Retail in Asia

In Markets

Foreign firms seek retail therapy in Australia

Australia is being invaded by a swathe of foreign retailers, piling pressure on a local industry already battered by weak consumer spending and ruthless internet competition.

US retail giant Williams-Sonoma Inc will open its first owner-operated stores outside of North America in Sydney early next year. Japan’s Uniqlo and US youth label Hollister are also scheduled to debut there in 2013, while womenswear store Zara , UK youth label Topshop and US lingerie chain Victoria’s Secret plan to expand after recent flagship launches. Sweden’s fast fashion chain H&M and makeup brand Sephora, owned by France’s LVMH, are also casting an eye Down Under.
 

(Source: CNBC)