Retail

Bloomberg UK consumer spending jumped the most since 2016 last month, led by a surge in Internet purchases as bars and restaurants continued to suffer. On-line demand surged 16.2% in July compared with a year earlier, according to a monthly index by Visa and IHS Markit. Total spending rose 2.4%, while hotels, bars and restaurants say an 18% drop. Household …

Bloomberg Home Depot Inc reported sales growth that was more than double the already brisk rate analysts had been expecting, sending shares higher in early trading. Same-store sales rose 23.4%, sharply beating the estimate for an 11.4% gain from Consensus Metrix. Revenue of $38.1 billion also surpassed expectations. Home Depot Chief Executive Officer Craig Menear called the sales performance “record-breaking.” …

Bloomberg On the surface the rebound in US retail sales is a V-shaped recovery, but the overall figure obscures lingering economic pain across many of America’s businesses. After a third straight monthly increase, albeit a weaker gain than expected, the total value of US retail sales has rebounded above pre-pandemic levels. But the composition of spending looks substantially different than …

Bloomberg Jumia Technologies AG is facing fresh competition from startups in the African e-commerce and logistics market after the Covid-19 pandemic increased demand for online deliveries. The US-listed firm is seen as one of the pioneers of internet trading in sub-Saharan Africa, which trails the rest of the world due to challenges including weak internet connections and unreliable addresses. But …

Bloomberg Bankrupt Brooks Brothers Group Inc is on the verge of being sold to a partnership that includes the new owner of Barneys New York and one of the biggest US mall operators. Sparc Group which is backed by Authentic Brands Group and Simon Property Group Inc, is expected to be the winning bidder after rivals including WHP Global dropped …

Bloomberg Canada Goose Holdings dropped as much as 9% after the company said activity was slow in its reopened stores, raising concerns about demand ahead of the key winter season. The company said it will focus new store openings this year on mainland China, “where the recovery of traffic remains ahead of other markets.” The height of the crisis hit …

Bloomberg Kroger Co is setting up an e-commerce marketplace open to third-party vendors, part of the grocery-store operator’s bid to wrest web sales away from giants like Amazon.com Inc and Walmart Inc. The owner of the Fry’s and King Soopers chains is working with online commerce specialist Mirakl to offer tens of thousands of additional goods, including housewares and toys, …

Bloomberg Foot Locker Inc soared after the athletic-apparel retailer said it expects to report a profit and rising revenue for the second quarter, defying Wall Street’s expectations amid a tumultuous time for the clothing industry. Same-store sales increased about 18% for the three months ended on August 1, the New York-based company said in a statement discussing preliminary results for …

Bloomberg Sur La Table Inc, the bankrupt upscale cookware chain, sold for almost $90 million and a promise to keep at least 50 stores open, according to court papers. A joint venture between e-commerce investment firm CSC Generation and Marquee Brands topped an opening bid from affiliates of Fortress Investment Group at auction last week, according to court papers and …

Bloomberg The grand opening of the Mall of San Juan was a celebration of Puerto Rico’s rosy future. There was confetti, a bomba band and roving politicians, including the governor and the mayor, glad-handing under the atrium’s blue-tinged skylight. “There was so much enthusiasm,” says Alberto Baco Bague, the secretary of economic development and commerce, who was in attendance that …