Retail

Bloomberg Target Corp is raising its minimum hourly wage to $15 at a time when its workers are grappling with the dual impact of the pandemic and protests for racial equality that began in the chain’s hometown. The cheap-chic retailer will move to $15 an hour on July 5, fulfilling a pledge it made three years ago and providing about ...

Bloomberg Tesco agreed to sell its business in Poland to Danish retailer Salling Group, as the UK’s largest supermarket operator focuses on its domestic market in a consumer landscape overturned by the coronavirus. The UK grocer said it expects proceeds of about 165 million pounds ($207 million) from the sale of 301 stores, as well as distribution centres and office ...

Bloomberg Ikea is in talks about returning aid granted by nine countries to subsidise furloughs triggered by the coronavirus pandemic because its business is recovering faster than expected, the Financial Times reported. The global furniture retailer is negotiating with Belgium, Croatia, the Czech Republic, Ireland, Portugal, Romania, Serbia, Spain and the US, retail operations manager Tolga Oncu at Ingka Group, ...

Bloomberg The two largest mall landlords and Authentic Brands Group LLC are in talks to buy bankrupt department-store chain JC Penney Co, according to people familiar with the matter. Authentic Brands may team up with Simon Property Group and Brookfield Property Partners to acquire the retailer as part of its court reorganisation, said the people, who asked not to be ...

Bloomberg Asia’s largest retailer is betting that it has the right product at the right time: a Uniqlo face mask. Fast Retailing Co, operator of the clothing stores, will begin selling reusable face masks in Japan this week. The masks, which will sold in sets of three and retail for 990 yen ($9), aim for both performance and comfort, the ...

Bloomberg Edgars needs buyers to make binding offers by the end of June to prevent the start of wind-up proceedings, putting at risk the future of a South African clothing chain that has traded for almost a century. Administrators for parent Edcon Holdings Ltd put the retailer up for sale alongside sister companies Jet and Thank U after measures to ...

Bloomberg Ocado Group Plc is raising just over 1 billion pounds ($1.3 billion) through a share placement, retail offer and convertible bonds to fund expansion of online grocery shopping in an era of social distancing. The company said on Thursday it’s getting 657 million pounds via the share placement and retail offer and 350 million pounds through the convertible bond ...

Bloomberg Estee Lauder Cos plans to hire more black employees, buy more from black-owned businesses and expand diversity training programs after employees raised concerns about race relations within the company. Top executives at one of the world’s largest cosmetics businesses said they “stand in solidarity with our black employees, black consumers and black communities and firmly believe black lives matter,” ...

Bloomberg Gadget junkies soon won’t need an appointment to shop at Best Buy Co anymore. Starting from June 15, the nation’s biggest consumer-electronics retailer will allow a limited number of shoppers inside most of its stores, moving past an appointment-only model that it had instituted in the wake of the Covid-19 pandemic. The retailer will bring back about 9,000 employees ...

Bloomberg A few weeks after Spain declared a nationwide lockdown in mid-March to fight the growing coronavirus outbreak, clothing retailer Inditex SA began running low on goods. The world’s largest fashion retailer typically operates a lean warehouse operation, preferring instead to hold the majority of its stock in stores that double as e-commerce fulfillment centres. That way, turnaround is faster, ...