Target hires PepsiCo vet Jim Lee as CFO
Target on Thursday announced the appointment of longtime PepsiCo vet Jim Lee as its chief financial officer, one of several recent executive moves made by the Minneapolis-based retailer. Lee, who succeeds Chief Operating Officer Michael Fiddelke, will be responsible for financial planning and analysis, finance capabilities, internal audit, accounting, investor relations, treasury, tax, risk, financial products and services, and corporate development. Fiddelke, who had held the finance post since 2019, was named COO early this year.
Lee brings more than 25 years of experience in finance, strategy, team, and culture leadership at PepsiCo. Most recently as the company's deputy chief financial officer, he oversaw its global tax, treasury, investor relations, and environmental, social, and governance reporting functions, and led the finance teams for PepsiCo's international business, comprising about $35 billion in revenue.
Source: Supermarketnews
Kroger digital sales grow nearly 10x faster than total in Q2
The Kroger Co. grew both its total and digital sales in its fiscal second quarter, which ended Aug. 17, 2024. Kroger digital sales grew at nearly 10 times the rate of total sales — excluding fuel — in Q2, which increased 1.2% year over year. Total Kroger sales in Q2 2024 reached $33.91 billion, up from $33.85 billion for the same period in 2023. The company did not attach a dollar amount to its digital sales. Gross margin was 22.6% of sales.
CEO Rodney McMullen said on an earnings call with investors that Kroger customers "continue adjusting to the current economic environment." He highlighted reduced savings, higher interest rates and inflation as pressures consumers face.
Source: Digital Commerce 360
Aldi unveils flurry of science based targets to help hit net zero by 2050
Aldi has set its sights on achieving net zero greenhouse gas emissions across its entire business and wider value chain by 2050, after confirming today that its interim and longer-term emissions goals have been validated by the Science Based Targets initiative (SBTi).
The approval makes the global supermarket chain one of the first in its sector to secure SBTi validation for its 2050 net zero targets and should provide a boost to its wide-ranging plans to roll out decarbonisation measures across its business and supply chain. The approved targets include a 2030 goal for the Aldi South Group to reduce its absolute Scope 1 and 2 emissions by 52 per cent, before achieving a 90 per cent reduction by 2035, both against a 2021 baseline year.
Source: Business Green
Belgium: SPAR Belgium partner celebrates reopening of three renovated stores
SPAR brand partner in Belgium, Colruyt Group, celebrated reopening of three newly renovated stores run by independent retailers in Wenduine, Eindhout, and Opwijk. Each supermarket now boasts a modern, sustainable design and a renewed focus on fresh, local products.
These extensive renovations reflect SPAR Colruyt Group's ongoing commitment to supporting retailers reinvest in stores to enhance the shopping experience and support local communities. Each store celebrated its reopening with special events, including discounts and festive receptions, showcasing SPAR brand's ongoing commitment to serving its local communities.
Source: Spar
UK: Ocado retail raises revenue guidance after strong Q3
The UK's fastest-growing grocer, Ocado Retail, has upped its full-year revenue guidance after seeing sales jump 15.5% to £658.0m in its third quarter to 1st September as a renewed focus on value attracted more customers. The acceleration from the 11% growth recorded in the first half was driven by a 15.4% increase in volumes, a 14.7% rise in weekly orders, and a 10.3% uplift in active customers to 1.06m.
The online supermarket noted that average selling prices across its range had decreased by 0.4% versus wider grocery inflation of 2.0%. Ocado has rolled out a series of price reduction initiatives this year as part of an effort to shed its upmarket image and broaden its customer base.
Source: KamCity
Mexico: Walmart's Mexican mini-grocers see growing sales
Walmart's big-box stores in Mexico are suffering from flat sales, but at the global retail giant's mini-grocer format, called Bodega Aurrera Express, sales are now growing at 12 percent a year, according to The Wall Street Journal.
Walmart launched the Bodega Aurrera Express format in 2008 and now operates nearly 900 of the stores, but sales only exploded this year. That growth is welcome for Walmart because the Mexican business accounts for 20 percent of the retailer's international sales. But Walmart is already the biggest grocery retailer in Mexico with more than a fifth of all grocery sales.
Source: PYMNTS
Indonesia: Lulu Group now serving Far East with opening of Jakarta hypermarket
UAE-based retail major Lulu Group marked its first retail push in the Far East by opening its first hypermarket in the Indonesian capital of Jakarta. The group has already announced its plans to invest $500 million as part of its expansion and intends set up 10 hypermarkets in the next three years in the country.
The first hypermarket of the country was officially inaugurated by Indonesian President Joko Widodo in the presence of Jakarta Governor Basuki Tjahaja Purnama, Indonesian Trade Minister Thomas Trikasih Lembong, UAE Ambassador to Indonesia, Ahmed Abdullah Al Mussali Al Awadi, Indonesian Ambassador to the UAE Husin Bagis and other ministers, government officials, members of the business community and a large gathering of residents.
Source: Khaleej Times
South Africa: Retail giant processes 1 million Rand in crypto transactions monthly
Pick n Pay, a major South African retailer, is seeing increasing adoption of cryptocurrency payments, with monthly sales reaching R1 million ($57,000), according to a recent report. The report by crypto investment platform Luno highlights a significant increase in cryptocurrency payments at Pick n Pay since the retailer began accepting them in February 2023. Monthly crypto transactions have increased by 3,900% from R25,000 at inception to over R1 million today. Bitcoin the preferred cryptocurrency among Pick n Pay customers, is also the most popular crypto investment on Luno's platform.
Despite the growth in crypto adoption, it's important to note that R1 million is a small amount compared to the traditional cash sales Pick n Pay's Supermarkets division rakes in. The division of the South African retailer reported R7.6 billion ($435.4 million) in sales for the 2023 financial year.
Source: Benjamin Dada
Australia: Coles transforms online groceries with first automated centre
Coles has marked the start of another exciting chapter in its technology-led supply chain innovation journey, with the official opening of its first Customer Fulfilment Centre (CFC) in Victoria, bringing together world-class technology and automation to enhance the shopping experience for Coles Online customers in greater Melbourne.
Located just over 20 kilometres west of Melbourne's CBD, the Truganina CFC was opened this morning by the Victorian Acting Premier Tim Pallas MP, Coles Group Chairman James Graham and Coles Group CEO Leah Weckert. It's the first of two CFCs to launch this year as part of a $400 million partnership with global leader in online grocery transformation, Ocado.
Source: Mirage News