The measures that most governments have now taken against the spread of the coronavirus, have a terrible effect on fashion retailers. A stress test by McKinsey yields rather alarming results: 90 % of fashion retailers face serious threats from the corona crisis.
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Belgian banks are doubling the limits for contactless payments without having to enter a PIN code to 50 euros (for one payment) or 100 euros (accumulated), following the example of neighbouring countries.
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Struggling Dutch chain Hema tries to find a way out of its problems: owner Marcel Boekhoorn wants to invest new capital, but only if the creditors reduce the debts.
Amazon has decided to delay its annual discount day Prime Day due to the corona crisis, a decision that may cost the company some 300 million dollars (270 million euros).
In the first quarter of its financial year (up to 29 February), H&M doubled its profits and increased sales by 8 %. Good news then, until the coronavirus hit the world: in March, turnover was halved.
Uber Eats is going to perform home deliveries for groceries from Carrefour in France. The company hopes to extend the cooperation to other countries, such as Belgium and Italy, on a later stage.
As a result of the coronavirus crisis, Bangladesh risks losing almost six billion euros in export turnover. Millions of jobs are at risk as major retailers cancel their orders in the world's second largest clothing producer (after China).
Coffee importers are stockpiling to anticipate possible shortages as a result of the corona crisis, as more and more countries are introducing lockdowns that could disrupt the supply chain. This also causes coffee prices to rise to record highs.
Dutch retail chain Hema has reached an agreement with some of its landlords to halve the rent for its stores for April and May. It would appear that the intention of the Amsterdam-based retailer is to extend this agreement to all of its stores.
HelloFresh has increased its first quarter outlook: the meal box delivery company sees a huge increase in demand, as the corona crisis inspires more people to cook at home.
Esprit has requested, and obtained, protection against creditors for its German branch. The fashion retailer is particularly concerned about liquidity problems, as sales have plummeted as a result of the corona crisis.
German department store chain Galeria Karstadt Kaufhof is on the brink of collapse and is asking the German authorities for state aid in the form of emergency loans. So far, however, it has not had that much success.
Ceconomy, the parent company of electronics chains MediaMarkt and Saturn, is in talks with the German national bank about obtaining two billion euros in state aid. The German retailer claims to need the support due to the corona crisis.
Belgian fashion group FNG (Brantano, CKS, Miss Etam, Steps, ...) fears the coronavirus and its consequences will have a lasting impact on its activities. Not only have its stores closed completely, but now its online turnover is also decreasing.
An increasing number of online retailers (including British e-commerce giant Next) close their webshop because of the coronacrisis. Is this just a prelude for worse things to come?
The corona crisis is shaking things up in European food retail: from an online boom to severe staff shortages, the same phenomena are popping up everywhere. An overview of the international state of affairs in food retail at this moment.