Retail Sector

Tesco pulls back milk advert

Tesco pulls back milk advertUK's super market giant, Tesco has been forced to pull back a national advertising campaign for milk after it was found that the company used beef cattle in the advertisement.

The advertisement, which has been designed to announce a cut in the price of a four-pint bottle of milk, showed pictures of a type of cattle that are exclusively bred for meat. Following the advertisement, many customers took to twitter to criticise the supermarket. The company has said that adverts were being replaced following the error.

Alibaba to make IPO debut in US for $130bn valuation

Alibaba to make IPO debut in US for $130bn valuationWashington, Mar. 17 - China's e-commerce giant Alibaba has reportedly confirmed that it will make its IPO debut in the US to reach the valuation of 130 billion dollars.

The company said that a US IPO would make it a more global company and enhance the company's transparency.

According to Cnet, Alibaba, which controls nearly 80 percent of China's Internet shopping market, is expected to raise more than 15 billion dollars, which would directly challenge Facebook's record Internet IPO, which raised 16 billion dollars in 2012.

Hackers steal payroll data of Wm Morrison

Hackers steal payroll data of Wm MorrisonMorrisons, a leading super market chain in the UK, has said that the payroll data of tis staff has been compromised by the hackers.

The supermarket has said that the majority of its staff members have been affected by the data theft. The company said that the details of around 100,000 employees have been stolen in the country. The details stolen from the company's system includes bank account details. Hackers have published the stolen data online and sent on a disc to a newspaper.

Home Retail Group expects higher profits

Home Retail Group expects higher profitsHome Retail Group, the owner of Argos and Homebase,  has said that it now expects higher profits after it recorded strong performance during the previous few weeks of its financial year.

Discount retailers surging ahead in UK market

Discount retailers surging ahead in UK marketExperts have said that discount retail chains are increasing surging ahead in the UK market as households face pressure on income and expenses.

Retail chains including Lidl and Aldi are increasing their market share in the UK market by offering attractive discounts. Morrisons has said that discount grocers Lidl and Aldi have become a great threat to the supermarket industry and have created a crisis in the market.

Target's security system ignored early alert of cyber breach

Target's security system ignored early alert of cyber breachWashington, March 14 : Target Corp's security software reportedly detected the massive hack right when it started and yet it was only after two weeks and a warning from federal investigators, that it took necessary action to contain the breach.

The company has been trying to control the damage post the December security breach that put up to 40 million credit card numbers and 70 million more pieces of customer contact information in the hands of hackers.

February retail inflation slows to 8.10 percent

retail-inflationNew Delhi, March 12 : The consumer price index-based inflation or retail inflation for February slowed to 8.10 percent as compared to 8.79 percent in the previous month, government data showed Wednesday.

The corresponding provisional inflation rates for rural and urban areas for February 2014 are 8.51 percent and 7.55 percent respectively.

Inflation rates for rural and urban areas for January 2014 were 9.35 percent and 8.09 percent respectively, the data stated.

Food inflation for February 2014 stood at 8.57 percent compared to 9.9 percent in January 2014. (IANS)

Online sales rise in UK clothing retail industry in February

Online salesAccording to the latest figures released by the British Retail Consortium, the online clothing sales rose during the month of February.

Non-food item sales rose by 14.3 per cent in the UK during the month compared to the same period of the previous year. These accounted for 17.5 per cent of all retail sales, according to British Retail Consortium's Online Retail Sales Monitor. On the other hand, high street sales fell by 1 per cent as more and more shoppers went online to buy products because of wet weather in the UK. The flood waters and storms convinced more and more shoppers to stay at home and shop online.

UK retail sales rise 0.7% in February

UK retail sales rise 0.7% in FebruaryAccording to the latest figures released, consumers increased spending by just 0.7 per cent during the month of February compared to the same month of the previous year.

The British Retail Consortium (BRC) said that the total amount of money spent in stores during the previous month was 0.7 percent higher than the February of the previous year. The total sales had increased 5.4 percent during the month of January, which was its highest increase in about three years.

John Lewis planning to open four Waitrose stores in Scotland

John LewisJohn Lewis has said that it is planning to open four Waitrose stores in Scotland as the company recorded strong sales.

The company's sister department store chain recorded high revenues allowing it to surpass £10 billion mark in revenues. The company said that its profits were affected due to pension costs and staff bonuses. The company now has a £1 billion shortfall in its pension fund.

Kamani family to get listed

Kamani family to get listedKamani family, which is based in the city of Manchester, has said that it is planning to get its Boohoo. com listed in order to take advantage of the strong IPO market.

The family, which owns about 82 per cent of boohoo. com, are looking to benefit from the strong demand for online retail stocks and is planning to list its online fashion brand. Experts have said that the floatation will value the entire company at £500 million.

Pets at Home makes debut on LSE

Pets at Home makes debut on LSEPets at Home had made its debut in the London Stock Exchange (LSE) in order to raise money and expand its presence in the market.

Pets at Home have said that it has planned for a stock market listing as the IPO market remains strong. Pets at Home is a leading pet shop and vet firm, which is largely owned by private equity group KKR. The company will sell shares for between 210p and 260p in order to raise £280 million. The listing will give a market value of up to £1.3 billion.

J.C. Penney reports better than expected results

J.C. Penney reports better than expected resultsTroubled retailer, J. C. Penney has said that it has recorded a better than expected results during the fourth quarter as it recorded a small profit during the period.

The company is in between a turnaround and the better than expected results might be able to convince some investors that the retailer might be able to revive its business. The department store retailer recorded a small profit in the fourth quarter compared to a huge loss recorded in the same quarter of the previous year.

Canadian retail sales plunge more sharply than predicted

Canadian retail sales plunge more sharply than predictedThe Canadian dollar slipped on Friday after official figures showed a considerable month-on-month decline in December retail sales.

According to fresh data released by Statistics Canada, retail sales in December slipped 1.8 per cent from the previous month.  On a seasonally adjusted basis, home furnishings and furniture stores suffered a month-on-month decline of 7.8 per cent in sales; while sales of new cars fell 3.6 per cent in the month under review.

Founders planning to take Morrisons' private

MorrisonsThe members of the family that founded Morrisons' are reportedly holding discussions with private equity groups to turn the business private while But Sir Ken Morrison, whose father founded the firm, did not know about the negotiations.

It is believed that the younger members of the family were holding talks with buyout groups CVC, Apax Partners and Carlyle. However, Sir Ken Morrison, who has been working for the business ofr more than four decades, did not have knowledge about the discussions. He had stated earlier that he is against taking on too much debt for the group.

Swedish clothing giant to open store in India

Swedish clothing giant to open store in IndiaStockholm, Feb 13 - The Swedish clothing giant Hennes & Mauritz (H&M) is planning to open its first store in India in 2014, announced the company in a statement Wednesday.

The introduction of H&M to India will be the latest in a series of important openings and the first store in India will be a flagship, Xinhua reported.

"We are very excited to open our first store in India. It is one of the most exciting countries in the world right now, with so much potential," said Karl-Johan Persson, CEO of H&M.

CVS Caremark to stop selling cigarettes and other tobacco products

CVS Caremark to stop selling cigarettes and other tobacco productsNation's second-largest drugstore chain, CVS Caremark is planningto stop selling cigarettes and other tobacco products at its more than 7,600 retail stores from 1 October, 2014.

CVS will become the first national pharmacy company to stop tobacco sales. The move to stop selling cigarettes and other tobacco products comes after years of pressure from public health advocates and medical providers. Activists have been urging the company to make tobacco products and advertising less available to younger consumers.

B&M Retail planning to get listed in the coming months

B And MB&M Retail, which is a leading discount chain, has said that it is planning to launch an Initial Public Offering (IPO) during the coming months.

B&M Retail is a toys and homewares business from Liverpool that is planning to get listed soon. B&M Retail started in 1978 andandhas grown from its first outlet in Blackpool to over 350 stores with more than 13,000 staff. Experts have said that the store chain might be valued at £2 billion.

Target was hacked through stolen vendor credentials

targetIt has emerged that the retail firm, Target was hacked through credentials that were stolen from a vendor through electronic mediums.

Target Corp believes that the hackers were able to breach the discounter's systems by using electronic credentials stolen from a vendor. The company said that hackers, who stole 40 million credit- and debit-card numbers, breached its system using stolen information from one of the retailer's vendors.

"The ongoing forensic investigation has indicated that the intruder stole a vendor's credentials, which were used to access our system," Target spokeswoman Molly Snyder said in a statement.

Walmart currently focused on cash-&-carry business in India: McMillon

Doug McMillonWalmart is currently concentrating on growing its wholesale retail business in India and would wait for more clarity on the government's FDI rules before entering the lucrative multi-brand retail sector, the U. S.-based retail giant's chief said on Friday.

Doug McMillon, president and chief executive of Walmart, said that they were excited about India but at the moment they were focused on cash-&-carry business under our Best Price brand.

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