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Power Retail Sparks | Weekly Global News Roundup
Lord & Taylor has emerged from bankruptcy and is now an e-commerce-only platform, and the Netherlands is recording record online growth. Power Retail Sparks keeps you updated with some of the biggest international retail stories of the week. Stay tuned!
Dutch Consumers Spend €2.6B Online
In 2020, Dutch consumers spent nearly €26 billion in online transactions across Europe. This is a 32 percent increase YoY, which s something that analysts have never seen before. Between 2016 and 2019, the total online spend throughout Europe stuck around the €1 billion mark, gradually increasing YoY but staying somewhat stagnant. However, in 2020, this number skyrocketed, signalling rapid growth rates. Throughout the Netherlands, online turnover also increased – in 2020, turnover rose by 40 percent.
Lord & Taylor Return as Pureplay Retailer
Department store, Lord & Taylor, has emerged from bankruptcy and returned as a pureplay retailer. The platform will now sell ‘classic favourites’, as well as private labels and ‘first class services and exciting events’. The American retailer was founded in 1826 and entered administration in August 2020.