The rise of online shopping has sounded the death knell for many traditional bricks-and-mortar retailers. But innovative brands are reimagining the physical store, turning to magazines and museums for inspiration and creating spaces where the virtual and physical worlds collide.
Carrefour will shut its Indian operations and close its wholesale stores in the country as the French retail giant pulls out of underperforming markets to focus on reviving flagging sales at home.
The world's number two retailer by sales, which has been operating in India since 2010, will shut its five Indian wholesale stores by the end of September, according to a company statement late on Monday.
Italian luxury leather goods maker Salvatore Ferragamo has a rosy outlook for the second half of this year. The company expects a boost from strong China demand and continued strong growth in global travel retail.
Central Group, Thailand's largest retail conglomerate, launched Central Embassy, a luxury shopping complex in Bangkok last month. In a country with no shortage of malls, Embassy is the most lavish yet. Its 200 stores include swanky brands such as Prada, Hermés and Audemars Piguet. It's bringing Tom Ford, Christian Louboutin and La Martina to Thailand for the first time. Its 37 stories will be topped by a Centara Hotel.
US retail giant Walmart will open around 30 high-quality stores and additional distribution centres in China this year as part of the company's the three-year growth plan announced last October, the world's biggest retailer said on Tuesday. It's also planning to invest around CNY580 million to remodel over 55 existing stores in 2014 to enhance store operations and optimize customer experience.
Rural areas are a promising market for Vietnamese retailers as they face intense competition from foreign businesses, especially given the full opening of the retail market from next year.
Mai Thi Tuyet Hoa, director of Niesel Vietnam's Research Department, said at a conference on the country's retail sector held in Ha Noi last Friday.
In order to deliver best service experience to customers, Indian multinational telecommunications services company Bharti Airtel has opened 100 retail outlets in the country in the last 14 months which are owned and operated by it.
Airtel ventured into its company-owned-company-operated (COCO) stores in February last year with the opening of the first store in Delhi.
"In a span of 14 months, this retail footprint has been extended to 35 cities and towns across 14 states," the company said in a statement.
After reporting losses of close to USD200 million in the holiday quarter, Radio Shack, the US chain of electronic retail stores, announced last week that it would close a fifth of its 5,000 stores. Competition from online majors, especially the largest in the world, Amazon, is said to be behind the decline of Radio Shack and many others across product categories.
Japanese casual wear brand Uniqlo is eyeing the fast growing travel retail market and plans to launch a new store at Singapore's Changi Airport Terminal one on Tuesday. With a sales floor of approximately 3,900 square feet, it's Uniqlo's 16th store in Singapore, offering both Men's and Women's apparel.
Prior to the launch of the new store in Changi Airport, the fast fashion retailer only has the airport stores at Narita Airport's Terminal one and two in Tokyo.
Thailand's political impasse is hitting sales at one of the country's largest family-owned conglomerates, Central Group, at a time when the company is seeking growth for its retail and property divisions elsewhere in Asia and in Europe.