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UAE retail sector remains strong
Despite the financial crisis, the retail sector in the UAE continues to remain buoyant with a projected average annual growth rate of 12% over the next four years, according to a new report by US-based market research firm RNCOS. The UAE is now the fourth most attractive destination for retail after India, Russia and China, thanks to its rapid economic growth, rising purchasing power, favorable policy framework, and growing consumer spending, the report said.
SanDisk ships Sansa Clip+ mp3 player
SanDisk, the manufacturer of flash memory cards, has shipped its latest mp3 player, the Sansa Clip+. The Sansa Clip+ comes with either 2GB, 4GB and 8GB of on-board memory - and so able to hold between 500 and 2,000 songs, plus a microSD memory card slot for expansion.
Dubai gold jewellery sales drop 30%
Dubai's gold jewellery retail has seen a drop of about 30% in sales this August due to high gold prices and the economic downturn deterring buyers, according to retailers, Reuters has cited. Prices of the metal have gone up as institutional funds seek a safe haven from gold, for their assets during the global economic slowdown.
LG releases TV and monitor combo
LG Electronics (LG) has launched a digital TV and monitor combination, the M7WD series. It replaces the M94D series. The TVs include features designed specifically for use in hotel lobbies and business reception areas, although the company said they can also be used in the home. The M7WD series comes as a 22-inch widescreen, with Full HD resolution and a 50,000:1 contrast ratio. Features include D-Sub and DVI-D inputs, two HDMI connections, a Built-in DTV tuner and PC audio in and out.
Istithmar says it remains committed to Barneys
Dubai's Istithmar World has said it is working to improve Barneys New York's financial situation and is committed to the retailer despite tough market conditions, Reuters has reported. 'These are challenging times for retailers, and the company continues to work aggressively to improve its financial position,' Istithmar has said. According to media reports, Barneys is seeking a debt restructuring or bankruptcy filing, which may lead to owner Istithmar losing control over the retailer.
UAE bans logos on shops' plastic bags
The UAE Cabinet has approved a ban on printing supermarkets' logos on non-biodegradable plastic carrier bags, according to The National. The ban, which is a first step towards a complete ban on the bags from 2013, is expected to come into effect this year. The details, including when the ban will come into force, are still being worked out, according to Hunaida Qayed, the manager of the Ministry of Environment and Water's awareness department.
H2O News Media launches retail web portal
Dubai-based H2O New Media is launching a new retail and discounting web application named www.promosme.com. The new portal aims to match consumers seeking alternative methods to save money with companies offering promotional discounts and special deals online. Vendors and business subscribers pay a nominal flat fee based on 3, 6 or 12 months to post as many offers on to the promosme.com website as they wish, the media firm said. Users will also have the option to have discount vouchers sent to their mobile phone and receive notifications based on their unique location.
Al-Futtaim to build mall in Doha
Dubai-based developer Al-Futtaim Group plans to build a multi-billion dollar shopping mall in Doha, Meed has reported. The group is currently negotiating with a Doha landowner to purchase a site for the development, which would house a mall with 250 different retail outlets and 10 or more residential towers. The Qatar development would be the fourth major retail and residential project in the region from the group, following developments in Egypt, Morocco, and the UAE.
High-end Microsoft Xbox price cut
Microsoft is cutting the price of its high-end Xbox 360 Elite by $100 to $300, Reuters has reported. It comes days after Sony reduced the price of its PlayStation 3 to $299, but Microsoft said the cut had been planned for some time and was not a response to Sony's move. A Microsoft spokesman said the company hopes the price reduction will attract new buyers and simplify its product mix for manufacturers, retailers and customers.
Last Minute withdraws Dubai Metro stores
Last Minute, a Dubai-based chain of convenience stores, has pulled out of 18 spots on the Dubai Metro project's Red Line over uncertainty of when the stations will be opened, the National has reported. The first set of stations on the Red Line - believed to number 10, the paper said - are due to open on September 9. But Last Minute said it was unhappy that it would have to pay rent on all its Red Line outlets despite not knowing when all 18 stations would open. The company said it still plans to open 10 stores on the Green Line.
Carrefour reports losses in H1
French supermarket Carrefour has posted a net loss of €58m ($83m) during the first half of the year after taking exceptional charges of €511m, according to news reports. The company has reported an operating profit 27.6% lower from a year earlier to €1.01bn. Carrefour has said if the exceptional charges were stripped out, net earnings were down 42.4% to €415m.
Emke to expand Lulu and Al Falah brands
Emke Group, which runs the Lulu and Al Falah supermarket chains in the Middle East, plans to invest Dhs4.3bn in its operations, adding 25 branches to its network. It will take the number of supermarket and hypermarkets that it runs to 100 over the next three years. It is also entering the Indian market, developing the biggest shopping mall in Kochi, Kerala, which should open in July 2011.
Ethan Allen opens Dubai Mall store
Ethan Allen, manufacturer and retailer of upscale home furniture, is opening a design centre at Dubai Mall this month. The 12,000-square-foot shop will be its flagship store for the Middle East, the company said.
Duo sign deal for Bahrain shopping mall
Bahrain-based Eskan Bank and Seef Properties have signed a joint venture agreement to develop a BD25m ($66.3m) shopping mall in the Saar area, the Gulf Daily News has reported. The project will be developed on adjacent lands owned by Eskan Bank and Seef Properties, and include shops, entertainment facilities, cinemas and an office for the mall management. Eskan Bank will be appointed as financial advisers for the project and Eskan Properties will be appointed as development managers and property managers once the project has been completed.
Dubai outlines food street vendor rules
Dubai Municipality has said that any outlet selling food on the street needs to have approval to display and sell snacks. Additionally, food should be displayed in closed display cases in a clean area, free of spills, dirt and pests. Open displays are not permitted, the municipality said.
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