Retail

  Bloomberg Hong Kong’s retail sales unexpectedly dropped in November by the most in eight months as the city struggled to shake off the lingering effects of its pandemic-era controls and a slowing global economy. Retail sales value fell 4.2% from a year ago, the Census and Statistics Department said. That was far worse than the forecast for a 4.8% ...

Bloomberg Walmart Inc and other PhonePe shareholders will have to pay nearly $1 billion in tax after the digital payments company shifted its headquarters to India, according to people familiar with the matter. The bill stems from the relocation and rise in value of PhonePe Pvt, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services. Now ...

  Bloomberg Alibaba Group Holding Ltd led an advance in US-listed Chinese stocks in premarket trading, with Ant Group Co’s approved fundraising plan boosting optimism that China’s regulatory clampdown on its internet sector is easing. Alibaba, which owns a stake in Ant, rallied 6.7%. Its e-commerce peers JD.com Inc and Pinduoduo Inc both traded up more than 4.5%. Chinese stocks ...

Bloomberg German discount supermarket chain Aldi recorded its best Christmas shopping season yet in the UK as the squeeze on living conditions led British consumers to save money on groceries. The retailer’s sales topped £1.4 billion ($1.67 billion) in December, 26% higher than the year before, also helped by purchases during the football World Cup. With food price inflation at ...

  Bloomberg Rolex SA raised prices in the US and UK by an average of about 2.5%, the latest increases for the top Swiss watch brand, according to analysts at Barclays. The price of the most popular Rolex models rose between 1% and slightly more than 3% in both the UK and the US in the start of this year, ...

  Bloomberg Aldi’s UK supermarkets faced a rush of customers as it quickly sold out of an £1.99 ($2.40) energy drink launched by YouTube stars Logan Paul and KSI. Long queues formed outside the budget grocer’s stores amid a craze for the drink, called Prime, which can sell for over £10 a bottle online. “As with all our Specialbuys, Prime ...

  Bloomberg Australians spent a record-breaking A$74.5 billion ($50.4 billion) in the run-up to Christmas, a sign that rising prices and soaring interest rates have yet to weaken consumer demand. Retail sales across Australia surged 8.6% between November 1 and Decemebr 24 from a year ago, according to figures released by Australian Retailers Association in partnership with Westpac DataX. Trading ...

Bloomberg Jude Snair knows retail. She works in the portrait department of a JCPenney at the Newport Centre mall in New Jersey. But with or without an employee discount, the 20-year-old said she was mostly avoiding holiday shopping this year. “It’s looking more that people this year will be receiving homemade things,” Snair said as she filled out appointment sheets. ...

  Bloomberg KFC is temporarily closing some of its fried-chicken outlets in South Africa due to power cuts imposed by state electricity provider Eskom Holdings SOC Ltd. The Yum! Brands Inc chain made the decision after the number of blackout days passed 200 this year, a record. Eskom supplies more than 90% of South Africa’s electricity and has implemented nationwide ...

  Bloomberg The rush to take advantage of post-Christmas sales lifted shopper numbers on Boxing Day, but with the cost-of-living crisis pushing UK consumers to cut back on spending any boost for retailers may prove short-lived. Retail tracker Springboard said Boxing Day shopper numbers rose 39% on 2021, when there were still some pandemic restrictions in place and limited trading ...