US: iFresh Inc. reports fiscal year 2018 financial results
iFresh, Inc. (“iFresh” or “the Company”), a leading Asian American grocery supermarket chain and online grocer, announced its financial results for the year ended March 31, 2018. iFresh’s net sales were $136.7mln for the year ended March 31, 2018, an increase of $5.8mln, or 4.4%, from $130.9mln for the year ended March 31, 2017. Gross profit for the year ended March 31, 2018 increased by 4%, to $29mln, compared to $28mln in the prior year period.
Source: globenewswire.com
US: Costco's food courts are getting a healthy makeover
Costco plans to eliminate its Polish hot dog and other yet-to-be-determined items at many stores around the Seattle area and beyond to make room for healthier fare, The Seattle Times reports. In an effort to reach health-conscious millennials, Costco began rolling out new vegan and vegetarian fare earlier this year. “Not everybody gets as excited about pizza and hot dogs as I do,” chief executive Craig Jelinek told company shareholders in January, noting that the food court menu is a frequent topic of comments dropped in store suggestion boxes, the Seattle Times reports. He touted nutritious options including acai fruit bowls, organic burgers (which began appearing in some stores last summer) and a plant-based protein salad - listed as an “Al Pastor Salad,” which is meatless.
Source: fooddive.com
US: Target automating cash-counting at stores
Target is automating more parts of its stores to free up employees' time to be on the sales floor. The mass merchant has plans to add 500 automatic cash-counting machines to stores by August and then roll them out to the rest of its store fleet by the end of the year, a Target spokeswoman confirmed to Retail Dive. The initiative is meant as a way to more efficiently integrate the process with its banking system, the company said in a statement emailed to Retail Dive. No employees will be cut as a result, although the now automated duties previously added up to a full shift, the spokeswoman said. Employees that previously spent their time manually counting cash will now be freed up to help shoppers. The automation is part of the $7bln commitment Target made in 2017 to physical and digital growth, as well as to invest in employees. In the statement, Target said those efforts include raising the minimum wage to $11 an hour in October 2017 and a commitment to increase that to $15 by the end of 2020.
Source: fooddive.com
iFresh, Inc. (“iFresh” or “the Company”), a leading Asian American grocery supermarket chain and online grocer, announced its financial results for the year ended March 31, 2018. iFresh’s net sales were $136.7mln for the year ended March 31, 2018, an increase of $5.8mln, or 4.4%, from $130.9mln for the year ended March 31, 2017. Gross profit for the year ended March 31, 2018 increased by 4%, to $29mln, compared to $28mln in the prior year period.Source: globenewswire.com
US: Costco's food courts are getting a healthy makeover
Costco plans to eliminate its Polish hot dog and other yet-to-be-determined items at many stores around the Seattle area and beyond to make room for healthier fare, The Seattle Times reports. In an effort to reach health-conscious millennials, Costco began rolling out new vegan and vegetarian fare earlier this year. “Not everybody gets as excited about pizza and hot dogs as I do,” chief executive Craig Jelinek told company shareholders in January, noting that the food court menu is a frequent topic of comments dropped in store suggestion boxes, the Seattle Times reports. He touted nutritious options including acai fruit bowls, organic burgers (which began appearing in some stores last summer) and a plant-based protein salad - listed as an “Al Pastor Salad,” which is meatless. Source: fooddive.com
US: Target automating cash-counting at stores
Target is automating more parts of its stores to free up employees' time to be on the sales floor. The mass merchant has plans to add 500 automatic cash-counting machines to stores by August and then roll them out to the rest of its store fleet by the end of the year, a Target spokeswoman confirmed to Retail Dive. The initiative is meant as a way to more efficiently integrate the process with its banking system, the company said in a statement emailed to Retail Dive. No employees will be cut as a result, although the now automated duties previously added up to a full shift, the spokeswoman said. Employees that previously spent their time manually counting cash will now be freed up to help shoppers. The automation is part of the $7bln commitment Target made in 2017 to physical and digital growth, as well as to invest in employees. In the statement, Target said those efforts include raising the minimum wage to $11 an hour in October 2017 and a commitment to increase that to $15 by the end of 2020.Source: fooddive.com
UAE: Hypermarket chain LuLu Group signs MoU to enter Chinese retail space
LuLu Group has signed an agreement to invest $200mln to set up new hypermarkets in China as part of its expansion plans. The company is planning to enter the Chinese retail space through a memorandum of understanding (MoU) signed with the Communist Party of China (CPC) party secretary Lin Yi in Zhejiang province. Under the agreement, new hypermarkets will be established in Yiwu and other major cities. LuLu Group has also agreed to increase its annual exports from China to $300mln from the current $220mln.Source: retail-insight-network.com
Retail sales increase by 6.4% in Romania in the first five months
Romania’s retail trade turnover increased by 6.4%, in gross terms, in the first five months of this year compared to the same period of 2017, according to data released by the National Statistics Institute (INS). Non-food sales went up by 7.2%, food sales increased by 7% and fuel sales grew by 4.3% in the first five months. In seasonally adjusted terms, the retail trade turnover increased by 7.5% in this period, boosted by non-food sales (up 8.8%) and food sales (up 7.5%) while fuel sales only grew by 5.2%.Source: romania-insider.com
Thailand’s 7-Eleven stores owner CP All to expand in India, China
Thai billionaire Dhanin Chearavanont’s retail subsidiary CP All Pcl is considering an expansion of its wholesale operations in China and India to tap the might of consumers in the world’s most-populous nations. CP All’s Chief Financial Officer Kriengchai Boonpoapichart said the firm’s cash-and-carry unit Siam Makro Pcl is studying opportunities in the two countries, as well as the possibility of setting up a store in Myanmar, having already opened an outlet in Cambodia. “Siam Makro is on a new journey of expanding in overseas markets,” Kriengchai said in an interview at his Bangkok office. “It will be a tough and challenging road, but it’s a good opportunity with large populations to tap, compared with Thailand’s mature market.”Source: financialexpress.com
Nigeria: Shoprite plans clean-up exercise
The Shoprite Group has concluded plans to stage its biggest clean-up in which over 6,000 people in nine countries are expected to participate in almost 500 events. The exercise will hold from 14th to 18th July. It is expected to remove waste from communities. In Nigeria the retail giant is partnering with Nigeria’s pioneer recycling outfit, Wecyclers to execute this huge initiative.Source: thisdaylive.com
India: Aditya Birla to sell grocery business
India-based Aditya Birla has said it is aiming to sell its grocery retail business to Samara Capital, a private equity firm. The operator of More Megastore hypermarkets and More Quality 1st supermarkets, Aditya Birla Retail Limited (ABRL), has agreed to sell its grocery retail business to private equity firm Samara Capital. The deal values the grocery business at US$624mln. The disposal of the two brands will enable ABRL to focus on offline apparel retailing and it will cease both its grocery retail and ecommerce operations. In 2017, ABRL reported a 20% increase in sales, with revenues of US$608.8mln. Nonetheless, it still closed the year with a loss of US$93.4mln. This is due to the fact that ABRL has an operating debt of US$954.2mln and financing costs for these loans amount to US$68.3mln annually.
Source: retailanalysis.igd.com
India-based Aditya Birla has said it is aiming to sell its grocery retail business to Samara Capital, a private equity firm. The operator of More Megastore hypermarkets and More Quality 1st supermarkets, Aditya Birla Retail Limited (ABRL), has agreed to sell its grocery retail business to private equity firm Samara Capital. The deal values the grocery business at US$624mln. The disposal of the two brands will enable ABRL to focus on offline apparel retailing and it will cease both its grocery retail and ecommerce operations. In 2017, ABRL reported a 20% increase in sales, with revenues of US$608.8mln. Nonetheless, it still closed the year with a loss of US$93.4mln. This is due to the fact that ABRL has an operating debt of US$954.2mln and financing costs for these loans amount to US$68.3mln annually.Source: retailanalysis.igd.com
Lidl Cyprus has pledged that by the end of 2019 it will stop the sale of single-use plastics such as straws, cups, plates, cutlery and cotton buds in all its 17 stores on the island. The German budget supermarket chain also promised that products made from alternative and recyclable materials will replace the single-use variety. Lidl says it will also set a target “to abolish and adapt straws which are also sold in the category juices, soft drinks and other drinks.” This is part of a global strategy to reduce the use of plastics by 20% by 2025.Source: financialmirror.com
Germany: Kaufhof and Karstadt form joint venture
Two major German department store chains, Kaufhof and Karstadt, will form a joint venture after Hudson’s Bay sells half of its European business to Signa Holding. The latter will hold only a little bit more than half of the entity and will manage the operating business. For quite some time, there were speculations about a merger of Germany’s largest department store chains. And now it’s real, as Kaufhof owner Hudson’s Bay and Karstadt owner Signa have signed a 200-page letter of intent to form a joint venture between Kaufhof, Karstadt and Karstad Sport.Source: ecommercenews.eu
UK: Sainsbury's gets 3.5bln pound loan package for Asda buy
UK supermarket Sainsbury’s has agreed 3.5bln pounds of syndicated loans to back its proposed £7.3bln acquisition of Walmart’s Asda, the company said. The company will also increase its existing revolving credit facilities to 2bln pounds from 1.45bln pounds to provide the combined companies with financial flexibility. The acquisition financing comprises a 2bln pounds two-year term loan and a 1.5bln pounds three-year term loan.Source: reuters.com
France: Francap to partner with Intermarché on buying
France-based Francap Distribution, which supplies regional convenience stores and wholesales across the country, has announced Intermarché Alimentaire International will conduct the buying of national and international brands from 1 January 2019 on its behalf. The announcement is the newest in a line of statements from retailers across Europe about how they are pooling their purchasing power. Francap and Intermarché said the agreement only covered the buying of branded products. Private label ranges, fresh products and those from small and medium sized producers are excluded. Intermarché’s president, Thierry Cotillard, was quoted by local trade publication as saying: “Intermarché will not intervene in the commercial policy of Francap Distribution. From the next negotiation campaign, Intermarché will also buy for Francap Distribution”.Source: retailanalysis.igd.com