Dubai billionaire Mohamed Alabbar has signed a joint venture with online luxury fashion retailer Yoox Net-A-Porter Group. The JV with Symphony Investments, an entity controlled by Mohamed Alabbar, will see the him focus his entire online luxury retail activity in the region exclusively through the new company. The 130 million euro ($139 million) JV will... Continue Reading →
Amazon said to consider acquiring Dubai-based online retailer for $1bn#Economy Souq.com is known as 'Amazon of the Middle East' Amazon does not have big foothold in Middle East (Reuters) MEE and agencies's picture MEE and agencies Saturday 26 November 2016 03:14 UTC Last update: Saturday 26 November 2016 9:20 UTC 13 12googleplus0 27 Topics: Economy... Continue Reading →
South African pharmacy chain Dis-Chem to double in size by 2022November 22, 2016 Written by Georgina Caldwell South African pharmacy chain Dis-Chem to double in size by 2022 Dis-Chem Dis-Chem has vowed to double in size over the next five years, according to a report published by Yahoo. Ivan Saltzman, CEO of the South African... Continue Reading →
In about 90 days, the largest mall in East and Central Africa will open its doors in Kenya. The highly touted Two Rivers Mall in Nairobi’s posh suburb of Runda is set to open its doors to the public in February 2017, Centum Group – the company undertaking the multimillion dollar venture – CEO James... Continue Reading →
Get ready for Dubai's first National Day Sale Dubai Shopping Festival sale promotions Dubai: Are you interested in discounts of up to 90 per cent the next time you go shopping? Then get ready for Dubai's first National Day Sale from December 1 to 3. The retail initiative by the Dubai Festivals and Retail Establishment... Continue Reading →
There’s a good bet that a streaming service like Amazon will take home an Oscar. The staff of Fortune recently assembled its predictions for 2017. Here’s one of our forecasts. For as long as anyone can remember the Oscars have been the dominated by iconic Los Angeles studios. But Amazon’s Jeff Bezos has made it... Continue Reading →
The high street store is shutting 80 outlets around the country due to plunging half-year profits A list of Marks & Spencer clothing and home stores that could be closed has been released. The high street store is shutting 30 outlets around UK and converting 45 others to Simply Food stores due to plunging half-year... Continue Reading →
Mohamed Alabbar and Saudi Arabia's Public Investment Fund (PIF) are teaming up to launch a Middle Eastern e-commerce platform, the Dubai-based billionaire announced on Sunday. At the media launch at Dubai Opera, Alabbar described the new e-commerce venture - Noon.com - as “game changing". "We're turning the e-commerce environment in Middle East upside down," he... Continue Reading →
CEO says tough conditions to continue. JOHANNESBURG – South African no-frills retailer Mr Price said on Monday it expected low sales for the rest of the financial year after reporting its first decline in profit in 15 years, sending its shares to a three-year low. Sluggish economic growth in South Africa, seen at less than... Continue Reading →
Alibaba Group, the e-commerce giant behind the 24-hour Singles’ Day shopping blitz, has raked up a record USD 17.6 billion in the Singles Day online sales, creating a new record in global retail sales for any single day. Consumers spent more than 120 billion yuan (USD 17.6 billion) shopping online on leading e-commerce platform Alibaba... Continue Reading →
South African retail stocks slumped, heading for the lowest in almost seven months, after Woolworths Holdings Ltd. said clothing sales fell, adding to similar recent declines reported by local competitors. The eleven-member FTSE/JSE Africa General Retailers Index retreated 4.1 percent in Johannesburg, heading for the lowest level since April 24. Cape Town-based Woolworths tumbled 3.7... Continue Reading →
They are already two of the world’s best known and most successful businessmen. But it appears Amazon founder Jeff Bezos and Emaar chairman Mohamed Alabbar may soon have a lot more in common. Sources have confirmed to Arabian Business that the two business legends were seen on Friday in Dubai Mall. Their meeting comes just... Continue Reading →
Marks & Spencer (M&S)’s department stores in the Gulf will be unaffected by the British retail giant’s decision to close down more than 80 shops in the UK and around the world. The company announced on Tuesday that it would shut 30 outlets in the UK, and 53 overseas, including most of its fully owned... Continue Reading →
In a statement, the company said it will transform its UK estate over the next five years while continuing to increase the number of Simply Food stores. Steve Rowe, Marks & Spencer chief executive, said: “In May, we laid out a number of questions which we would answer as part of our strategic review. We... Continue Reading →
The shop at 16 Earlham Street specialises in premium loafers for men. Designed by both an in-house team and Dreambox, the store features a lounge area and coffee bar as well as a dedicated space where customers can create their own unique and embossed shoes. Duke & Dexter founder Archie Hewlett said: “Our heritage is... Continue Reading →
Back in September 2015, Memeburn reported that ecommerce platform Groupon began shedding global offices in an effort to "make the business more efficient". And while South Africa wasn't a country affected back then, it is now. Groupon South Africa is dead: here's what will happen to your orders Groupon South Africa today announced that it... Continue Reading →
Following a day of difficult headlines for the retailer, Marks & Spencer is expected to close down dozens of UK stores. Sky News has reported that chief executive Steve Rowe may announce the closure of many UK stores, in an effort to turn around its financial troubles. It was also reported this morning that many... Continue Reading →
Springs Mall, a R950m joint venture investment by Blue Crane Eco Mall, Flanagan & Gerard Property Development & Investment, REIT Vukile Property Fund and Murinda Investments, will open on 16 March 2017. When the 48,000 sqm mall opens next year, it will become the only major mall in Springs, Ekurhuleni, in the east of Gauteng.... Continue Reading →
The fashion retailer cites an increasingly tough retail market. Investors gave the shares of Truworths International a dressing down on Thursday as they fretted about the fashion retailer’s bearish sales update showing that it’s feeling the pinch from South Africa’s tough retail landscape. Truworths’ share price dived by 7.8% during morning trade after it said... Continue Reading →
The brand has relocated to a 9,000 square foot flagship on Liverpool ONE’s South John Street. The new store is double the size of Apple’s previous unit on Paradise Street which will become home to the Guess fashion brand later this month. Apple is the most recent in a series of upsizes and new additions... Continue Reading →
Lidl’s new warehouse is nearly 420,000 sq ft The warehouse, in Southampton, is the discounter’s largest in Britain, measuring almost 420,000 sq ft – the equivalent of 10 football pitches. Lidl said the facility, which forms part of the retailer’s £1.5bn investment in the UK between 2015 and 2018, will create up to 400 jobs.... Continue Reading →
South African malls In the world of South African retail property development, new construction has slowed down and there’s the perception of oversupply, but some of Gauteng’s biggest malls are getting bigger, SA Commercial Property News reported. There’s appetite for regional and super-regional malls, which enjoyed low vacancy rates in 2016 — 3 percent and... Continue Reading →
Discounter Aldi is set to open its first store in Italy by next summer. According to Italian daily Il Sole 24 Ore, the 1,500 square metre store will be located in Tento, to be followed by stores in Verona and Bolzano. Aldi will be faced with strong competition in Italy, mainly from Eurospin (32% market... Continue Reading →
Hypermarket chain Carrefour plans to open ten new stores in the UAE in 2017, according to a statement on Sunday from Majid Al Futtaim, which holds the Carrefour franchise in the Middle East, Africa and Central Asia. Carrefour has set a target to reach 140 hypermarkets and 210 supermarkets in the countries in which Majid... Continue Reading →
Shoprite Founder Basson to Step Down After 37 Years at HelmPosted by Janice Kew Company veteran Engelbrecht to take over as CEO from Jan. 1 New leader must overcome weak domestic consumer confidence Shoprite Holdings Ltd. said founder Whitey Basson will retire as chief executive officer, ending a 37-year tenure that saw the South African... Continue Reading →
Cape Union Mart Group says it has acquired Keedo, a South African designer and manufacturer of quality children’s clothing. Keedo adds 25 stores and a factory to Cape Union Mart Group’s retail footprint of nearly 220 stores and their K-Way factory. The group now provides employment to approximately 3,000 people. While Keedo will be wholly... Continue Reading →
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