6 RETAIL NEWS CAPSULE PHILIPPINE RETAILING
7-Eleven ’ s Paterno first Asian to head global convenience store association
Filipino retail tycoon Jose Victor Paterno made history as the first from Asia to head the United States-based National Association of Convenience Stores ( NACS ), the industry ’ s global trade organization .
Paterno , president and CEO of Philippine Seven Corp ., the main license holder for 7-Eleven outlets in the country , was elected chair of NACS until 2024 . He is the second non-US retailer to assume the chairmanship of the international trade group and the first from Asia , the company said in a statement .
“ I am deeply honored and humbled to take on the role . It is a tremendous privilege to represent not only [ Philippine Seven ] but also the broader convenience store industry ,” he said .
Netflix is planning to launch retail destinations in 2025
Part shop , part restaurant , part immersive entertainment .
Just as Netflix is getting out of one business with the closure of its DVD rentals , it looks like it ’ s getting into the physical realm in a different way . Bloomberg reports that the streamer is planning to launch new retail destinations — dubbed Netflix House — that will offer not only things to buy but also food and other experiences themed after whatever is hot on Netflix at the moment . There aren ’ t a lot of specifics right now , such as where these permanent spaces might eventually open , but the first locations are expected to launch in the US in 2025 .
“ I take pride in what we ’ ve been able to accomplish in the Philippines with technology and market share , and am excited to take things to the next level in collaboration with some of the best retail and tech minds I ’ ve met at NACS and its partners ,” he added .
Paterno also outlined his goal to build an industry-wide technology platform that would allow retailers to participate in growing digital advertising spending from consumer companies .
“ This is something that is happening in other retail formats , but not in convenience , due to its fragmented industry structure ,” Philippine Seven said .
The Virginia , US-based NACS was established in 1671 and represents over 350,000 stores around the world . A member-driven organization , NACS is led by a 30-member board of directors , which includes the largest US convenience retailers , including 7-Eleven US . Philippine Seven oversees 3,600 7-Eleven stores operating nationwide , with about half of these operating under franchise agreements .
Inquirer . net , 10 / 17 / 23
“ We ’ ve seen how much fans love to immerse themselves in the world of our movies and TV shows , and we ’ ve been thinking a lot about how we take that to the next level ,” Josh Simon , Netflix ’ s VP of consumer products , told Bloomberg .
President signs PPP Code , Internet Transactions Act into law
President Ferdinand “ Bongbong ” Marcos Jr . signed both the Public-Private Partnership ( PPP ) Code of the Philippines and the Internet Transactions Act of 2023 while in isolation after testing positive for COVID-19 .
According to the Presidential Communications Office ( PCO ), Marcos signed the bills into law at the Bahay ng Pangulo . The PCO said that Republic Act No . 11966 or the PPP law would “ establish a stable and predictable environment for collaboration between the public and private sectors to address the gaps in the infrastructure systems and also free up much-needed resources to enable the government to pursue other equally important projects and initiatives .”
Meanwhile , Republic Act No . 11967 or the Internet Transactions Act of 2023 would make help the country embrace digital commerce by helping uphold fair business practices .
Inquirer . net , 12 / 05 / 23
Netflix currently operates an online merch shop that sells everything from Stranger Things T-shirts to red envelope sleeping bags and has dabbled in pop-up retail stores in the past . It has also experimented with immersive experiences like Squid Game : The Trials in Los Angeles and a stage show prequel for Stranger Things in London . Netflix House would mark the first permanent location for one of these stores .
The news comes as Netflix continues to search for new revenue sources and keeps on raising prices for existing ones .
Theverge . com , 10 / 12 / 23