COSTCO’s only Australian store made $8.9 million in sales and membership fees in its first two weeks of operation, as customers flocked to the warehouse discount outlet. But Costco Wholesale Australia made an overall loss of $14 million in the year to August 31, 2009, due to the costs of…
Cult fashion label Ed Hardy collapsed owing $15 million
CELEBRITY cult fashion label Ed Hardy collapsed owing creditors more than $15 million, including about $500,000 owed to employees, liquidators said. A second creditors meeting voted to wind up Ed Hardy Operations on Monday after Deloitte was appointed voluntary administrators last month. The move only relates to Ed Hardy’s Australian…
The IKEA ‘honey pot’ effect
IKEA stores have a “honey pot” effect on surrounding retailers, driving up sales with the furniture chain’s ability to draw large crowds of shoppers from long distances, a retail analyst says. Deutsche Bank’s Alexi Baker-McLennan says retailers which benefit most are those with complementary home-focused offerings like appliances, storage, Manchester…