2010 has wrapped up with successful holiday sales season and outstanding as well as notorious events in the retail market. Let’s take a look back at the stories that grabbed great attention.
In May 2010, Wal-Mart-owned Asda announced to purchase Netto’s 194 UK stores in a £778 million deal to fuel expansion into the smaller, more localized store market. However, Asda was told to sell 47 stores due to a ruling by the Office of Fair Trading.
The rebranding of Netto stores to Asda is due to begin at the beginning of 2011.
Sahres of posh online grocer Ocado fell from the 180p float price on its initial public offering. The City brokers had scoffed at management’s hopes for a range of 200p-275p.
Having been noted to be one of the most influential people in business for 2010, Marc Bolland, the current Chief Executive of Marks and Spencer Group plc., unveiled his strategy “evolution not revolution”.
A TV documentary exposed unacceptable working conditions in a UK factory which made clothes for New Look. The revelations proved extremely embarrassing for the retailer. It appointed an independent, external auditor to investigate its supply chain and pledged to stamp out such abuses.
A Leicester business had been subcontracted to make the clothes to New look by an official vendor.
The Office for Fair Trading of U.K conducted an investigation into allegations of price-fixing between the country’s biggest supermarket chains and consumer goods firms. The investigation took in Asda, Tesco, consumer goods giant Procter & Gamble, Sainsbury\’s and Morrisons, GlaxoSmithKline, Coca-Cola, Unilever and Kimberly-Clark.
Retailer Burberry has blazed a trail with its use of social media, beaming its fashion shows live all over the world via the Internet.
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Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.