The cool reception suggests the $550 billion newcomer will need to trim its margins and ramp up stock selection, and eased the market’s worst fears about its potential to devastate brick-and-mortar incumbents.
Shareholders of struggling Australian retailer Myer voted down executive pay proposals on Friday, in a revolt led by billionaire investor Solomon Lew pressuring the board to start delivering on its turnaround strategy.
Amazon.com's Australian arm began an order-taking trial on Thursday, giving life to the hype which has preceded its launch in the world's No. 12 economy and weighed on the shares of the brick-and-mortar retail sector.
Amazon.com is “really close” to opening in Australia, its country manager said on Monday, as the U.S. e-commerce juggernaut prepares to shake up an already-fragile offline retail sector in the world’s No. 12 economy.
Australian retailers suffered another tepid month of sales as consumers, battling stagnant wages and rising utility bills, curbed spending in an outcome that augers poorly for third-quarter economic growth.
Australia’s biggest department store chain, Myer Holdings Ltd, cut its growth targets on Wednesday as it battles intensifying competition and a rebellion from its biggest shareholder, sending its shares sharply down.