Retail

Bloomberg Walmart Inc, looking to generate more profit from its online unit, wants to start storing and shipping products for third-party vendors for the first time, just as rival Amazon.com Inc has done for years. The world’s largest retailer is testing a fee-based service called “Fulfilled by Walmart,” US e-commerce chief Marc Lore said at an industry conference. Lore didn’t …

Bloomberg Wm Morrison Supermarkets Plc’s sales slumped in its second quarter as the grocer faced a tough comparison with 2018, when unseasonably warm weather, the World Cup and a royal wedding boosted spending. But it predicted an improvement in the second half, lifting the shares. Comparable group sales fell 1.9 percent for the quarter, slowing half-year growth to 0.2 percent. …

Bloomberg China Mengniu Dairy Co agreed to buy organic infant formula maker Bellamy’s Australia Ltd for A$1.5 billion ($1 billion), securing a premium brand in one of the fastest-growing segments of the dairy market. The Hong Kong-based firm offered A$13.25 per share for Bellamy’s, a sizable 59 percent premium to the stock’s last closing price. The Launceston, Tasmania-based company’s board …

Bloomberg Amazon.com Inc-owned Whole Foods Market is changing medical benefit eligibility requirements next year that could leave as many as 1,900 part-time workers without coverage. Employees will have to work at least 30 hours a week to qualify for a healthcare plan beginning January 1, up from the current eligibility requirement of 20 hours, the company said in an emailed …

Bloomberg South Africa’s financial regulator fined Steinhoff International Holdings NV a record 53 million rand ($3.6 million) for failing to properly disclose accounting problems and is probing at least 10 individuals in connection with the late-2017 scandal. The Financial Sector Conduct Authority (FSCA) reduced the penalty from an initial 1.5 billion rand in light of the retailer’s precarious financial position, …

Bloomberg Forever 21 Inc is preparing to close at least 100 stores as part of a restructuring that calls for the trendy retailer to file for bankruptcy as early as this month, according to people with knowledge of the preparations. The apparel merchant is working on obtaining a financial package that would provide about $75 million for its restructuring in …

Bloomberg J Crew Group Inc plans to spin off its Madewell denim chain in a public offering, the company announced in a filing, five months after announcing it was considering such a move. The number of shares to be offered and the price range for the proposed offering haven’t yet been determined, according to the filing. The amount of the …

Bloomberg Hermes International says growth in greater China remains rapid despite months of protests in the luxury shopping hub of Hong Kong. A “slight acceleration” in mainland China will offset the impact from store closures in Hong Kong, which was most significant in August, Hermes Chief Financial Officer Eric du Halgouet said on a conference call. “Globally, our performance in …

Bloomberg Climate change may lead to large swings in the incomes of US retail workers, according to a new study published by the Federal Reserve. In the analysis published this month, Fed economist Brigitte Roth Tran suggested that income inequality could increase as retail employees whose pay or hours are tied to sales find their work affected by more volatile …

Bloomberg Amazon.com Inc is bringing its Prime membership programme to Brazil in an effort to leapfrog competitors and gain traction in a country where it has been expanding slowly but surely. To start, Amazon Prime Brazil will be a scaled-down version of the US subscription service, offering free unlimited shipping for about 500,000 products out of the 20 million Amazon …