CHECKOUT COUNTER: New SA stores for H&M
A weekly round up of the hottest international retail and consumer news.
1. New SA stores for H&M
Swedish brand H&M will open its 17th store in SA this week, at Gateway Theatre of Shopping in Durban. Last week, the group opened at Canal Walk Shopping Centre in Cape Town. More than 1,000 people queued in front of the store before the opening, starting at 6am.
2. Amazon’s ‘maybe’ M&A targets
Citigroup analyst Paul Lejuez in a note eyed seven more retailers Amazon could buy following the retail giant’s Whole Foods takeover. They are teen apparel retailer Abercrombie & Fitch, grocer Sprouts Farmers Market, retailer Bed Bath & Beyond, furniture brand RH, auto parts chain Advance Auto Parts, Kohl’s and Kroger.
3. Walmart places Tesla order
In a boost of confidence for Elon Musk, Walmart will be among the first companies to try Tesla’s new electric trucks. The retailer, which preordered 15 trucks, plans to test them in the US and Canada. Tesla is currently taking reservations for the vehicle, called the Semi, costing $5,000. It has an impressive list of features, including a 500-mile (800km) range per charge. Walmart’s fleet consists of about 6,000 trucks.
4. Gap tops market estimates
US retailer Gap reported third-quarter sales growth that exceeded analysts’ expectations. More shoppers made purchases at its less-pricey brand, Old Navy, boosting overall sales. Gap reported earnings per share of 58c for the third quarter to October 28, outpacing analysts’ estimates based on a Thomson Reuters survey of 54c. Old Navy is the biggest revenue contributor for the company.