able to reinforce our partnerships with the airport, the brands and the distributors, supporting our common goal to develop the business to the benefit of the final consumer. We have been continually investing in order to always meet or exceed our promise on service level; the 25 service awards in 2015 alone including “Best Of The Year Customer Service Award” is a testament to our ability to deliver.

    “Moving forward, we will definitely continue to grow our business, expanding our footprint in Travel Essential as well as in Duty Free & Luxury and Food Service. We thank Hong Kong International airport for supporting our vision and partnering us on these exciting projects.”

    Airport Authority Hong Kong executive director, Commercial Cissy Chan said: “It is our pleasure to continue our strong partnership with Lagardère Travel Retail.  We look forward to the new Relay stores and new products that will be brought into HKIA.”

  • Myanmar Property Awards 2016 returns for a second year

    Myanmar Property Awards 2016 returns for a second year

    Awards gala in Yangon will be preceded by the high-level forum Property Report Congress

    Richard Emerson of Savills Myanmar, chairman of the judging panel; Terry Blackburn, founder of Asia Property Awards and publisher of Property Report; Aung Kuaw Thu, project manager of gold sponsor Rinnai; Htun Naing, general manager of Empire Holding Co Ltd, authorised distributor of gold sponsor Teka Myanmar; and Paul Ashburn, co-managing partner of BDO Myanmar, awards supervisor

    Following on from a hugely successful inaugural event in 2015, the Myanmar Property Awards gala dinner and awards ceremony will once again bring together the leading names from the real estate industry.

    More than 250 of the country’s top and emerging industry players last June celebrated the success of the likes of Yoma Strategic Holdings, which picked up the highest award for Best Developer (Myanmar), and multiple winner Myint & Associate Co Ltd.

    A pre-launch party for the Awards – part of the acclaimed Asia Property Awards series – was held on Tuesday, 19 January, at the Sule Shangri-La Yangon, the official hotel venue of the Awards, followed by the press launch on Wednesday morning, 20 January.

     

     

     

     

     

     

     

     

     

    Myanmar Property Awards 2016 launch party at the Sule Shangri-La Yangon on 19 January.

    Terry Blackburn, founder of the Asia Property Awards, gives his remarks at the Myanmar Property Awards 2016 launch party

    The 2016 event has already started to welcome nominations from developers and the general public. The official shortlist will be revealed on Monday, 30 May, and the Winners will be announced at a glittering black-tie awards gala at the prestigious Sule Shangri-La Yangon, on Thursday, 30 June. For the first time ever, the gala will be supported by the Property Report Congress Myanmar 2016, a high-level conference featuring top regional executives and local experts who will discuss the past, present and future of Myanmar real estate.

    With 2015’s historic general election – widely considered the country’s first free election in 25 years – behind it, Myanmar is on the brink of welcoming potential game-changing policy changes, including the proposed Condominium Law, that should impact the country’s growing real estate sector.

    “Now that the election period is over, market activity is Myanmar is expected to accelerate once again, with a flurry of exciting, new, world-class projects under construction or in the planning stages,” commented Terry Blackburn, founder of the Asia Property Awards.

    “The Myanmar Property Awards is the most respected platform to showcase those developments to a global audience,” he said. “As we begin 2016 with the exciting news that the Asia Property Awards, along with Asia’s industry-leading Property Report magazine and the Property Report Congress, are now part of the PropertyGuru Group, we’re delighted to recognise the innovations coming from talents in Myanmar for the second year running, and we encourage everyone to submit their nominations in advance.”

    Covering a range of segments, including condominium, housing, hotel, resort, serviced, renovated, office and retail, the Myanmar Property Awards will hand out more than 20 trophies in 2016.

    Entry for the Myanmar Property Awards is free. Nominations are accepted until 1 April, while entries for the various Developer, Development and Design categories will be open until 8 April.

     

     

     

     

     

     

     

     

     

    Myanmar Property Awards 2016 official press launch in at the Sule Shangri-La Yangon

    Judging will again be supervised by BDO, one of the world’s largest accounting and auditing firms, and the trusted awards supervisor of the Asia Property Awards, which, in its 11th year, is widely recognised for its fairness and transparency.

    In addition to the various award categories, the editors of Property Report will present a special recognition to the Myanmar Real Estate Personality of Year, whose influence and achievements have made an indelible mark on the industry. At the inaugural ceremony in 2015, the honour belonged to Dr Stephen Suen, founding chairman of Marga Group of Companies, the driving force behind the ambitious Dagon City 1 project in Yangon.

    More information on the Myanmar Property Awards 2016 are available on the official website. Super early bird tickets for the gala dinner in Yangon can be purchased until 12 April only.

    Sponsorship and media partner opportunities are also available. For details, email [email protected] or call +66 (0) 2662 5195.

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  • Hong Kong Bar uses ‘Drink Exchange’ to set beer prices

    Hong Kong Bar uses ‘Drink Exchange’ to set beer prices

    Patrons of Hong Kong’s Rude Bar and Lounge can now experience the rush of Wall Street in a unique experience where demand sets market price for their beers.

    The Rude Bar Stock Exchange – or RBSX for short – lets customers looking for a drink engage in over-the-bar trading.

    The RBSX was created thanks to a software program known as the Drink Exchange, which simulates the experience of a stock market in a bar or restaurant setting. For example, when a certain drink becomes popular among patrons, the software will raise the price of the brew automatically. On the other hand, if a certain brand or drink is unpopular, then the software will reduce the price. The television screens of Rude Bar and Lounge display current brew prices as well as daily highs and lows. This allows the customers to gauge how prices may fluctuate throughout the evening.

    Amanda Folcarelli, marketing manager of Rude Bar and Lounge, is enthusiastic about the new software.

    “We wanted to defy the norm and offer our clientele something new,” Folcarelli said.

    “Something exciting. Something they’d never seen in Hong Kong before. Some of our  regulars had seen the concept in place in New York and Barcelona, and they were massively excited to see it here.”

    A bar that uses the Drink Exchange software can offer promotions in a very unique manner. They can simulate a market crash, where the prices of all drinks drop dramatically. Bar owners can link drinks to each other, so that when one goes up, the prices of others fall automatically. Suppliers can offer new products to the bar and have price parameters set low to test its popularity.

    And as is true with the real stock market, the RBSX allows for patrons to use certain strategies to stay ahead of the market and avoid price spikes or even anticipate a fall in drink costs.

    “Unlike the regular stock market, we actually encourage insider trading,” Folcarelli said. “If a group orders a specific drink, then yes, the price will go up, but rest assured that the other drinks will go down in price. At the moment, we only offer beer on the RBSX, but we’re definitely going to expand on that list in the future.

    “The RBSX has definitely added to the community spirit that we have. When our rugby and football teams come in after their Saturday matches, there are players who drink only Asahi, or only Estrella, or only Magners’ all night, so the prices end up staying fairly steady so everyone is happy. And, of course, if someone is looking for something new, or the price is counting down to the next update, or we’re hinting at a market crash, our staff is happy to tease them a little.”

    Rude Bar and Lounge is located in the Upper Basement of 79 Wyndham St, with doors opening to the top of Pottinger St.

  • Indonesia retail sales growth rebounds

    Indonesia retail sales growth rebounds

    Indonesia retail sales rose 10.2 per cent year on year in November, according to data from Bank Indonesia.

    The rise followed a lesser 8.7 per cent growth in October, a figure revised downwards by 0.1 per cent this week.

    But the bank predicts weaker growth in December – as little as 6.7 per cent – with retailers pessimistic despite expectations of increasing sales of recreational goods, cultural items and parts and accessories.

    Bank Indonesia surveys 700 retailers in 10 cities to compile the monthly trend data.

    Food, beverages and tobacco were the major drivers of November’s growth.

    The bank said the survey expected price pressures will cool off over the  next three months.

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  • Lotte Mart faces pork probe

    Lotte Mart faces pork probe

    Lotte Mart, South Korea’s No. 2 discount chain, is under investigation for allegations of unfairly pressuring a supplier into selling pork bellies below production cost, Korea’s antitrust watchdog said Tuesday.

    A source at the Fair Trade Commission (FTC) said investigators have been checking the retailer since December after a local pork producer raised complaints that Lotte Mart not only forced suppliers to sell at below the cost of production, but insisted on covering shipment and credit card payment-related expenses.

    Lotte Mart has been engaged in a so-called ‘pork belly day’ sales promotional event for some time that boosted demand for the meat cut.

    “A supplier claimed that Lotte’s unfair demands resulted in 10 billion won (US$8.3 million) in damages since it had to sell the meat at 30-50 per cent discounts,” the official said.

    In August, Lotte Mart contested a ruling by the Korea Fair Trade Mediation Agency (Kofair) that called on the discount store to pay 4.8 billion won (US$3.96 million) to the supplier.

    Under existing rules, if a company rejects Kofair’s verdict, the matter has to be forwarded to the FTC.

    Lotte Mart argued that while it did cut prices during the promotional event, it immediately marked up prices to reimburse suppliers for any losses incurred.

    “Kofair only accepted the allegations raised by the supplier when it ruled on the size of the fine,” a Lotte Mart spokesperson said. “The company will provide all information being requested by the FTC and cooperate fully with the probe.”

    Market watchers said that even if the corporate regulator rules against Lotte Mart, the suppliers will still have to engage in a court battle to get compensation.

    Lotte Mart, meanwhile, was fined 1.38 billion won in late 2014 for passing on the cost of a product promotion campaign to a supplier.’

  • Philippines Plans to Restrict Access to Cash-Mopping Tools

    Philippines Plans to Restrict Access to Cash-Mopping Tools

    The Philippines plans to close a loophole in regulation of trust funds, by restricting those overseen by banks from parking short-term cash at the central bank.

    Bangko Sentral ng Pilipinas is considering limiting lenders’ trust units from placing funds in its short-term deposit facility, monetary board member Felipe Medalla said Tuesday. Policy makers are reviewing access to its liquidity-mopping tools “under the overall framework” of its interest-rate corridor, Governor Amando Tetangco said Wednesday.

    Banks’ trust units have undue advantage over non-bank trust groups that aren’t allowed to put money in the central bank’s special deposit account or SDA facility, and also over lenders themselves that must comply with the reserve requirement, Medalla said in an interview.

    Placements in the so-called SDA facility, which the central bank uses to control liquidity, totaled about $16.8 billion as of December 29. The central bank is preparing to shift to an interest-rate corridor by the second quarter, a move intended to strengthen its policy tools.

    Limiting fund managers’ access to SDAs will make it a purely cash-mopping tool, said Eugenia Victorino, an economist at Australia & New Zealand Banking Group Ltd. in Singapore. In line with plans to shift to an interest-rate corridor system, “the central bank may be thinking of making SDAs a liquidity-management tool that should not be thought of as an investment vehicle.”

    At present, the central bank pays 2.5 percent for funds placed at SDAs, compared with its benchmark rate of 4 percent. The 91-day Treasury bill fetched 1.684 percent at the most recent auction.

    BSP has tools to ensure liquidity growth is healthy and is seeking comments on the proposal, Medalla said.

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  • Starbucks China plans massive expansion

    Starbucks China plans massive expansion

    Starbucks China is planning to open a further 1400 cafes by 2019, the company has revealed.

    Currently, the US headquartered coffee giant has about 2000 locations in 100 Chinese cities – and it uses Alibaba’s Tmall to sell giftcards and coupons to Chinese customers, at the same time boosting its brandawareness and appeal.

    Starbucks said its Tmall Global virtual store collected 300,000 registered fans in the past month and launched a “social gifting” feature that allows users to send those cards and coupons to friends and family through the Tmall platform. On top of its digital push, Starbucks said it was aiming to boost its overall store count to 3400 by 2019.

    “As Starbucks’ second largest and fastest-growing market globally, China represents the most important and exciting opportunity ahead of us,” Schultz said.

    The news followed a milestone meeting between Starbucks CEO Howard Schultz and Alibaba founder Jack Ma who said afterwards they sought to “redefine the roles and responsibilities of a for-profit public company, one that invests in its people, giving back to the local communities in meaningful ways, and creating unique developmental opportunities for the youths of today.”

    Alibaba and Starbucks share a similar vision, according to the two businessmen: building a company that’s doing more than just generating profits.

    During a speech in Chengdu at an annual Starbucks event celebrating the company’s Chinese employees, Ma emphasised the point by highlighting the important role that young people play at both companies. At Alibaba, the average employee age is 26, while at Starbucks it’s 26.

    “Alibaba hopes to work together with Starbucks to create even more opportunities to develop Chinese youth because they are our future,” Ma said at the Starbucks China Partner-Family Forum, sharing the stage with famed Starbucks CEO Howard Schultz. “All of you at today’s event represent China’s future.”

    The China Partner Family Forum celebrates Starbucks’ 30,000 Chinese employees, reinforcing the company’s commitment to what it calls “conscious capitalism.” The goal is to boost company productivity by enhancing the work experience for those employees.

    Starbucks launched its Tmall Global, store in December. The platform allows foreign companies to sell into China without having a physical presence in the country. Already major brands such as Costco, Macy’s and Nike, Japan’s Uniqlo and Germany’s Metro Group operate stores on the platform. Some of these companies, including Nike and Metro Group, do have physical stores in China, but they are selling through Tmall Global because the continued growth of eCommerce gives them another way of reaching consumers.

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  • Empty shops ahead, says DTZ Hong Kong

    Empty shops ahead, says DTZ Hong Kong

    Higher vacancy rates in prime retail sites in Hong Kong are expected after the Chinese New Year holidays, reports property consultancy DTZ.

    This could potentially lead to a 5 to 10 per cent drop in rental rates in the first half of this year, whereas rents are likely to rise for prime office space in the Central district.

    Vacancy rates of prime storefronts in the city’s four major districts – Causeway Bay, Tsim Sha Tsui, Central and Mongkok – are in the 2.4 to 6.8 per cent range, says DTZ Hong Kong head of business space Kevin Lam.

    He has told the Hong Kong Economic Journal that many short-term tenants will move out after the Chinese New Year.

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  • Myanmar City Mart secures IFC loan

    Myanmar City Mart secures IFC loan

    Supermarket group Myanmar City Mart Holding Company (CMHL), the nation’s largest private retail group, is borrowing $25 million to finance a nationwide expansion.

    With more than 150 retail outlets in Myanmar, the company plans to build 20 more supermarkets and hypermarkets over the next three years.

    It plans a sixfold increase in its purchases from domestic suppliers to reach around $150 million by 2021, and create nearly 4000 jobs, half of which will be for women, reports Deal Street Asia. CMHL’s financing is in the form of a loan from the International Finance Corporation (IFC), the private lending arm of the World Bank Group.

    IFC hopes that CMHL’s expansion will not only help create jobs, but also develop supply chain and logistics infrastructure as well as support smaller businesses. “With our global expertise and industry knowledge, we will be delighted to work with CMHL to improve efficiency and standards to become a model retailer in Myanmar,” says IFC regional director Vivek Pathak.

    CMHL’s shareholders are Win Win Tint, the founder and MD, and her relatives.

    “IFC’s investment is a sign of confidence in our business plan as well as in Myanmar’s retail sector potential,” says Win Win Tint.

    “In addition to funding, IFC’s expertise and advice on food safety, good social and environmental practices and corporate governance will also help us take the company to the next level.”

    Myanmar’s $12 billion retail sector is predominantly informal, with formal retailers holding less than 10 per cent of the market, according to the loan documents. It is the second such loan extended by the IFC to CMHL. In October, IFC had already extended a  $25 million loan for a $46 million retail expansion plan.

    IFC is supporting reforms and investments in Myanmar with the aim of strengthening the private sector, creating jobs for poverty reduction and boosting shared prosperity.

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  • First Singapore Apple Store starts construction

    First Singapore Apple Store starts construction

    Singapore’s first Apple Store is taking shape on Orchard Road – not that anyone would notice.

    To keep the design a secret ahead of its grand opening later this year, the company is taking its usual security of measure of keeping the site under wraps, reports iphonehacks.com. There is no sign of the Apple logo.

    In the Knightsbridge retail centre, the store was previously the Pure Fitness gym, which vacated last month. Nearby stores include Tommy Hilfiger and Tangs.

    Despite its low-key approach, Apple has confirmed it will be opening its first retail store in Singapore. “We have more than 900 incredible employees working in our Singapore contact center and are thrilled to begin hiring the team that will open our first Apple Store in Singapore,” Apple retail guru Angela Ahrendts said in a statement last year.

    Iphonehack.com says the debut Singapore store may be powered by renewable energy, possibly solar power. Meanwhile, Apple has posted job vacancies on its website, including business manager, business specialist and Apple Store leader.

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  • Fabi launches first retail store in India

    Fabi launches first retail store in India

    Designed by Alessandro Germini, the store decor is in line with contemporary stores across Europe and the rest of the world. The store exhibits class and its décor is pristine with a touch of the latest global trends. The store’s cordial staff, international feel and strategic location in the city of Delhi will ensure the ultimate shopping experience for its customers.

    Sameer Singh, director, Mescos Shoes Ltd., was born and brought up in Delhi. He always had a burning desire to make it big in life. He completed his Mussorie Modern in 1998. Later on, he moved to Italy where he got his first job as director Vanilla Fashion. After working with the international fashion brand Vogue in Dubai, he finally joined the renowned Mescos group as director in 2014. His eye for detail, focused approach, eagerness to learn ‘something new’ and ability to seamlessly bring together the necessary resources to ‘get a job done’ gained him a lot of appreciation. As the director of Mescos, Singh has made his mark as a dynamic professional and has many responsibilities under his hat, from business expansion to charting a future growth path for the Mescos brand. With 5 years of total work experience in India and abroad, he has garnered thorough and superior skills and knowledge of the Indian market and has become the driving force of the company. His vision is to expand Mescos’s base in India and to transform it as a brand of choice for the discerning customers. When not working, Singh enjoys travelling and spending time with family and friends. His interests include theatre, music, reading and sports like tennis, squash and cricket. A bundle of energy, he is creative, goal-oriented and certainly an inspiration for the younger lot.

    Founded by Enrico Fabi in 1965, Fabi is a premium Italian brand with its headquarters in Monte San Giusto, Italy. The company has three hundred sixty five employees including master shoemakers and artisans who work closely with specialists in IT technology and state-of-the-art machinery. The brand’s first set of samples was 12 hand-stitched tubular models which instantly became hit among people. After getting success in such a short span of time, Fabi expanded its horizons and established its reputation as a dynamic brand. It has now become a perfect beacon of Italian made designs, a promoter of elegant style and an astute observer of trends who always anticipate new ways of life.

  • Walmart shuts 269 stores worldwide

    Walmart shuts 269 stores worldwide

    On Friday, Walmart announced it will close 269 stores globally as it struggles to compete with online retailers like Amazon.

    The news came as US retail figures showed lower than expected holiday sales figures across the market.

    Sales rose just 3% in November and December, falling short of the expected 3.7% growth according to the National Retail Federation.

    The Walmart closures will affect 10,000 US workers and 16,000 worldwide.

    The announcement came three months after Walmart chief executive Doug McMillon told investors the company would focus on becoming more nimble.

    “Closing stores is never an easy decision. But it is necessary to keep the company strong and positioned for the future,” Mr McMillon said in October.

    The national shortfall in holiday shopping came even as retailers offered steep discounts to attract customers.

    Online retailing did see a significant increase, rising 9% to $105bn (£73.4bn), but it was not enough lift the overall figures.

    Concerns about holiday shopping added to market concerns as stocks fell sharply. The Dow Jones fell 400 points in morning trading.

    Neil Saunders, chief executive of retail analysts Conlumino, said it was a significant move: “Walmart’s decision to scale back its store numbers in the US underlines how much the retail landscape has changed over the past few years. The blunt truth is that while stores remain a vital part of the retail mix, they are not quite as relevant as they used to be.

    “The growth of online, and especially of Amazon, has undermined that advantage and has given almost all consumers easy access to a comprehensive and relatively cheap assortment of products.”

    He added that where Walmart was going, others would follow.

    Weak

    The weak economic outlook was not confined to the service sector.

    On Friday, the Federal Reserve reported industrial production in December shank by 0.4% the second month of contractions.

    Industrial production, which includes manufacturing, mining and utilities has been hit by a strengthening dollar and global economic weakness.

    “With the dollar still rising at a rapid pace and global demand clearly pretty weak we don’t expect much from the US manufacturing sector this year,” Paul Ashworth, chief US economist at Capital Economics, wrote in a research report.

    Warm weather also hit industrial production figures.

    The unusual temperatures pushed utility output down 2% in December following a 5% decline in November.

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  • Dynafit China appoints retail partner

    Dynafit China appoints retail partner

    Ski, mountaineering and backcountry gear manufacturer Dynafit has announced Blue Ice Adventure as its retailing partner for the Chinese market.

    It is part of the Swiss company’s strategy to expand its business in the Asia Pacific region, and it says in a statement that the collaboration is for five years.

    In South Korea, K2 was appointed as its retailer in October, the Dynafit also opened an office in Tokyo.

    It has plans to expand its exclusive sportswear and skiing gear outlets from 120 to 160 in the next two years.

    Dynafit China will showcase its three collections – Vertical Running, Alpine Running and Ultra Running – at the sports business trade show ISPO Beijing, from February 24 to 27.