Kmart and Target are part of a group of 11 leading retail companies from four countries forming a Web-based retail exchange with combined sales of $300 billion.
Published:
11 April 2000 y., Tuesday
The venture also includes U.S.-based Albertson's, Safeway and CVS; British retailers Marks & Spencer, Tesco and Kingfisher; French groups Casino Guichard-Perrachon and Auchan; and Dutch firm RoyalAhold. The new Web-based, business-to- business exchange is expected to begin operating by midyear. It is designed to facilitate and simplify trading between retailers and more than 100,000 suppliers, partners and distributors. Combined, the group operates more than 30,000 stores. French-Belgian retailer Cora is expected to join soon. The exchange aims to provide publicly available data together with private price and promotion information between multiple buyers and sellers, as well as act as the means for auctioning products. Initially, the founding members will each hold 5 percent of the exchange, allowing others to join later. In the first few years, investment in the partnership is expected to amount to about $100 million, and members say savings generated from the participating retail companies are expected to rapidly exceed costs.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Parliament's proposal for its own operational budget for 2011 includes the financing of measures in preparation for enlargement with Croatia.
more »
Links between business and the academic world need to be strengthened but higher education institutions must retain their autonomy and public support, says a resolution adopted on Thursday by the European Parliament.
more »
The Spanish Minister of Economy and Finance, Elena Salgado, will present the additional fiscal tightening measures set out by the Spanish Government to her eurozone (Eurogroup) counterparts on Monday; the measures were required by Spain’s European partners as a condition of approving the plan to bolster the euro on 9 May.
more »
The European Commission has opened an in-depth investigation under EU State aid rules into capital injections destined to two subsidiaries of state owned company Elan Skupina in Slovenia.
more »
GDP growth in the EU expected to gradually pick up, though recovery less robust than past upturns.
more »
The EESC tabled its opinion on the regulation of alternative investment funds, such as hedge funds and private funds. Although endorsing the much debated proposal of the European Commission, the EESC calls for uniform risk data provision for all such funds and emphasizes their responsibility in triggering the crisis.
more »
Concluding the process and deciding on the schedule for releasing the funds agreed on for Greece, as well as examining and learning lessons from the crisis for the governance of the eurozone, will be the focus of the discussions of the heads of state and government at the meeting in Brussels this Friday.
more »
The EU pavilion at the world expo in Shanghai marks the first time the EU has presented itself to a large Chinese audience.
more »
Shanghai's World Expo offers visitors plenty of fun offering bizarre things to do at over 200 pavillions competing for attention.
more »
The European Investment Bank (EIB) is providing a loan of EUR 150 million to MVM Zrt. for the capacity increase and the extension of a high-voltage transmission network, partly constituting priority axes of the Trans-European Energy Network (TEN-E) in Hungary.
more »