Retail News and Trends for 29th June 2020

1.

Indian startups diversify their businesses to offset COVID-19 induced losses

E-commerce giant Flipkart is planning to launch a hyperlocal service that would enable customers to buy items from local stores and have those delivered to them in an hour and a half or less. Yatra, an online travel and hotel ticketing service, is exploring a new business line altogether: Supplying office accessories.

2.

Snapchat launches automatic, dynamic ad generation for business

Last week, social media Snapchat announced the launch of its Dynamic Product Ads initiative, which allows a business to automatically generate ads based on the product categories it sells within.  These ads can be generated based on a brand’s products, pushed over multiple international markets, and showcase these products in a number of formats.

3.

Macy's San Francisco Is Back In Business

When many West Coast residents think of Macy's, they think of San Francisco. For almost 75 years, Macy's has been a Union Square retail destination. On June 19, the Union Square flagship store reopened after three months of closure due to COVID-19.

4.

Oliver Bonas secure £3.5m funding to see it through Covid-19

 

Oliver Bonas has secured £3.5 million of additional funding from HSBC UK as part of the Coronavirus Business Interruption Loan Scheme (CBILS). The funding has been accessed to support the high street retailer after all its stores were closed during the coronavirus lockdown in the UK and Ireland.

5.

Nike plans up to 200 small-format stores, despite 38% revenue drop

Nike revenue declined 38% in the fourth quarter, falling to $6.3 billion, according to a company press release. The retailer swung to a loss of $790 million, from income of $989 million the year before. That represented a 180% decline.

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