Retail

  Havana / AP Cuba has quietly opened a first-of-its-kind store specialising in bulk goods in Havana: Zona +, a high-ceiling space with racks stacked with large tins of tomato sauce, toilet paper and cooking oil by the gallon. It’s not quite Costco, and it falls short of satisfying longstanding calls for a wholesale market to support the growing class of …

  Bloomberg Trade appears set to make a rare contribution to U.K. economic growth in the second quarter despite a sharp decline in exports in May. Figures published by the Office for National Statistics showed the deficit in goods and services widened to 2.3 billion pounds (US$3 billion) from 2 billion pounds in April. Exports fell 4.4 percent, with shipments …

  Bloomberg Gap Inc, the biggest US apparel-focused retailer, posted June sales that topped analysts’ estimates, a sign the company’s long-promised turnaround could be taking hold. Total same-store sales, a key benchmark, rose 2 percent in June, the San Francisco-based retailer said in a statement. Analysts had predicted a 3.6 percent decline, according to estimates compiled by Retail Metrics. The …

  Bloomberg UK retailers had their worst June in a decade as consumers reined in spending ahead of the country’s European Union referendum, according to figures from accounting firm BDO. Sales at stores open at least a year fell 3.6 percent last month, with weekly figures deteriorating progressively, BDO research showed. A separate report from researcher GfK showed UK consumer …

  Bloomberg Marks & Spencer Group Plc reported its steepest drop in clothing sales in eight years as new chief Steve Rowe’s efforts to win back customers with cheaper prices on leggings and fewer clearances came at a cost. Same-store sales of clothing and home goods fell 8.9 percent in the 13 weeks ended July 2, the London-based company said …

  Tokyo / Bloomberg Siemens AG is setting up a unit to invest 1 billion euros ($1.1 billion) over five years on “disruptive ideas,” the latest bid by Europe’s largest engineering company to move into digitalization and shed a reputation for being slow and cautious. Named next47, the unit will initially be overseen by Chief Technology Officer Siegfried Russwurm and …

  New York / AFP Sports equipment giant Nike’s shares have skidded in disappointment over its sales performance in the face of strong emerging competitors in North America. Nike, sponsor of leading world sports names including Real Madrid striker Cristiano Ronaldo, revealed a rise in quarterly sales — but it was not as large as investors had anticipated. “A lot …

  Tokyo / Bloomberg Line Corp., Japan’s most popular mobile-messaging service, and its owners are aiming to raise as much as $1.1 billion in what could become the biggest technology initial public offering globally this year. Backed by South Korean search portal Naver Corp., Line and its existing investors are offering 35 million shares at 2,700 yen to 3,200 yen …

    Beaverton / Bloomberg The race to run the world’s biggest sports brand is now a three-way contest. Nike Inc. Chief Executive Officer Mark Parker isn’t going anywhere just yet, but an April shakeup in the executive ranks has set off speculation that an internal battle is brewing for the opportunity to succeed him. The payoff: a chance to …

  Indianapolis / Bloomberg Finish Line Inc. surged the most in more than seven years after beating first-quarter expectations in a weak retail environment, helped by strong sales of Adidas brand shoes. Sales rose 2.3 percent to $453.5 million in the quarter ended May 28, the Indianapolis-based company said in a statement. Analysts estimated $567.9 million, on average. Profit was …