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Retail 14-04-2022

Retailers’ revenues grow double digits during March quarter

14 April 2022, Mumbai:

Revenues of listed retailers across apparel, lifestyle products, restaurants, and supermarkets grew by double digits year-on-year during the March quarter despite the Omicron outbreak as the reopening of offices and schools, and weddings drove demand.

Most retailers expect sales to pick up in the new fiscal with the onset of the wedding season and the reopening of schools and offices, says Venu Nair, Managing Director, Shoppers Stop.

Consumption of beauty and kid’s clothes is expected to rebound, posing a rosy outlook for the next six months, he adds.

Supported by new store openings, apparel brands and retail companies such as Trent, Aditya Birla Fashion and Retail, V-Mart, Shoppers Stop, and TCNS Clothing Company are expected to register over 20 percent Y-o-Y revenue growth in the March quarter, as per ICICI securities.

The third COVID-19 wave in December and consequent restrictions in malls, multiplexes, and restaurants restricted revenue recovery to 60 percent of pre-COVID levels in January’22, says the ICICI Securities report.

February revenues improved to 80-85 percent of pre-COVID levels while they surged higher in March, the report added.

The watches business of Titan grew by 12 percent during the March quarter while its jewelry business declined by 4 percent as gold prices increased sharply and continued to remain volatile.

The Tata-owned retailer hopes for robust demand for its products in the first quarter of 2022-23.

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Retail 14-04-2022

Retailers’ revenues grow double digits during March quarter

Post Covid World: Malls Rent Hike Is A Reality

14 April 2022, Mumbai:

AFTER A TWO-YEAR COVID-HIT HIATUS.

Malls Plan Rent Hikes Hearing Cash Counters Ring at Stores.

ALSO READ As retail limitations reappear, retailers are resuming rent negotiations with malls

Landlords across malls and high streets are increasing rentals by 15-25% after a two-year hiatus when retailers either got significant discounts or converted minimum guarantee agreements into revenue-sharing due to falling footfalls amid Covid 19 and various restrictions.

Several retailers saved nearly 20% of their annual lease during the last two years due to rent concessions, which helped curtail net losses.

However, over the past few months, retail sales have outpaced the pre-Covid levels, triggering a fresh round of negotiations, companies said.

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CREDITS: ET Dt 14-04-2022 (The news article has not been edited by DFU Publications staff).

Retail 14-04-2022

Post Covid World: Malls Rent Hike Is A Reality

Q4 FY'22: Retailers likely to post double digit growth

13 April 2022, Mumbai:

Retailers Overcome Slow Start to Grow in Double Digits in Q4.

Apparel brands and retail cos could gain from healthy store additions.

ICICI Securities expects apparel brands and retail companies such as Trent, Aditya Birla Fashion and Retail, VMart, Shoppers Stop, and TCNS Clothing Company to post more than 20% YoY revenue growth in the March quarter, backed by the healthy store additions.

ALSO READ CRISIL Ratings: 'Offline Apparel Retailers' expected to witness growth trajectory this year

Office and school reopenings boost biz, but sales may be lower than in Q3

January was hit due to omicron with revenue recovery of 60% of pre-covid levels.

February improved with 80-85% recovery.

Sales in March grew 28% over a year ago.

Listed retailers across apparel, restaurants and supermarkets are posting double-digit YoY revenue growth in the March quarter despite a slow start due to the third wave with reopening of offices and schools, and weddings driving demand.

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CREDITS: ET Dt 13-04-2022 & ICICI Securities (The news article has not been edited by DFU Publications staff).

Retail 13-04-2022

Q4 FY'22: Retailers likely to post double digit growth

CBRE: Retailers To Expand Retail Footprint in 2022

11 April 2022, Mumbai:

Leasing across high streets and malls in India is expected to soar past the pre-Covid levels this year, according to real estate investment firm CBRE, which said the country could see a 25% jump in new store openings in 2022.

ALSO READ CRISIL Ratings: 'Offline Apparel Retailers' expected to witness growth trajectory this year

25% jump likely in new store openings even as the share of e-comm to total sales doubled every quarter since the beginning of Covid.

March has seen a sharp recovery, with most companies being able to surpass the pre-Covid levels owing to strong demand.

In its report 'Real Estate Market Outlook 2022 India', CBRE South Asia Pvt. Ltd. said retailers are expected to lease over 5.1 million sq ft of space in 2022, coming close to the previous two years' combined figures of 5.9 mn sq ft.

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CREDITS: ET Dt 11-04-2022 (The news article has not been edited by DFU Publications staff)

Retail 11-04-2022

CBRE: Retailers To Expand Retail Footprint in 2022

Amazon letter to FRL warning violation

14 April 2022, Mumbai:

Shareholder, Creditor Meeting Lined Up Next Week.

Meets Planned to OK RIL Deal Illegal, Amazon tells FRL.

ALSO READ Amazon challenges Delhi High Court’s order in Supreme Court

In a letter to Biyani & other promoters, US co says the move will violate the Singapore tribunal's injunction order.

Amazon has warned Future Retail Ltd (FRL) against going ahead with meetings of shareholders and creditors next week to approve the sale of its retail assets to Reliance Retail.

In a letter sent on late Tuesday to chairman Kishore Biyani and other promoters of FRL, the US e-commerce company termed the planned meetings as illegal.

These would not only breach the terms of Amazon's 2019 investment in FRL promoter firm Future Coupons Pvt Ltd (FCPL) but also violate a Singapore arbitral body's injunction order staying the Future-Reliance deal, it said.

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CREDITS: ET Dt 14-04-2022 (The news article has not been edited by DFU Publications staff).

Retail 14-04-2022

Shoppers stop sells stake in Crossword

12 April 2022, Mumbai:

Shoppers Stop sold a 19.50 percent stake in Crossword on Friday, April 08, 2022, reducing its stake in the company to 29.50 percent On August 31, 2021, the board approved the sale of 100 percent equity shares held by Shoppers Stop in Crossword Bookstores (Crossword) to Dinesh Gupta, Aakash Gupta & Family (owners of Agarwal Business House) (ASH), Pune.

On October 11, 2021, Shoppers Stop sold a 51 percent stake of the company in Crossword that ceased to be a subsidiary of the company.

ALSO READ Shoppers Stop to open new department stores

In continuation to the same, Shoppers Stop plans to sell its entire 100 percent equity shares held in Crossword.

In Q3 FY21, Shoppers Stop reported a consolidated net profit of Rs 77.32 crore against a net loss of Rs 25.11 crore in Q3 December 2020. On a consolidated basis, net sales rose by 33.82 percent to Rs 958.11 crore over Q3 December 2020.

Shoppers Stop is an Indian department store chain, owned by the K Raheja Corp.

There are 86 stores across 40 cities in India, with clothing, accessories, handbags, shoes, jewellery, fragrances, cosmetics, health and beauty products, home furnishing, and decor products.

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Retail 12-04-2022

SC asks in Future Retail case, SIAC to resume proceedings

07 April 2022, Mumbai:

Supreme Court ends Delhi High Court's stay on proceedings.

The Supreme Court on Wednesday asked the Singapore International Arbitration Centre (SIAC) to resume proceedings in the dispute between Amazon and Future Retail Ltd (FRL) over the Indian company's plan to sell its retail assets to a unit of Reliance Industries Ltd (RIL).

ALSO READ Amazon challenges Delhi High Court’s order in Supreme Court

The SIAC proceedings had been put on hold by the Delhi High Court three months ago.

The three-member bench, comprising chief justice NV Ramana and justices Krishna Murari and Hima Kohli, was hearing Amazon's petition against the high court order and was informed that both sides had agreed to the resumption.

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CREDITS: ET Dt 07-04-2022 (The news article has not been edited by DFU publications staff).

Retail 07-04-2022

SC asks in Future Retail case, SIAC to resume proceedings

RAI : Retail clock decent sales growth in March

13 April 2022, Mumbai:

All-time low infection rates, withdrawal of sanctions, and improvement in consumer mobility helped boost retailers’ sales to the highest levels of 28 percent in March, indicates a pan-India study by the Retailers Association of India.

The study revealed, that the West region grew the fastest at 37 percent last month compared to a year back; followed by the North at 28 percent, East at 26 percent, and South at 21 percent.

ALSO READ January retail sales restricted to 91 per cent of pre-pandemic levels: RAI

Kumar Rajagopalan, the CEO, of RAI, says, the removal of pandemic-related restrictions gave a boost to the growth of retail businesses across regions and categories including garments and footwear.

However, inbuilt inflation in products like garments, electronics, and FMCG products impacted the performance of the sector.

The report shows that the consumer durables, and electronics segment grew 45 percent in March over last year, while categories like furniture, furnishing, food, and grocery grew by 28 percent. Sports goods and apparel categories grew 26 percent each.

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Retail 13-04-2022

RAI : Retail clock decent sales growth in March

CBRE: New store openings to increase 25% in 2022:

12 April 2022, Mumbai:

Real estate investment firm CBRE says, new store openings will increase by 25 per cent in 2022, compared to last year. Leasing across high streets and malls in India will also soar past the pre-COVID levels this year, adds the firm in its report 'Real Estate Market Outlook 2022’.

Further it adds retailers will lease over 5.1 million sq ft of space in 2022, coming close to the previous two years' combined figure of 5.9 million sq ft.

Devarajan Iyer, CEO, of Lifestyle International, says, their store count will increase in double-digits this year. A bulk of the company’s expansion will be on smaller towns.

A sharp drop in COVID-19 cases has accelerated the pace of economic recovery in the country and encouraged retailers to roll out store expansion plans. The robust economic recovery has strengthened consumer and market sentiments, causing retail growth to return to pre-COVID levels, adds Shibu Philips, Business Head, Lulu Mall.

Most companies were able to surpass pre-COVID level sales in March on account of strong demand driven by the opening of offices, and schools and increased demand due to the wedding season. Driven by a strong recovery in demand despite the third wave of the pandemic, revenues of brick and-mortar apparel retailers are expected to grow 20-25 per cent this fiscal, says CRISIL on analyzing 35 apparel retailers.

The industry will also see an increase in retail rentals as leasing inches back to pre-pandemic levels, adds Abhishek Trehan, Executive Director, Trehan Iris.

Explore: Fashion Brand News l Apparel News l Lifestyle News l Retail News l Textile News l Trade News l Startup News

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Retail 12-04-2022

SBI: May not be able to redeem FBB Vouchers

06 April 2022, Mumbai:

SBI Cards Warns About "Big Bazaar Vouchers".

ALSO READ Big Bazaar launches innovative Big Bazaar launches 'Big Savings Sale' for festive season

SBI Cards & Payment Services has started sending out text messages to its Fashion at Big Bazaar (FBB) co-branded credit card users that they may not be able to redeem FBB vouchers due to the "unforeseen closure of Future Group stores".

SBI Card has been trying to move its FBB (Fashion at Big Bazaar) co-branded card users to other cards for some time now.

RELATED NEWS Big Bazaar to open 16 more stores

They may exit the co-branding

initiative altogether now." say sources.

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CREDITS: TOI Dt 06-04-2021 (The news article has not been edited by DFU publications staff).

Retail 06-04-2022

SBI: May not be able to redeem FBB Vouchers

Uniqlo to launch new collection with Square Enix

13 April 2022, Mumbai:

Japanese casualwear fashion brand Uniqlo plans to launch a new collection ‘Final Fantasy’ in collaboration with Square Enix. The collection features T-shirts in sixteen designs-one for each entry in the Final Fantasy series.

It will be exported to other countries where Uniqlo operates stores.

ALSO READ 'Uniqlo India' sales jump

Uniqlo produces an amazing number of unique products as its business model unifies the entire clothes-making process--from planning and design through production, distribution, and retail. The brand develops radical new materials together with the world's best fabric technology innovators and creates basic designs using superior natural materials.

Uniqlo LifeWear is high-quality, innovative clothing that is universal in design and comfort.

The brand leverages today's increasingly digital world to communicate directly with customers and quickly transform their desires into actual products.

RELATED NEWS Uniqlo India reduces their losses

Uniqlo Japan had 810 stores including 30 franchise stores as of the end of August 2021.

Uniqlo International expanded to 1,502 stores, including 932 stores in the Greater China region, 134 in South Korea, 270 in South Asia, Southeast Asia & Oceania, 109 in Europe, and 57 in North America.

The brand has been accelerating new store openings, primarily in the Greater China region and Southeast Asia.

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Retail 13-04-2022

Uniqlo to launch new collection with Square Enix

DLF to come up with two new shopping malls

11 April 2022, Mumbai:

Realty major DLF plans to construct two new shopping malls in Gurugram and Goa, as it sees huge growth potential in organized retail with the opening up of the economy.

Sriram Khattar, Managing Director, DLF Rental Business, the company will develop two new shopping malls, including ‘Mall of India’ Gurgaon and four neighborhood shopping centres.

ALSO READ DLF Mall of India adds 20 new brands in its Mall

At present, DLF has a retail footprint of 42 lakh square feet comprising eight properties, including malls and shopping centres, mainly across Delhi-NCR.

DLF will invest around Rs300-350 crore over the next two years.

It is also in the advanced stage of planning for the ‘Mall of India’ Gurgaon comprising 2.5 million (25 lakh) square feet area,

The construction is expected to start by the end of this year. The project cost of ‘Mall of India’ Gurgaon would be around Rs 1,500-1,600 crore, excluding land costs.

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Retail 11-04-2022

DLF to come up with two new shopping malls

Reliance Retail: Mounting dues compelled to take over debt-laden Future Retail’s stores

05 April 2022, Mumbai:

Mounting dues of $634 million compelled it to take over debt-laden Future Retail’s stores, says Reliance Retail, India’s top retailer.

Through this takeover, the company aims to dominate the $900-billion retail sector that set off a bitter dispute in which India's Supreme Court will decide whether Reliance or Amazon Inc gets to scoop up Future's assets.

ALSO READ 'Reliance Retail' contributes to 1/4th of Future Consumer’s sales

Over months, Reliance has taken over the leases of more than 900 of Future's 1,500 stores, while still allowing the company to run them.

As Future proved unable to pay outstanding dues and losses in its retail operations swelled, Reliance decided to exercise its legal right to take over the stores, the letter added.

Earlier, the company had proposed a $3.4-billion deal to buy Future's retail, wholesale and logistics operations, as well as some other businesses.

But following Reliance's abrupt takeover of its stores, Future sought several assurances in a March 2 letter, asking if Reliance would stick to the deal without changing its value or terms.

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Retail 05-04-2022