Retail News CRM

Author: Mei Ling Tan

  • Victoria’s Secret opens first flagship store in Australia

    Victoria’s Secret opens first flagship store in Australia

    Victoria’s Secret has opened its debut flagship store in Australia, the first store in the nation to offer the U.S. lingerie giant’s full range of apparel, innerwear and accessories. Located in Melbourne’s Chadstone Shopping Centre, the Victoria’s Secret store opened to much fanfare at 5:30 am local time, with a ribbon cutting ceremony last week.

    Some one thousand women camped outside and waited for a first look at the store, according to local media reports, with the first shoppers getting a $180 voucher.

    Designed to reflect the firm’s New York flagship store on Fifth Avenue, Victoria’s SecretMelbourne is fitted out the brand’s recognised pink, and hosts an in-store display that holds approximately 12,000 pairs of panties.

    There’s also a separate entrance for its Victoria’s Secret Pink collections.

    The new Australian store in addition sells Body by Victoria, Very Sexy, Dream Angels, Bombshell, cotton lingerie and Victoria’s Sport athleisure line.

    The Melbourne opening marks the first official Victoria’s Secret store in Australia, separating itself from concession stores inside malls and Australian airports that are limited to selling fragrance and cosmetics.

    Victoria’s Secret recently announced it had appointed fashion executive John Mehas as its new lingerie chief executive.

    Mehas will take over in January, replacing Jan Singer, who has now resigned.

    “Our number one priority is improving performance,” L Brands chairman and chief executive officer Leslie Wexner said at the time of announcing.

    “I am confident that, under John’s leadership, Victoria’s Secret Lingerie…will continue to be a powerhouse and will deliver products and experiences.”

    Victoria’s Secret operates 1600 stores globally.

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  • Lazada Group appointed new CEO

    Lazada Group appointed new CEO

    Lazada Group has announced its second new CEO this year, with group executive president Pierre Poignant taking the role immediately. Incumbent Lucy Peng, who took over the role nine months ago after moving from major investor Alibaba, will remain with the business, assuming the title executive chairwoman.

    In a media statement, Lazada described the change as “succession planning”.

    Poignant, who was appointed president in August, will lead the company’s strategic development into new growth pillars, while continuing to manage Lazada’s operations in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, working closely with country CEOs and regional functional team leaders.

    “Pierre is a well-respected Lazada co-founder, who has contributed tirelessly to the company for the past six years,” said Peng. “He and the team of other co-founders had the vision to build our logistics network from the ground up back in the days when no one in Southeast Asia believed in e-commerce – this valuable asset has now set us apart from the competition. Over the years, Pierre has consistently delivered beyond his call of duty and excelled in every role he has taken up.”

    Poignant said Lazada has benefitted from the Alibaba ecosystem, from the technological prowess to the logistics network.

    “This year is a turning point for Lazada. We have improved and evolved and now come out stronger, more efficient, and more agile than the start of the year. Our transformation has just begun and I am confident next year will be another watershed year,” said Poignant.

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  • Lotte brings in The Conran Shop to Korea

    Lotte brings in The Conran Shop to Korea

    ondon-based high-end furniture and home furnishing store chain The Conran Shop will open its first South Korean outlet in the second half of next year in partnership with the country’s leading department store chain Lotte Department Store.

    Lotte Department Store said on December 13 it has signed a contract to run Korean stores of The Conran Shop with Conran Retail and Brand Holdings. They aim to open The Conrad’s first local outlet in the second half of next year on an area of 2,314 square meters in the affluent Gangnam district of southern Seoul.

    Founded by British designer Terence Conran in 1974, The Conran Shop is a leading luxury retailer offering various home interior products from some of the most iconic designers of the world. It now runs 10 stores in the UK, France and Japan.

    The partnership with The Conran Shop is part of Lotte Department Store’s push to bolster its living goods and home furnishing business at a time when the home interior market is burgeoning in the country.

    Korea’s major conglomerates have recently turned aggressive in expanding their presence in the home furnishing market that has rapidly grown since Swedish furniture and home furnishing giant IKEA landed in the country in 2014.

    Lotte Department Store expects the Conran Shop’s Korean operation will position differently from other home furnishing chains with its luxurious items and plans to add more the Conran Shop outlets in Korea later, according to a company official.

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  • Bamboo Airways receives first aircraft, to take off earlier than planned

    Bamboo Airways receives first aircraft, to take off earlier than planned

    Vietnam’s newest airline, Bamboo Airways, has advanced its maiden flight by two days to December 27, its CEO said Sunday. Dang Tat Thanh said the private carrier’s first aircraft, an Airbus A319 leased from an Irish company, has arrived in Hanoi.

    Earlier, Trinh Van Quyet, chairman of FLC, the company that owns the airline, had said the first flight would be on December 29.

    Bamboo Airways received the aviation license to become Vietnam’s fifth airline early last month. But it is still awaiting an aircraft operator certificate and permissions for parking and selling tickets.

    It is also leasing an Airbus A320 from the same Irish company, and the airplane is expected to arrive later this month or early next month.

    Bamboo Airways is allowed to operate 10 aircraft on both domestic and international routes and to carry passengers and cargo on its flights.

    It plans to fly on 100 routes, connecting Vietnam’s major cities with popular domestic and international tourist destinations.

    The carrier was founded with a charter capital of VND700 billion ($30 million), which it increased recently to VND1.3 trillion ($55.68 million).

    It has signed deals to buy 24 Airbus A320neo and 20 Boeing B787-9 Dreamliner aircraft worth a total of $8.6 billion.

    The other four carriers in Vietnam are Vietnam Airlines, Vietjet Air, Jetstar Pacific and VASCO.

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  • Global grocery markets growth fuelled by Asia, says IGD

    Global grocery markets growth fuelled by Asia, says IGD

    Global grocery markets are likely to generate an additional US$1.9 trillion in sales by 2023, led by Asian countries, according to new research data. The IGD forecast, based on IMF, World Bank, UN and Oanda base data, predicts Asia will see the strongest real growth – from population growth or consumers spending more on grocery – and is set to account for 47 per cent of the additional spend between 2018 and 2023. The forecast anticipates that nearly half (44 per cent) of extra sales will be created in Asia, which will add more than Africa, Europe and Latin America combined.

    Asia as a region will contain seven of the largest global grocery markets by 2023, with a combined market size of US$3.8 trillion.

    On growth in Asia, Nick Miles, head of Asia Pacific at IGD said: “China’s grocery market is expected to continue growing over the next five years, establishing itself as the largest grocery market globally. While growth varies between markets across Asia, countries such as India, Indonesia, Pakistan and Vietnam will continue to grow in importance for retailers and suppliers given the large populations, improving levels of GDP per capita and the development of modern trade. Retail partnerships have also in some cases helped retailers accelerate growth ahead of the market, and we expect more of these relationships to emerge and develop over the next year.

    “Grocery growth in Asia continues to benefit from a rapidly growing middle class, fast development and adoption of new technology, improved infrastructure and logistics networks, plus improvements to retail standards. Modern trade retailers continue to expand their store networks and improve existing operations.

    Meanwhile, traditional trade still plays a role, with mom-and-pop stores modernising their offerings and tailoring services to local communities. In countries like China and India this is being aided by online retailers such as Alibaba and Amazon.

    “Across Asia the pace of development and focus of retailing varies by market. However, online is expected to be the fastest growing channel regionally over the next five years,” said Miles.

    “Online grocery retailing is already well established in countries like South Korea, Japan and China and we expect the share of sales accounted for by channel in these markets to increase to over 10 per cent by 2023.

    While online grocery retailing is growing rapidly across Southeast Asia we expect it to still account for less than 2 per cent of sales in most markets in five years’ time.”

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  • Kakao postpones carpooling service

    Kakao postpones carpooling service

    Kakao Mobility announced las week that it would postpone the official launch of its carpooling service after a week of fierce protests from the local taxi industry. The Kakao affiliate started offering a beta version of the service last Friday that was made available to a randomly selected pool of users nationwide. On the same day, it declared that the official launch date of its carpooling service would be on Dec. 17.

    “After much consideration, we decided to postpone the official launch in order to listen and apply a wider range of opinions from taxi drivers, users and many others,” Kakao said in an official statement Thursday afternoon.

    But it did not specify when the official launch will be delayed until. The statement sparked rumors that this may be the start of Kakao indefinitely postponing the service’s official release, which the company denied.

    “What we know for now is that it’s not going to happen this year,” said a Kakao spokesperson. “But this doesn’t mean the delay is going to be an indefinite one. The exact date is still a matter of discussion.”

    The beta service will continue to be offered to random users selected regardless of age and region. Kakao explained that the beta service was being offered to a very limited pool of users, just enough to examine the technology and check the effect it may have on taxi drivers.

    The announcement comes six days after the beta service and the official launch date were released.

    The backlash from taxi drivers has been fierce, with widespread protests that culminated in a 57-year-old taxi driver setting himself on fire in front of the National Assembly in western Seoul on Monday.

    Two days later, a committee that consists of two taxi company associations and two taxi driver labor unions announced plans to stage a protest in Seoul on Dec. 20, with more than 100,000 people expected to attend. This would be the third protest targeted at putting a stop to carpooling services.

    Regardless of Kakao’s decision to postpone the launch, a source from the committee said there is no change to the plans for the protest.

    Taxi drivers also launched a sleep-in protest in front of the National Assembly starting from Wednesday, with members of the four organizations continuing their vigil in shifts through the night.

    Kakao, the local taxi industry and government officials have been in talks for more than half a year, but are still failing to agree on a solution to the carpooling service issue.

    Kakao wants to introduce a carpooling service during busy commuting hours, but drivers say that even if rides are limited to twice a day, they will still eat up around 59 percent of all taxi demand.

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  • Luckin Coffee worth $2.2 billion in quite short time

    Luckin Coffee worth $2.2 billion in quite short time

    Fast-growing Chinese cafe chain Luckin Coffee has raised US$200 million in its latest funding round, effectively valuing the company at a stunning $2.2 billion. That’s up to $700 million more than its value was estimated just one month ago when the quest for funding was announced.

    Launched only in January, the company had already opened more than 1700 outlets in 21 Mainland China cities by last month. Its rapid growth is based on an inexpensive delivery service concept and online ordering system.

    An aggressive competitive strategy involves an IT-focused approach whereby all customers must purchase coffee via an app, with which they can then monitor brewing progress via livestream. Its pricing is considerably less than Starbucks.

    Luckin said the latest funding round was led by Singapore Government sovereign wealth fund GIC and China International Capital Corp. They were likely attracted by a mid-term plan for an IPO of the Luckin business in either Hong Kong or New York. GIC was a participant in a similar capital raising in July.

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  • ICONSIAM to launch event to boost Thai’s tourism

    ICONSIAM to launch event to boost Thai’s tourism

    Amazing Thailand Countdown 2019 at ICONSIAM is a truly amazing event of the country with a great collaboration of entities from the public and private sectors and surrounding communities to organize a New Year Celebration in a scale never before seen along the Chao Phraya riverside, the place that has become the NATIONAL ICONIC LANDMARK and ICON of Eternal Prosperity.

    Amazing Thailand Countdown 2019 under the theme of “The River of Prosperity” will make the New Year Celebration sensational on Monday, December 31, 2018, from 18:00 hrs. This New Year Celebration is jointly organized by the Tourism Authority of Thailand and ICONSIAM in collaboration with The ICONSIAM Superlux Residence Corporation Limited, The ICONSIAM Residences Corporation Limited. In addition, our partners both from the public and private sectors are also actively involved—including Association of Chao Phraya Commerce, Marine Department, Siam Commercial Bank, TRUE Corporation Public Company Limited, Kasikorn Bank, Thai Shipping Association, Bangkok River Partners, and Chao Phraya Riverside Communities.

    According to Yuthasak Supasorn, Governor of Tourism Authority of Thailand (TAT), said that “Amazing Thailand Countdown 2019 is a major event that TAT has consistently organized over the years at various destinations throughout the country. The purpose is to promote Thailand as the ultimate destination for Thai and overseas tourists alike. It’s also an effective way to help stimulate the economy and distribute income to people in every region in the country. More importantly, it supplements our effort to make tourism sustainable. This year we’ll organize the event in 5 different regions: Bangkok, NakornPanom, Chiangrai, Rajburi, and Satul.

    In Bangkok, TAT and ICONSIAM plus other partners have mapped out a plan to make the upcoming event a grand New Year Celebration by the Chao Phraya River on December 31, where the venue will be at the River Park of ICONSIAM. This very venue is characterized by diversity comprising, for example, a unique way of life and local culture that would satisfy all tourists alike. Furthermore, local business entrepreneurs and hotels on both sides of the River will take part in this celebration in various forms such as lighting and colouring their premises, and overnight Buddhist praying. Another spectacular event is a fireworks display along the Chao Phraya River which will brighten the water current and create a favourable image of Thailand as an attractive tourist destination for all people throughout the world.

    Tourism is a major income earner for the Thai economy. As such, TAT’s mission is to promote tourism in Thailand and, as a result, engaged in an extensive public relations activities both at home and overseas. It is anticipated that over one million people shall attend the New Year Celebration that will transmit to the world a favourable image of Thailand as a vibrant and dynamic country. Equally important is that substantial spending will keep the money flowing into our economy.”

    Moreover, Narong Chearavanont, Chairman of the Board of The ICONSIAM Superlux Residence Corporation Ltd., added that “we are proud to have organized the “Amazing Thailand Countdown 2019” with TAT and other partners. It is an effective way to present the beautiful image of the Chao Phraya River to the world and ICONSIAM as a riverside destination on the Chao Phraya River. We are honored to have been selected by TAT to organize the event. We are grateful for the active involvement of our partners who are committed to making the New Year Celebration event grand, impressive, and memorable for all tourists.” Here are major highlights of the upcoming Amazing Thailand Countdown 2019.

    A display of fireworks made from Thai sticker rice. These fireworks are an innovation that is      eco-friendly. This fireworks display is based on the concept of “The River of Prosperity.” It demonstrates the history of the Chao Phraya River pertaining to our way of life, tradition, and legends of Siam as a country. This 5-minute fireworks display is composed of 5 Acts.

    Act 1 – “The River of Prosperity” is a fireworks display in silver, gold, and bronze colours held together consecutively. Based on the beliefs of people, the three elements symbolize prosperity. As such, the first second of the New Year is to make the Chao Phraya River bright, beautiful, peaceful and prosperous as it has been over the years.

    Act 2 – “The Siam Treasure” is a fireworks display of multiple shapes and colours that reflect a close interconnection between our tradition, a way of life and the Chao Phraya River. Not only that the River was essential in daily human activities, it was also what people utilized for transportation, a naval route for diplomatic corps coming in to establish diplomatic relations with Siam, a way to transport products and conduct trade since Ayutthaya to present, a way to perform religious rites, and an attractive scenes that capture imagination of overseas tourists and generate income for our country.

    Act 3 – “The Blossom of Joy” is a fireworks display that creates excitement in more ways than one. The display is accompanied by Thai folk songs that reflect our uniqueness as fun-loving, friendly, and smiling people. Any overseas tourist visiting Thailand will become impressed with, for example, reciprocity of Thai people. Such an impression is enough to start a happy New Year by the Chao Phraya River-a bloodline of Thailand.

    Act 4 – “One World” is a fireworks display that highlights the flags of all countries. It also represents their connectivity through tourism, trade, education, cultural exchange based on equality that will flourish from the start of the New Year and in the years to come.

    Act 5 – “Thailand” is a fireworks display of the tricolours of the Thai flag along the Chao Phraya River. The tricolours of red, white and blue collectively represent our national identity as an independent country shielded by our solidarity and unity.

    The upcoming display of 5-Act fireworks will take place along the Chao Phraya River from                    5 different locations. The brightness of the fireworks can be seen within the vicinity of 1,400 meters, which is the longest and grandest display of fireworks ever on the Chao Phraya River.    The vicinity encompasses Peninsula Hotel, Millennium Hilton Hotel, Shangri-La Hotel, Mandarin Oriental Hotel, and Royal Orchid Sheraton Hotel. It is expected that over one million people will watch this display of fireworks within the 2-km vicinity.

    Furthermore, there will be a “Khon” performance (a type of Thai drama) at the event in honour of it being recognized by UNESCO as a World Heritage. The Khon performance will be a New Year present for visitors.  It will be magnificent owing to the great number of performers, composition, details relating to Thai classical dance, warrior costumes and weapons. All of these protocols are truly our cultural treasures that are worth watching.

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  • Moncler open store in Changi Airport

    Moncler open store in Changi Airport

    DFS Group, the world’s leading luxury travel retailer, is pleased to introduce global luxury brand Moncler at Changi Airport Terminal 1. The opening of the new Moncler boutique adds an important presence within the DFS Group’s luxury fashion offerings that are housed within a world-class travel retail destination.

    The new Moncler boutique represents a new milestone that reflects the DFS Group’s focus on experiential shopping. It also complements the DFS Group’s impressive luxury retail line-up at Changi Airport, which is home to a prominent stable of premium fashion offerings. The latest collaboration with the fashion-forward and iconic outerwear leader underlines DFS Group’s commitment to deliver the finest product offerings and exclusive experiences to fashion-conscious shoppers.

    The new boutique reflects Moncler’s haute montagne aesthetic and vision, at the same time keeping in tune with the maison’s roots and heritage. Boasting a floor area that measures around 110 square metres, the clever layout maximises the use of space while the addition of select materials adds a contemporary feel. A unique effect has been achieved with the marble flooring, which alternates herringbone white Calacatta Vagli with black Gricio Carnico, while sleek glass cases with black varnished wood complete the look. The boutique hosts the Moncler men’s, women’s and accessory collections.

    “We are very honoured to welcome a distinguished and respected heritage brand such as Moncler into our portfolio of fashion and watch brands. As part of the strategy to up the ante of the retail experience for our global travellers when they visit DFS Changi, Moncler has been carefully curated to offer a wide selection from their latest collection for savvy travellers.” Wilcy Wong, DFS Group Managing Director Singapore and Indonesia, shares.

    Teo Chew Hoon, Group Senior Vice President of Airside Concessions from Changi Airport Group adds, “We are pleased to open the first Moncler boutique with our valued partner DFS Group to offer passengers an exceptional shopping experience with fashion offerings from luxury to high street designs across a range of price points.”

    The boutique was officially opened on 14th December with a grand opening ceremony. The festivities featured a ribbon cutting ceremony officiated by renowned local actor Desmond Tan with Wilcy Wong, DFS Group Managing Director Singapore and Indonesia and Chandra Mahtani, Changi Airport Group Vice-President of Terminal 5 Planning. Hosted by Constance Lau, the ribbon cutting ceremony and lion dancers kick-started the celebrations for esteemed guests, who were treated to a live nitrogen cocktail performance and styling tips by Celebrity fashion stylist and personality, Glenn Goh.

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  • DB Schenker signs a MoU for logistics centre in China

    DB Schenker signs a MoU for logistics centre in China

    DB Schenker, one of the world’s largest logistics service providers, and the Eastern China city of Changshu signed a Memorandum of understanding for the establishment of a state-of-the-art logistics center in the Changshu Economic and Technology Development Zone.

    Due to its convenient location near the metropolitan areas of Shanghai, Suzhou and Wuxi, and its proximity to the deep-water port of Yangshan as well as to a new port currently developed on the Yangtze River near Changshu, the city is a strategic location for a logistics center. Moreover, DB Schenker will be the first international third-party logistics provider (3PL) with a fully owned logistics site in Changshu.

    The new facility will provide state-of-the-art logistics and supply chain management services with a high level of automation to customers from the automotive and healthcare industry as main target group as well as to companies from other industry sectors situated around the Yangtze River Delta and Greater East China Region. The construction start of the center is scheduled for the end of 2019 with duration of two years.

    “After our strategic investment in a logistics center in Pinghu in July, the logistics facility in Changshu will be our second 100% owned distribution center in China. Both facilities complement our local growing warehouse portfolio with existing presence and partnerships with warehouses in Beijing and Shenyang”, says Christopher Pollard, CEO Greater China, Schenker China Ltd.

    With over 50 years of experience in China, DB Schenker is one of the biggest 3PL companies in the local market offering extensive air, ocean, road and rail freight services, as well as integrated contract logistics service and supply chain management.

     

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  • Alibaba powers Starbucks virtual store launch in China

    Alibaba powers Starbucks virtual store launch in China

    Starbucks launched its first virtual store in China powered by technology from Alibaba Group, providing a unified, one-stop digital experience across the Starbucks app and mobile apps within the Alibaba ecosystem, including Taobao, Tmall, and Alipay.

    The first-of-its-kind virtual store leverages an online management hub developed specifically for Starbucks by Alibaba. It provides consumers integrated access to Starbucks’ digital offerings, including “Starbucks Delivers,” “Say it with Starbucks” social gifting and merchandise available from Starbucks’ Tmall flagship store.

    Alibaba’s technology streamlines the shopping process, pulling offers that were available in multiple digital apps into a single access point. Adopting a centralized approach to its mobile presence enabled by the Alibaba ecosystem, Starbucks now has a complete overview of its consumers’ actions online. Moreover, the integration of membership between Starbucks and the range of Alibaba apps is expected to fuel strong growth in Starbucks Rewards membership in China.

    The new virtual store steps up the collaboration announced by Alibaba and Starbucks in August 2018, when the companies agreed a deep, strategic “New Retail” partnership. Ele.me, China’s leading on-demand food delivery platform, owned by Alibaba, provides Starbucks delivery service for 2,000 stores across 30 Chinese cities.

    In October 2018, Starbucks also piloted its first “Star Kitchens” within two FRESHIPPO (previously known as Hema) supermarkets in Shanghai and Hangzhou. As the first retail brand to establish a dedicated back-of-house presence in FRESHIPPO locations, each Star Kitchen utilizes the distinct fulfilment and delivery capabilities on-site to complement the handcrafted beverages offered through existing Starbucks stores.

    The launch of Starbucks’ virtual store is also the latest example of how the so-called “Alibaba Operating System” empowering traditional retailers. After years of development in this digital age, Alibaba has created a unique system to support enterprises in the process of digital transformation that covers critical areas such as retail, marketing, finance and logistics.

  • Shopee wraps up a record-breaking 2018 on 12.12 Birthday Sale

    Shopee wraps up a record-breaking 2018 on 12.12 Birthday Sale

    Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, wraps up a record-breaking year with its highly successful Shopee 12.12 Birthday Sale. On 12 December, Shopee saw ​over 12 million orders across the region, surpassing all past records including the recent Shopee 11.11 Big Sale.

    Supported by ​more than 450,000 brands and merchants​​, Shopee recorded ​48million visits as users shopped ​60 million deals across all categories, and the highest number of items sold in 1 minute was ​73,519​​. Shopee’s highly popular in-app game Shopee Shake was played 46 million times​​ throughout the campaign.

    In Singapore, Beauty & Personal Care, Home & Living and Mobile & Gadgets were the top three most popular categories. Leading brands including Laneige, Kao and JBL emerged as favourites amongst users.

    Zhou Junjie, Chief Commercial Officer, Shopee​​, said, “Shopee 12.12 Birthday Sale marks another significant milestone as Shopee celebrate a year of exponential growth. Following the success of Shopee 11.11 Big Sale in November and Shopee 9.9 Super Shopping Day in September, it has been an exciting and fulfilling quarter as past records are surpassed and set new benchmarks to reach next year.

    Since launching in 2015, Shopee has seen tremendous growth across its seven markets, achieving over 195 million downloads across Southeast Asia and Taiwan.

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  • Korea’s auto exports on the rise, but local industry still struggling

    Korea’s auto exports on the rise, but local industry still struggling

    Attractive prices and returns have seen the number of Chinese customers buying high-end apartments in HCMC soar this year. Duong Thuy Dung, senior director of real estate market research firm CBRE Vietnam, said at a recent forum that 31 percent of high-end apartment buyers in HCMC in the first nine months were Chinese. This figure increased from only 2 percent in 2016 and 4 percent last year.

    In the last two years, Chinese were sixth among all buyers, but this year, they have surpassed Vietnamese to rank first.

    Only 24 percent of high-end home buyers are Vietnamese, CBRE data shows.

    Stephen Wyatt, country head of property service firm JLL Vietnam, said the number of Chinese buyers has been increasing because Vietnam has an attractive price compared to other markets like Hong Kong, Japan, Singapore, South Korea and Taiwan.

    Chinese people often compare prices in Vietnam with Shanghai when they buy properties, he said, adding that they hope to gain profit from higher property prices in Vietnam in the future.

    A high-end apartment in the city costs around $5,000 per square meter, but the same one in Hong Kong could cost four times, said Nguyen Khanh Duy, director of residential sales at real estate service provider Savills HCMC.

    Nguyen Hoang, director of research and development at real estate firm DKRA, said that the number of Chinese and South Korean buyers in HCMC started to increase last year.

    Chinese from Shanghai and Hong Kong are buying properties as investments (not to stay in). “Most projects that foreigners bought in the last two years are under construction,” he said.

    Other industry insiders said that the high returns that HCMC high-end apartments offer is attracting many foreign buyers.

    The rate of return is 5-6.5 percent in Thao Dien ward and Thu Thiem Peninsula in District 2, while in other Asian countries, this rate is only 3.7-5.2 percent, Duy said.

    CBRE senior director Dung added that it was not just Chinese, but foreign buyers in general who are showing an increasing interest in HCMC real estate.

    Dung said that each foreigner group has a different preference for high-end apartments. Customers from mainland China, Hong Kong and Taiwan prefer large-scale projects near the downtown HCMC.

    South Koreans like to buy apartments in the southern District 7 that hosts a large community of South Koreans, while Western buyers often look for a quieter lifestyle in eastern District 2.

    Dung said HCMC is estimated to receive 40,000 new apartments in the 2018-2020 period, 60-70 percent of these in the high-end segment.

    In the last three years 35,000 luxury apartments have come into the market, CBRE said.

    This is a major increase from 2012-2014 when fewer than 10,000 units were on offer, CBRE said.

  • Party supplies sales surge in South Korea

    Party supplies sales surge in South Korea

    Demand for party supplies from South Korean retailers is soaring as a growing number of people prefer to host end-of-year celebrations at home instead of going out. According to E-Mart, wine and cake sales at six stores in Daegu last month soared 18.9 per cent and 16.1 per cent, respectively, year on year.

    Frozen foods sales jumped 16.3 per cent compared to last year.

    More South Koreans are choosing to cook at home using a variety of home meal products, as so-called ‘meokbang’ (eating shows) and ‘cookbang’ (cooking shows) are sweeping the country.

    Lotte Department Store’s Sangin Branch in Daegu also saw its kitchenware sales increase by more than 70 per cent compared to last year.

    Suppliers are coming up with various promotions to capture the attention of end-of-year party throwers.

    Lotte Department Store’s Daegu Branch is offering discounts of up to 60 per cent on dinnerware and is showcasing a variety of props to help decorate the perfect party.

    Lotte Department Store’s Sangin Branch is also holding a promotion event for Christmas-themed tableware.

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  • Number of Chinese buying high-end Saigon apartments skyrockets

    Number of Chinese buying high-end Saigon apartments skyrockets

    Attractive prices and returns have seen the number of Chinese customers buying high-end apartments in HCMC soar this year. Duong Thuy Dung, senior director of real estate market research firm CBRE Vietnam, said at a recent forum that 31 percent of high-end apartment buyers in HCMC in the first nine months were Chinese. This figure increased from only 2 percent in 2016 and 4 percent last year.

    In the last two years, Chinese were sixth among all buyers, but this year, they have surpassed Vietnamese to rank first.

    Only 24 percent of high-end home buyers are Vietnamese, CBRE data shows.

    Stephen Wyatt, country head of property service firm JLL Vietnam, said the number of Chinese buyers has been increasing because Vietnam has an attractive price compared to other markets like Hong Kong, Japan, Singapore, South Korea and Taiwan.

    Chinese people often compare prices in Vietnam with Shanghai when they buy properties, he said, adding that they hope to gain profit from higher property prices in Vietnam in the future.

    A high-end apartment in the city costs around $5,000 per square meter, but the same one in Hong Kong could cost four times, said Nguyen Khanh Duy, director of residential sales at real estate service provider Savills HCMC.

    Nguyen Hoang, director of research and development at real estate firm DKRA, said that the number of Chinese and South Korean buyers in HCMC started to increase last year.

    Chinese from Shanghai and Hong Kong are buying properties as investments (not to stay in). “Most projects that foreigners bought in the last two years are under construction,” he said.

    Other industry insiders said that the high returns that HCMC high-end apartments offer is attracting many foreign buyers.

    The rate of return is 5-6.5 percent in Thao Dien ward and Thu Thiem Peninsula in District 2, while in other Asian countries, this rate is only 3.7-5.2 percent, Duy said.

    CBRE senior director Dung added that it was not just Chinese, but foreign buyers in general who are showing an increasing interest in HCMC real estate.

    Dung said that each foreigner group has a different preference for high-end apartments. Customers from mainland China, Hong Kong and Taiwan prefer large-scale projects near the downtown HCMC.

    South Koreans like to buy apartments in the southern District 7 that hosts a large community of South Koreans, while Western buyers often look for a quieter lifestyle in eastern District 2.

    Dung said HCMC is estimated to receive 40,000 new apartments in the 2018-2020 period, 60-70 percent of these in the high-end segment.

    In the last three years 35,000 luxury apartments have come into the market, CBRE said.

    This is a major increase from 2012-2014 when fewer than 10,000 units were on offer, CBRE said.

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