| Global retail industry news |  |
| Global Industry Watch |  |  |
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- Versace looks to Asia to help it weather downturn
Giancarlo Di Risio, CEO of the iconic Italian fashion house Versace, said he expects a push into China will help make Asia the luxury company's No. 2 market after Europe. "Versace is not feeling the crisis as much as everyone else because we have a very high position," Di Risio said, speaking in Italian. "Already in 2007 our company decided to make Asia and China a very important business market for us to invest in and develop." The Guardian (London)/Reuters
(12 Nov.)     
- Australian retailers jump-start strategies during downturn
The Australian Retailers Association recently reported that retailers are continuing to advertise to maintain sales during the economic downturn and that some -- about 16% -- have increased their advertising investments. "Rather than focusing on making products cheaper, retailers are injecting dollars into advertising campaigns and thinking strategically about how they can give consumers, who have limited discretionary spend, a reason to shop," said Richard Evans, CEO of the association. Retailers also are reducing expenses and decreasing work forces to deal with the difficult economic conditions. Inside Retailing Online
(12 Nov.)
- Canada's Golf Town postpones plans to enter UK market
The economic downturn has prompted Golf Town, a Canadian golf-accessories retailer, to postpone its plans to open locations in the UK. A source familiar with the situation said global retailers that were considering entering the UK are reassessing their strategies because of high rent and service charges in London and beyond. Retail Week (U.K.)
(11 Nov.)
- Europe's luxury-goods companies woo via social networks
Luxury goods and fashion companies throughout Europe have embraced social-networking sites to woo a new generation of customers, as well as to stretch their ad dollars and boost sales. Mulberry, Topshop, Cartier and others have joined the movement. "Online marketing is the most powerful way we can reach our younger customer," said Sheena Sauvaire, chief of marketing at Topshop. "To be perfectly honest, we have to be using this medium." Women's Wear Daily (subscription required)
(12 Nov.)
| Retail in Asia | | |
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- Asia-Pacific consumers hunting for bargains, survey finds
A recently released survey found that consumers in the Asia-Pacific region are still interested in wining, dining and fashion, but the financial crisis has spurred them to save more and search for bargains. "In many markets, people are still very keen on certain discretionary items, but there is no escaping the conclusion that people will become more price-sensitive," said Yuwa Hedrick-Wong, the Asia-Pacific economic adviser at MasterCard. Reuters
(12 Nov.)
- Retail sales in China continue upward trajectory
After rising 23.2% in September from a year ago, retail sales in China increased 22% in October, indicating domestic demand might help the economy weather an expected global recession. China's government recently pledged hundreds of billions of dollars in spending initiatives in an effort to boost confidence in the slowing economy. "The big package sent a signal for people to keep shopping," said Arthur Kroeber, head of research at Dragonomics Advisory Services. "Rising domestic consumption will help to cushion economic growth in the coming months." Bloomberg
(12 Nov.)
| E-commerce Spotlight | | |
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- In France, online advertising appears most resilient
France Pub data show that the only advertising channel to see significant growth this year will be the Internet, with spending up 23.4% over the previous year. However, online spending in the second half of 2008 already is falling behind first-half spending, with the most marked spending deceases on sponsored links and banner ads. eMarketer
(12 Nov.)
| Spotlight on Consumer Electronics | | |
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- Japanese consumers use cell phones as wallets
Japan companies invented the technology that might allow cell phones to become the standard payment method at some point, and more than 50 million Japanese cell phone users already are using them for the purpose. Consumer-electronics companies such as Nokia and Sony already have begun selling wallet phones. USA TODAY/Reuters
(11 Nov.)
| NRF News | | |
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Powering global retailers to success -- NRF Annual Convention session
During NRF's Annual Convention and EXPO from Jan. 11 to 14 in New York City, speakers from Deloitte Research and STORES Magazine will discuss economic challenges and how the retail industry has fared during the recent challenging times. Deloitte's Global Powers of Retailing study, in conjunction with STORES Media, has provided rankings of the world's top retailers together with insights and outlooks for the industry. Learn more about this session.
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