| Global retail industry news |  |
- Best Buy Europe COO Harrison to replace CEO Wheway
Scott Wheway, CEO of Best Buy Europe, will step down from the joint venture between the US consumer electronics giant and The Carphone Warehouse only nine months after the launch of the first Best Buy store in the UK. Wheway will provide Best Buy CEO Brian J. Dunn with strategic advice. Andrew Harrison, the chief operating officer at Best Buy Europe, will succeed Wheway as CEO. Telegraph (London) (01 Feb.) , Reuters (01 Feb.)       - Australia aims to help retailers with online expansion
Stephen Conroy, Australia's minister for broadband, is planning to host a forum in Sydney to help businesses capitalise on opportunities offered by the Internet. The meeting also is meant "to encourage and support Australian retailers to explore online business options." The forum comes about a month after the country's largest retailers demanded that the government intervene in the online retail sector. The Sydney Morning Herald (Australia)/Business Day (02 Feb.)  | Develop an Information Agenda for your retail company. The IBM Information Agenda Guide for Retail outlines a practical, proven approach for turning a client's Information On Demand vision and strategy into reality. Download the complimentary guide and learn how information management solutions help companies establish and leverage trusted information to optimize business performance. |
 - JD Sports in talks with JJB Sports about possible takeover
JD Sports Fashion has approached troubled JJB Sports about a possible merger. The move would create one of the largest retail chains in the UK. JJB, which operates about 250 stores, is raising funds from its shareholders. JD, which operates about 500 outlets, has a market value of more than £400 million. JJB is valued at about £30 million. Sky News/Kleinman blog (01 Feb.) , Reuters (01 Feb.) - Watchdog upholds complaints against Asda over price guarantee
UK's Advertising Standards Authority upheld a few of the complaints made by Morrisons and Tesco against Asda over the retailer's price guarantee. "We told Asda to ensure their ads did not suggest their price guarantee applied to all items, including non-grocery items and items that were specifically excluded, or that their savings claims referred to shopping generally rather than specific items, if that was not the case," the ASA said. Google/The Press Association (U.K.) (01 Feb.) - Slovenia's Mercator to restructure debt with syndicated loan
Mercator, the largest food retailer in Slovenia, is planning to restructure its short-term liabilities using a €105 million syndicated loan. "By improving the maturity structure of debt, Mercator group significantly reduced the refinancing risk and improved the financial stability of the company," the company said. Reuters (01 Feb.)  | 23 pros & big brand practitioners on mastering business blogging
Discover the strategies of 23 of the world's most respected blogging experts and specialists like David Germano at the Blogging Success Summit 2011. Benefit immediately when big brands like Procter & Gamble, McDonalds, Sony, and Cisco reveal the latest techniques and proven business-building tactics. Register today! |
 | Retail in Asia |  | | | - Sales increase at Fast Retailing's Uniqlo stores in Japan
Fast Retailing's Uniqlo stores in Japan saw sales increase for the first time in six months. The company's Heattech thermal underwear helped lure consumers. Same-store sales surged 10.7% in January compared with the same month the previous year. "I realize that we must proceed in a completely different way to H&M or Zara, which both tend to pursue fashion trends," said CEO Tadashi Yanai. "Our task now is to further hone our range of basic clothes." Reuters (02 Feb.) , Bloomberg (02 Feb.) - Exports from China slow as inflation climbs
Higher prices from Chinese manufacturers have Western companies cutting planned spring shipments and scrambling to find lower-cost facilities in lower-wage countries. The shift may begin to limit the U.S. trade deficit with China, but it's also likely to result in higher prices and some product shortages for retailers and consumers this year. The New York Times (free registration) (30 Jan.) | E-commerce Spotlight | | | | - China's Baidu plans to expand into e-commerce
Baidu reported fourth-quarter income of 1.16 billion yuan, up from 427.9 million yuan for the same period the previous year. The owner of the most popular search engine in China outpaced Google in increasing advertising sales in the largest Internet market in the world. Baidu is ramping up efforts to expand into e-commerce, online video and other new businesses. Bloomberg (31 Jan.) | Spotlight on Luxury Goods | | | | - Asian luxury watch retailer reports quarterly profit up 22%
The Hour Glass, a luxury watch retailer in Asia, reported S$10.9 million in third-quarter profit, up from S$9 million during the same period the previous year. The company says that an expected increase in the number of tourists visiting Asia likely will help its sales figures going forward. Channel NewsAsia (01 Feb.) | NRF News | | | | - What's hot in retail (and at NRF)
The industry focus for January revolved around celebrating the high points of 2010 and strategies for 2011. Noteworthy topics last month included a list of the top ten retailers for customer service, planning resources for 2011, and coverage of NRF's 100th annual convention in New York City. View a complete list of the most popular resources and articles in retail for the month of January. Read more.
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