Medium- and low-priced foreign retailers such as H&M, Mango and Uniqlo have been gaining a foothold in the U.S. as domestic brands struggle. Next up: TopShop opens in New York next week. View the slide show.
Spain's Inditex, the largest fashion retailer in Europe by revenue, reported resilient profits for 2008, but said it would scale back expansion plans as the economic downturn worsens. Inditex is on track to become the world's largest clothing retailer as it continues to expand, while US fashion giant Gap closes more stores than it launches.
Because Myer's joint-venture partner in Dubai--Nakheel--has delayed the construction of shopping centres the Australian company was planning to enter, the retailer has been forced to postpone its expansion into the emirate. "I don't see anything happening with that in the short to medium term," Myer Executive Chairman Bill Wavish said.
Future Group, Videocon, Reliance Retail, Wadhawan and other retailers in India are delaying their plans for implementing cash-and-carry operations so they can conserve cash. Analysts, however, already have noted problems in making the strategy succeed. Wal-Mart, Carrefour and other global giants, meanwhile, might take advantage of the situation to accelerate the pace of their cash-and-carry operations in India.