Top retailer uncovers $US500m overstatements
The full-year financial results of the world’s
third-largest food retailer, the Dutch-based Ahold Group, have been
deferred pending investigation into overstatements over the past two
years totalling a staggering $US500 million.
As a result of this situation, Ahold has announced the resignation
of its chief executive and finance director, and the suspension of
certain senior executives of its U.S. Foodservice unit.
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Westfield profit to hit $280m
Barring unforeseen circumstances, Westfield Holdings expects to
achieve an after-tax profit for the 2003 financial year of around
$280 million, a 20% rise on last year and ahead of the 15% increase
in after tax profit forecast by chairman Frank Lowy last year.
The full-year forecast was made with the release of Westfield
Holdings’ half-yearly profit result for the six months to 31
December 31 2002, which included: -
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Lend Lease in Rouse Hill regional project
A joint venture between GPT and Lend Lease has been named by the
NSW Government as the preferred tenderer for a partnering agreement
to develop a new $1 billion regional centre containing significant
retail at Rouse Hill, north-west Sydney.
This project features large-scale retail, residential and town
centre elements and would be undertaken jointly by GPT and Lend
Lease's urban communities business in partnership with Planning NSW
and Landcom who will retain ownership of the site.
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$23m revamp for W.A. shopping centre
Prime Retail Group, the listed convenience retail property trust
managed by Centro Properties Group, is to invest $23.2 million in
refurbishing Victoria Park Shopping Centre, Perth, W.A.
Victoria Park occupies a key location 2.5 kilometres south-east
of Perth CBD, and on completion of the revamp will cover a lettable
area of 5,891sqm, including a fully refurbished Woolworths
supermarket on a new 20 year lease.
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Graffiti crackdown sparks protest
A council crackdown on graffiti in the City of Casey which
restricts the sale and display of aerosol cans has triggered a strong
protest from the Hardware Association of Victoria (HAV).
According to HAV president Ian Cornwell, such a ban will not
address the individual’s underlying desire to deface property,
but will only result in additional costs for retailers, whilst
impinging upon legitimate customers.
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7-Eleven pushes new online card
Convenience store franchisor 7-Eleven Inc. has launched a
stored-value convenience card in the United States which has the
option of adding value online.
And to lure customers to use the card in its stores, the company
is offering a range of free products to anyone who loads value of
$US25 or more.
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NCR, Symbol join in self-service project
NCR and Symbol Technologies, Inc. are collaborating to market a
customer self-service shopping solution that combines the Symbol
Portable Shopping System with NCR FastLane™ self-checkout.
Together, the Symbol and NCR solutions give shoppers the option of
scanning and bagging their selections in the aisles as they shop and
maintaining a running total of their purchases with the Symbol
Portable Shopping System (PSS) handheld scanner, then paying for
their purchases at an NCR FastLane unit.
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Baby clothes win Gift of Year award
Victorian resident Deborah Griffin, with her contemporary and
stylish new range of baby clothes, ‘PoNDo Baby’, has
recently won the Australian Gift of the Year at Australasia’s
biggest industry awards.
Designers, manufactures, artists, gourmet food specialists and
jewellers everywhere were invited to enter for the Annual Australian
Gift of the Year awards. The awards highlight the best in the
industry, encouraging and providing recognition for quality
Australian designed and manufactured products.
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Online bill payment to boom
Online bill payment could soar in the United States by as much as
38% this year to 40 million users, forcing banks to make it a top
priority in order to remain competitive, says leading research group
Gartner Inc.
“Online bill payment will be the fastest-growing online
financial application this year, and banks will compete fiercely with
billers to lure consumers over to their sites to view and pay bills,”
predicts Gartner vice president and research director Avivah Litan.
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U.S. Govt seizes pirate site
A web site that helped people bypass anti-piracy technology to
play illegal copies of popular video games has been seized by the
U.S. Federal Government.
The site, iSONEWS.com, was seized as part of a plea agreement by
David M. Rocci, 22, of Virginia. who pleaded guilty in U.S. District
Court to conspiring to import, market and sell devices known as
modification chips.
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Metcash speaks out on drought relief
Leading grocery and liquor distributor Metcash Trading Ltd has
endorsed the efforts by Federal Minister for Small Business, Joe
Hockey MP, in relation to drought relief.
“Metcash and its suppliers are very supportive of the
Minister's position and are keen to help our suppliers affected by
bushfires and the drought", says Metcash's C.E.O. Andrew
Reitzer.
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Focus on supply chain operations
Which countries and companies exemplify best practice in their
supply chain and logistics operations? What are the key issues facing
supply chain practitioners in the Asia-Pacific region if they are to
keep abreast of the world’s best?
These are core questions facing professionals in today’s
supply chain arena if they are to successfully compete within a
global environment of excellence. Many will attend Smart 2003, the
region’s leading conference for supply chain management, March
26-27, to gain insight and industry direction about some of the
world’s top performing companies.
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Close
This bulletin is edited and compiled by retail commentator John Kingsley-Jones.
John has worked as an Editor, Chief Sub-Editor
and journalist in magazines and newspapers both
in Australia and overseas.
In the past 15 years, he has consulted to a
range of companies and brands such as Unilever,
Mars Confectionery, TipTop, Tooheys, McWilliam's
Wines, Goodyear and BMW.
That's it for this issue of the Retail One-Stop. If you
have any questions or comments please give us a call on 02 9419 8356 or email us
on info@eps.net.au.
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