Retail technology news and analysis for omnichannel retailers

$3.6 billion…Alibaba Group is to stump up around $3.6 billion to take a controlling stake in Sun Art, one of China’s largest big box and supermarket chains. After the transaction is complete, it will own 72% of Sun Art.

$30 million…US-based autonomous store technology venture, AiFi, has bagged additional funding from Qualcomm Ventures, existing investors Cervin Ventures and TransLink Capital, and newbie Plum Alley. This brings its total funding amount to $30 million. 

5.1%…Boden reports a 5.1% lift to incremental revenue during Q1 2020, plus a conversion rate increase of 2.6x from shoppers using True Fit, a personalisation platform for apparel and footwear retailers, on its site.

100…Geek Retreat is set to open 100 new stores on UK high streets over the next two years, creating around 600 jobs.

11,120…A record number of shops shut their doors during the first half of 2020 as the coronavirus lockdown hit retailers hard, research from the Local Data Company and PwC shows.

A total of 11,120 chain operator outlets closed between January and August, research from the Local Data Company and accountancy firm PwC revealed.