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Tag: Retailers

Topshop owner and Harrods cut 1,200 jobs on grim day for retailers

Topshop owner and Harrods cut 1,200 jobs on grim day for retailers

Business
Luxury department store Harrods will axe 672 jobs, following similar cuts by Sir Philip Green's Arcadia Group and the owner of Upper Crust and Caffe Ritazza.Harrods blamed the coronavirus pandemic, which kept its flagship branch in central London closed for three months during the UK lockdown. The business, owned by the Qatar Investment Authority, told staff it needed to cut up to 14% of its 4,800 workforce, adding yet more losses to the already grim total announced by major brands this past week. :: Listen to the The World Tomorrow on Apple Podcasts, Spotify, SpreakerChief executive Michael Ward warned drastic improvement in external conditions would be needed for Harrods to recover and grow again. ...
Offline retailers use technology to attract younger consumers

Offline retailers use technology to attract younger consumers

Finance
BENGALURU: Brick-and-mortar retailers such as Lifestyle International, Shoppers Stop and Arvind Fashions are tweaking their merchandise mix or using technology to attract younger consumers who shop online. “The footfall of 18-22 year olds shrank by about 4% last year,” said Vasanth Kumar, managing director of Lifestyle International, adding that tablets to browse collections, a digital fitting-room assistant to alert the staff for product sizes and smart self-checkout services have been installed at key locations. “Making the time-starved and tech-savvy segment come to the store is our focus this year. The tech initiatives have been made keeping millennials in mind to reduce their pain points.” India has a median population age of 27.3 years compared with 35 years f...
Online retailers, celebrities can't fool you now: 9 things about the new Consumer Protection Bill

Online retailers, celebrities can't fool you now: 9 things about the new Consumer Protection Bill

Finance
A three-decade-old law is being changed to give more powers to the consumer. The Lok Sabha has passed the Consumer Protection Bill 2018 which will now go to the Rajya Sabha. The new law will replace the archaic Consumer Protection Act 1986. The new law will revolutionise consumer rights in India by investing consumers and agencies with a lot more power than they currently have. Below are the highlights from the Bill: 1. The Bill proposes an executive agency, the Central Consumer Protection Authority. The agency can intervene whenever it feels necessary to protect consumers from unfair trade practices. It can also launch class action against a company, besides ordering recall or refund of products. The agency is designed on the lines of highly effective US Federal Trade Commission. 2. The ...
Black Friday boosts struggling retailers as sales jump

Black Friday boosts struggling retailers as sales jump

Business
Strong Black Friday sales helped tills ring in November - a crucial Christmas trading month that Sports Direct tycoon Mike Ashley had described as "the worst in living memory" for the high street. The Office for National Statistics (ONS) reported sales volumes growing by 1.4% compared to the previous month and by 3.6% on an annual basis.Economists had been expecting a month-on-month figure of around 0.3% - given some warnings in the retail sector that Black Friday promotions had largely left consumers - anxious about the outcome of Brexit - feeling cold.The ONS did, however, place a health warning on the contribution from Black Friday saying the evolution of the promotional period was continuing to put a strain on its seasonal adjustment models.It reported that much of the ...
'Perfect storm' for retailers, warns McDonald's boss

'Perfect storm' for retailers, warns McDonald's boss

Business
Britain's retailers are facing "a perfect storm" that will see businesses squeezed and more corporate failures, according to the UK boss of McDonald's.In an exclusive interview for Sky News, Paul Pomroy said he had made the "bold decision" to keep investing in restaurants and staff since Brexit, but said conditions were getting ever tougher.Describing a "perfect storm of challenges, Mr Pomroy said: "I am really concerned by the amount of inflation that companies are carrying at the moment."Food inflation is running at between 4% and 7% across retail, there's pressure on wage inflation, interest rate movements and now you are seeing businesses becoming less brave in their decision-making.Image:Paul Pomroy says firms are becoming 'less brave in their decision-making'"They're not making the i...