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ICYMI and what we are reading – June 2024

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We make it easy for you to keep up to date with what's happening in the world of retail. Check out what we are reading this month and why.

If you're after more frequent updates about what is happening in the world of retail and CX, give us a follow on LinkedIn: RX Group


The Warehouse downgrade: What earnings slide signals for the economy

A picture of a warehouse store

The Warehouse Group expects annual sales from continuing operations to fall 6-7% on the year and said full-year earnings would be sharply lower.  Based on fourth-quarter trading conditions, the group forecasted full-year earnings before interest and taxation (ebit) to be between $22 million and $30m for the year to July 31. This constituted a drop of at least 64% compared with the $83.4m recorded in the 2023 financial year. The shares were trading down 1.9% at $1.050 in early trading.  


ACCC Details Chemist Warehouse x Sigma Merger Concerns

Chemist Warehouse sign hanging in front of a store

The ACCC has outlined its concerns over Sigma Healthcare Limited’s proposed acquisition of Chemist Warehouse Group Holdings.

The ACCC says there may be a “substantial lessening of competition” in pharmacy retailing should the merger go ahead.


Myer seeks to merge with Premier Investments’ Apparel Brands

Entry to a Myer store

Department store group Myer has proposed to combine its business with Premier Investments’ Apparel Brands, comprising Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti.


Temu, Amazon and AliExpress cash in as local shops do it tough 

Local shops are doing it extremely tough but sites such as Temu, Amazon and AliExpress are cashing in.

Recent GDP data showed we have (just) shaken off a technical recession with a 0.8% rise in consumer spending for the second consecutive quarter.

Offshore retailers appear to be the beneficiaries of that bump with a 20% increase in direct imports of low-value goods by households.


NZ Police boost CBD staffing as retail crime trends down 

A lady standing infront of blue police lights

Police Commissioner Andrew Coster has confirmed that NZ Police will establish a new Community Beat Teams in major cities across the country. It will also launch Operation Safer Streets in Auckland to target anti-social behaviour and crime in the Central Business District (CBD). 

This initiative will be rolled out across two years and will se an additional 63 staff deployed. Coster said, 'We know communities want to see more police out and about, particularly in those areas experiencing challenges with anti-social behaviour and retail crime.'


Paypal hires Walmart exec as CTO in AI push 

A black computer keyboard with a phone displaying the PayPal logo sitting on top.

PayPal has hired one of Walmart’s top tech executives Srini Venkatesan to head up the company’s push into artificial intelligence as its new Chief Technology Officer.

Venkatesan will oversee technology across the payments giant, including AI and machine learning, information security and product engineering, the company said. 


Amazon unveils cookieless ad-targeting solution

Computer showing the Amazon website and someone holding a phone with the Amazon Prime app open infront

Amazon unveiled an ad-targeting solution called Ad Relevance that does not rely on cookies or other third-party identifiers

Ad Relevance, which is available via Amazon’s demand-side platform, uses artificial intelligence to analyze billions of browsing, purchasing and streaming data points from across Amazon properties, matching those insights against what content a consumer is viewing in real time. 


PrettyLittleThing introduces return fee

A PrettyLittleThing branded car in London

PrettyLittleThing has become the latest retailer to start charging customers to return their orders. 

The fashion brand introduced a £1.99 fee on 3 June for users to send back their unwanted clothing, which will be deducted from their refund. 


What we are reading




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