China will this year surpass the US in total retail sales for the first time: Forecast
- The world's most populous country is expected to see its total retail sales grow by 7.5 percent this year to $5.6 trillion, compared to 3.3 percent growth in the U.S. retail market to reach $5.5 trillion.
- While the retail sales growth rate for both U.S. and China are slowing, the Chinese growth rate is expected to exceed the U.S. growth rate through 2022, according to the eMarketer report.
- In 2019, China will account for nearly 56 percent of all online retail sales globally, with that figure expected to exceed 63 percent by 2022, according to the eMarketer report.
- The world's largest retailer, Alibaba, is expected to see its retail sales in China grow by nearly 20 percent in 2019, according to eMarketer, but its total share of China's e-commerce sales was forecast to fall to just 53 percent this year, compared to nearly 70 percent in 2016.
These are the biggest regulatory roadblocks holding up the global drone industry
- This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service.
- Companies in a variety of industries are now looking to use drones to cut costs, boost efficiencies, and create new revenue streams and business values, such as last-mile retail deliveries.
- But regulatory roadblocks are still holding back widespread commercial drone use in most large, developed markets.
- That makes laws and regulations arguably the chief determining factor in the development of the commercial drone industry worldwide.
- This new report from Business Insider Intelligence, Business Insider's premium research service, will give a high-level overview of commercial drone regulations around the world.
- In addition, we show how regulatory changes will impact the industry and allow for new enterprise use cases in the next few years.
Kohl's sends out letters wooing the parents of prospective interns as it battles in retail's 'war for talent'
- NEW YORK CITY — Kohl's doesn't just try to win over promising young candidates through its college internship program.
- Todd McClement, the director of talent acquisition at Kohl's, spoke on Monday about his company's unique, parent-focused recruitment strategy during the National Retail Federation's 2019 Big Show in Manhattan.
- The Kohl's executive said that he came around after a successful pilot program, which resulted in "parents reaching out to us, telling us how amazing" the letters were.
- He said that the company always asks permission before sending a letter to the parents of prospective interns.
- Students can also request that the retailer mail the letter to caregivers and relatives other than their parents.
- According to McClement, Kohl's offers internships across all of its departments, and it gives students the opportunity to "test drive" the company.
- He said that the company had a class of approximately 500 interns last summer.
A Home Depot exec explains why it’s so hard for retailers to compete for tech workers in the 'war for talent'
- NEW YORK CITY — Impressing — and recruiting — tech professionals can prove to be a tricky prospect in the retail business, according to Home Depot's head of global talent acquisition, Eric Schelling.
- Speaking on a panel at the National Retail Federation's 2019 Big Show in Manhattan on January 14, Schelling said his team would attend certain tech events as part of their push to hire 1,000 IT and technology professionals in 2018.
- That's despite that fact that the home-improvement retailer employs thousands of tech workers who crank out approximately 90% of the company's code "in-house," according to Schelling.
- Rather than assigning individual hiring managers to recruit and interview candidates, Home Depot established cross-departmental groups of employees who were all well-versed in the retailer's specific tech projects.
- Schelling said the hiring groups were also responsible for conveying the retailer's culture to tech candidates.
Post Malone, Balenciaga, and teens: Here's what's behind Crocs' huge run over the past year
- Aside from the Croc's collaborations with the likes of Post Malone, A-Life, and Balenciaga, analysts who cover the brand attribute the rally to a push toward marketing its shoes to younger consumers and pairing them with visible brand ambassadors like Zooey Deschanel and Natalie Dormer.
- Another analyst who rates the stock positively, Susquehanna's Sam Poser, told clients last week that Crocs' strategic collaborations are "helping to raise brand awareness and expose CROX to a new, fashion-forward consumer." Additionally, he said there's significant room to grow its e-commerce segment and expand overseas, particularly in Asia.
- After Crocs' presentation at an investment conference last week in Orlando, where the company raised its fourth-quarter and 2018 revenue guidance, some analysts maintained their "neutral" and "hold" ratings on the stock.
Aphria urges caution after Green Growth launches $2.4 billion hostile bid
- American cannabis retailer Green Growth Brands Inc. has formally launched a hostile $2.4 billion takeover bid for Aphria Inc., charging ahead with its attempt to acquire the Canadian licensed producer a mere three weeks after Aphria said it was not interested in the Ohio-based company’s overtures.
- The all-stock takeover would provide Aphria shareholders with 1.5714 shares of Green Growth for each Aphria share, and be subject to a $300 million equity financing in Green Growth at $7 per share, which the company says it is planning to complete.
- Neufeld had come under intense scrutiny from investors and Aphria shareholders after a December short-seller report accused him of “insider self-dealing” through the acquisition of a number of Latin American cannabis assets.
- Although based in Ohio, Green Growth’s cannabis presence is largely in Nevada, where it owns two retail outlets, and has obtained licensing from the state to open an additional seven stores.
Amazon's new autonomous delivery device is called Scout, and it's adorable
- Amazon is launching a new self-driving delivery device called Scout, and it's adorable.
- Scout is the size of a "small cooler" and can roll along sidewalks, delivering packages safely to a customer's doorstep.
- The device is currently operating in Snohomish County, Washington, the company announced Wednesday.
- It's the latest development in Amazon's growing logistics business and the cutest last-mile solution yet.
- The company is starting with just six Scout devices operating during weekdays and daylight hours.
- Amazon customers in Snohomish County — just north of Seattle — can order packages as they normally would.
- Scout navigates to the customer's door and automatically opens a top hatch allowing the customer to retrieve the package.
- The release is a challenge to start-ups already in the space like Starship, TeleRetail and Marble.
- Amazon previously announced last-mile delivery options including delivery to a customer's car, garage and inside their front door.
A Home Depot exec explains the key reason why pushing for 'the store of the future' could backfire
- NEW YORK CITY — Quick, picture the store of the future.
- Omnichannel spaces that maximize both the shopping experience and digital-order fulfillment?
- Well, Albert Vita, Home Depot's in-store experience and visual merchandising director, thinks we should all take a deep breath.
- Glittery, consumer-facing aspects of stores of the future tend to be the topics that people like to focus on.
- Vita explained that a store of the future — even one decked out with consumer-centric, digitally advanced, and immersive new innovations — could hardly hope to succeed without a fluid and dynamic support system.
- Vita said that Home Depot's pilot stores function as "living labs" where the retailer can experiment with what its stores of the future will look like.
- In addition to stores, Home Depot has also set up pilot fulfillment centers in order to double down on its same-day delivery capabilities.
Procter & Gamble shares jump as earnings, sales top Wall Street estimates
- Procter & Gamble's bet on raising prices amid higher commodity and transportation costs is paying off for the consumer products giant.
- Shares surged more than 4 percent in premarket trading Wednesday after fiscal second-quarter earnings and sales outpaced Wall Street estimates, prompting the company to raise its organic sales forecast.
- The company said about 1 percent of its organic sales growth in the quarter came from higher pricing.
- P&G reported fiscal second-quarter net income of $3.19 billion, or $1.22 per share, up from $2.5 billion, or 93 cents per share a year earlier.
- The company now expects organic sales to rise in the range of 2 to 4 percent for fiscal 2019.
- Foreign exchange and higher commodity and transportation costs are expected to be a $1.4 billion headwind in fiscal 2019.
Challenger's hefty losses weigh down ASX
- Australian shares ended Wednesday's session with small losses, although Challenger posted a much deeper decline after warning shareholders about an expected hefty drop in first-half profit.
- On the individual stock level, Challenger shares plunged 17 per cent after the investment management firm warned shareholders to expect a 97 per cent drop in first-half profit.
- With about 50 per cent of the company's earnings before interest, tax, depreciation and amortisation, in good shape (international and property), likely shielding downside to group outcomes, and trading on 10 times price to earnings with asset backing "we are more positive," the analysts said.
- Gold miner Northern Star fell 5.7 per cent after telling shareholders to expect higher fiscal-year costs.
- However, National Australia Bank's economics team said that data mapping suggests that the official ABS measure of broader retail sales will record a negative print in December of 0.3 per cent.