CHECKOUT COUNTER: McDonald's goes hipster
A weekly round up of the hottest international retail and consumer news
1. Time Inc to sell mags
Ailing publisher Time Inc is looking to offload its Coastal Living, Sunset and Golf magazines to save costs as it pushes ahead with an online strategy.
In the first quarter, its net loss widened as print advertising sales declined 21%. It also owns Sports Illustrated and People.
2. McDonald’s goes hipster
Global fast food chain McDonald’s wants to attract more food "hipsters" with the permanent addition of a gourmet burger collection to its menu in the UK. At its quarterly financial results last week, the company said premium Signature burgers (£4.69 a pop or £6.19 for a meal) would be rolled out following a successful trial. Customers have the choice between BBQ, Spicy or Classic — all served on a brioche bun with extras like smoked bacon, jalapeño slices and fancy cheese.
3. Business travellers turn to Uber, Lyft
Certify, a US-based travel management firm, says business travellers are increasingly using ride hailing services like Uber and Lyft instead of taking cabs and renting cars in the US. The average taxi ride cost business travellers $31.06 in the second quarter of 2017, according to Certify. The charges for Uber and Lyft were $24.49 and $21.28, respectively.
4. LVMH stays cautious
The world’s largest luxury group, LVMH, had strong sales growth in the first three months of the year, due largely to demand for high-end goods in Europe and Asia. Profit rose 23% to $4.23bn, the fastest rate since 2011. Nevertheless, chairman and CEO Bernard Arnault said: "In an environment that remains uncertain, we approach the second half of the year with caution."