Retail

Retail traders snapped up $2b of ETFs

Bloomberg Retail investors were quick to plow cash into the biggest US exchange-traded funds and industries like airlines and travel stocks when the market was hammered. The day-trading crowd snapped up roughly $2 billion in assets like the SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1 as the buy-the-dip crowd stepped in where Wall Street didn’t, according ...

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UK’s billionaire Issa brothers may merge Asda, EG Group

Bloomberg Britain’s billionaire Issa brothers are considering merging UK grocer Asda Group with EG Group, their international chain of gas stations and convenience stores, people with knowledge of the matter said. The Issas are studying a range of strategic alternatives for EG Group, which they own together with buyout firm TDR Capital, the people said, asking not to be identified ...

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Supply chain chaos sparks ‘chicken shortage’ in Japan

Bloomberg As Americans celebrated Thanksgiving with turkey prices at record highs, another poultry dish that’s a beloved holiday tradition could be in short supply: fried chicken in Japan. Convenience stores in Japan like 7-Eleven and FamilyMart are running low on fried chicken for their holiday platters due to plant closures in Thailand, one of the world’s major chicken producers, following ...

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Sainsbury billionaire bets $337m on PE funds

Bloomberg The investment firm for one of the world’s biggest retail fortunes is boosting its private equity bets after stepping back from public markets. David Sainsbury, whose great-grandfather founded supermarket chain J Sainsbury Plc, plans to put as much as 253 million pounds ($337 million) into private equity funds through his family office, Innotech Advisers, according to a UK registry ...

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Black Friday discounts fade in years over demand, inflation

Bloomberg Black Friday deals ranked among the least generous in years as more US consumers headed back to stores on one of the busiest shopping days of the year. Retailers appear to have the “lowest level of clearance goods in five years or more,” Oliver Chen, an analyst at Cowen & Co, said in a report. According to Salesforce.com Inc, ...

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World’s biggest Ikea opens in Manila as part of global push

Bloomberg Ikea opened its biggest store in the world in the Philippines, with the new 730,000 square foot facility in Manila a cornerstone of the home-furnishings giant’s expansion plans in Asia. The opening was feted with an event held at the store’s cafeteria attended by Philippine trade secretary Ramon Lopez and foreign minister Teodoro Locsin, where Ikea’s cult-favourite Swedish meatballs ...

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Gap cuts outlook over supply-chain woes

Bloomberg Gap Inc lowered its projection for 2021 sales and profit as supply-chain bottlenecks led to lost sales and higher expenses. The shares fell in late trading. Gap now sees revenue growing about 20% for the full year — down from its previous projection of a 30% gain. Analysts had projected revenue to be 28% higher this year, according to ...

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Nordstrom plunges in Q3 over poor inventory issues

Bloomberg Nordstrom Inc said poor inventory planning at its off-price Rack stores dragged on revenue growth in the third quarter, a problem company executives said they were working to address heading into the holiday season. Sales at the Rack division were 8% below where they were before the pandemic. Revenue at the company overall was down 1% in the same ...

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Retailers sound alarm on theft as US states warn of rise

Bloomberg Retailers say shoplifting is getting more brazen in the US: A California Nordstrom store was recently hit by a flash mob of more than 80 people who made off with designer goods, while more than a dozen people pilfered from a Louis Vuitton location in a suburb of Chicago. The impact of shoplifting reached Wall Street, with Best Buy ...

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Gap cuts outlook over supply-chain woes

Bloomberg Gap Inc lowered its projection for 2021 sales and profit as supply-chain bottlenecks led to lost sales and higher expenses. The shares fell in trading. Gap now sees revenue growing about 20% for the full year — down from its previous projection of a 30% gain. Analysts had projected revenue to be 28% higher this year, according to estimates ...

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