RETAIL OPERATIONS
Microsoft consolidates retail channels in China
Microsoft consolidates retail channels in mainland China, impacting authorised physical retailers. Closure details undisclosed. No confirmation on number of stores impacted. Company focuses on channel approach in Mainland China. Products available via partners and website. No direct physical stores in China. Report by Casey Hall; Edited by Stephen Coates.
PSBs on the margins in credit cards, but NPAs ahead by a wide margin
Public sector banks in India are navigating the credit card market, facing challenges with high NPAs. The focus on tier-II and tier-III cities is driving credit card sales, with State Bank of India and Bank of Baroda leading in card spending through subsidiaries. Specialized skills and appealing features are crucial for success, particularly in attracting younger consumers with modern products and reward points.
For people's man Challa Sreenivasulu Setty, the challenge is to take high-flying SBI to newer heights
Challa Sreenivasulu Setty's upcoming role as the chairman of State Bank of India follows a period of remarkable growth under Chairman Khara's leadership, marked by a substantial increase in the bank's stock price and improved asset quality.
Transforming multi unit retail operations with No Code
The retail industry in India is subject to the vagaries of the economy and operates in a competitive market. It needs a relentless focus on operational efficiency to gain any edge.
Retail loans moderate for the 10th straight month
The Reserve Bank of India reported that bank lending to the retail sector moderated for the tenth consecutive month in May, reaching 17.8% from 19.1% a year ago. Corporate loans grew faster at 8.9% compared to 6% in May 2023. Non-food bank credit saw a 16.2% growth in May 2024 compared to 15.5% a year ago.
Consistent winners! 9 stocks gain at least 25% in last four quarters, turn multibaggers
Indian equities soar to all-time highs with Nifty breaking above 24,000 levels, supported by the private banking sector. Sectors like IT and healthcare offer growth opportunities, making a stock-specific approach advisable amidst the current market conditions.
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Trai inputs sought on rolling out authorisation mechanism
"Trai met the telecom operators and internet service providers today (Thursday) to seek their inputs on the authorisation structure. The players can provide their comments by early next week, following which Trai will issue a consultation paper," an official told ET on condition of anonymity. The Telecommunications Act, which came into force on June 26, calls for a simple regulatory framework by abolishing the license regime and replacing it with an authorisation mechanism.
Walgreens closing down multiple underperforming US stores, what went wrong?
Pharma giants Walgreens is now closing down as one of their 4 US stores are currently underperforming amid stiff competition from retail chains like Target. Even slashing price and giving discounts are not working out for the organization, claim reports.
Reliance Retail's FMCG plans stay in fast lane with funds on tap
RCPL has raised a total of ₹1,053 crore as debt capital from the parent company over 14 months, according to the filings. RCPL began operations in November 2022 and completed its first full year in FY24. In the filings, RCPL said the proceeds will be used for business operations. A senior industry executive, aware of the plans, said the funding from the parent into RCPL will continue in this fiscal as well, since Reliance has plans to rapidly grow the FMCG business.
Crypto firm Abra reaches settlement with US states for operating without licences
Last year, Abra agreed to discontinue accepting cryptocurrency from its US Abra Trade account customers for use in its products and services, according to a statement from the Conference of State Bank Supervisors (CSBS). Abra announced last year that it would wind down operations for its US retail customers, following multiple enforcement actions from state securities regulators.
MCA probe report on Byju’s; Walmart on Flipkart, PhonePe profitability
An investigation by the central government into Byju's cleared the edtech firm of financial fraud charges, according to a report by Bloomberg. The Ministry of Corporate Affairs, however, denied it on Wednesday evening. This and more in today's ETtech Top 5.
Vraj Iron and Steel IPO booked 1.5 times so far on Day 1. Check subscription, GMP and other details
Vraj Iron and Steel's IPO sees strong demand with retail investors leading subscription. The fresh equity issue aims to fund the Bilaspur Plant expansion. The company offers a range of products and operates manufacturing plants in Chhattisgarh. Aryaman Financial Services manages the IPO with a price band of Rs 195-207 per share.
Tata Sons hits pause on fresh funds till e-commerce, electronics businesses shape up
"There is a strategic reason for not making any equity infusion even as organisational changes are being made," said one of the persons. "However, new fund infusion will commence after the strategy and organisational changes for better operational efficiencies are in place." Registrar of Companies (RoC) filings obtained through business intelligence platform Tofler show group holding company Tata Sons didn't invest in Tata Digital in FY24.
Yes Bank restructures workforce, lays off 500 employees in cost-cutting move
While the layoffs have happened across several verticals ranging from wholesale to retail, the branch banking segment saw a large impact, one person cited above said. The people sacked have been given severance pay amounting to three months’ salary. “Yes Bank has launched an internal restructuring exercise at the advice of a multinational consultant. So far, around 500 have been asked to go and we can see more sackings in the coming weeks,” a person aware of the development said.
Flexible workspace operator Spring House leases 300,000 sq fr at MVN Aero One mall in Gurgaon
Spring House secured 300,000 sq ft at Gurgaon's MVN Aero One mall, offering cost-effective office spaces. The location caters to diverse demands, including from large enterprises and startups focusing on research and development operations.
Juneteenth 2024: Banking and postal services to remain shut in the US? All you need to know
Juneteenth 2024 is a federally recognized holiday and some services in the United States may remain closed on this occasion. Know which of them are not going to be operating and which are to stay open in major US cities. Some major facilities across the US are staying shut for this occasion, which may see some of your plans change.
Stop, thief! Retail giants are facing a new 'lifting' problem - not just from customers, but also staff & vendors
Indian retail faces increasing shrinkage issues due to thefts and errors, with Trent Ltd reporting a rise in shrinkage to 0.41% of sales in FY24. V-Mart Retail's shrinkage increased from 0.4% to 0.5% in the same period.
Indians get hooked on 10-minute grocery apps, squeezing small retailers
India's quick commerce boom is reshaping how Indians shop, with Swiggy leading the charge in the fast-paced delivery game. The SoftBank-backed company's grocery warehouse in a middle-class suburb of Mumbai operates precisely, aiming to deliver orders within 10 minutes. Swiggy's bikers, clad in bright orange T-shirts, race against time to collect and deliver packed grocery orders, with the warehouse manager emphasising the need for speed in the entire process.
Walmart opposes adding panic buttons to stores
Walmart opposes legislation requiring panic buttons in stores, citing potential for false alarms, despite New York State Senate passing a bill that would mandate big retail chains to implement them. Walmart's executive VP of corporate affairs expressed concerns over the practicality of installing panic buttons in all of its 4,700 stores nationwide. The legislation, if signed by Governor Hochul, would also require violence prevention training for retail employees.
As retail sales growth slow, retailers to cut deep discounts to drive profits
Retailers like Aditya Birla Fashion and Retail, Arvind, and V-Mart are avoiding deep discounts to boost profits. Madura Fashion reduced discounts by 500 basis points in the previous fiscal year to drive profitable growth. Madura Fashion manages brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England
Summer products sales go off the charts
Demand for ACs surges in India as retailers face shortages, leading to production challenges for brands like Haier. Voltas office saw a retailer camping out for stock, while managing director Pradeep Bakshi dealt with high demand and depleted inventory.
Reliance Retail starts ONDC pilot via retail platform Fynd
Reliance Retail, a subsidiary of Reliance Industries, has begun testing the government's Open Network for Digital Commerce (ONDC) through Fynd, an omnichannel retail platform in which Reliance holds an investment.
Reliance Retail partners with UK-based fashion retailer ASOS
India's largest retailer, Reliance Retail, has signed a long-term licensing agreement with UK's leading online fashion retailer ASOS, bringing the brand to India. Reliance Retail will be the exclusive retail partner for ASOS across all online and offline channels in India, introducing its curated portfolio of fashion-led own brand labels through a multi-channel presence and diverse retail formats.
BoI Q4 results: Net up 7% on strong retail, farm loans
Net profit increased to ₹1,439 crore in the quarter ended March 2024 from ₹1,350 ₹crore a year earlier despite a 15% fall in operating profit.
D2C brands step up hiring to drive offline push
D2C (direct-to-consumer) companies in Bengaluru are increasing their offline presence and hiring talent to support their brick-and-mortar expansion. Licious, Noise, and Wakefit.co are among those seeking individuals with hyperlocal understanding, online and offline expertise, and experience in digital, ecommerce, and supply chain. Wakefit.co is employing a 'train and hire' approach, training freshers before they start in stores.
Best barcode scanners to streamline your operations and boost efficiency
Experience unparalleled efficiency with the best barcode scanners. They revolutionise inventory management and retail operations by offering rapid scanning, pinpoint accuracy, and seamless compatibility. Their intuitive design ensures effortless integration with diverse systems, empowering businesses to streamline workflows and enhance productivity. Trusted by professionals globally, these scanners are the cornerstone of efficient operations, setting the standard for excellence in barcode technology.
Suryoday Small Finance Bank Q4 Results: Net profit soars 56% YoY to Rs 61 crore
The bank's net interest margin for the quarter was 10.1% against 10.4% in the same quarter last year, although it rose sequentially from 9.8%. Operating profit was 25.5% higher at Rs 128 crore against Rs 102 crore. Provisions and contingencies were a ltad lower at Rs 48 crore against Rs 51.5 crore.
Nexus Select leases 1.1 million sq ft retail space in FY24, records highest occupancy
Blackstone-backed Nexus Select Trust, India’s first listed retail REIT, achieved a record 97.6% occupancy in FY 2023-24. The trust is set to acquire three Hyderabad malls, financing through debt, aiming for asset portfolio growth.
10 Best Barcode Scanners under Rs. 3000 to Streamline your Business Operations (2024)
Discover the perfect blend of efficiency and affordability with this list of the best barcode scanners under 3000. Explore a range of wired and wireless options, each offering reliable 1D and 2D scanning capabilities without compromising on quality. Whether you are managing inventory in a retail store, tracking assets in a warehouse, or simply need to scan items for personal use, these barcode scanners provide accurate and speedy scanning capabilities. With easy setup and user-friendly interfaces, they streamline your workflow and improve efficiency.
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