PayPal allows US shoppers to make cryptocurrency purchases

SAN FRANCISCO - PayPal on Tuesday began allowing people in the United States to use cryptocurrency to make purchases from millions of merchants that use the financial platform for online transactions.

The payments giant had already let users buy, sell or store digital money, but the new Checkout with Crypto feature provides an option to use it for purchases.

"As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies," PayPal chief executive Dan Schulman said in a blog post.

"Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies."

Merchants get paid in standard money, with PayPal converting cryptocurrency to US dollars to settle transactions at the time of sale, according to the Silicon Valley-based company.

Tesla last week began officially accepting bitcoin as currency to purchase electric autos, according to a tweet by chief executive Elon Musk.

"You can now buy a Tesla with bitcoin," Musk said on Twitter, implementing a plan announced in February to accept the cryptocurrency as a form of payment.

Agence France-Presse

Americans rush to stock up on essentials, retailers scramble to keep up

NEW YORK - From Jersey City on the East Coast to Los Angeles on the West Coast, American shoppers picked grocery store shelves clean on products ranging from disinfectants to rice, causing retailers to race to restock their stores as the worsening coronavirus crisis stoked fears of shortages.

As shoppers swarmed stores, President Donald Trump on Friday afternoon declared a national emergency aimed at slowing the spread of the novel virus, which has killed at least 47 people in the United States.

Daily routines have been upended as businesses including Amazon.com urge employees to work from home, schools and universities close, and sporting events and church services are paused across the country. In response to the run on certain items, major retailers have imposed some purchase limits.

The chief executive of Walmart Inc, Doug McMillon, at a news conference with Trump on Friday, said the retailer was having trouble keeping up with demand for products like hand sanitizer Purell, cleaning supplies and paper goods.

"Hand sanitizer is going to be very difficult to have 100% in stock for some time," McMillon said. "We're still replenishing it... but as soon as it hits the stores it's going. The same thing is true for the other categories I mentioned."

In Hanover, New Jersey, about 40 customers had lined up to get into a Wegmans grocery store before it opened on Friday morning. A few hours later, shelves were stripped bare of sanitizing wipes, bulk rice and dried beans. The store posted signs announcing limits on the purchase of hand sanitizer and bottled water.

"An abundance of caution - semper paratus, like the Coast Guard motto that means 'always ready,'" shopper Marlene Russell, 69, told a reporter after packing groceries into her car.

At a Fairway Market on Manhattan's Upper West Side, shelves normally full of pasta, Oreo cookies, pasta sauce, crackers and toilet paper were depleted on Thursday evening. On the West Coast, grocery stores including Ralphs, Pavilions and Trader Joe's had sold out of products ranging from eggs to Lysol cleaning wipes.

RETAILERS REACT

Johnson & Johnson is accelerating production of over-the-counter pain killer Tylenol to ease any spot inventory crunches.

J&J, which also makes Listerine mouthwash, said it was shipping stocks of products in a controlled manner. It was increasing production of other consumer products to ensure retailers were well supplied, it said, adding it did not expect any shortages.

Pharmacy chain Walgreens Boots Alliance Inc and supermarket chain Kroger Co instituted purchase limits to stabilize inventory.

Kroger, the largest US grocery store operator, limited the number of cold, flu and sanitary products per visit, while Walgreens said it was limiting disinfectant wipes and cleaners, face masks, hand sanitizers, thermometers and gloves to 4 per customer.

John Terry, 33, went to a Whole Foods in Manhattan to pick up chicken and other items his wife was unable to get at grocery stores near their Jersey City home, in New Jersey across the Hudson River from Manhattan.

"It was insanity," he said about his local stores. "She went to Costco and there was a line down the block. At another one, the shelves were picked clean."

Phil Lempert, editor of SupermarketGuru, said labor shortages due to everything from school closures to illness could cause business disruptions that last several months.

"It's a lot more than stockpiling toilet paper or Purell. This is going to have implications on our food supply and supply chain for months to come," Lempert said. 

source: news.abs-cbn.com

Panic-buying hits Singapore after virus alert raised

SINGAPORE - Anxious Singapore shoppers formed long lines at grocery stores Saturday and cleared the shelves of essential items, after the city-state raised its alert level over China's coronavirus outbreak.

Since emerging late last year, the virus has killed over 700 people and infected more than 34,000 in China, and spread to many other countries.


Singapore, which has reported 33 cases, raised its alert level Friday to "orange" -- the same as during the deadly 2003 SARS outbreak, indicating the virus is severe and passes easily between people.

The announcement triggered panic in the city-state of 5.7 million starting late Friday, with shoppers -- many wearing masks -- rushing to stock up on items including rice, noodles and toilet paper.

Pictures circulating on social media showed empty shelves in some stores, carts filled with goods and long lines at counters, which continued into Saturday.

"I'm afraid that if they further raise the alert level, we will not be able to go out," a 50-year-old housewife, who did not want to be named, told AFP after leaving a grocery store.

The highest level on Singapore's 4-point scale for dealing with disease outbreaks is "red," one above "orange."

There were, however, ample stocks of other items such as fruit, meat, fish and alcohol.

The government urged calm, with Trade Minister Chan Chun Sing saying there was no need to rush out to buy crucial supplies.

"There is no risk of us running a shortage of essential food or household items," he wrote on Facebook.

Singapore raised its alert level amid a growing number of virus cases in citizens with no recent travel history to mainland China and no known links to previous infections.

Hong Kong has also been hit by a wave of panic-buying in recent days as it seeks to battle the virus, with supermarket shelves frequently emptied of crucial goods.

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3 stabbed in The Hague shopping street

THE HAGUE, Netherlands—Three people were wounded in a stabbing in one of the main shopping streets in The Hague as people hunted bargains on Black Friday, police said.

Police said they were still hunting a male suspect following the attack, which happened in a department store in the center of the city.

Dutch media played down speculation about a terror motive but said police were still keeping an open mind about the incident, which came hours after 2 people were stabbed to death in a terror-related attack in London.

"We are currently taking all scenarios into account," a Dutch police spokeswoman was quoted as saying by the ANP news agency.

The stabbing happened at the Hudson's Bay department store in Grote Marktstraat, the biggest shopping area in The Hague, which is lined with major retailers and brands.

"We are conducting extensive investigations into the stab incident... Due to the complexity, this takes time," they added.

"We are still looking for the perpetrator."

Police said they were looking for a "slightly dark-skinned man" with curly hair aged between 40 and 50 wearing a black top, scarf and grey jogging bottoms.

Social media images showed shoppers running in panic away from the scene, on a nighttime shopping street lit by Christmas fairy lights.

EMERGENCY VEHICLES

Members of the public gathered behind a police cordon on the street, where shoppers had earlier been looking for bargains on Black Friday, an AFP correspondent at the scene said.

Police helicopters flew overhead and several emergency vehicles were on site, the correspondent said.

The stabbing was also not far from parliament in The Hague, which is the seat of government for the Netherlands and home to many international organizations.

The US embassy warned its nationals in The Hague to avoid the area because of "reports of a security incident" and told them to let loved ones know they were safe.

In the UK incident, 2 members of the public were killed in a stabbing on London Bridge in the heart of the capital. The suspected attacker was then tackled by passers-by and shot dead by police.

The Netherlands has seen a series of terror attacks and plots, although not so far on the scale of those in other European countries.

In March, 4 people were killed when a Turkish-born man opened fire on a tram in the city of Utrecht.

Dutch police on Monday arrested 2 suspected jihadists, one of them in The Hague, and charged them with planning a terror attack using suicide and car bombs.

Earlier this month, a Pakistani man was sentenced to 10 years in jail for a plot to kill far-right Dutch politician Geert Wilders.

source: news.abs-cbn.com

Costco cuts short China debut after shoppers swamp store

SHANGHAI, China - US retailer Costco was forced to cut short the opening day of its inaugural mainland China outlet over safety worries Tuesday after huge crowds of bargain-hunters swamped the store in suburban Shanghai.

The massive warehouse outlet issued a notice to users of its official app in the early afternoon saying that it would no longer allow more customers through the doors, citing an "overcrowding" situation inside the store and traffic chaos in surrounding areas.

Earlier in the day, an AFP journalist observing the store's opening witnessed frantic scenes as thousands of shoppers jostled to get their hands on everything from fresh meat to big-screen TVs and giant teddy bears.

"Due to overcrowding in the market, and in order to provide you with a better shopping experience, Costco will temporarily close on the afternoon of August 27. Please avoid coming," the notification said.

In a text message to AFP, a spokesman for Costco said the doors were shut to new incoming customers but that those inside would be allowed to finish shopping.

Analysts have warned Costco's model may struggle in a market that has been tough on foreign food retailers but shoppers descended on the outlet in droves as soon as the doors opened, prompting staff to move them into the store in phased groups to maintain order.

But they continued to flow in, leading to shopping cart gridlock throughout the store, especially in more popular areas such as the food section, where people scrambled to get their hands on meat and other produce.

Elsewhere, shoppers pushed and shoved for access to the freshly cooked rotisserie chickens as staff pleaded with buyers to form a line.

Outside, motorists complained on social media about three-hour waits to get into the store's parking lot, while others stood for lengthy periods in 36-degree (97 fahrenheit) heat outside the store hoping to get in.

But there were no immediate reports of any injuries or scuffles.

The spokesman said the store, which sprawls out over 1.4 hectares (150,000 square feet) in Shanghai's southwestern suburbs, planned to open as normal on Wednesday.

Foreign "hyper-markets" have struggled in China, with some criticized for failing to cater to the country's consumer habits.

In June, French chain Carrefour agreed to sell 80 percent of its China business to domestic retailer Suning after suffering recurring losses.

German wholesaler Metro is in the process of selling its operations to a local bidder and Britain's Tesco pulled out of the Chinese market in 2014.

Costco also faces stiff competition from online shopping options provided by the likes of e-commerce giant Alibaba, which have proven hugely popular.

But Costco already has had an online presence in China for 5 years.

Richard Zhang, Costco's senior vice president for Asia, told AFP last week that data gleaned from those online sales convinced the retailer that Chinese consumers were now ready for a bricks-and-mortar version.
© 

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Consumers supporting US economy amid manufacturing slump

WASHINGTON - American consumers appear to be carrying the US economy in their shopping carts as manufacturing slumps amid President Donald Trump's trade conflict with China, and financial signals warn of a possible recession.

"The economy is phenomenal," Trump said Thursday. "We had a couple of bad days but we are going to have some very good days because we had to take on China."

But despite his cheerleading, a raft of new US data reports showed a mixed picture on the economy, leading Wall Street to post a modest recovery from its worst day of the year.

Global financial markets remain concerned about slowing European and Chinese economies, which caused a closely watched recession signal to flash red, sending stocks worldwide down two percent or more on Wednesday.

Longer term bond yields continued to fall with the 30-year US Treasury bond dropping below 2 percent for the first time ever, while the 10-year hit the lowest point in 3 years as investors sought safe havens to hedge against a possible downturn.

Trump continued to call on the Federal Reserve to cut interest rates, saying it made a "big mistake" by increasing too fast.

Fed Chairman Jerome Powell "should be cutting rates. Every country all over the world is cutting. We want to stay sort of even," Trump told reporters.

The US manufacturing sector, which declined in the first two quarters of the year, putting it in recession, slumped again in July and is now down 1.5 percent this year, the Federal Reserve reported.

That comes on the heels of other data showing the trade war has undermined business confidence and is curtailing investment amid the uncertainty.

"It is hard to avoid the conclusion that the industrial sector is being dragged down by overseas developments," analysts John Ryding and Conrad DeQuadros of RDQ Economics said.

Their analysis highlighted "the impact of tariffs on supply chains, and the effects of uncertainty about these policies may have had in subduing capital spending."

Although Trump has made boosting manufacturing a central focus of his economic policies, this sector makes up a dwindling share of the US economy.

CONFIDENT SHOPPERS


Even before Trump gave retailers an early Christmas bonus by delaying tariffs on more than half the $300 billion in Chinese goods targeted for new 10 percent punitive duties, Americans' spending habits were buoying the economy.

That trend continued in July, the first month of the third quarter, as retail sales jumped 0.7 percent, far more than expected, driven by e-commerce and Amazon's 48-hour prime "day," according to new data from the Commerce Department.

"The United States is now, by far, the Biggest, Strongest and Most Powerful Economy in the World, it is not even close!" Trump tweeted. "As others falter, we will only get stronger. Consumers are in the best shape ever, plenty of cash."

Walmart -- which has been beefing up its online presence to compete with Amazon -- added to the good retail news, reporting better than expected profits in the latest quarter and boosting its forecast for the year.

"Households are in good shape with spending and that should continue as long as the labor market remains healthy," National Retail Federation chief economist Jack Kleinhenz said.

But he warned that financial market volatility and "increased trade tensions in recent weeks may put a wind of caution in consumer spending as we move forward in 2019."

Trump told reporters Thursday that talks with China set for September are "still on" -- less than a week after he said they might be canceled -- and trade negotiators also have been in contact by phone.

"We're talking and they're offering things that are very good," he said, but warned that the US still has at its disposal "the ultimate form of retaliation."

By December 15 all goods imported from China will face stiff US tariffs, and markets are watching anxiously for signs of progress in the dispute.

Meanwhile, China, which has been gradually reducing its holdings of US Treasury debt, for the first time since May 2017 is no longer the biggest US creditor, according to data released Thursday. Japan retook the top spot.

source: news.abs-cbn.com

Cyber Monday on track for US online shopping record

Cyber Monday was on track to bring in a record $7.8 billion in U.S. online sales, as millions of shoppers scoured for steep discounts on everything from Lego sets to big-screen TVs.

The marketing event was expected to pick up steam Monday evening as West Coast shoppers nab deals after work and those on the East Coast make purchases before bedtime, according to Adobe Analytics, which measures transactions from 80 of the top 100 US retailers.

"Many shoppers have waited on certain purchases, with three hours tonight expected to bring in as much revenue as an average full day," said Taylor Schreiner, director of Adobe Digital Insights.

Target Corp and Amazon.com Inc were pulling out all the stops, offering free delivery with no minimum order requirement and bombarding shoppers with promotional emails. Companies had logged $531 million in sales as of 10 a.m. ET (11 p.m. in Manila), Adobe Analytics found.

On Wall Street, investors showed their enthusiasm. Shares of Amazon closed up 5 percent. Macy's Inc, Kohls Corp and Target shares rose as well.

In another estimate, Mastercard SpendingPulse forecast a 25 percent jump in e-commerce sales to at least $3 billion, based on sales via the Mastercard payments network and estimates for other payment forms such as cash and check.

These US forecasts still paled in comparison to Alibaba Group Holding Ltd's "Singles Day" earlier this month, when the Chinese e-commerce giant raked in $30.7 billion in sales.

Some industry observers saw a down side to the US shopping frenzy.

Bob Phibbs, chief executive of New York-based consultancy the Retail Doctor, warned of potential store closures if brick-and-mortar players discounted items too heavily this holiday season.

"Online discounts and free shipping are significantly cutting into retailers' profits," he said. "Retailers are just spending money in the hopes that they don’t lose too much more."

The promotional efforts also drew the ire of customers who complained they woke up to even more Cyber Monday emails than in years past.

"Yes retailers, I'm aware it's Cyber Monday even without the 150 emails," tweeted Keina (@RealMamaEagle), a user from Delaware.

DEEP DISCOUNTS ON TOYS

Drawing an estimated 75 million shoppers, the day was a test of retailers' online platforms and delivery operations.

Without the right IT infrastructure, the heavy traffic could have caused hours of glitches like those during Amazon's Prime Day marketing event in July.

But as of 5:30 p.m. ET on Monday, no big US chain had notable technical difficulties, according to outage tracker DownDetector.com. On Black Friday some websites including apparel retailer J.Crew and home improvement chain Lowe's Cos Inc had temporary outages.

Consumers are increasingly doing their holiday shopping online, diluting the importance of Black Friday, when shoppers traditionally flocked to brick-and-mortar stores for the best deals.

"I find Cyber Monday to be more convenient than Black Friday," said Jeissy Casilla, 23, a retail worker in Puerto Rico. "I think that Cyber Monday is better in terms of how much you can get done while doing so little - basically a better chance at the best deals."

Toys were expected to have the biggest discounts, Adobe Analytics said, as retailers rush to fill the void left by the bankruptcy of top US toy retailer Toys 'R' Us.

Target offered 30 percent off on select toys, while Kohl's discounted Lego sets between 30 percent and 40 percent.

"This year, retailers are much clearer about where their strengths lie, rather than just attempting to beat Amazon at its own game," said retail analyst Carol Spieckerman.

Social media conversation tracker Brandwatch said out of 13,000 social media mentions of #Cybermonday, the Apple Watch and the Red Dead Redemption 2 video game were two products that were highly discussed.

The National Retail Federation forecast US holiday retail sales, including online, in November and December will increase between 4.3 percent and 4.8 percent over 2017, for a total of $717.45 billion to $720.89 billion.

source: news.abs-cbn.com

Wall Street investors caught in crossfire of fight for holiday shoppers

NEW YORK -- Investors would normally be thankful for a strong US economy, yet this holiday season they worry retailers may have to spend heavily to win, leaving shareholders with a lump of coal.

Steep discounts are as familiar a sight during the holidays as rich desserts, but this year so is a fierce grab for a slice of the e-commerce market as Amazon.com Inc and Target Corp offer free shipping for small purchases.

US shoppers formed long lines at checkout counters on "Black Friday" to take advantage of discounts on clothing and electronics, offering evidence that a healthy economy and rising wages are translating into stronger consumer spending at the start of retailers' make-or-break holiday season.

Yet underwhelming earnings reports earlier this week from Target to department store Kohl's Corp and home-improvement specialist Lowe's Cos Inc reminded investors that US tariffs on imported goods, fickle consumer tastes and competition could eat away at profits this year.

Target shares fell 10 percent on Tuesday as the company said profit margins declined due to growing investments in boosting its online business, wage increases, price cuts and the higher cost of preparing and shipping orders. Target shares fell 2.7 percent on Friday.

"The retailers and e-commerce players are duking it out," Shawn Kravetz, Esplanade Capital LLC's chief investment officer, said at the Reuters Global Investment 2019 Outlook Summit in New York last week.

"Amazon is buying that (consumer retail) business. Other players are buying that business. So it's a war."

Kravetz, whose first job after earning an MBA in 1995 was at CML Group Inc, a company that sold NordicTrack exercise machines through catalogs and television advertisements, said "the old joke was that we gave away stuff for free to sell people shipping."

The game has changed for retail players now, he said.

"They have almost no gross margin and they're giving away shipping. It's a tough gig. But if you're Amazon - and you're playing the long game - if you can only get another trillion dollars' worth of revenue and then raise prices one percent the numbers can work."

More retailers face pressure to cut into their margins or sacrifice growth, creating a catch-22 for investors even as consumers spent strongly during the sales following Thursday's US Thanksgiving Day holiday. GlobalData Retail said that the average person shopping early on Black Friday spent $407.20, up 2.1 percent over last year.

Even so, money managers have been getting more selective.

Eaton Vance Corp portfolio manager Kathleen Gaffney, whose Multisector Income Fund holds bonds issued by JC Penney Co Inc and Nordstrom Inc, said she has scaled back the JC Penney holding.

"They've pretty much secured every asset that they have so it is going to be challenging. Nordstrom, on the other hand, is well suited for the current market," Gaffney said at the Reuters summit, adding that the company's managers have been effective and target a solid, upscale niche.

Nordstrom shares have added nearly 12 percent this year, including dividends, sharply paring gains closer to 50 percent earlier this year after reporting disappointing third-quarter same-store sales. JC Penney shares crashed nearly 60 percent over the same period as the company continued to struggle to appeal to changing tastes of younger shoppers less likely to frequent traditional department stores.

Katie Shaw, sector leader for the global consumer team at Fidelity Investments, said she is positive about retail stocks because US consumers are getting a raise, seeing inflation-adjusted wages gain at all income levels for the first time since the 2007-2009 global financial crisis. But Shaw has a lower holding in mall-based department stores and big-box retailers than the benchmark against which she is measured.

"The role of retail to a customer's life has changed," she said. "There are a number of companies who have yet to invest in driving emotional connection with consumers."

source: news.abs-cbn.com

Black Friday deals lure US shoppers, biggest sales gains online

NEW YORK - Shoppers across the United States snapped up deep discounts on toys, clothing, and electronics both online and at stores on Black Friday, giving retailers a strong start to their make-or-break holiday season.

A healthy economy and rising wages gave people the confidence to splash out on retailers' annual raft of bargains.

“The prices today are very good,” said Jose Manuel Cruz Hernandez, 59, who hit the Del Amo Fashion Center in Torrance, California, with his sister Paulina Cruz, 66, who comes every year from Mexico City to shop.

The pair spent $120 on princess dolls and other toys at the Walt Disney Co store, where items were 20 percent off. They spent a similar amount at Gap Inc, where items were discounted by about 55 percent.

Cruz Hernandez, a foreman at an aerospace firm, said he was comfortable with the US economy and his own finances and plans to spend another $1,000 on holiday gifts - about the same as last year.

A similar story played out online, where shoppers spent $643 million by 10 a.m. ET, up 28 percent from a year ago, according to Adobe Analytics, which tracks transactions at most of the top US online retailers. Smartphone sales in particular contributed to gains.

Foot traffic looked healthy at stores offering discounts, although detailed numbers on brick-and-mortar holiday sales will not be available for several days.

"Overall, Black Friday doesn't have the sense of urgency as in the past and feels more like a busy regular weekend day in many of the stores," said Dana Telsey at Telsey Advisory Group.

"Many of the promotions were available for the past couple of weeks," Telsey said. "We haven't noticed desperation from any retailer."

Shares of Macy's Inc, Kohl's Corp, and Target Corp all closed down on Friday and weighed on the broader S&P 500 retailing index, which closed down 0.56 percent.

Investors are concerned retail sales growth may have peaked in the second quarter and business will slow down as comparisons get tougher, said Brian Yarbrough, retail analyst with Edward Jones.

Victoria's Secret owner L Brands, Walmart Inc and American Eagle Outfitters rose. J.C. Penney Co Inc ended flat and Amazon.com Inc closed slightly lower.

The overall stock market finished a shortened session with losses.

STRONG ONLINE SALES

Early numbers showed overall retail sales, both in stores and online, were in line with expectations, according to Mastercard Inc's SpendingPulse retail report. The firm expects overall Black Friday sales to top $23 billion this year, up from $21 billion last year.

Mastercard combines sales activity in its payments network with estimates of cash and other payment forms. It said cold weather in the eastern United States and wet weather in the west may be pushing more consumers online.

Online spending is on track to hit $6.4 billion on Friday, Adobe said. Online sales on Thanksgiving Day were up 28 percent at $3.7 billion.

The National Retail Federation forecast US holiday retail sales in Nov. and Dec. will increase between 4.3 and 4.8 percent over 2017 for a total of $717.45 billion to $720.89 billion. That compares with an average annual increase of 3.9 percent over the past 5 years.

About 38 percent of American consumers plan to shop on Black Friday, a Reuters/Ipsos poll showed last week.

Very cold weather in the US Northeast may have kept some shoppers at home, although industry analysts also reported added demand for coats and other warm clothing. An Athleta clothing store in Tysons, Virginia, provided hot chocolate with marshmallows to women in line for the dressing room.

DEAL FRENZY

Shoppers picked up big-ticket items such as TVs, Apple Inc iPads and Watches at Target, while phones, toys, gaming consoles and cookware were top sellers at Walmart Inc.

Many shoppers sought out air fryers, which do not use oil to deep fry food and Instant Pots. Kohl's Chief Executive Michelle Gass told CNBC the company was selling 60 Instant Pots per minute online on Thanksgiving Day.

While most retailers have not changed their deals and discounts year-over-year, many have moved their start dates earlier and offered more teasers, according to deal site RetailMeNot.

The deepest discounts in apparel and accessories were offered by Michael Kors, which ran a 60 percent discount sale; Gap, which offered 50 percent off site-wide; and Nordstrom, which gave away up to 60 percent on merchandise.

Other deals included:

An H&M store in Manhattan offered 30 percent off everything in-store and online.

Macy's in Herald Square, Manhattan, sold a Coach designer wallet, originally $225, for $53. Coach bags there, originally $259, were half off.

Midtown Comics was taking 25 percent off everything at its 3 Manhattan locations until noon.

An Eddie Bauer in Chicago offered 50 percent off all items.

At a Chicago-area Pandora, which sells popular charm bracelets that can cost up to $1,000, jewelry was 35 percent off before 10 a.m. and 25 percent off for the remainder of the day.

J Crew clothing was 50 percent off. Its site experienced some technical difficulties.

Walmart was selling a Google Home mini for $99.

REPLACING A TOY STORE

Many retailers, reacting to the bankruptcy of the Toys 'R' Us chain, are catering to parents.

Target said in October it planned to dedicate nearly a quarter of a million square feet of new space to its toy business across 500 of its stores.

“Toys 'R' Us had better quality for toys,” said Ashley Drew, 29, shopping for her 5-year-old daughter at a Los Angeles-area Walmart, next door to the empty shell of a Toys 'R' Us store.

Department store JC Penney, known for its mid-priced apparel, has also made a push into toys.

Carolyn Pertette from Wilkinsburg, Pennsylvania, shopped in the early morning at the Waterfront Mall in Pittsburgh.

"I'm concerned about where I'm going to get toys," she said.

source: news.abs-cbn.com

Lazada goes premium, fights fakes with first 'mall'

MANILA -- Shopping app Lazada on Friday launched what it called a "shopping mall," targeting premium shoppers while cracking down on fakes in the online marketplace. 

Items sold on LazMall are "100 percent guaranteed authentic" where the brands themselves identify the sellers, Lazada Philippines CEO Ray Alimurung said. LazMall can be accessed from within the main Lazada app.

LazMall will open on Sept. 9 with discounts of up to 90 percent. While virtual, it is Southeast Asia's largest mall with 70 million product listings, the company said. 

"We felt a need to carve out a different experience and to emphasize that it is a premium experience," Alimurung said.

LazMall purchases are delivered within 24 hours, faster than those made on the main platform. Items can also be returned in 15 days, he said. 

The company that is 83-percent owned by Chinese e-commerce giant Alibaba is "very, very serious" about offering only authentic products. Allegations of counterfeit are investigated immediately, Alimurung said.

"We're not just working with any seller. The seller has to be recommended by the brand," he said.

Official merchants include Apple, Samsung, Xiaomi, JBL, Philipps, Mac, L'Oreal, Dove, Olay and Levi's. 

Traffic-weary customers seeking bargains and household products like baby diapers have driven growth for Lazada, which also hosted sale events for mall giant SM. 

In the US, e-commerce giant Amazon opened a physical bookstore in New York last year. It later opened physical pick up points for online shoppers who don't want their purchases delivered to their homes.

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Like 'Star Trek': voice shopping seen as new frontier

WASHINGTON - Hey, Google, order a large pizza! Alexa, I need vitamins!

Voice shopping using smart speakers and smartphone apps is starting to gain traction among consumers, opening up a new "conversational commerce" channel and potentially disrupting the retail sector.

Devices such as Amazon's Alexa-powered speakers and Google Home, which use artificial intelligence to respond to voice commands, are offering new choices to consumers who are looking for more convenient ways to order goods and services.

Voice shopping is expected to jump to $40 billion annually in 2022 in the United States, from $2 billion today, according to a survey this year by OC&C Strategy Consultants.

"People are liking the convenience and natural interaction of using voice," said Victoria Petrock of the research firm eMarketer.

"Computing in general is moving more toward voice interface because the technology is more affordable, and people are responding well because they don't have to type."

A recent eMarketer survey found 36 percent of US consumers liked the idea of using a home-based assistant like Amazon Echo for making a purchase.

Amazon's devices, which hit the market in 2015, were designed in large part to help boost sales, and Google Home was launched a year later. 

The use of smart speakers has expanded the possibilities available through smartphone chatbots or text-based systems including those from Facebook and Apple.

EXPONENTIAL GROWTH

"This is growing exponentially," said Mark Taylor, an executive vice president at consultancy Capgemini and co-author of a study on conversational commerce.

"We're getting very used to asking Alexa or Google to do something on our behalf, which makes it simple to switch and say, 'Hey Alexa, buy me dog food.'"

Capgemini research shows many consumers are satisfied with voice interactions and that this is growing for search and information as well as for purchases and that this is likely to become a "dominant" mode of consumer action within a few years.

"It's becoming part of the fabric of our lives," Taylor said.

The most commonly shopped categories through voice are groceries, entertainment, electronics and clothing, according to OC&C.

For now, Taylor said, most voice-based purchases have been "low consideration goods" such as items consumers have purchased before.

But as people grow comfortable with voice assistants Taylor sees a potential for growth in "higher consideration" items including insurance or financial services.

An important element will be the tonality and personality established by intelligent assistants that will help companies establish an image or brand.

"People like to talk to human beings because humans give insight and guidance, and AI can do the same thing," he said.

LIKE 'STAR TREK'

The "conversational interface" is a tremendous advantage in some situations, said Manlio Carrelli, executive vice president at LivePerson, which provides technology for firms in online platforms.

"This is like 'Star Trek,'" Carrelli told AFP. "I can just say what I want and get it. Consumers don't care what's on the back end, they just want to be able to get what they want."

Carrelli said these systems are important not only for sales, but for customer service -- reducing the need for dreaded call centers and saving millions for businesses.

"We're now entering the mainstream for this market," Carrelli said. "I don't think you'll find a single major brand that isn't looking at this."

Walmart last month launched a text-based concierge shopping service called Jetblack which uses both artificial intelligence and professional assistants offering buying suggestions as part of its effort to compete with Amazon.

But Walmart is one of dozens of retailers offering voice-based shopping through Google Express as well, along with sellers of flowers, hardware, groceries and other goods.

Domino's Pizza has embraced this technology, allowing orders through Amazon Alexa, Google Home, Facebook Messenger and other platforms.

In France, Google Home devices can be used to shop at the giant retailer group Carrefour. And retailers in China have been partnering with tech firms for similar services.

According to OC&C, Amazon Echo speakers are used in around 10 percent of US homes, with four percent for Google Home.

According to the report Apple is lagging in this sector because its Siri assistant lacks the AI capabilities of Google, and the new HomePod has only just hit the market.

Apple just this year rolled out "business chat," enabling consumers to ask questions and place orders through iPhone text or voice commands, and see images of products on the iMessage service. Retailers Lowe's and Home Depot are among the partners.

Some analysts, however, expect more players to enter the market, with speculation rampant about a speaker from Facebook, which now allows business and consumers to connect through Messenger chatbots.

"Voice commerce represents the next major disruption in the retail industry, and just as e-commerce and mobile commerce changed the retail landscape, shopping through smart speaker promises to do the same," said John Franklin of OC&C.

source: news.abs-cbn.com

Walmart goes upscale with personal shopper service

NEW YORK - Walmart on Thursday unveiled a new concierge shopping service enabling customers to get quick deliveries and advice from a personal assistant, going upscale in the retail giant's battle with Amazon.

The new $50 per month service called Jetblack is launching in New York, offering "curated shopping recommendations" using both artificial intelligence and professional assistants.

The new subscription service ramps up competition with Amazon, which gives customers a variety of benefits and delivery options through its Prime subscription membership.

The new Walmart service comes from its recently acquired Jet.com online platform and its technology incubator known as Store No. 8.

Jetblack will let customer text requests for items such as birthday gifts. 

Operating in the New York boroughs of Manhattan and Brooklyn, it offers same-day and next-day deliveries from Walmart, Jet.com and its retail partners, which are expected to include local boutiques and luxury retailers.

It will be led by Jenny Fleiss, co-founder of the retail fashion rental service Rent the Runway, who joined Walmart last year.

The website offered few details, offering customers an opportunity to join a waiting list.

"We are thrilled to introduce Jetblack to the world today," said Fleiss in a statement.

"Consumers are looking for more efficient ways to shop for themselves and their families without having to compromise on product quality. With Jetblack, we have created an entirely new concept that enables consumers to get exactly what they need through the convenience of text messaging and the freedom of a nearly unlimited product catalogue."

Jet.com founder Marc Lore said the new service using "conversational" commerce "will have a profound impact on how customers may shop five years from now."

Walmart and other retailers have been scrambling in the face of Amazon's push into various sectors including groceries, with more than 100 million Prime subscribers.

source: news.abs-cbn.com

Blast rips through supermarket in Russia's St Petersburg, 10 hurt

MOSCOW - A blast ripped through a supermarket in Russia's St Petersburg on Wednesday evening, injuring at least 10 shoppers, investigators said.

The explosion was caused by a homemade bomb packed with pieces of metal with a force equivalent to 200 grammes of TNT, they said. They have opened a criminal case on the grounds of attempted murder.

Nobody was killed in the explosion, and it was not immediately clear what the motive for it was.

Russian media reports said the bomb had been hidden in a locker where shoppers leave their belongings in a branch of the Perekrestok supermarket chain.

"All possible versions of what has happened are being worked on," Alexander Klaus, the head of St Petersburg's investigative committee, told Reuters.

"As of now, it has been established that 10 people were taken to the city's hospitals with injuries. At the moment, the lives of those injured are not under threat."

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Shop early, shop often to avoid Christmas impulse buying - study

AUSTIN, TEXAS - Parceling out holiday shopping in small amounts and completing it in a realistic schedule helps people maintain the self-control needed to avoid being swept away in impulse purchases that can wreck budgets, a study to be published in January said.

The study from Texas A&M University researchers looked at how well people complied with maintaining self-control for tasks such as making purchases and found that people should pace themselves if they want to accomplish larger goals.

"Try to conserve your energy. Don't try to make it too hard on yourself because it is going to backfire," said Marco Palma, director of the Human Behavior Laboratory at Texas A&M and co-author of the study called "Self-control: Knowledge or perishable resource?" It will be published in the Journal of Economic Behavior & Organization.

Palma recommended making a list and dividing it into sub-goals of small purchases. Shopping online and shopping early in the day can help conserve energy, which can also help people exercise self-control.

"Committing to a shopping list will help you stay on budget," he said in an interview this week.

The worst shopping scenario in terms of self-control is waiting until the last minute to make the bulk of holiday purchases, he said.

The study used biometric data including eye tracking and brain scanning to measure how well people complied with easy and difficult tasks that required self-control.

It found that an initial moderate self-control act enhances subsequent self-control ability by increasing confidence and motivation, but exerting too much self-control drains subsequent self-control ability.

But humans are humans and even when they are nice, they can be a little bit naughty. A person who completes a holiday shopping list as planned may splurge with a little reward for themselves, Palma said.

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US Black Friday, Thanksgiving online sales climb to record high

CHICAGO - Black Friday and Thanksgiving online sales in the United States surged to record highs as shoppers bagged deep discounts and bought more on their mobile devices, heralding a promising start to the key holiday season, according to retail analytics firms.

US retailers raked in a record $7.9 billion in online sales on Black Friday and Thanksgiving, up 17.9 percent from a year ago, according to Adobe Analytics, which measures transactions at the largest 100 US web retailers, on Saturday.

Adobe said Cyber Monday is expected to drive $6.6 billion in internet sales, which would make it the largest US online shopping day in history.

In the run-up to the holiday weekend, traditional retailers invested heavily in improving their websites and bulking up delivery options, preempting a decline in visits to brick-and-mortar stores. Several chains tightened store inventories as well, to ward off any post-holiday liquidation that would weigh on profits.

TVs, laptops, toys and gaming consoles - particularly the PlayStation 4 - were among the most heavily discounted and the biggest sellers, according to retail analysts and consultants.

Commerce marketing firm Criteo said 40 percent of Black Friday online purchases were made on mobile phones, up from 29 percent last year.

No brick-and-mortar sales data for Thanksgiving or Black Friday was immediately available, but Reuters reporters and industry analysts noted anecdotal signs of muted activity - fewer cars in mall parking lots, shoppers leaving stores without purchases in hand.

Stores offered heavy discounts, creative gimmicks and free gifts to draw bargain hunters out of their homes, but some shoppers said they were just browsing the merchandise, reserving their cash for internet purchases. There was little evidence of the delirious shopper frenzy customary of Black Fridays from past years.

However, retail research firm ShopperTrak said store traffic fell less than 1 percent on Black Friday, bucking industry predictions of a sharper decline.

“There has been a significant amount of debate surrounding the shifting importance of brick-and-mortar retail,” Brian Field, ShopperTrak’s senior director of advisory services, said.

“The fact that shopper visits remained intact on Black Friday illustrates that physical retail is still highly relevant and when done right, it is profitable.”

The National Retail Federation (NRF), which had predicted strong holiday sales helped by rising consumer confidence, said on Friday that fair weather across much of the nation had also helped draw shoppers into stores.

The NRF, whose overall industry sales data is closely watched each year, is scheduled to release Thanksgiving, Black Friday and Cyber Monday sales numbers on Tuesday.

US consumer confidence has been strengthening over this past year, due to a labor market that is churning out jobs, rising home prices and stock markets that are hovering at record highs.

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Panic on London's Oxford Street after reports of shooting

LONDON—Panic erupted among Christmas shopping crowds on London's Oxford Street on Friday evening as armed officers raced to respond to reports of shots being fired in the area but police said later they had found no evidence of gunfire or casualties.

Oxford Street, with its festive window displays and hundreds of overhead lights, was crammed with shoppers taking advantage of the Black Friday sales when the incident happened shortly after dusk.

London's Metropolitan Police said in a statement they had found no evidence of gunfire, casualties or any suspects and that the incident, which lasted for just over an hour, had been stood down.

"Given the nature of the information received, the Met responded in line with our existing operation as if the incident was terrorism, including the deployment of armed officers," they said in a statement.

A Reuters witness said panicked shoppers had fled Oxford Street and Oxford Circus underground station.

The witness saw an elderly lady and a man carrying his child knocked over in the rush. "There were people running in all directions. I didn't know which way to run," the witness said.

Britain's transport police said they had received a report of one woman suffering a minor injury in the panic.

The capital's transport operator, Transport for London, said Oxford Circus and Bond Street stations, which had been briefly shut due to the incident, had later reopened.

(Additional reporting by David Milliken, William Schomberg and James Davey; Writing by Michael Holden; editing by Stephen Addison)

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As Black Friday nears, US stores get creative to battle e-commerce

NEW YORK - The photo op with Santa Claus has long been a holiday mainstay for American children. But this year, shopping malls in several states are scheduling glamor shots for man's best friend.

As the Christmas shopping season kicks into high gear on Black Friday, the day after Thanksgiving, portraits of St. Nick with a family's beloved dog are just one way retailers are looking to attract customers in the face of exploding e-commerce.

Brick-and-mortar stores have expanded their bag of tricks -- and gotten increasingly bold -- as they look to lure shoppers who might otherwise be happy to stay on the couch and pick up gifts while still in their pajamas.

The flagship Bloomingdale's store in New York has held yoga classes, and Nordstrom has displayed Tesla cars near the section for men's suits.

A number of shops now ply visitors with food and drink.

For the holiday shopping season, malls are hosting gingerbread decorating sessions, visits from the Grinch -- Dr. Seuss's beloved Christmas villain-turned-softie -- and ugly Christmas sweater nights.

Temporary ice skating rinks and magical winter decor are also being used to draw customers intent on an in-person holiday experience.

Wal-Mart Stores plans to throw more than 20,000 "holiday parties" at which children can pose for "selfies with Santa."

"All of these retailers are desperate to get people into their stores," said analyst Neil Saunders, managing director of GlobalData Retail, who added a note of caution about all the promotions.

"Whether they work or not is open to debate."

THE DRAW OF THE INTERNET

Most experts predict a solid holiday shopping season, with IHS Markit projecting overall sales growth of 4.2 percent to about $685 billion, said Chris Christopher, executive director at IHS.

Online sales are expected to account for 18.3 percent of holiday sales this year, up from 16.8 percent last year, according to IHS.

Surveys show that creating a festive holiday atmosphere is one way to prompt consumers to pocket their smartphones for a few hours and hit the mall.

About a third of consumers said they enjoyed holiday shopping as a family tradition and 23 percent said they most enjoy holiday decorations, said a National Retail Federation survey.

Tourist Karen Boyd, who was visiting New York this week from Palo Alto, California, said she expects to do half of her shopping online and half of it in stores this year.

"The years I've done 100 percent online, it doesn’t feel like you've done your holiday shopping!" she said near Saks Fifth Avenue's famed holiday window display as Christmas carols played in the background.

NEW APPS AND CURBSIDE DELIVERY

As e-commerce has grabbed bigger market share, chains like Target and Gap have invested heavily in smartphone apps and sophisticated "big data" programs to target consumers and price most effectively.

Upscale department store Nordstrom is offering 24-hour curbside pickup at a handful of stores for the final 9 days of the shopping season.

"Customers increasingly want to shop where, how and when they choose, and 24/7 Curbside Pickup is one service we're offering to support their experience," said Shea Jensen, senior vice president of customer experience at Nordstrom.

Department store Kohl's is taking to heart a common motto -- if you can't beat them, join them.

Kohl's will accept returns of goods bought on Amazon at its stores in Chicago and Los Angeles -- and will pack and ship the unpackaged items back to the online behemoth at no charge.

The hope is that Amazon shoppers will linger and buy a few items from Kohl's.

"We have a really very simple, straightforward objective here, and that is driving traffic is the number one priority we have as a company," chief executive Kevin Mansell said earlier this month.

HEART OF THE PROBLEM?

For Saunders, while doggie pics with Santa might draw pet lovers to stores, other initiatives are less inviting. And for him, the real issue is on the product side.

"A lot of these retailers aren't delivering what people want," he said.

David Simon, chief executive of the mall giant Simon Property Group, said stores should shake up their approach to customer service, highlighting Apple's attentiveness to customers and sleek store design.

"I think if they did that in a more comprehensive way through checkouts service, styling . . . they would see a pickup in their in-store sales," Simon said on a recent conference call.

Shopper Melin Ghotan said "bad customer service" had marred her recent purchase at a video game store -- a clerk balked when the Los Angeles mother requested a second shopping bag for the items.

"I'd have rather bought it online," she said as she walked near New York's lamdmark Rockefeller Center.

source: news.abs-cbn.com

Wal-Mart profits fall as it ramps investment to fight Amazon

NEW YORK - Walmart updated investors Thursday on its latest new gadgets and time-saving pickup options to lure shoppers to stores and away from arch-rival Amazon.

The good news? The company's array of investments in e-commerce, store beautification, low prices and higher employee pay are indeed driving up store traffic.

The bad news? Profits are down.

Walmart US, the biggest division at Wal-Mart Stores, scored a 1.8 percent rise in comparable sales in the second quarter compared with the year-ago period, its 12th straight quarter with positive sales in the closely-watched benchmark.

Revenues rose 2.1 percent to $123.4 billion.

But net income fell 23.2 percent to $2.9 billion. Factors included more aggressive spending on e-commerce and low price investments, as well as costs of $788 million connected to a one-time debt payment.

Executives expressed confidence in Wal-Mart's strategy and highlighted an especially strong performance in the US grocery business, which experienced the biggest jump in five years, in part due to price inflation in meat and produce.

Wal-Mart holds the biggest share of the US grocery market of any retailer, with its network of nearly 4,700 stores that the company says are located within 10 miles of about 90 percent of the US population

But Wal-Mart is girding for a more direct head-to-head battle with Amazon with the tech giant's impending purchase of Whole Foods Market.

"Amazon are a really strong competitor," said Wal-Mart US chief executive Greg Foran in a conference call with reporters. "We've got a good strategy. I'm comfortable with what we're doing."

"Obviously we're keeping an eye on what a strong competitor is doing," he added.

New tech-oriented initiatives include the expansion of a program that lets consumers pick up online orders to more than 900 locations, up from 670 in the prior quarter.

Consumers are also able to reorder their most frequent purchases with a few quick clicks and can utilize automated "pickup towers" to receive goods after scanning in a barcode.

Shares of Wal-Mart fell on the report, ending down 1.6 percent at $79.70.

Although the earnings bested analyst expectations, investors were "a bit disappointed" with some of Wal-Mart's third-quarter profit forecast, said a note from Briefing.com

But the decline also reflected a pullback after Wal-Mart gained 11 percent over the last month, Briefing.com added.

"We note the decline in net income, but believe that some short term erosion is necessary as the business invests in its future," said Neil Saunders, managing director at GlobalData Retail.

"In our view, Walmart is a demonstration that traditional businesses can survive and thrive in this era of retail if they are prepared to adapt and evolve."

source: news.abs-cbn.com

Apple opens first official store in SE Asia

SINGAPORE - Apple opened its first Southeast Asia store in Singapore on Saturday, drawing hundreds of excited fans to the swanky two-storey site in the city's upmarket shopping district.

Located on the affluent Orchard Road, the new shop -- easily distinguished by its iconic glass facade -- is expected to be one of the most popular Apple stores in the world according to the US tech giant.

Merchandise such as the iPhone and MacBook were strategically placed on display across the spacious first floor, while the upper level acted as a classroom for customers to participate in hands-on sessions.

Hundreds of shoppers camped out in anticipation of the launch, while more than a thousand thronged the store soon after the doors opened, an AFP reporter observed.

First in the queue was Xiang Jiaxin, a twenty-five-year-old Chinese national working in Macau who had queued for more than 12 hours overnight and planned a holiday to Singapore specially to coincide with the opening.

"I am very happy and excited to be part of this. I have participated in the official store openings in Macau, Guangzhou and Nanjing," he told AFP.

Apple, which has a staggering $256.8 billion cash stockpile, celebrated its 40th anniversary last year. The Silicon Valley legend sprang out of Steve Jobs' garage to reshape modern life with trend-setting gadgets.

Most of its earnings come from the iPhone, which faces increasingly tough competition in a saturated market.

The tech behemoth has almost 500 stores globally with more than a million visitors daily. Aside from Singapore, its Asia shops are located in Hong Kong, China and Japan.

A regional transport, business and financial hub, Singapore attracted 16.4 million visitors last year.

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Mobile use drives US holiday shopping gains

SAN FRANCISCO - Americans are turning to their mobile devices for deals to kick off the holiday shopping season, with retail trends increasingly upended by ever-present smartphones.

According to Adobe Digital Insights, the four-day Thanksgiving Day weekend that normally marks the start of the holiday season saw online sales of $36.5 billion, up seven percent from last year -- more than a third of that coming from mobile devices.

The latest figures showed the diminishing importance of events such as "Black Friday," the blockbuster sales day following the Thanksgiving holiday on Thursday, and "Cyber Monday," a tradition dating back to days when consumers waited to use their office high-speed connections for online purchases.

Data released earlier by the National Retail Federation showed relatively flat total retail sales for Black Friday, noting that 44 percent shopped online to 40 percent who went in stores.

Plenty of bargain-hunters took a break from Thanksgiving festivities on Thursday to shop -- with online sales totaling $1.93 billion, and 40 percent of the total on tablets or smartphones ($771 million), according to Adobe.

Data from IBM, meanwhile, showed US holiday retail trends catching on globally.

IBM said global retailers saw a 24 percent increase in online sales as the weekend kicked off, with a major British retailer reporting 2,100 hits per second in the early hours of Black Friday.

"It is clear, online shopping during the US holiday period has become a global phenomenon," said Harriet Green, general manager at IBM Commerce, which manages systems for retailers.

IBM said pre-holiday online shopping was up 10 percent over 2015, and that this momentum likely pointed to similar gains for the early season.

SHOPPING MONDAY

Adobe said Black Friday set a new record by surpassing the $3 billion mark for the first time ($3.34 billion), with the first-ever day of mobile sales topping $1 billion.

For Cyber Monday, overall online sales were expected to be even bigger -- $3.36 billion, with mobile accounting for 38 percent of the total, Adobe said.

Smartphones were driving twice as many sales as tablets on Monday, at 27 percent to 13 percent, according to the survey.

Online payments firm PayPal meanwhile reported "double digit growth in payment volume" on mobile devices during the first eight hours of Cyber Monday.

"The nature of how people shop has changed," said Anuj Nayar, senior director of global initiatives for PayPal.

"People shop everywhere, people shop at all times in day, people shop in five-minute increments on the bus when they commute home."

Yory Wurmser, analyst at the research firm eMarketer, said the new mobile trend is fueled by consumers with bigger, more powerful smartphones, making it easier to view and purchase.

"Bigger screens, better mobile design and simpler payment options have all contributed to this explosion of sales via smartphones," Wurmser said.

"We're still in the early part of the smartphone commerce revolution, and the development of better app search, payment systems and commerce on new platforms should propel sales strongly in 2017."

Some of the best-selling toys in the early season, according to Adobe, were Lego Creator Sets, electric scooters from Razor, Nerf Guns, DJI Phantom Drones and Barbie Dreamhouse.

Among the big electronics sellers were Apple iPads, Samsung 4k TVs, Apple MacBook Air, LG TVs and Microsoft Xbox.

Adobe said PlayStation 4 has been the best-selling video game console, followed by Microsoft Xbox One. "Pokemon Sun" and "Pokemon Moon" were the biggest video games, followed by "Call of Duty."

source: news.abs-cbn.com