Mining giant Rio Tinto has reported a $US2.99 billion loss for 2012, with chief executive Sam Walsh admitting the mining giant has demonstrated “poor judgement” in the past.
Cautious consumers who would rather save than spend are the “new normal” for retailers, the CEO of David Jones has warned.
David Jones is to invest $160 million in the next two years in a desperate attempt to turn around its fortunes in the face of rising online sales.
Rupert Murdoch has pulled the plug on the attempted takeover of UK broadcaster BSkyB in the wake of the phone hacking scandal that has engulfed his media empire.
Retail experts say start-ups can mimic Myer and David Jones by offering season-specific sales, after both department stores said they’re relying on winter as a platform to pick up sales.
New consumer research released by the Australian Retailers Association reveals that 50% of consumers are planning to spend less this year and 45% plan to save more.