Emirates NBD Rebounds with 12% Jump in 1st Quarter Profit as Economy Recovers
New IKEA Store on Track to Open in Oman in 2022
Emirates NBD, Dubai’s biggest lender by assets, said its 1st quarter profit rebounded on the back of lower impairment losses and operating expenses as the economy recovers from the Covid-19 pandemic. Net profit attributable to equity holders of the group for the period ending March 31 rose to Dh2.32 billion, the lender said in a statement to the Dubai Financial Market, where its shares trade. Impairments fell 31% to Dh1.76bn and operating expenses dropped 9% to Dh1.86bn. Shayne Nelson, Group Chief Executive of Emirates NBD, said, “During the period, Emirates NBD expanded its branch network in the Kingdom of Saudi Arabia with new branches in Madinah and Makkah.” Emirates NBD became the first foreign bank to get permission to open branches in Madinah and Makkah and its total branch network in Saudi Arabia now stands at six. Source: The National (Read More https://bit.ly/3tGXth1)
Construction of one of the largest IKEA stores in the Middle East is on schedule and is expected to be completed by the first quarter of 2022. The Swedish furniture giant will open next year at Oman Avenues Mall amid a four-phase transformation plan. Driving positive changes to host IKEA, new parking spaces are being created at Oman Avenues Mall to help cope with additional footfalls. While the basement parking is all set to open after a major revamp allowing for larger capacity parking, an additional parking in the basement is under development. Plans to augment the road network around the mall are also progressing to make the shopping experience better. The road connections and development are being fulfilled by Al Taher Group, the developers of Oman Avenues Mall. Gogi George, General Manager, Development and & Leasing, Lulu Group International said: “We are pleased to welcome IKEA – the world’s largest home furnishing retailer – to Oman. We are excited to be partnering with an innovative brand like IKEA. Source: Arabian Business (Read More: https://bit.ly/3e7GgrI )
Chipotle to Open 200 New Locations in 2021
First Look: Amazon’s New High-Tech Hair Salon
Amazon is entering yet another brick-and-market segment and this one could be the most unexpected to date. The tech giant will open its first-ever hair salon, in London’s hip Spitafields district, where it said it will trial the “latest industry technology,” including augmented reality hair consultations that will allow customers to see what a new color or style looks like on them before they make the change. Hair care services at the two-floor, 1,500 sqft. Amazon Salon will be provided by a noted London salon. “We have designed this salon for customers to come and experience some of the best technology, hair care products and stylists in the industry,” said John Boumphrey, U.K. country manager, Amazon. “We want this unique venue to bring us one step closer to customers, and it will be a place where we can collaborate with the industry and test new technologies.” Source: Chain Store Age (Read More https://bit.ly/3et1leX)
Athleta to Open 20 to 30 Stores Annually; to Enter Canada
Levi’s Offers 24/7 Customer Service with Google Messaging Platform
Chipotle Mexican Grill smashed first-quarter earnings expectations amid a 17.2% rise in samestore sales. The fast-casual chain anticipates opening 200 new restaurants in 2021, assuming minimal construction and permit delays related to COVID-19, the company said. Chipotle opened 40 new sites during the first quarter and closed five, bringing its total store count to 2,803. It is the only restaurant company of its size that owns and operates all its restaurants. “As vaccines roll out and we get closer to moving past this pandemic, I believe Chipotle is wellpositioned for growth,” said Brian Niccol, Chairman and CEO, Chipotle. “I’m excited about our future as we remain focused on innovating in culinary, leading in food with integrity, and providing convenient access inside our restaurants and through our expanding digital ecosystem.” Source: Chain Store Age (Read More: https://bit.ly/3tNZhVx)
A leading denim brand is integrating Google Business Messages into its customer experience strategy. During the COVID-19 pandemic, Levi Strauss & Co. found that customers were spending more time conducting pre-purchase research. The company determined that being able to provide customers with information around the clock in an easily accessible way could greatly improve interest and engagement, and eventually purchase behavior. Levi’s worked with Linc Global to set up Google Business Messages on Google Maps for five and then 50 stores, before expanding to more than 200 stores. The company discovered that Google Business Messages brought in customer satisfaction (CSAT) scores of over 85%, and drove 30 times more store-related questions than its proprietary onsite web chat. Source: Chain Store Age (Read More: https://bit.ly/3dNJwrX)
Gap Inc. is expanding its popular women’s athletic apparel brand — and not just in the United States. Athleta plans to open between 20 and 30 stores annually across North America in line with its goal of doubling the business by 2023. As part of the expansion, the brand will enter the home turn of rival Lululemon. Athleta will launch online in Canada this summer, and will open its first-ever Canadian stores this fall, at Yorkdale Shopping Center in North York, Ontario, and Park Royal Shopping Centre in West Vancouver, British Columbia. Gap said it will consider wholesale partnerships and international expansion through franchise-operated stores to grow Athleta globally. It currently has a franchise model and wholesale business for Athleta in the UK. Source: Chain Store Age (Read More: https://bit.ly/3aP3C34)
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