Vinod Nambiar joins More Retail as MD
Nambiar joins the 650-odd store retail major with over 30 year experience in Hindustan Unilever India and Colgate. He was earlier with Colgate in his last assignment where he was the president for Asia-Pacific region and was also the chairman for Indian operations. He takes over the responsibility from Sumeet Narang who is the founder and managing director at Samara Capital.
Retailers bulk deliver to RWAs for smooth supply to societies
Residents drop their order lists and Spencer’s delivers the next day. Online gr...
Fitch downgrades Future Retail, puts co on rating watch list
The downgrade, Fitch said, reflects the heightened risk to FRL's liquidity posit...
Retailers seek RBI intervention as banks unwilling to extend debt moratorium to borrowers
The country is under a three-week lockdown starting March 25 and the number of cases infected with the virus is rising steadily. The RBI had announced a moratorium under which borrowers of all the term loans were given a breather from repayments for three months.
Retailers tap RWAs to bulk deliver to societies to overcome lockdown restrictions
Residents say such bulk deliveries by retailers are helping them at a time when the country is undergoing a 21-day lockdown to stem the spread of the coronavirus outbreak.
Losses incurred by retail trade is around $30 billion- CAIT
The Indian retail sector comprising 70 million small medium and big traders employing 450 million people, does a monthly business of around $70 billion, estimates CAIT. The body said the retail sector is the worst hit.
Aditya Birla Fashion and Retail Ltd to close retail stores till March 31, suspends factory operations
The company has stopped its factory operations in Karnataka, Tamil Nadu and Odisha till March 31, 2020, in line with the local guidelines, Aditya Birla Fashion and Retail said in a regulatory filing. The company had already moved to "work from home" policy for all its office employees.
Future Retail tweaks growth strategy
"We are challenging any other player to offer a price less than ours. I don’t see the market growing very fast and expansions will be curtailed to focus only on new markets,” CEO Kishore Biyani said. "This growth will be led by technology and credit. We will offer consumption credit through a significant tie-up with Bajaj Finance," he said.
Retail Pooling: Online, offline firms share staff to deliver food, groceries
Leading national and local supermarkets as well as e-grocers like Grofers and BigBasket are going to partner with food delivery apps Swiggy and Zomato, and other available resources of ecommerce firms in fashion and other segments which have currently shut down operations, the executives said.
Covid lockdown: Retailers offer incentives to staff to keep operations normal
Two industry executives said union commerce minister Piyush Goyal had told all leading retail chains and e-commerce firms on Thursday’s video-conferencing meeting that they have to motivate their workforce to work so that consumers are not inconvenienced. Goyal has also apparently said that the companies cannot call back the labour that has gone back to their native places.
Need more support from RBI, DPIT to pay salaries in April: Retailers Association of India
The RBI announced that all lenders can freeze repayments on term loans outstanding March 1 and suspend interest payments on working capital facilities for three months. While accumulated interest can be paid later, the loans won't be in default. However, this isn't enough, said RAI.
Ecommerce cos Reliance Retail, Future Group get into crisis management mode to manage ground-level operations
Big Bazaar has scheduled ground duty to all its senior managers and CXOs to ensure the last-mile operation is on and to fill for store staff shortage. Spencer’s Retail and Nature’s Basket have set up a virtual war room where the company’s senior team and store-level staff hold coordination meetings twice every day.
Myriad rules by states creating hurdles: Companies
While notifications from the Centre are clear, the interpretation is different in each state.
E-retailers still facing delivery challenges amid coronavirus lockdown
According to a senior industry executive, who did not wish to be named, e-commerce companies are finding it difficult to procure passes for their logistics and delivery staff separately for each state. The person said the process is time-consuming and instead the government can look at alternate mechanisms like digital identity checks.
Retailers need to invest in advanced technologies: Deloitte
Retailers are striving to offer a seamless shopping experience through data-driven insights and analysis, it added. Technology has led to a paradigm shift in the way retailers operate and transformed the entire shopping journey of consumers, the report said.
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