Australian department store Myer has given up its hope of a merger with rival David Jones after being trumped by an AUD2.15 billion (USD2.02b) takeover offer from a South African retailer.
Myer had proposed a "merger of equals" that would have seen David Jones investors swap their shares for stock in the merged entity.
But the proposal was rejected by the David Jones board in favour of a more attractive bid from South African-based Woolworths and Myer on Wednesday said it had withdrawn its offer.
The Indian Bharatiya Janata Party manifesto decision to oppose foreign direct investment in supermarkets has made the sector more wary. The United Progressive Alliance's policy to allow 51 percent FDI in multi-brand retail in September 2012 could be reversed if the BJP comes to power at the Centre.
International supermarket chains like Walmart and Carrefour had already stopped hiring for their Indian businesses and were just about spending on renovation and repair to keep existing facilities in shape, sources said.
Hong Kong is the second most sought after retail market among the Asia-Pacific markets, behind China, with 11 percent of global retailers looking to open a store in the territory in 2014, CBRE’s latest global research report.
Food delivery company Food Runner, which has operations in Singapore and Malaysia, has acquired the Philippines’ leading delivery company, City Delivery.
With the acquisition, Food Runner will be able to add hundreds of restaurant partners, tens of thousands of customers, and would increase its food delivery sales by over 50 percent.
CP ALL Public Company Limited (CP ALL), the Bangkok-based operator of 7-Eleven stores, is deploying the nex-generation point-of-sale (POS) terminals.
The company has approximately 7, 500 7-Eleven stores in Thailand, and is planning to increase that number to 10,000 stores by 2018. Each store will be equipped with two or three POS terminals from NEC Corp.
Abercrombie & Fitch said it is reviewing a proposal to add five members to its board.
Engaged Capital, which holds a less than 1 percent stake in the New Albany, Ohio-based teen retailer, said on Thursday that Abercrombie's board "lacks a majority of qualified, independent and accountable voices," and offered a slate of five prospective board members.
Previously, Engaged called for the resignation of longtime company CEO Mike Jefferies.
Wal-Mart Stores Inc offered a weak profit outlook, signalling that it expects economic pressures to keep weighing on its low-income shoppers around the world.
The world's largest retailer also said on Thursday that its fourth-quarter profit, which covers the crucial holiday season, dropped 21 percent. Its Wal-Mart stores recorded their fourth consecutive quarter of declines in revenue at stores open at least a year.
Hermès is letting its products speak for themselves with a behind-the-scenes video that shows the maison’s artisans at work. Entitled “No Comment”, suggests, the work behind Hermès’ range of products needs no verbal explanation as the results are able to stand on their own without much context.
Cosco Capital Inc., the investment vehicle of Lucio and Susan Co, is venturing into specialty retail with the purchase of homegrown Office Warehouse.
In a regulatory filing, the holding firm said it signed an agreement to acquire 100 percent of Office Warehouse Inc., a retailer of office and school products with 47 stores branches in Mega Manila.
Nestle, the world's biggest food and drinks maker, said it expects 2014 to be just as challenging as last year amid falling growth in emerging markets and weaker prices in Europe.
Nestle, based in Vevey, Switzerland, said that after a weak 2013, it expects an improvement only in the second half of 2014. Organic sales, which do not reflect acquisitions and currency fluctuations, are expected to grow about 5 percent next year.