Mexico-based retail and banking firm Grupo Elektra will wind down its operations in Brazil, exiting the market where it operates 35 of its almost 1,200 stores. Elektra stores sell consumer electronics, appliances and home furnishings.
Mexican retailer Grupo Gigante will acquire RadioShack de Mexico, a deal that includes the retailer's brands, trademarks and 251 stores, for $31.8 million. Grupo Gigante, which operated RadioShack stores in Mexico from 1992 to 2008, will make the acquisition under its Office Depot de México division, the company said.
Abu Dhabi will institute a new address system in the next 30 months that will give each street a name and each building a number, a shift that's expected to speed up the growth of online retail. "Online shopping as a percentage of total sales across the GCC is relatively small but it is growing very rapidly," said senior consultant Richard Adams.