Published in General on 05-03-2021
Erik Van Heuven...
During the corona crisis, luxury department stores proved surprisingly agile. Now they need to become stronger brands, by focusing on new services and storytelling. "Digital is a tool, not a goal," says Selvane Mohandas of sector organisation IADS.
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China has imposed a fine equivalent to 2.3 billion euro on online shopping giant Alibaba for monopoly practices. In December, the Chinese competition watchdog launched an investigation into the empire of billionaire Jack Ma.
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Colruyt will sell its Parisian stores to competitor Carrefour. In the northeast of the country, the Belgian group will continue to invest in growth.
Whilst everyone is counting down the days to the end of the Covid crisis, the retail industry should brace itself for a huge wave of closures. Analysts from stockbroking firm UBS predict "at least tens of thousands" of store closures as a result of the permanent shift in consumer behaviour; their colleagues in other countries agree.