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Freshly Squeezed: 21.10.19
David Jones unveils its first gourmet food store and online sales in China rise. Get a healthy dose of news as we uncover the day’s top stories in e-commerce and retail.
Online Sales in China Grow
Online sales in China have continued to grow year-on-year, with a two per cent growth from 2018. According to Cai Xing, “total retail sales for the nine-month period rose 8.2 per cent to 29.7 trillion yuan,” it reported. Nearly half of the total retail growth came from online sales, according to NBS, but the sales numbers remain in double digits. At the start of October, the retail sales online in China began to sink, but have lifted since Golden Week. You can read more about Golden Week here.
Cash Converters Pays $42.5 Million in Settlement
Cash Converters is paying $42.5 million in compensation to its customers, due to allegations of a breach in Queensland credit laws. More than 48,000 Queensland customers will be compensated for the breach – Cash Converters will secure the funds into two segments. The first, valued at $32.5 million, which will be paid within 21 days of its settlement and the remaining $10 million will be paid before 30th September 2020.
“These class actions are prime examples of how the class action regime works to promote access to justice for the most disadvantaged in our community,” explained Miranda Nagy, the Principal Lawyer at Maurice Blackburn. “This is a large group of people, who borrowed very small amounts of money, for very short periods, at high-interest rates. None of them could hope to have run this case to see justice served, without an effective class action regime.”
David Jones Opens Gourmet Food Store
David Jones has opened its first stand-alone gourmet food store in Chapel Street in Melbourne. The store, located in South Yarra, features private-label goods which makes up 60 per cent of its inventory. There is also a focus on prepared meals and other grocery staples with a ‘luxury feel’. “We could have opened stores earlier but the offer would not have been as comprehensive as it is now – it does take time because you’re building partnerships with new suppliers who are investing in new factories,” explained Pieter de Wet, the GM of David Jones. “When we did our initial research there was a lot of loyalty to the [David Jones] brand from older customers but younger customers … didn’t feel any connection to the David Jones food brand so it was really important for us to get the location of the first one right to make sure we connect to that younger customer.”
Catch up on last Friday’s Freshly Squeezed news here.
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