Retailers

Retailers urge FinMin and GST Council not to go for higher 35% tax rate

Indian Sellers Collective, an umbrella body of trade associations and sellers across the country, has urged the finance minister and the GST Council not to accept some of GST rate rationalisation suggestions, including the proposal for inclusion of a special rate of 35 per cent on some products. The sellers body is of the view that a fifth GST slab of 35 per cent on demerit goods such as aerated beverages, cigarettes and tobacco, and pricing-based rate structure will materially and fundamentally alter the country's GST framework with devastating outcomes. These recommendations violate both the letter and the spirit that it will be a 'good and simple tax', Indian Sellers Collective said in a statement on Thursday ahead of the 55th GST Council meeting to be held on December 21, 2024 at Jaisalmer, Rajasthan. "On the contrary, it will hurt the profit margins of the retailers, lead to compliance nightmares and fuel a parallel economy. This move will primarily benefit Chinese producers wh

Retailers eye Black Friday sale to energise bargain-hungry holiday shoppers

It's show time. After weeks of pushing early deals, retailers in the United States and some other countries are promising bigger discounts on Black Friday, the sales event that still reigns as the unofficial kickoff of the holiday shopping season even if it's lost some luster. Department stores, shopping malls and merchants big and small see the day after Thanksgiving as a way to energise shoppers and to get them into physical stores at a time when many gift-seekers do the bulk of their browsing and buying online. Enough traditionalists must still be around, because Black Friday remains the biggest day of the year for retail foot traffic in the US, according to retail technology company Sensormatic Solutions. Black Friday is still an incredibly important day for retailers, Grant Gustafson, head of retail consulting and analytics at Sensormatic, said. It's important for them to be able to get shoppers into their store to show them that experience of what it's like to browse and to

Walmart to roll back diversity policies amid pressure from conservatives

The retailer will scale back racial equity training, stop participating in rankings by an LGBTQ advocacy group and review its support for Pride and other events

Consumer protection: Retailer held liable for selling defective earpiece

"We undertake to repair/replace all material and manufacturing defects within the warranty period." The National Commission concluded this made it equally responsible for repair or replacement

After cola play, Reliance Consumer takes trade margin fight to snacks

Reliance Consumer announced its entry into the fast-moving consumer market in 2022

Restructuring will boost 7-eleven growth prospects: Seven & i CEO

While its Japanese 7-Eleven convenience stores are a money-spinner, Seven & i has been hobbled by poor performance at its supermarkets, including the Ito Yokado stores that make up a part

Sweden based Volvo Cars tops forecast but cuts outlook on market slowdown

Volvo Cars said it now expects its retail sales to rise by 7-8% this year, down from a forecast in July of 12-15% growth, anticipating no growth in the fourth quarter

Seven & I seeking govt protection tests Japan's appetite for reform

The Japanese operator of 7-Eleven stores is seeking designation as a core company under the Foreign Exchange and Foreign Trade Act

Decathlon to invest 100 mn euros in India in 5 years to expand retail, mfg

French sports retailer Decathlon on Wednesday said it will invest 100 million euros (around Rs 933 crore) in India, its one of the fastest growing markets, in the next five years to expand retail footprint and manufacturing operations. The company expects its business to become double in next three to five years, said Decathlon India CEO Sankar Chaterjee. The company plans to have a network of 190 stores, having presence in over 90 stores in next 5 years as part of its expansion, he added. Besides, a handful of this would also be spent on enhancing the digital channel as per the omni-channel approach of the company. Decathlon will expand its manufacturing operations and increase sourcing from india for the local market and its global operations. Currently 68 per cent of the goods sold in India are locally produced. Besides, 8 per cent of Decathlon's global product range are also met through India manufacturing. "We are aiming to take the domestic manufacturing for Decathlon India

France's sporting goods retailer Decathlon to invest $111 mn in India

The retailer, which entered India in 2009, sells a host of sports accessories ranging from footballs and yoga mats to bicycles and exercise equipment

Retailers cheer as fresh stock flies off shelves during I-Day long weekend

Fresh merchandise flew off shelves for retailers during the long weekend

Retailers expect to end EOSS with a bang this Independence Day weekend

Apparel and lifestyle retailers' sales have been under pressure since the festive season last year

Govt asks retailers to cut profit margins on pulses for relief to consumers

The government on Tuesday pointed out that retail prices of tur, urad and chana dals have not declined in proportion to about a 4 per cent fall in major wholesale markets in the past one month and asked retailers to charge reasonable profit margins for providing relief to consumers. The government warned that it would take stern actions against unscrupulous speculation and profiteering by market players. On Tuesday, the Department of Consumer Affairs organised a meeting with the Retailers Association of India (RAI) here to discuss the price scenario in respect of pulses. The meeting, chaired by Nidhi Khare, Secretary, the Department of Consumer Affairs, also reviewed compliance with the stock limits for tur and chana. The meeting was attended by representatives of RAI, Reliance Retail, D-Mart, Tata Stores, Spencer's, RSPG, and V-Mart, among others. RAI has more than 2,300 members, having over 6,00,000 retail outlets in the country. According to an official statement, the secretary

Retailers advance sales as customers stayed indoors in May to avoid heat

The mid-year end-of-season sales start typically mid-June and go on till the end of July. A few pieces go on heavy discounts towards the Independence Day weekend

Indians get hooked on 10-minute grocery apps, squeezing small retailers

Swiggy warehouses are mushrooming across India to deliver everything from milk and bananas to condoms and roses within minutes - a business model that is reshaping how Indians shop

Marks & Spencer posts 58% rise in profit as turnaround plan delivers

Sales rose 9.4% to 13.1 billion pounds, with food sales up 13.0% and clothing and homewares up 5.3%

Retail giant Walmart to fire hundreds of corporate staff, relocate others

Walmart employed approximately 2.1 million associates as of Jan. 31, 2024, according to regulatory filings

E-commerce majors Amazon, Flipkart flouted antitrust laws: CCI probe

Competition regulator to soon share report with firms

On road to IPO, Udaan saw sales of over 2.25 billion products in 2023

1,500 sellers reach Rs 1 cr in transactions on eB2B platform

Centre tightens wheat stock limit for wholesalers, big chain retailers

The government on Thursday tightened wheat stock holding norms for wholesalers, big chain retailers and processors to curb hoarding and check price rises. According to the food ministry, traders and wholesalers are now allowed to maintain wheat stock of up to 500 tonnes instead of 1,000 tonnes, while big chain retailers can hold 5 tonnes in each outlet and total 500 tonnes at all their depots instead of 1,000 tonnes. Processors will be allowed to maintain 60 per cent instead of 70 per cent of their monthly installed capacity multiplied by the remaining months till April 2024, the ministry said in a statement. The stock limits on wheat were imposed on June 12, 2023, applicable till March this year in order to manage the overall food security and to prevent hoarding and unscrupulous speculation. The ministry said all wheat stocking entities are required to register on the wheat stock limit portal (https://evegoils.nic.in/wsp/login) and update the stock position on every Friday. Any