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Freshly Squeezed: 04.10.19

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By Published On: October 4, 20190 Comments

Retail sales improve in the month of August and City Chic plans to acquire US company, Avenue. Get a healthy dose of news as we uncover the day’s top stories in e-commerce and retail.

Retail Improves in August

The National Retailer Association has announced that retail sales have improved the month of August. “The August results are a big improvement in July, with rises in turnover recorded across all industries bar one,” said Dominique Lamb, the CEO of the NRA. Following a poor month in July, the ABS reported that sales grew 0.4 per cent across Australia.

“Several economic levers have been pulled in recent months – such as cuts to income tax and interest rates – to lift retail out of its slumber and today’s results indicate that things may be starting to slowly turnaround,” Ms Lamb explained. “Retail is certainly not out of the woods, and consumer confidence still needs to lift, but the August figures certainly represent a positive sign.”

LatitudePay Announces Partnerships with Eight Retailers

LatitudePay has announced eight new partnerships with retailers, introducing the BNPL to more Australian brands. Some of the retailers include Forty Winks, Angus & Coote, Goldmark, Zamels and more. “We are thrilled with the momentum LatitudePay is gaining with merchants and their customer, who are attracted to the flexibility of paying for their purchase over ten equal payments, with no interest,” explained Ahmed Fahour, the Managing Director and CEO of LatitudePay.

City Chic Set to Acquire Avenue Stores

City Chic is set to acquire Avenue Stores from the US for $24.4 million. The Australian retailer currently has 104 stores operating in Australia and New Zealand and believes Avenue Stores are ‘well-established’ for its customer database. In early August, Avenue Stores filed for bankruptcy and decided to close its stores, blaming ‘extremely competitive retail environment’. The Aussie plus-size retailer said that Avenue’s online resources would be ‘significantly valuable’ to the market.

Catch up on yesterday’s Freshly Squeezed news here.

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