The Chinese firm which has a majority ownership in House of Fraser has confirmed plans to offload most of its stake to another Chinese firm. Earlier today, a Chinese stock exchange filing indicated that Nanjing Xinjiekou Department Store Co – or Nanjing Cenbest – was poised to sell off most of its holdings to tourism development company Wuji Wenhua. Nanjing Cenbest currently has an 89 per cent stake in House of Fraser, and is looking to sell off 51 per cent of it.
Just under a year ago, the government passed legislation requiring any companies with over 250 staff to publish annual reports of their gender pay gaps publicly. Retail employs just under 3 million people in the UK, 60 per cent of whom are female.
The New West End Company has predicted record sales over Chinese New Year this weekend thanks to an influx of Chinese tourists. Theresa May’s recent trip to China has reportedly made the UK even more appealing to Chinese tourists, who are already cashing in on favorable exchange rates and easy visa applications. Chinese tourists are predicted to spend £32 million in the Bond Street, Oxford Street and Regent Street areas in the two weeks from Friday 16, marking a 14.3 per cent growth.
The treasure hunt app Snatch is offering users the chance to bag a £1500 18ct gold jar of Marmite in partnership with Unilever. Snatch is an augmented reality app in which users can win prizes donated by a raft of companies including Topshop, Pizza Hut, All Bar One and now Marmite
WHAT IS IT? Kantar Consulting’s new virtual reality experience is a tool which allows brands, suppliers and retailers to lay out an entire store within a virtual world. Within this virtual environment the entire store can be rearranged, down to position of items on the shelves
Consumer confidence saw a surprise boost in January as “bullish Brits” took a more optimistic view of the economy despite slow Brexit progress. According to GfK consumer confidence rose four points from a four-year low in December to minus nine in January.
December saw the highest decline in footfall for four years in “a significant weakening in performance” as a fall in discretionary spend and increasing shift to online shopping takes it toll on the high street. According to the BRC – Springboard Footfall and Vacancies Monitor, footfall declined 3.5 per cent from November 26 to December 30, marking the sharpest decline since March 2013. This extended across all regions with the South West being hit the hardest enduring a 5.2 per cent decline, while Scotland and Greater London also saw footfall rates drop 3.7 per cent and 4.7 per cent respectively.
Walmart dominated the news with pay raises only to upstage itself by the closure of 63 of its Sam's Club stores.
For marketers, the news means a reduction in reach on the social media network but could lead to higher-quality engagements.
Steinhoff’s situation worsened this week as ratings agency Moody’s further downgraded the retail giant as its UK companies are likely to be sold off.