Mall operators in the Gulf region are delaying new mega-projects as the coronavirus pandemic and low oil prices upend a retail industry built around huge centres catering to tourists and wealthy locals.
Sergio Bucher, the CEO who hoped to turn Debenhams around but has presided over its decline, is expected to set down from his role within the next few days with some observers saying news could come as soon as Monday.
Marks & Spencer has sold its retail business in Hong Kong and Macau to its franchise partner Al-Futtaim as it retreats from international markets to focus on its core business in Britain, the company said on Tuesday.
Abercrombie & Fitch announced it has expanded its partnership with its Middle Eastern partner Majid Al Futtaim to open the first-ever store in Saudi Arabia. It will also house a shop in shop for Abercrombie Kids.
Once again it was fashion that carried John Lewis through the latest week with the period to April 1 seeing total sales down 6%. Not that it is worried as the later timing of Easter is still distorting sales patterns.
Abercrombie & Fitch Co. announced it has expanded its existing relationship with Majid Al Futtaim Fashion, its retail partner in the Middle East. The new markets include Saudi Arabia, Quatar, Bharain and Oman.