| Global retail industry news |  |
- Best Buy to shut down branded stores in China, Turkey
Best Buy, the US-based consumer electronics giant, is striving for significant savings by closing branded stores in Turkey and China. The retailer will focus on its Five Star operation in China and Best Buy Mobile business in the US for store openings next fiscal year. Reuters (22 Feb.)        | Each year U.S businesses spend trillions of dollars on goods and services. Focus Research empowers buyers to spend their budget wisely by offering easily accessible and trustworthy information on vendors that support small and mid-size business operations. Download this free whitepaper that compares leading CRM vendors to ensure you choose what's best for your organization. |
 | Retail in Europe |  | | | - Louis Vuitton to hire hundreds of leather workers, source says
Louis Vuitton plans to add hundreds of leather workers at its factories in France, Spain and California, a source said. The company, which is owned by LVMH Moet Hennessy Louis Vuitton, recruited 320 craftsmen in 2010. Next month, the company is poised to open a factory in Marsaz, France. Bernard Arnault, chairman and CEO at LVMH, said the plan is to "slowly, but surely" bolster Vuitton's production capacity. Bloomberg (21 Feb.) - JJB Sports share sale raises £31.5 million
JJB Sports has taken a step toward survival by raising £31.5 million through a share sale. The company, which is in takeover negotiations with rival JD Sports Fashion, said it needs another larger capital raising to avoid going into administration. Reuters (21 Feb.) - Tongrentang launches flagship store in Beijing
Tongrentang offers traditional Chinese drugs, herbal medicines, cosmetics and other products at its new flagship store in Zhongguancun, Beijing. Tongrentang has more than 1,000 retail outlets, and the company's development strategy calls for nearly doubling that number by 2015. ChinaRetailNews.com (22 Feb.)  | Create a winning social-media strategy
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 | E-commerce Spotlight | | | | - Fraudulent sales prompt 2 Alibaba execs to resign
An increase in fraudulent sales on the Alibaba website has prompted the resignation of two executives, including CEO David Wei Zhe. Neither of the executives is said to have been involved in the frauds. Jonathan Lu Zhaoxi, currently CEO of Taobao, will become head of Alibaba. BBC (21 Feb.), ChinaTechNews.com (22 Feb.), Reuters (21 Feb.) - Small online businesses require protection, council says
The Council of Small Business of Australia said that small businesses operating via the Internet need security via regulation and contracts from collusion between online leaders and traditional retailers. Peter Strong, executive director of the council, said the concern is that traditional retailers will force smaller companies from the online world. Computerworld (Australia) (18 Feb.) | Spotlight on Grocery | | | | | NRF News | | | | - How to dominate your marketplace
As the former director of communications for Harley-Davidson, Ken Schmidt played an active role in one of the most celebrated brand turnarounds in corporate history. Schmidt will be the closing speaker at NRF's inaugural Global Supply Chain Summit, and will share how to rebuild a brand and create market differentiation through nontraditional techniques. The Global Supply Chain Summit will be held in Columbus, Ohio, April 10-12. Learn more.
| SmartQuote | | | |  | Undertake not what you cannot perform, but be careful to keep your promise."
--George Washington,
1st US president,
quoted for his birthday, Feb. 22, 1732  |
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