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Q4 profit for Brazil's GPA
Major Carrefour expansion in Egypt eyed by Dubai retail giantGermany: Rewe places promissory note loans of €1bln
German retailer Rewe has announced that it placed promissory note loans of €1bln, with the aim of increasing its strategic financial reserves in a 'generally favourable financial market'. The retail group says that due to high investor demand, the originally-planned amount of €500mln could be doubled. The placement was carried out by around 250 investors, mainly from savings banks, cooperatives banks, national and international banking groups. Klaus Wirbel, head of finance at Rewe, said that the "clear oversubscription underlines investor confidence in the creditworthiness and business model of the Rewe group."
UK retail sales grow less than expected
UK retail sales grew less than expected in January as high inflation squeezed consumer spending, figures from the Office for National Statistics revealed. Retail sales rose 0.1% month-on-month in January, reversing a 1.4% drop in December. Nonetheless, this was slower than the expected 0.5% rise. Sales, excluding auto fuel, also grew only 0.1%, following December's 1.5% decrease. Sales were expected to gain 0.6%. Food sales decreased 0.4%, while non-food sales gained 0.7% in January.
Brazil's GPA posts 4th-qtr profit as wholesale format drives growth
Brazilian food retailer GPA hit quarterly profit estimates, as sales at its cash-and-carry wholesale format stores continued to drive growth. In a securities filing, GPA, controlled by France’s Casino Guichard Perrachon SA, reported fourth-quarter net income of 215mln reais ($66.5mln), roughly in line with a Reuters consensus estimate of 218mln reais ($67.41mln). ($1 = 3.2339 Brazilian reais)
Russia: Magnit’s new CEO
Sergei Galitskiy, Magnit’s biggest shareholder and CEO, sold 29% of the company’s share to state Russian bank VTB and left his role. As of 16 Feb 2018, Sergei Galitskiy withdrew from his role as CEO of Magnit (JSC Tander) and retained a 3% share of the company. Mr Galitskiy is succeeded by Khachatur Pambukhkhan, CFO since 2008, via a vote by the board of directors, and to take on the role for a period of 3-years.
Romania: Lidl to open center of IT excellence Lidl Digital in Bucharest
Lidl will open in March in Bucharest a center of IT excellence that will provide e-commerce solutions and management for digital platforms of the German retailer. This is Lidl’s second biggest such hub after that in Germany. Lidl Digital Romania will support Lidl’s efforts to increase innovation in e-commerce and will provide locally all activities necessary for the functioning and optimisation of the group’s digital platforms. Lidl Digital plans to develop creative high tech solutions for consumer digital trends.
Dubai retail giant eyes major Carrefour expansion in Egypt
Dubai retail giant Majid Al Futtaim said it has signed a cooperation protocol agreement to open an additional 100 Carrefour stores in industrial zones across various governorates in Egypt. The deal was signed with the Ministry of Investment and International Cooperation and the National Service Projects Organization, the company said in a statement.
India: E-retail market size expected to surge 250% in next 3 years: Crisil
The booming e-retail market is likely to surge over twofold over the next three years, as players will be forced to shift their focus from discounts to consolidation, geographical diversification, business realignment and enhancing customer stickiness, says a report. According to Crisil, going by the 2016-17 data, the e-retail market represents about 1.5% (Rs 700bln) of the overall Rs 49tln retail sector in the country, indicating enormous growth potential.
US: Target's strategy for Shipt takes shape
Target is making a move to distance its Shipt division from certain retailers. According to the Minneapolis Star-Tribune, Target has ended Shipt deliveries from Walmart stores. A Target spokeswoman confirmed the development to the Star-Tribune, but didn't comment further on it. Target executives told the Star-Tribune that Target wants to keep other retailers in the Shipt marketplace to make the $99-a-year service attractive to consumers and more cost effective to run. Some of the other retailers Shipt still delivers from include Kroger, Meijer and Publix.
US: Winn-Dixie owner Bi-Lo prepares for bankruptcy filing
Bi-Lo LLC, the supermarket company that owns the Winn-Dixie chain, is preparing for a potential bankruptcy filing as soon as next month, according to people with knowledge of the matter. The retailer is planning to shut almost 200 stores as part of the move - either before or after the filing - said one of the people, who asked not to be identified because the process isn’t public. The business, which went bankrupt in previous incarnations in 2005 and 2009, may still find a way to restructure its debt out of court.
US: Walmart establishing back-end tech hub
Walmart is set to open a new tech hub in Austin, Texas focused on developing technologies to improve back-end processes, including finance, governance, human relations, employee training and manufacturing. 512 Tech reports that the facility, whose design is reflective of the start-up community, will open later this month. With a focus on developing technology-based solutions to drive back of store efficiencies, the team will optimise emerging technologies including machine learning, artificial intelligence, blockchain and IoT.
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