What: Kohl's unveils a new marketing strategy focusing on families and real-life situations to reverse sales decline.

Why it is important: The new approach highlights the importance of emotional connection and authenticity in retail branding to drive foot traffic and sales.

Kohl's has introduced a new brand platform called "Where Families Come First," aiming to highlight authentic family moments and position itself as a destination for life's milestones. The platform's first campaign, "When Life Gets Real, Start Here," will launch this fall, focusing on ordinary family situations to showcase Kohl's products.

This strategy shift comes as Kohl's attempts to reverse recent sales declines. The retailer reported a 3.4% year-over-year drop in net sales for fiscal year 2023, with continued declines in the first half of 2024. To attract more families to its physical stores, Kohl's has also resurrected the Limited Too brand, added new assortments from Aéropostale and Madden Girl, and introduced Babies R Us shop-in-shops at 200 locations. The new marketing approach will be multi-channel, including TV, print, video, and digital platforms. Kohl's is also leveraging celebrity partnerships to curate products for everyday use. This strategy aims to create an emotional connection with customers by presenting authentic, relatable content rather than polished, idealized imagery.

Kohl's launches family-focused brand platform

What: John Lewis revives 'Never Knowingly Undersold' pledge with AI support, sees positive initial results.

Why it is important: This move highlights the importance of pricing strategies and customer loyalty in the current retail environment.

John Lewis has reintroduced its 'Never Knowingly Undersold' price match promise, which was dropped two years ago. New CEO Peter Ruis reported an "exceptional" response within the first week, with 55,000 more daily organic visits to the website and strong sales across various product categories.

Unlike the previous iteration, which relied on manual price checking, the revived pledge uses AI technology to match prices with 25 major retailers, including M&S, Next, Boots, and AO.com. This update addresses the inefficiencies that led to the policy being discontinued in 2022.

In addition to the price match initiative, John Lewis Partnership is preparing to launch a joint loyalty program with Waitrose. CEO Nish Kankiwala announced that customers will soon see offers spanning both brands online and in apps, marking the first step in a pan-partnership loyalty scheme.

These initiatives come as John Lewis aims to enhance its customer offer and competitiveness in the market, particularly as it approaches the crucial golden quarter of retail.

John Lewis hails ‘exceptional’ response to Never Knowingly Undersold return 

What: Lawyers representing 37 women announce plans to sue Harrods over alleged sexual crimes committed by its former owner, Mohamed al-Fayed.

Why it is important: This lawsuit could set a precedent for holding luxury retailers accountable for historical misconduct, potentially impacting how companies address past wrongdoings and implement future preventive measures.

Lawyers representing 37 women have announced their intention to file a civil case against Harrods, alleging that the luxury department store enabled sexual abuse by its former owner, Mohamed al-Fayed. The allegations, detailed in a recent BBC documentary and podcast, describe a pattern of sexual violence and rape against female employees during al-Fayed's ownership from 1985 to 2010. The legal team asserts that Harrods "acquiesced to" an unsafe work environment that failed the alleged victims.

The lawyers characterise al-Fayed, who died last year at 94, as "a monster enabled by a system" that pervaded Harrods. They argue that the store established and maintained unsafe work systems that facilitated the alleged abuse. Harrods, now owned by Qatar's sovereign wealth fund, has expressed being "utterly appalled" by the allegations against its former owner.

This case highlights the ongoing challenges faced by the retail industry in addressing historical misconduct and ensuring safe work environments. It also underscores the potential long-term reputational and legal risks associated with leadership misconduct in high-profile luxury establishments.

IADS Notes: Harrods has recently taken steps to address workplace safety and corporate responsibility. In 2024, the store implemented staff training to combat sexual harassment amid rising crime rates. The company has also been celebrating its 175th anniversary throughout 2024 with various events and collaborations, emphasising its long history and current reputation. Financially, Harrods reported a record turnover of GBP 898.4 million for the 53 weeks ending February 3, 2024, showing an 8% increase from the previous year , indicating its continued strong position in the luxury retail market despite these historical allegations.

Harrods Will Be Sued by Mohamed al-Fayed’s Alleged Victims, Lawyers Say

What: Major US department store chains are exploring privatization and mergers to combat falling revenues and adapt to changing retail landscapes.

Why it is important: The trend underscores the mounting pressure on traditional retail models, highlighting the necessity for radical transformation in operations, customer engagement, and business structures to remain viable in the modern retail environment.

The US department store sector is undergoing significant changes as major players seek to reinvent themselves in a challenging retail environment. Nordstrom's founding family has partnered with a Mexican retailer to take the company private, aiming to focus on fixing its retail business without the pressures of quarterly earnings reports. Similarly, Macy's has faced repeated acquisition attempts from Arkhouse Management and Brigade Capital Management, while struggling with declining sales and profitability.

These moves reflect a broader trend in the industry, with department stores' market share plummeting from 14% of total retail sales in 1993 to less than 3% today. The sector faces intense competition from luxury retailers, discount chains like TJ Maxx, and the rise of e-commerce. Some companies, like Sears and JCPenney, have already gone through bankruptcy and re-emerged under private ownership.

Consolidation is also reshaping the landscape, as evidenced by Hudson's Bay Company's acquisition of Neiman Marcus to merge with Saks Fifth Avenue. This trend towards privatization and mergers is driven by the need to streamline operations, reduce costs, and gain more flexibility to adapt to changing consumer preferences.

Despite these efforts, department stores continue to face significant challenges. They struggle to differentiate themselves and are squeezed between luxury and discount retailers. The shift towards online shopping and direct-to-consumer sales by brands further complicates their position. As these retailers navigate this difficult terrain, the future of the traditional department store model remains uncertain.

IADS Notes: The US department store landscape is undergoing significant changes, driven by financial pressures and evolving consumer behaviours. Nordstrom's attempts to go private, led by the founding family, reflect a desire for greater operational flexibility without public market scrutiny . Meanwhile, Macy's faces substantial challenges, implementing a major restructuring plan that includes closing 150 stores over three years amidst declining sales and profitability . These individual company struggles are symptomatic of broader industry trends, with department stores' market share plummeting from 14% of total retail sales in 1993 to less than 3% today . In response to these pressures, the industry is seeing consolidation, exemplified by Hudson's Bay Company's acquisition of Neiman Marcus Group to merge with Saks Fifth Avenue, aiming to create synergies and boost competitiveness in the luxury retail market.

The private life will not suit US department stores

What: Selfridges has entered into a partnership with Criteo to introduce sponsored products on its e-commerce websites.

Why it is important: This collaboration enhances Selfridges' digital marketing capabilities, potentially increasing online sales and improving customer engagement through targeted advertising.

Selfridges, the renowned department store, has partnered with Criteo, a global technology company specialising in commerce media, to incorporate sponsored products on its e-commerce platforms. This strategic move aims to bolster Selfridges' online presence by leveraging Criteo's expertise in targeted advertising. Through this partnership, Selfridges seeks to enhance the shopping experience by offering personalised product recommendations and advertisements that align with customers' interests and browsing behaviours. The integration of sponsored products is expected to drive higher engagement and conversion rates, contributing to the growth of Selfridges' digital sales channel. By adopting advanced advertising solutions, Selfridges positions itself at the forefront of retail innovation, adapting to the evolving landscape of online shopping.

Selfridges partners with Criteo for sponsored products on e-commerce platforms

What: Nordstrom's NYC men's store is hosting a special event for Negroni Week, featuring unique cocktails and in-store experiences.

Why it is important: This event highlights Nordstrom's innovative approach to enhancing the shopping experience by integrating lifestyle elements, potentially attracting a diverse clientele and boosting in-store engagement.

Nordstrom's men's store in New York City is celebrating Negroni Week with a series of special events and offerings. The store has partnered with several brands to create unique Negroni cocktails available for customers to enjoy while shopping. This initiative is part of Nordstrom's strategy to create a more engaging and enjoyable retail environment by blending fashion with lifestyle experiences. By hosting events like Negroni Week, Nordstrom aims to draw in customers looking for both shopping and social experiences, thereby increasing foot traffic and enhancing the overall customer experience

Nordstrom NYC men's store hosts Negroni Week event

What: Luxury brands set for major expansion at K11 Musea, signaling confidence in Hong Kong's retail revival.

Why it is important: The significant investment by luxury brands in K11 Musea reflects a growing trend of experiential retail, blending cultural events with high-end shopping to attract both local and international customers.

K11 Musea, a premier shopping destination in Hong Kong's Victoria Dockside, is set for a significant expansion of its luxury brand offerings over the next four years. Renowned brands such as Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels plan to double their retail space, potentially reaching up to 30,000 sqft. Additionally, Prada will make its debut in the area with its first store at K11 Musea.

This expansion aims to enhance the shopping experience, boost sales performance, and increase foot traffic. Richard Cheung, EVP of K11 Group, attributes this development primarily to the solid performance and high sales of the brands at K11 Musea. The move reinforces K11's commitment to its cultural commerce model, which has proven beneficial for both customers and brand partners.

K11 Musea has become synonymous with "cultural retail" events, hosting high-profile showcases such as Louis Vuitton's men's pre-fall 2024 show, Dior's Carousel of Christmas Dreams, and Gucci's first collection with its new creative director. The recent Doraemon and Friends Tour significantly boosted K11 Musea's food, beverage, and retail sales by 30%, with a 10% increase in tourist sales, further cementing its position as a prime shopping destination in Hong Kong.

IADS notes: K11 Musea has consistently demonstrated strong performance in the luxury retail sector, with sales surging 120% above pre-pandemic levels and luxury brand sales skyrocketing by 260% . The mall's "cultural commerce" model has proven highly effective in attracting high-end consumers, maintaining near-full occupancy . Recent data shows continued growth, with a 40% increase in high-end consumer sales during key holiday periods . This expansion aligns with the broader resurgence of Hong Kong's luxury retail scene, marked by significant investments from top brands .

K11 Musea to double luxury retail space

What: British supermarket chain Waitrose unveils major store renovation and expansion strategy to enhance customer experience.

Why it is important: The investment highlights Waitrose's strategy to differentiate itself through enhanced in-store experiences and local market adaptation.

Waitrose, the British supermarket chain owned by the John Lewis Partnership, has announced a GBP 1 billion investment plan over the next three years, including the opening of up to 100 new convenience stores across the UK in the next five years. This marks their largest expansion in years, with the first new store in six years set to open in Hampton Hill. The investment focuses on upgrading existing stores and introducing new concepts, with the John Barnes shop in Finchley Road, London serving as a test site. Key improvements include upgraded service counters, an enhanced wine selection, greater flexibility to respond to local demand, third-party collaborations, and dedicated spaces for on-demand grocery orders.

Waitrose is also investing in value and innovation, lowering prices on hundreds of items while maintaining quality and animal welfare standards. The company has seen positive results, with recent Kantar figures showing their strongest growth since November 2023 and increasing market share.

British supermarket chain Waitrose to invest GBP 1 billion in existing shops and 100 new convenience stores

What: IKEA launches 24/7 collection lockers for bulky items at select Tesco stores in the UK.

Why it is important: It demonstrates the evolving nature of retail partnerships and last-mile delivery solutions in the furniture industry. A new idea for department stores?

IKEA is trialling new 24/7 collection lockers at three Tesco stores in the UK, located in Dereham, Cambridge, and Werrington. These lockers, available to IKEA customers within a 100km radius, can accommodate furniture of almost all sizes across 35 differently sized compartments. Customers can collect their orders, including bulky items, at any time, with same-day pickup available for orders placed before 6:30 am.

This initiative builds upon IKEA's existing partnership with Tesco, which already includes about 100 mobile pick-up points across the UK, with plans to add another 100. The new lockers offer greater flexibility compared to the mobile pick-up points, which are limited to two daily time slots.

IKEA UK's Jakob Bertilsson emphasized that this trial is part of the company's strategy to become closer to customers and improve accessibility. Tesco's Simon Williams highlighted the success of their existing partnership and expressed hope for the new lockers' positive reception. The Werrington location is already operational, with the other two sites set to open soon.

Ikea is piloting ‘next generation’ lockers in a tie-up with Tesco

What: French department stores and variety stores experienced a decline in sales in July.

Why it is important: This downturn highlights the ongoing challenges faced by brick-and-mortar retailers in adapting to changing consumer preferences and the competitive landscape dominated by e-commerce.

In July, French department stores and variety stores reported a drop in sales, reflecting the difficulties these traditional retail formats face in maintaining their market share. Factors contributing to this decline include shifts in consumer behaviour towards online shopping and economic pressures affecting discretionary spending. The trend underscores the need for these retailers to innovate and adapt to remain competitive in the evolving retail environment.

French department stores and variety stores struggled in July

What: Marks & Spencer (M&S) and ITV have partnered to create a new reality TV show called "The Secret Menu."

Why it is important: This collaboration represents an innovative marketing strategy for M&S, aiming to enhance brand engagement and reach a broader audience through popular media channels.

Marks & Spencer has teamed up with ITV to launch a reality TV show titled "The Secret Menu." The show is designed to showcase M&S's food offerings in a unique and entertaining format, potentially attracting new customers and increasing brand visibility. By leveraging the popularity of reality TV, M&S aims to connect with viewers in a novel way, enhancing its marketing efforts and strengthening its presence in the competitive retail market.

Reality TV partnership: M&S and ITV collaborate on new show

What: Neiman Marcus has unveiled an exclusive motorcycle-themed capsule collection with Brunello Cucinelli, titled "Road to Solomeo."

Why it is important: This collaboration exemplifies Neiman Marcus' "retail-tainment" strategy, enhancing customer engagement through unique luxury experiences and exclusive collections, which are crucial for maintaining its competitive edge in the luxury retail market.

Neiman Marcus Group has partnered with Brunello Cucinelli to launch "Road to Solomeo," a motorcycle-inspired capsule collection featuring over 50 men's and women's ready-to-wear and accessories. Designed by Carolina Cucinelli, the collection draws inspiration from her motorcycle journeys across Italy with her husband, Alessio Piastrelli. The pieces blend elegance with an adventurous spirit, reflecting the freedom associated with motorcycling. This exclusive fall collection is part of Neiman Marcus' broader "retail-tainment" strategy, which aims to create immersive shopping experiences that go beyond traditional retail.

The Road to Solomeo collection will be available at Neiman Marcus and Bergdorf Goodman stores and online, with prices ranging from USD 150 to USD 10,500. As part of the launch, select clients are invited to a special event in La Jolla, California. This initiative highlights Neiman Marcus' commitment to deepening relationships with luxury brands through unique collaborations.

The future of such strategies is uncertain due to the impending USD 2.6 billion acquisition of Neiman Marcus Group by HBC, the parent company of Saks Fifth Avenue. However, these collaborations remain a key component of Neiman Marcus' approach to engaging customers and enhancing its luxury offerings.

Neiman Marcus and Brunello Cucinelli launch motorcycle-themed capsule collection

What: Nike is entering a new phase with strategic changes aimed at enhancing its market position.

Why it is important: These changes are crucial for Nike to maintain its competitive edge, adapt to evolving consumer preferences, and address challenges in the global retail environment.

Nike is embarking on a new chapter characterised by strategic initiatives designed to strengthen its market presence and address current industry challenges. The company is focusing on innovation, sustainability, and direct-to-consumer strategies to better align with shifting consumer demands. This transition is essential for Nike to sustain its leadership in the athletic apparel sector and navigate the complexities of the global retail landscape. By emphasising these areas, Nike aims to enhance customer engagement, streamline operations, and reinforce its brand identity in a rapidly changing market.

Nike's next chapter: strategic shifts and market focus

What: New World Development reports first annual loss in two decades as CEO Adrian Cheng steps down.

Why it is important: This development underscores the volatility in Hong Kong's property market and the challenges faced by even well-established companies, potentially influencing future investment and development strategies in the region.

Adrian Cheng has resigned as CEO of Hong Kong property developer New World Development, following the company's report of a HKD 11.807 billion (USD1.52 billion) loss. This marks the company's first annual loss in two decades. Ma Siu-Cheung has been appointed as Cheng's replacement. The loss is largely attributed to writedowns in the business. In August, the company had anticipated a one-off loss of USD1.06 billion from the disposal of NWS Holdings in fiscal 2024. Additionally, New World Development is in discussions with Chow Tai Fook Enterprises, another Cheng family-controlled company, regarding the potential disposal of its investment in Kai Tak Sports Park. Adrian Cheng, son of billionaire Henry Cheng, has also resigned his executive directorship with Chow Tai Fook, citing a desire to focus on public services and personal commitments. This move represents a significant shift for Cheng, who has held several key positions within New World Development, including those of executive vice-chairman and general manager. These changes come amid challenging times for Hong Kong's property and retail sectors, reflecting broader economic pressures in the region.

IADS Notes: Adrian Cheng's resignation from New World Development comes amid a broader context of shifting business strategies and challenging market conditions in Hong Kong. Earlier in 2024, Cheng had planned to list his investment unit, C Capital, on the SIX Swiss exchange, aiming to bring Asian investment opportunities closer to European investors. This move demonstrated Cheng's broader business interests beyond New World Development. Meanwhile, Hong Kong's retail sector has been facing significant challenges, with sales falling after an initial post-pandemic rebound. This decline is attributed to changing consumer behaviour, particularly among mainland Chinese visitors, which has impacted the overall retail performance in the city. These trends align with the broader economic challenges facing companies like New World Development, highlighting the complex business environment in which Cheng's resignation takes place.

Adrian Cheng resigns as New World Development CEO

What: Flagship stores in Japan are playing a crucial role in boosting retail tourism.

Why it is important: This trend highlights the significance of flagship stores in attracting international tourists, which is vital for Japan's retail sector and overall economic growth.

Japan's flagship stores are increasingly becoming pivotal in driving retail tourism, serving as key attractions for international visitors. These stores not only offer unique shopping experiences but also showcase the essence of Japanese culture and innovation. As tourism rebounds, these flagship locations are instrumental in revitalizing the retail sector, drawing tourists who contribute significantly to the economy. The success of these stores underscores their strategic importance in enhancing Japan's global retail reputation and supporting economic recovery post-pandemic.

Japan's retail tourism: Flagship stores drive growth

What: Galeria is incorporating Lidl into its Berlin branches as part of its new strategic direction.

Why it is important: This partnership marks a significant shift in Galeria's business model, aiming to enhance customer access and diversify offerings by integrating Lidl's supermarket services within its department stores.

Galeria, a prominent department store chain, is implementing a new strategy in Berlin by partnering with the discount supermarket chain Lidl. Lidl will occupy space in Galeria's branches at Hermannplatz in Neukölln and Kurfürstendamm in Charlottenburg-Wilmersdorf, offering over 4,000 items. This marks Lidl's first presence in a Galeria location, accessible both through the department store and a separate entrance. The strategic move follows Galeria's change in ownership, now under the US investment firm NRDC and entrepreneur Bernd Beetz. The company has rebranded to Galeria S.à rl & Co. KG, dropping the Kaufhof and Karstadt names. Despite recent closures, Galeria maintains six locations in Berlin.

Galeria's new strategy in Berlin involving Lidl

What: Nearly 39% of consumers return online purchases monthly, costing retailers $25−$30 per return.

Why it is important: The trend highlights the need for innovative solutions in e-commerce logistics and customer service.

A Narvar survey of over 1,900 consumers reveals that nearly 39% return online purchases at least monthly, costing retailers USD 25 − 30 per return. The study also found a significant increase in fake returns, with 52% of respondents admitting to this practice at least once, up from 36% last year. These trends coincide with the rise of online shopping, as 87% of shoppers make at least half their purchases online.

Returns have become a critical issue for retailers, with total merchandise returns amounting to USD 743 billion last year. However, 60% of consumers are open to exchanges or store credit instead of full refunds if the process is convenient, presenting an opportunity for retailers to mitigate costs and build customer loyalty. Consumer preferences vary by demographics, with 62% of men preferring immediate store credit and half of women willing to wait for credit card refunds. Return policies significantly influence shopping decisions, with 82% of consumers choosing retailers based on these policies. As U.S. online retail sales are predicted to grow 9.8% to USD 1.2 trillion this year, retailers like Amazon are adapting their return processes to balance customer satisfaction and operational efficiency.

In the US, nearly 40% of consumers return an online purchase ‘at least’ once a month

What: China's gray market is significantly impacting the online sales of luxury brands.

Why it is important: China's dominance of the gray market poses challenges for luxury brands in maintaining pricing control and brand integrity, affecting their global sales strategies and profit margins.

The gray market in China is having a profound influence on the online sales of luxury brands. This market, which involves the sale of genuine products through unauthorized channels, is thriving due to the high demand for luxury goods in China. As a result, luxury brands are struggling to manage their pricing strategies and maintain brand exclusivity. This phenomenon is forcing brands to reconsider their sales and distribution strategies to protect their brand image and profitability in one of the world's largest luxury markets.

China's gray market dominates luxury brands' online sales

What: Sézane has inaugurated a new retail space within Liberty London.

Why it is important: This expansion into Liberty London signifies Sézane's strategic growth in the UK market, enhancing its brand presence and accessibility to a broader audience.

French fashion brand Sézane has opened a new retail space at Liberty London, marking a significant step in its international expansion strategy. This move allows Sézane to tap into the prestigious and historic retail environment of Liberty, offering its collections to a wider audience in the UK. The collaboration with Liberty London is expected to boost Sézane's visibility and attract fashion-conscious consumers who frequent the iconic department store. By establishing a presence in such a renowned location, Sézane aims to strengthen its brand identity and increase its market share in the competitive UK fashion industry.

Sézane opens retail space at Liberty London

What: Liverpool has formed a partnership with the Mexican brand Dupuis.

Why it is important: This alliance enhances Liverpool's product offerings by incorporating Dupuis' unique designs, potentially attracting a broader customer base and strengthening its position in the Mexican retail market.

Liverpool, a leading department store chain in Mexico, has announced a strategic partnership with Dupuis, a renowned Mexican furniture and home decor brand. This collaboration aims to expand Liverpool's product range by integrating Dupuis' distinctive style and craftsmanship into its offerings. By joining forces with Dupuis, Liverpool seeks to enhance its appeal to consumers looking for high-quality and stylish home furnishings. This partnership not only reflects Liverpool's commitment to supporting local brands but also underscores its strategy to diversify and enrich its product lineup. The alliance is expected to drive growth for both companies by leveraging their combined strengths in design, quality, and market reach.

Liverpool partners with Mexican brand Dupuis

What: The National Association of Self-Service and Department Stores (ANTAD) reported that sales in 2024 have surpassed MXN 900 billion, showing growth in both "same stores" and "total stores" categories.

Why it is important: The consistent growth in sales, with a 1.2% increase in "same stores" and a 4% increase in "total stores" for July 2024, reflects the resilience and expansion of Mexico's retail sector. This growth contributes to a significant boost in overall economic activity and underscores the increasing consumer demand within the country.

 The consistent growth in sales, with a 1.2% increase in "same stores" and a 4% increase in "total stores" for July 2024, reflects the resilience and expansion of Mexico's retail sector. This growth contributes to a significant boost in overall economic activity and underscores the increasing consumer demand within the country.

ANTAD Reports Over MXN 900 Billion MXN in Sales for 2024

What: Marais, a multi-brand luxury boutique, celebrates 20 years of success in Melbourne, marked by the opening of its second location and a continued focus on experiential retail and customer loyalty.

Why it is important: In a challenging economic environment where many luxury retailers are struggling, Marais demonstrates resilience and growth by emphasizing customer experience, long-term relationships, and strategic business decisions. This success highlights the importance of community-building and adaptability in sustaining a luxury retail brand.

Marais, a leading luxury boutique in Melbourne, has thrived for 20 years by evolving with the fashion industry and focusing on customer loyalty and experiential retail. CEO Hiromi Yu attributes the brand's longevity to listening to customers, maintaining strong brand partnerships, and strategically expanding with a new store in Melbourne's CBD. Despite economic pressures, Marais continues to innovate and set high standards in luxury retail, with a strong emphasis on personal customer service and creating memorable shopping experiences.

Marais CEO on Cultivating Melbourne's Premier Luxury Destination Over Two Decades

What: SM Prime, the real estate branch of SM, is experiencing significant financial success.

Why it is important: This performance demonstrates that the mall format is not declining universally, as SM Prime's mall division has shown robust growth and remains a key revenue driver.

SM Prime, a prominent Philippine property developer, has reported a consolidated net income of USD 397.8 million (Php22.1 billion) for the first half of this year, marking a 13% increase from USD 348.6 million (Php19.4 billion) in the previous year. The income growth has been predominantly driven by its mall division, SM Malls, which contributed 58% of the total revenues. The mall business saw a 9% rise in rental income, reaching USD 576 million (Php32 billion) compared to USD 529.2 million (Php29.4 billion) last year, with total mall revenues hitting USD 675 million (Php37.5 billion) for the period.

Other segments of SM Prime also showed positive performance: the residential business unit, comprising 29% of revenues, brought in USD 180 million (Php10 billion); the office segments generated USD 63 million (Php3.5 billion); and the hotels and convention centres contributed USD 61.2 million (Php3.4 billion) in revenues.

Mall business leads SM Prime to double-digit profit increase

What: John Lewis is restructuring its buying and merchandising teams, adding 48 new roles while consulting about the future of 20 other positions.

Why it is important: This restructuring aims to enhance John Lewis's product offerings and profit margins amid a dynamic and volatile market, reflecting the company's ongoing transformation efforts under CEO Peter Ruis.

John Lewis is undergoing a significant restructuring of its buying and merchandising teams as part of a broader transformation programme led by CEO Peter Ruis. The changes will include the creation of 48 new roles while consultations are underway regarding 20 other positions. This move seeks to re-establish individual leadership roles in the fashion and home departments. The initiative aligns with Ruis’s plans to improve the department store’s fashion offerings and profit margins, responding to a cautious market with significant cost pressures. The restructuring follows Ruis’s return to the company as executive director earlier this year and is part of his strategy to strengthen the business foundation and drive growth.

John Lewis reshapes buying and merchandising teams in transformation drive