Retail
Washington (AFP) - Retail sales in the United States grew more than anticipated last month, government data showed on Monday, defying predictions of weaker consumer demand. US retail sales picked up by 0.7 percent in March to $709.6 billion, after February's increase was revised to 0.9 percent, said the Commerce Department. From a year ago, the March figure was 4.0 percent higher. Boosting the headline figure was a 2.1 percent rise in gas station sales from February to March, said the latest report. Excluding gas stations, overall sales were up by a slightly lower 0.6 percent. But motor vehic...
AFP
The Chinese e-commerce platform, owned and operated by PDD Holdings, continues its meteoric rise in the US and beyond, with 41.34 million app downloads in March 2024. The platform dominated the ad space in this year's Super Bowl and is consistently leading app store charts. What is Temu Like?You can buy almost anything you can imagine for the cheapest prices with a 90-day free return option. Their products generally cost up to $50 and are manufactured in China. You can explore home supplies, car accessories, electronic appliances, shoes, apparel, cell phones, pet supplies, gardening, and books...
IBTimes
The following is the April 2, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. In March, Ukraine received the largest budget financing from its allies since the beginning of Russia's full-scale invasion and the start of Ukraine's independence, Prime Minister Denys Shmyhal said on March 29. Ukraine received more than $9 billion in financial aid in March, including 4.5 billion euros ($4.9 billion) from the European Union through its four-year Ukraine Facility, $1.5 billion in loans fr...
Kyiv Independent
The following is the April 2, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. In March, Ukraine received the largest budget financing from its allies since the beginning of Russia's full-scale invasion and the start of Ukraine's independence, Prime Minister Denys Shmyhal said on March 29. Ukraine received more than $9 billion in financial aid in March, including 4.5 billion euros ($4.9 billion) from the European Union through its four-year Ukraine Facility, $1.5 billion in loans fr...
Kyiv Independent (CA)
The following is the April 2, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. In March, Ukraine received the largest budget financing from its allies since the beginning of Russia's full-scale invasion and the start of Ukraine's independence, Prime Minister Denys Shmyhal said on March 29. Ukraine received more than $9 billion in financial aid in March, including 4.5 billion euros ($4.9 billion) from the European Union through its four-year Ukraine Facility, $1.5 billion in loans fr...
Kyiv Independent (UK)
Washington (AFP) - US consumer spending warmed slightly in February, according to government data released Thursday, with retail sales regaining ground after an earlier hit from cold weather. Retail sales bounced 0.6 percent last month to $700.7 billion, after January's decline was revised to a wider 1.1 percent, said the Commerce Department. The January drop was the biggest in almost a year, causing some concern. A significant spending slowdown could pour cold water on hopes that consumption continues being a key economic driver. From a year ago, retail sales were up 1.5 percent, said the Com...
AFP
New York (AFP) - The iconic but struggling US department store Macy's announced plans on Tuesday to close almost a third of its eponymous locations by 2026 while building up its upscale Bloomingdale's and Bluemercury brands. In a new strategy aimed at breathing life into the 166-year-old retailer, the company said it would shut 150 "underproductive" Macy's locations. The plan, dubbed a "Bold New Chapter," said around 50 stores would be closed by the end of the current fiscal year, without mentioning how many employees would be impacted. The plan comes a week after Arkhouse Management unveiled ...
AFP
New York (AFP) - The iconic but struggling US department store Macy's announced plans on Tuesday to close around 150 locations by 2026, while concentrating investments in its more upscale Bloomingdale's and Bluemercury brands. The company, which had announced in January it would pare its workforce by 3.5 percent, said in a statement the new strategy aims to open a "Bold New Chapter" to return 166-year-old Macy's to enterprise growth. Approximately 50 of the 150 "underperforming locations" will be closed by the end of the fiscal year, the company said, without mentioning how many employees woul...
AFP
New York (AFP) - US antitrust officials filed a lawsuit Monday to block Kroger's proposed $24.6 billion takeover of Albertsons on Monday, saying the supermarket acquisition would harm consumers. Arguing the deal would lead to "higher prices for groceries and other essential household items for millions of Americans," the Federal Trade Commission announced that it would seek a preliminary injunction blocking the transaction in federal court. "This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years," said Henry Liu, director...
AFP
New York (AFP) - Walmart announced Tuesday it will buy smart television maker Vizio for $2.3 billion, boosting the retail giant's advertising venture as growth slows in its legacy business from the pandemic boom. With the all-cash purchase, the US shopping behemoth gains access to Vizio's more than 18 million accounts as another source of strengthened potential connection to those households. Based in California, Vizio is known for what Walmart called "immersive entertainment" through a "customer-centric platform" that lets viewers stream content for free by watching ads. Analysts said the de...
AFP
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