What: The Grands Magasins Company (Société des Grands Magasins -SGM) announced in 2021 the acquisition of seven Galeries Lafayette stores in France, sharing collaborative plans to modernize architecture and offerings.

Why it is important: The goal is to identify and exploit unoccupied areas (reserves, basement, etc.) to install brands or signs in shop-in-shop, as well as bring in complementary players to address a wider audience of shoppers: young students looking for co-working space, athletes looking to train and customers looking for accessible brands.

The renewal of the offer will be felt within the points of sale starting in 2023, while the majority of work is planned for next summer. SGM did not reveal the amount of financing the group has allocated for the transformations.

SGM officially took over the units in Angers, Dijon, Grenoble, Le Mans, Limoges, Orléans and Reims in May 2022, totalling 80,000 square meters.

Galeries Lafayette buildings to receive makeover

What: Through their Share A Toy campaign, The SM Store is once again acting for underprivileged kids.

Why it is important: Shoppers can donate preloved or new toys at any SM Store and Toy Kingdom branches nationwide up to Dec. 31, 2022. For every donation made, shoppers get a P100 discount voucher.

The SM Store toy campaign for underprivileged kids

What: As SM pursues expansion and growth, it contributes to increasing economic activity and growing business resilience that support hundreds of thousands of micro, small and medium enterprises.

Why it is important: SM acts as a marketplace to over 90,000 MSMEs partners, helping them navigate mainstream retailing by providing SM's retail store space as platforms to help master their entrepreneurial skills and grow their businesses; and provide holistic support through marketing advice, financial access as well as promotion and advertising.

These MSMEs make up 99.5% total business enterprises in the Philippines and generate over 5.3 million jobs or 62.7% of the country's total employment.

SM Supermalls' Start-Up Market program in high-traffic malls also helps budding online entrepreneurs to put up kiosks in SM malls without the burden of costly rental fees and construction costs.

SM supports MSME communities

What: El Corte Inglés is installing 15 ephemeral Christmas market spaces in various cities in Spain and Portugal offering gifts, decorations and gastronomy products.

Why it is important: El Corte Inglés is complementing the Christmas offer of its department stores with its ephemeral Christmas markets which offer products and family activities.

The flagship Christmas market is the one that the company has installed on Paseo de la Castellana in Madrid, which has 50 booths, including food trucks and stalls selling gifts and toys. The other cities in which El Corte Inglés has installed markets are Valladolid, Valencia (with two spaces), Alicante, Murcia, Cartagena, Barcelona, Girona, Tarragona, Málaga, Granada, Jaén, Porto and Lisbon.

El Corte Inglés sets up Christmas markets across Spain and Portugal

What: El Corte Inglés has become the first department store in the world to get a Michelin star thanks to chef Dabiz Muñoz.

Why it is important: Just six months after opening RavioXO in El Corte Inglés' Gourmet Experience at its Castellana's location, the restaurant earned its first Michelin star awarded to chef Dabiz Muñoz who started working with the department store group 10 years ago.

The new Michelin star in Madrid is the second restaurant that chef Dabiz Muñoz has opened inside an El Corte Inglés store. A new StreetXO location is currently under construction and will open in a new location in the coming weeks.

El Corte Inglés becomes the first department store with a Michelin star

What: El Corte Inglés backtracks and cancels the sale of two of its assets in the market, a store in Puerta del Sol and Torre Titania, both in Madrid, as a response responds to the success of its divestment plan in non-strategic assets.

Why it is important: With this plan, accompanied by the closure of some of its non-strategic shopping centres, the group seeks to consolidate its recovery and the good progress of its business in the last year when it registered a profit of 120 million euros and increased its sales by 22%.

El Corte Inglés cancels sale of its assets

What: Breuninger has started its digital customer loyalty program "Beyond Breuninger" in Austria.

Why it is important: After an introductory phase, the program is to be rolled out successively to other markets, with the main focus on creating a stronger connection between the store and customers by offering them the ability to collect points and gain advantages as they level up in the program.

With each new level there are advantages such as particularly exclusive product capsules, access to events, cooperation advantages or special services, and access to various monetary benefits such as the Breuninger Bonus (various coupons and other price advantages).

Breuninger launches loyalty program in Austria

What: Galeries Lafayette continues their international expansion by opening two stores in India.

Why it is important: The group doubles down on promoting fashion as a whole, from entry price points to luxury, which is a strong point of difference with other French operators promoting luxury in their international ventures.

Galeries Lafayette is teaming up with the Indian distribution group, Aditya Birla, to open two stores in Mumbai and New Delhi, respectively with 8,000 sqm in 2024 and then 5,500 sqm later on.

Aditya Birla already operates 3,500 stores in India for various brands and with different formats , including The Collective, the largest multibrand retailer in the country, stocking brands such as Ralph Lauren, Hackett London, Ted Baker and others.

Both partners insist on the fact that, in India, while international luxury brands are already well established, this is not the same for the rest of fashion brands, and as such, there is a strong potential in the country.

Galeries Lafayette to open in India

Galeries Lafayette to open in India

What: El Corte Inglés has entrusted Accenture with a strategic plan to reduce structural costs with the aim of improving efficiency and margins and automating tasks in the areas of logistics and customer service.

Why it is important: With the new plan, the group of department stores, which expects to register "robust" sales at Christmas, aims to reduce costs and avoid transferring higher prices to the end customer. Between Black Friday and the Christmas campaign, the company gambles 50% of its operating profit.

The plan includes robotizing certain tasks carried out by people, specifically in the areas of logistics and customer service, does not contemplate cutting the workforce, although it does include the closure of some unprofitable centres and the restructure of its territorial zones, eliminating one of the two areas into which the Community of Madrid was divided, and which generates 35% of all business.

Accenture has already been working on this line for a few months with general directors of the company since last March, although in recent weeks the plan has accelerated due to price increases and the increase in prices. interest rates, which has particularly affected El Corte Inglés since it finances close to 40% of its sales on credit.

El Corte Inglés signs Accenture for an adjustment plan

What: 2GO Group, Inc., a subsidiary of SM Investments Corporation, has delivered back-to-back profitable quarters with a Q3 net income of PHP 166 billion.

Why it is important: 2GO's strong performance was driven by a normalization of economic activity in the Philippines leading to a demand for more transportation and logistics services to move goods and people across the country.

Shipping revenues rose 68%, freight rose 47% and travel grew 259%. Logistics and other services grew by 28%. Overall, the revenues of 2GO grew 20% during the first nine months of 2022.

SM's 2GO posts 52% increase over Q2

What: The SM Group, in partnership with WWF-Philippines, will gather some of the country's most prominent corporate leaders to create a unified vision for climate change at the UNITED FOR CLIMATE: Sustainability Forum PH 2022 on November 28 at the Conrad Manila.

Why is it important: The forum creates a platform for the private sector to craft a united vision and action plan, so the companies can align their efforts to address some of the most important issues facing the world and specifically in the Philippines.

Corporate leaders will gather for fireside chats that allow them to share insights and ideas about how companies can practice sustainability, engage their stakeholders, and find solutions that protect the environment, serve the community and improve business efficiency.

The forum will be the start of several sector-wide discussions on innovative climate strategies and practical approaches to climate change.

UNITED FOR CLIMATE builds a community of leaders that is committed to driving ambitious climate action in the Philippines to take synchronised steps towards the goal of sustainability.

The SM Group gathers to create a unified vision for climate change

What: El Corte Inglés has linked the launch of Los Grinpins, its 100% sustainable own-brand cuddly toys, to reforestation initiatives.

Why it is important: As part of a collaboration with Sylvestris Group to plant more trees, achieve a greener and healthier environment and promote inclusive employment, El Corte Inglés welcomes a collection of five cuddly toys with attributes linked to sustainability.

2,500 trees will be planted in Alto de Majalinos as part of the project. El Corte Inglés has also pledged to donate one euro per each Ginpin toy sold along with an additional contribution to reforest the area of Teruel with native trees.

El Corte Inglés links own-brand to reforestation

What: Enrique García López is set to replace Ricardo Goizueta as the new online director while the group advances its portfolio reorganization through store closures.

Why it is important: García López will oversee the customer and online business areas and will report directly to José María Folache following the retirement of Ricardo Goizueta.

The group will continue with the closure of some of its shopping centres and plans to cease operations in some establishments in Seville, Madrid, Valladolid and Córdoba. The Méndez de Álvaro centre will be demolished and converted into two office buildings, while the group is negotiating the sale of its centre on Constitución street in Valladolid. The group has already closed two other establishments in Córdoba and Seville.

El Corte Inglés replaces online director and continues store closures

What: Since 2019, Galeries Lafayette dropped below one billion in turnover, caused by the lack of locals and tourists during the pandemic lockdown period.

Why it is important: This year, Galeries Lafayette has passed one billion euros in turnover thanks to the return of French clients and tourists to the Haussmann location, notably a return of Americans taking advantage of the strength of the dollar and relaxed travel restrictions.

French visitors increased by 20%, while there remains a lack of Asian tourists.

The group plans to continue building up the Marais district of Paris where BHV is located. Despite local municipal efforts to decrease traffic in this area, Galeries Lafayette remains bullish on adding locations which are accessible, as it did recently through Citynove and the opening of Arket.

Galeries Lafayette Haussmann passes its billion-euro turnover mark

What: SM Investments Corporation has been listed as one of the World's Best Employers by Forbes.

Why it is important: Forbes' sixth annual World's Best Employers list, done in partnership with market research company Statista, has recognized SM Investments Corporation among the top Employers all over the world.

SM recognized by Forbes among World's Best Employers

What: SM Investments Corporation reported a consolidated net income of PHP 42.9 billion in the first nine months of 2022, 50% higher than the same period last year.

Why it is important: SM Retail reported net income for the first nine months of 2022 at PHP 11.5 billion which has surpassed both 2019 and 2021 levels, with an increase of 138% compared to the first nine months of 2021.

Retail revenues grew 26% compared to 2021 as well as net income and revenues for speciality stores grew 139% and 35% respectively.

Portfolio companies accounted for 13% of reported net earnings while banking took the largest share at 45%, followed by property at 23%, and retail at 19%. Total assets were valued at PHP1.5 trillion.

SM net income grows 50% in nine months

What: Manor is reopening in Lausanne as it presents a new concept for beauty, jewellery and accessories.

Why it is important: Manor is betting on younger generations to strengthen itself as a beauty destination by focusing on diversity and modern collaborations with trendy, niche brands and established international brands to offer customers exclusive and unique experiences.

Covering close to 1,250 square metres, the beauty department will include new exclusive brands, a variety of beauty services, pop-ups and shop-in-shops along with the reopening of the largest Sephora corner in Switzerland. A changing event space and exclusive services in 'Le Studio' will partner with different brands.

Manor reopens in Lausanne with new concept

What: Nearly 95% of independent shareholders voted in favour of Sogo's operator, Lifestyle International, to delist the company as part of a privatization scheme.

Why it is important: While the privatization is said to not bring any material change to the existing business and will continue to employ its existing employees, Thomas Lau Luen-hung plans to diversify the business model and make new investments when possible.

Lau had initially proposed the privatization plan in August, offering to buy 376.8 million shares at an offer price with a 62.3% premium over the stock's price, however trading was halted for the announcement.

After 18 years as a listed entity, Lifestyle International's chairman will buy out all independent shareholders as part of a privatization scheme which will be completed on December 20. The company's shares closed 4.5% higher at HKD 4.90 on Monday before the voting result, close to the privatization offer of HKD 5 per share.

Sogo department store operator set to delist in December

What: The campaign announcement is accompanied by a video which utilizes Galeries Lafayette's GoforGood brands and nine employees as muses to reinterpret five department store positions as art.

Why it is important: As many retailers struggle to attract and maintain talents, Galeries Lafayette is taking a unique approach by using its GoforGood products and employees to build an enticing Employer Brand campaign that shows their appreciation and desire to involve everyone from the associate to executive level.

Galeries Lafayette launches Employer Brand campaign

What: El Palacio de Hierro is expanding its fashion offer with 4 new international brands to its online and physical channels.

Why it is important: El Palacio de Hierro is reinforcing its positioning as one of the most important fashion retailers in Mexico as it announces the addition of four international brands to its e-commerce platform as well as in-store locations across the country.

The four international brands include the Spanish brand Alba Conde, the English brand Whistles, Columbian brad Spirito, and Agolde, a Californian brand formed by Citizens of Humanity.

El Palacio de Hierro adds four international fashion brands to its offering

What: After the 2021 takeover of Konen, Breuninger is redesigning the 12,500 square metres of retail space to create its newest flagship store.

Why it is important: Breuninger has secured the cultural and economic metropolis of Munich as part of expanding its stationary portfolio through repurposing the Konen location and e-commerce site.

In the course of the conversion, a restaurant and up to 100 new jobs will be planned for the flagship store. In addition, Breuninger is looking for an additional 100 specialists across all levels for sales in the areas of services, design, exclusive and premium fashion as well as for the beauty department.

Konen becomes Breuninger's flagship store

What: Carlos J. Torres, former manager for Tommy Hilfiger, is the new head of the product division at El Palacio de Hierro.

Why it is important: El Palacio de Hierro is strengthening its team through the new manager at the head of the product division, bringing his experience from working in companies such as Tommy Hilfiger, Esprit and Lord & Taylor.

El Palacio de Hierro welcomes a new product manager

What: Manor entrusted the management of a boutique in the Geneva department store location to its sales apprentices through its Youngstar Academy program.

Why it is important: As a way of attracting and supporting young talents in their stores, Manor Geneva selected four apprentices, aged 17 to 23, to manage a boutique in-store for an entire month.

The "Young Fashion" boutique, which they were in charge of, represents more than 500 metres squared of sales area and offers more than 15 brands. The same concept was done in 2021 but with older apprentices in their second or fourth-year apprenticeships. The month they are in charge of the boutique is filled with challenges and competitions like one might see in a reality TV show, another way to engage younger employees.

Apprentices develop a sense of entrepreneurship, team spirit and self-confidence that they take back to their specific department when the training is complete.

Manor's Youngstar Academy apprentices take control in Geneva

What: Galeries Lafayette's real-estate asset management business, Citynove, has completed the redeployment of stores in the Cours du Marais, connecting BHV Marais, Eataly Paris Marais and Lafayette Anticipations.

Why it is important: Galeries Lafayette's Citynove, responsible for the real-estate home to 10 stores located between Rue du Temple, Rue des Archives and Rue de la Verrerie in the Marais district of Paris, welcomes Arket's first Paris location overall enhancing the open-air shopping village.

The development centres around offering an effortless retail experience that celebrates historical architecture. The brands present in the Cours du Marais include Arket, Marc O'Polo, Samsøe Samsøe, EcoAlf and Tip Toe.

Galeries Lafayette's Citynove welcomes Arket to Cours du Marais shopping village