Philippine Retailing 2019 Philippine Retailing 2019 Q4_Digital - Page 7

5 RETAIL NEWS CAPSULE PHILIPPINE RETAILING Walmart’s Flipkart confirms it is entering the food retail business in India India’s Flipkart is entering the food retail business as the e-commerce giant looks to expand its reach in the nation. Flipkart, which sold majority stake in the company to Walmart for $16 billion last year, has registered an entity called “Flipkart Farmermart Pvt Ltd” — in compliance with local laws — that will focus on food retail. The extended business represents an important part of the company's efforts to boost Indian agriculture as well as food processing industry in the country. It is already working with hundreds of thousands of small farmers for the business. The announcement comes as Flipkart’s chief rival Amazon begins to expand its food retail business in the country. The company has already committed to invest about $500 million in the course of the next five years to build its own private label food products and engage with third-party sellers. In recent years, Amazon India has established or started Amazon Now, Prime Now and Amazon Fresh in the nation. Indian laws permit e-commerce companies to sell food items directly to consumers. For other categories of items, e-commerce businesses work with third-party sellers. TechCrunch, 10/15/2019 NEDA presses for sustainability, environmental impact accounting The National Economic and Development Authority (NEDA) said it is pressing companies and households to adopt a sustainable approach to consumption and production, in part by better accounting for environmental and social costs of their actions. NEDA Undersecretary Rosemarie G. Edillon launched their Philippine Action Plan for Sustainable Consumption and Production (SCP), which will act as a guide on the implementation of SCP for all sectors. SCP minimizes the negative environmental impact of consumption and production while promoting quality of life without compromising resources for future generations, according to the United Nations Environment Programme. The SCP strategic framework aims to increase awareness among Filipinos and encourage them to shift to a more sustainable and “climate-smart” practices and lifestyles. Edillon said that the country’s total population is expected to rise by an additional 8.3 million by 2022, and grow to 140 million by 2040. At the same time, the country is currently suffering from declining quality of air mainly due to emissions from transport and industry, especially in highly urbanized cities. Photo from: www.business-standard.com Business World, 11/5/2019