New Delhi : Traders body CAIT Thursday threatened to move the Supreme Court and Competition Commission of India (CCI) if government failed to act on complaints of alleged predatory pricing and unfair trade practices by eCommerce firms like Amazon, Flipkart and Snapdeal.
Expressing concerns over huge discounts being offered by e-commerce firms, Confederation of All India Traders (CAIT) also met Commerce and Industry Ministry Nirmala Sitharaman yesterday urging her to take steps to monitor and regulate online businesses.
British supermarket, Tesco has said that it is planning to slash prices of its everyday food essentials by some £200 million and also introduce a 'Fuel Save' scheme in order to help households facing pressure eon expenses.
Under the new 'Fuel Save' scheme, the Clubcard holders will be able to save 2p-20p a litre on petrol based on spending. UK's biggest supermarket has also said that it will focus on improve quality and bring forward a refurbishment of hundreds of its 'big box' stores in the country.
Julian Dunkerton, the chief executive and founder of the fashion brand Superdry has said that online retail market in the UK is the most advanced in the world.
SuperGroup has said that its sales rose 22 per cent to £141 million in the 13 weeks to 26 January. The company had cancelled a cut price deal with eBay as it was able to sell more full priced items in the market. Mr Dunkerton also said that the sales increased as the company did not follow other retailer sin offering discounts before the Boxing Day sales.
China's leading online market, Alibaba Group Holding has said that its revenues have risen 51 percent to $1.78 billion during the three month period till September.
The net income of the company rose 12 per cent to the level of $792 million compared to the previous quarter as it recorded increasing sales. The Hangzhou, China-based company is aiming to attract Chinese internet users by entering into deals with Chinese as well as US firms and is also expanding its reach to mobile games and messaging.
According to the latest data available, the total retail sales have risen by just 0.1 per cent during the month of May in Australia as consumers remained cautious about spending their money.
The rise in an improvement from a revised 0.1 per cent decrease in April but is much below analyst expectations of a 0.3 per cent rise in retail spending in the country. The retail sales for March were also revised from 0.4 per cent to fall of 0.6 per cent. The data showed that Australians spent a seasonally adjusted $21.8 billion in May.
A number of retailers in Australia have been accused of underpaying their suppliers in Bangladesh forcing them to exploit low cost labour in the country by not offering a safe working environment.
Retailers including Coles, Target, Cotton On and Forever New are among the retailers that have been accused of using low-cost labour in Bangladesh. A factory had collapsed in April in the south Asian country that has claimed more than 1100 lives, exposing the unsafe conditions for working in the factories in the country.
The Dixons Retail Group has said that it has recorded an increase of 3 per cent in like-for-like sales during the six months till 13 October, 2012. Group sales were recorded at 3.29 billion pounds.
The UK and Ireland division is likely to post a profit for the first time in five years. The group, which owns Currys and PC World, said that its market position in the UK is strengthening after its rival, Comet collapsed and went under administrators earlier during the month.
The alleged circumventing of foreign direct investment (FDI) regulations by e-commerce firm Flipkart Online Services and retail giant Bharti Walmart will now be probed by the Enforcement Directorate (ED).
Commerce & Industry Minister Anand Sharma said on Monday that the Reserve Bank of India (RBI) referred matters related to the alleged violation of FDI regulations by Flipkart and Walmart to the (ED).
Retail stores in the US opened their stores on Thanksgiving itself, instead of the early hour of the next day, which is known as Black Friday.
The move was aimed at giving more time to the customers to pick up their favorite discount deals and boost sales. Several major chains from Target to Toys R Us all opened doors to waiting customers on Thanksgiving itself, converting Black Friday frenzy sales into a two day shopping bonanza.
Retailing giant, Woolworths has recorded a 4.3 per cent increase in sales during the first quarter of the year as its supermarket division, Big W department store, hotels and home improvement chain saw strong demand.
The sales of the company were recorded at $15.2 billion during the 14 weeks to September 30. On the other hand, the petrol sales of the company fell and resulted in a fall in market share. The company managed to increase sales in its core markets, Australia and New Zealand by 3.4 per cent to $12.6 billion. Big W sales rose 6.2 per cent to $1.1 billion while Hotel sales were up 17.3 per cent to $379 million.
In a move under the government tweaked the FDI rules for the country, players like Bharti Wal-Mart are expected to gain on the same.
It is to be mentioned here that the government recently allowed retailers to sell various good sources by the respective companies from the foreign investment funded wholesale venture rather than the earlier condition where the good could only be used for internal use.
Woolworths Ltd., the biggest retailer in Australia, announced today that the sales were reported up b 4.7% in the third quarter ended April 4, 2010. Despite the increase in Q3 sales, the retailer lowered its sales forecast for the year. Woolworths lowered its yearly outlook as its third quarter food and liquor sales growth missed analyst expectations.
A Distributive Trades Survey conducted by the CBI revealed today that the retail sales in UK were reported up in the month of April. This was reported the third consecutive monthly growth in retail sales figures.
However, the rate of the growth in UK retail industry in the month of April was reported lower than the expectations of economists. The survey also showed that the retailers expect that the retail sales volumes will grow at a faster rate next month.
It has been expected that TESCO can end up the financial year with a record profit. Chief executive Sir Terry Leahy has said that the year-end profits may touch £3.3 billion. This is going to be a new record for the company in terms of profit. The pre-tax profit is also expected to outstrip the previous year’s figures.
Last year it was figured £3.1billion and this year it will surpass it. Leaty has also informed that the company’s worldwide sales are running at well over £1billion a week.
That suggests that the largest food chain of Britain is cruising towards a remarkable net profit for the year.
During December 2009, same-store sales among major retail stores was the best that had been recorded for the complete year, which made way for a better-than-expected holiday season and served as the first small step towards retail business jumping back into a strong position for 2010, according to a retail trade group.
As many as 32 retailers posted a 2.8% year-on-year increase in comparable store sales. The figure has been shared by the International Council of Shopping Centers, and was termed as the retailers' best monthly improvement since April 2008.
As speculated by many experts, online shopping has indeed managed to emerge as the winner for the latest holiday shopping season. From Black Friday to Christmas Eve, online retail sales recorded a rise of 13.6%, as major retailers took effective steps to ensure that their web portals are a prime shopping destination. The figures were released by Coremetrics on Monday.
After nearly 20 years of fighting a legal battle, Supermarket Pak 'n Save finally opened its doors in North Shore City.
The Wairau Rd land was bought in the year 1989 and ever since the company has been waiting to open a store.
In October 2004, it received resource consent, and the building was completed in 2005.
However a challenge was made by rival chain Progressive Enterprises to Foodstuffs' resource consent and the result was a prolonged court battle.
Polaris Retail Infotech Ltd, a wholly-owned subsidiary of Polaris Software, has partnered with computer major IBM, to launch Intellect Store, the first SOA-based Retail solution in India.
The latest solution was designed by the company, to tap growing Rs 28,000 crore retail industry in the country.
The company claims that the package - Intellect Store - is meant for retailers having any number of stores and offering any kind of merchandise. The solution helps retailers track both the stock as well as customers at all their stores simultaneously.
Pantaloon Retail (India), the country’s biggest publicly traded supermarket operator, informed that its net profit has surged by 7.07 per cent to Rs 34.37 crore for the quarter ended March 31, 2009.
The company declared results for third quarter, because its financial year ends on June 30.
In a filing to the Bombay Stock Exchange, Pantaloon said that it had a net profit of Rs 32.10 crore in the same quarter ended March 2008.
- Marathon Pharma to sell decades-old drug to treat DMD for $89,000
- FedEx Launches FedEx Fulfillment for Small Business to Compete with Amazon
- CDC updates 2017 advisory for recommended flu shots
- Coca-Cola Helped by Strong North American Demand but Company Issues Lackluster Future Guidance
- Women with dense breasts more likely to develop breast cancer: study