Japanese household spending rose less than expected in July as consumers remained wary of loosening their purse strings in the face of higher prices, possibly complicating the Bank of Japan (BOJ)’s plans to hike interest rates further in coming months. Consumer spending edged up 0.1% in July year-on-year, compared with the median market forecast for
In response to China’s ongoing consumption slowdown, fast-food giants KFC, McDonald’s, and Haidilao are strategically shifting towards smaller store formats. These companies are innovating by introducing kiosks, food stalls, and mini stores across China, aiming to capture consumer dollars in a challenging economic environment. Tommy Zhang, a medical researcher in Shenzhen, frequently passes by a
The US retail giant Walmart has sold its entire $3.7 billion stake in Chinese e-commerce company JD.com, marking the end of an eight-year investment with diminishing returns. The decision comes as Walmart seeks to intensify its focus on its operations in China, particularly through its Walmart China and Sam’s Club businesses. The sale was fully
Shenzhen-based craft beer maker RichKat Craft Brewing has officially entered the Hong Kong market by opening two new pubs in the city’s bustling districts of Central and Sheung Wan. This strategic expansion aims to capitalise on Hong Kong’s rapidly growing craft beer market, which is expected to be one of the fastest-growing alcoholic beverage segments
Shoppers across the nation are potentially losing millions of dollars each year due to supermarket pricing errors, according to the Commerce Commission. Grocery Commissioner Pierre van Heerden highlighted the persistent issue of misleading or inaccurate pricing at major supermarket chains, stating that the situation is “unacceptable” and calling for urgent action. Van Heerden emphasized that
Starbucks, the global coffee giant valued at $90 billion, is grappling with internal strife as its sales continue to slump both domestically and internationally. The company’s shares have plummeted nearly 20% this year, signalling deeper issues within its operations. In response, activist investors like Elliott Investment Management and Starboard Value have taken stakes in Starbucks,
Carlsberg, the Danish beer company, has declared its interest to take full control of its operations in India and Nepal. This is a major strategic move aimed at taking advantage of the rapidly growing Indian beer market. For a hefty $744 million, the business plans to buy its partner’s remaining 33.33% share in Carlsberg South
Consumers have reached their breaking point with $6 iced coffees and lemonades at Starbucks. As per reports, the specialty coffee brand’s sales dropped 3% globally at stores open for at least a year, including a 2% drop in its home North America market. And that masked how steep the decline was for Starbucks last quarter:
Prada is renting an 8,000 sq ft store in K11 Musea, a harbourfront luxury shopping centre by New World Development, according to reports. Construction work for the two-floor store will begin soon and it is expected to open early next year, said the people, who asked not to be identified discussing private matters. Rent is
British luxury group Burberry named former Michael Kors boss Joshua Schulman as its new chief executive, axeing Jonathan Akeroyd after two years as it warned on profit and scrapped its dividend. A slowdown in the luxury sector has hit Burberry harder than rival brands, derailing the 168 year-old British name at a time when it
