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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    OPay obtains approval of Egypt’s CBE to issue prepaid cards

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Digital voice-based banking to become the new reality in 2022?

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    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

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    Pakistan’s 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

  • Markets
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    • Forex
    • Ultility
    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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    Brazil mills cancel new sugar export contracts, shift output to ethanol

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    World’s No.2 producer of wheat, India, bans wheat exports in new move

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Google taps the retail sector with first store in New York

This summer Google brings retail outlet in New York’s Chelsea neighborhood

The Global Economics by The Global Economics
May 21, 2021
in Retail, Technology, The Global Economics, Trending
Reading Time: 2 mins read
0
Google to purchase Manhattan building for USD 2.1 billion to achieve climate goals

Google to purchase Manhattan building for USD 2.1 billion to achieve climate goals

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On Thursday, Google said it would start a permanent retail store in New York this summer, similar to Apple’s retail stores that brought in record-setting revenue of $64 billion in 2020, a 28% increase from 2019.
The Google retail store will operate from the Chelsea neighborhood near its New York City campus. It has more than 11000 employees. The company has been working in New York for 20 years; thus, it plans to explore the opportunities in the retail space.
The company has informed that it would sell Pixelbook laptops, Fitbit fitness trackers, and Pixel smartphones in addition to the Nest smart home devices at the retail outlet.
Retail outlets offer convenience to the customers to get service from authorized service providers. Hence, the retail store by Google will help customers benefit from technical support to fix hardware and software issues like installation, troubleshooting problems, or setting a cracked Pixel screen and picking up the online orders from the store. Moreover, the company will also host workshops to guide customers on using Google devices. The customers can browse the products and experience how the products work in immersive ways.
The new venture explains that the tech giant is following some of the strategies of Apple since Apple has boosted sales in the outlets.
Until 2018, Apple has expanded the physical stores in25 countries with 506 stores. The first two stores were in Virginia in 2001. This strategy of venturing into the retail sector drove sales along with building customer relations through in-person service.
The internet giant closed the annual Google I/O keynote event recently. The CEO Sundar Pichai and his staff announced the new product developments that include Android 12 and new Wear OS. Additionally, the company also mentioned the new language model called LaMDA that offers natural language understanding. Other announcements were safer routing in Google Maps and a superior video conferencing initiative called Project Starline.
However, some companies felt that the physical stores are not relevant to the present situation due to the pandemic. Therefore, Microsoft announced to permanently close all of its retail stores last year except in NYC, London, Sydney, and Redmond. The company will remodel the open stores into experience centers.
The significance of retail stores is high as the customers learn about the products they want to buy. Therefore, the new store will help the customers to experience the company’s products. However, the store will follow all the necessary safety guidelines to have a safe shopping experience. The customers and staff will require to wear masks, maintain social distancing and use hand sanitizers; apart from this, the store will be cleaned and sanitized multiple times a day.

Tags: applefitbitGoogleMicrosoftpixelbookredmondretailstorebusinesssmarhomedevicessmartphonessundarpichai
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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Pakistan's 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

Pakistan’s 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

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