Retail News CRM

Author: Mei Ling Tan

  • Shiseido launches new teen brand Posme

    Shiseido launches new teen brand Posme

    Shiseido looks to increase teen beauty sales with the launch of its open innovation project, Posme Me.

    Posme will consist of a variety of cosmetic and non-cosmetic products and services, which are collectively created by high school girls.

    According to the Japanese cosmetics giant, high school girls are becoming a major source of a new pop culture, following the “Millennials movement in Japan.”

    For the project, Shiseido has gathered an array of high school students and formed a team called Posme ＆ Co. The team currently consists of 40 members who live mainly in Tokyo.

    The influencer-group have been partnered with several companies to develop beauty products and services, as well as items beyond cosmetics, to fall under a new Posme brand, targeted at their peers.

    New products will include items favoured by high school girls such as sweets, stationery and fashionable accessories.

    The first product to launch will be a multi-use colour item, Play Colour Chip. It can be used in a variety of ways; be it, an eye colour or blush.

    “This product was developed through communication with more than 150 high school girls and will be sold in a set of six disposable chips of the same colour,” explained Shiseido in a press statement.

    “Play Colour Chip marks a change in cosmetics, transforming an item to be used individually into something that can be ‘shared or swapped’, creating a new form of enjoyment. The new chips offer more freedom in makeup, allowing users to coordinate colours with friends, try a new colour more easily, or enjoy a special colour for a special occasion.”

    A recent survey conducted by Shiseido revealed that 93% of female school girls perceived the novelty of the items because they can be swapped with friends, are easy to carry around, are good for a gift, and are perfect to try a new colour.

    Going forward, Shiseido plans to gather hundreds of Posme members throughout Japan with more products expecting to be released.

    The company is also launching a new shop, Posme Lab Shibuya, on 26 January, which will serve as a communication space for Posme members.

     The teen beauty initiative is the first project to form part of Shiseido’s Innovation Design Lab, a division first established by the company in January 2017.

    The Innovation Design Lab comes under Shiseido’s ‘Vision 2020’, and aims to “foster innovation”, a major goal of the firm’s mid-to long-term strategy.

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  • Kit Kat Flagship Store to Open Its First Location in Korea

    Kit Kat Flagship Store to Open Its First Location in Korea

    A KitKat flagship store has been launched in Shinsegae’s Gangnam department store in South Korea.

    It has been opened by Swiss food giant Nestle’s Japanese unit, which has developed special flavours for the chocolate wafer snack in collaboration with chef Yasumasa Takagi, who has just rolled out a special ruby version. As well as the original KitKats, the new Seoul store offers such exotic variations as cherry blossom and wasabi.

    “Nestle decided to open the first flagship store to reflect Korean customers’ needs for new and trendy premium chocolate,” says Nestle Korea CEO Erwan Vilfeu.

    Nestle Japan is looking into taking its special flavours to other Asian countries with similar flagship stores.

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  • Japanese firms mull over expansion plans in Vietnam

    Japanese firms mull over expansion plans in Vietnam

    Việt Nam maintained its position as an important investment destination for Japanese companies, with some 70 per cent of operational Japanese-invested firms making plans for business expansion here.

    This information was revealed by Hironobu Kitagawa, chief representative of Japanese External Trade Organisation (JETRO), in Hà Nội, at a meeting with the Ministry of Industry and Trade on January 29.

    According to the latest survey conducted by JETRO on the operation of Japanese firms in Asia and Oceania, 65.1 per cent of Japanese businesses operating in Việt Nam reported profits, up 2.3 points over the 2016 survey.

    Some 70 per cent of Japanese firms have mulled over expansion schemes in Việt Nam given the country’s market size, growth, stable political and social state of affairs, and cheap labour cost.

    This was a high rate in comparison with other countries where JETRO conducted the annual survey, Kitagawa said. “Việt Nam continues to be an important investment destination for Japanese businesses.”

    However, the head of JETRO in Hà Nội also pointed out the risks in the investment climate, concerns and obstacles that Japanese enterprises are facing during the investment process in Việt Nam.

    The latest survey was conducted with nearly 12,000 Japanese enterprises in 20 countries and territories in Asia and Oceania from October 10 to November 10, 2017. In Việt Nam, 1,345 Japanese firms participated in the survey.

    The full report will be made available next week.

    According to Deputy Minister of Industry and Trade Đỗ Thắng Hải, the survey provides comprehensive and objective information to help the Vietnamese Government and ministries to make effective and practical policies.

     

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  • The world’s first MasterChef TV restaurant is coming to Dubai

    The world’s first MasterChef TV restaurant is coming to Dubai

    TV’s MasterChef series is to make its live debut in Dubai – as a restaurant.

    A landmark deal for the first MasterChef the TV Experience restaurant has been signed by Dubai property developer and F&B specialist The First Group with global content giant Endemol Shine Group.

    Based on the reality television series, the restaurant will showcase the talents and recipes of MasterChef contestants from many of the 52 territories where the program is produced.

    Scheduled to open late this year in The First Group’s upcoming Wyndham West Bay Dubai Marina Hotel, the restaurant concept will fully immerse guests in the MasterChef experience with its interior design inspired by the show’s TV set.

    MasterChef is produced and distributed by Endemol Shine Group, a Dutch production company, and has been adapted in 52 countries. It is seen in more than 200 countries and watched globally by more than 250 million viewers.

    “MasterChef has a global fan base keen to engage with the brand in new ways,” says Endemol brand-strategy director Frances Adams. “MasterChef the TV Experience is an exciting opportunity for audiences in this market to enjoy a unique and immersive dining experience.”

    Global F&B director for The First Group Duncan Fraser-Smith says the company will work with Endemol to take the concept to other cities worldwide in coming years.

    He says the signing of the restaurant is a milestone development for The First Group, which aims to introduce up to 40 original and world-first dining concepts to the UAE by 2021.

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  • Is Amazon ready to dominate cosmetics market?

    Is Amazon ready to dominate cosmetics market?

    Reading through recent headlines about Amazon disrupting the beauty industry, one would think that it is time for Sephora and Ulta to panic and rethink their strategies.

    However,  beauty needs retailers to provide compelling customer experiences and a sense of community to succeed.

    According to a report by 1010data, Amazon’s marketplace captures 21.1% of the U.S. market share, with Macy’s coming in second with 17.4% and Sephora in third place with 15%.

    Amazon is clearly making strides to increase their presence in beauty by partnering with cosmetic giants like Coty to launch their “Let’s Get Ready” skill for Amazon Echo Show, a company that made headlines with Amazon last year for banning third-party platforms like Amazon from selling their prestige products.

    Prestige beauty brands like Coty and the Estee Lauder Cos have tended to stay clear of selling their products on Amazon supposedly because it lacks the cachet of traditional luxury beauty retailers. While that may be somewhat true, I also think it is because luxury brands are terrified of the lack of control on Amazon – the possibility of consumers unknowingly purchasing knockoffs from China or older products at a discount.

    If prestige brands are so bothered about being sold under the same roof as mass market, why are luxury brands like Lancome, Benefit, and MAC pleased as punch to be top-sellers at Ulta, where mass market rules? Because brands can work with retailers like Ulta to ensure consumers get the right experience and right product for that matter.

    While virtual reality and augmented reality are becoming key technologies for helping beauty consumers make informed decisions, it doesn’t mean these technologies can replace the brick-and-mortar experience.

    Sephora and Ulta continue to drive foot traffic and sales with innovative in-store experiences and workshops, making visiting their brick-and-mortars more of a fun encounter than an errand.

    Seeing how a lipstick looks via an augmented reality app is novel but it cannot replace actually trying it on to feel its texture or test if it bleeds. Testing a cream on the back of your hand to see how it makes your skin look and feel is something that even Amazon can’t duplicate without a brick-and-mortar.

    Building a sense of community like its competitors in the beauty space will also be an uphill battle for Amazon. Sephora launched their Beauty Insiders Community last August, offering multiple channels for consumers to find each other, discuss beauty, post and view photos, and unlock shopping benefits through usage.

    While Amazon may have a comprehensive rating and review system, the e-tailer giant also has a bad reputation for bot reviews, which doesn’t lend well to a sense of community.

    While Amazon will probably continue to dominate in online sales, Amazon is going to have a tough time dominating the beauty industry until they can grab the brick-and-mortar traffic too.

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  • FedEx launches ‘crucial’ e-commerce service in Asia Pacific

    FedEx launches ‘crucial’ e-commerce service in Asia Pacific

    FedEx customers in the Asia Pacific market have a new e-commerce delivery option. FedEx Express — subsidiary of Memphis-based logistics and delivery powerhouse FedEx Corp. — announced Jan. 23 its FedEx Delivery Manager service would now be offered in Australia, China, Japan, Malaysia, New Zealand, Singapore, South Korea and Taiwan (Asia Pacific).

    Customers using the delivery manager service can request specific delivery times or have packages delivered to a different address as part of the free service. FedEx sends SMS or email notifications when it picks up a package; recipients can then change any delivery instructions as needed. This is also intended to reduce the amount of deliveries FedEx makes to people who are not home.

    “The last mile of delivery capability is crucial to e-commerce as consumers today view convenience as a necessity and not a luxury,” said Karen Reddington, president of FedEx Express Asia Pacific, in a release.

    FedEx recently confirmed the importance of an “efficient and flexible shipping process” to SMEs [small-to-medium enterprise] via a FedEx-commissioned research study. According to the company, study results showed that 79 percent of Asia Pacific SMEs generate revenue through e-commerce; 32 percent have had e-commerce growth in the past 12 months; and, of the businesses that reported e-commerce growth, 46 percent said they needed more flexible shipping options.

    The study, “Global Trade in the Digital Economy: Opportunities for Small Businesses” was commissioned by Harris Interactive on behalf of FedEx in September 2016.

    With this latest addition, FedEx Delivery Manager is now offered in 41 markets across the world, including Asia Pacific, Europe, North America, Latin America and the Middle East.

    “The flexible delivery options provided by FedEx Delivery Manager will give end-consumers the peace of mind and enhance their overall online shopping experience,” Reddington said. “This is crucial to businesses, especially SMEs, as this will help them meet customers’ expectations and stay ahead of the competition.”

    FedEx Corp. reported $60.3 billion in annual revenue for fiscal 2017. In total, FedEx has more than 400,000 employees across the world. FedEx reported $16.3 billion in revenue for its second quarter 2018 results.

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  • Vingroup eyes stake in mobile device retailer Vien Thong A

    Vingroup eyes stake in mobile device retailer Vien Thong A

    VinPro, the electronics retail arm of Vietnamese conglomerate Vingroup, may invest in mobile device retailer Vien Thong A.

    However, Vien Thong A GM Hoang Ngoc Vy has denied the media reports, before enigmatically adding that further information would be forthcoming.

    VinPro was launched in March 2015 as part of the property giant’s foray into the nation’s US$4.5-billion electronics retail market. It has two brands: VinPro for big stores in Vincom Retail’s shopping malls, and VinPro+ for smaller stores.

    Established in November 1997, Vien Thong A has nearly 200 stores across Vietnam and 100 warranty centres.

    Vietnam’s electronic and electrical appliances market is expected to expand by 11.9 per cent by 2020, according to Boston Consulting Group and consumer information company GFK Vietnam.

    Meanwhile, the market is dominated by FPT Retail and Mobile World, which has just acquired about 95 per cent of Hanoi-based Tran Anh Digital World. Earlier, Thailand’s Central Group bought a 49 per cent stake in electronics retailer Nguyen Kim Trading.

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  • The Shilla Duty Free aims high with new Terminal 2 perfume & cosmetics offer

    The Shilla Duty Free aims high with new Terminal 2 perfume & cosmetics offer

    The Shilla Duty Free has pledged “brand new kinds of customer experience that the airport has never seen before” at its new Incheon International Terminal 2 perfumes & cosmetics stores.

    T2 opened on 18 January. The Shilla Duty Free was awarded the terminal’s perfumes & cosmetics contract after an open tender in 2017.

    The travel retailer offered KW100 billion (US$87.9 million) in first-year guarantees for the five-year contract, which covers six stores and 2,105sq m of space.

    Shilla said that the T2 stores will offer “the best beauty experience in Incheon”. The overall retail concept will major on two key themes – “interactive” and “experience”.

    Seven interactive experience zones will enhance brand identity through promotional campaigns and product demonstrations.

    Customer interactive elements will include a ‘Digital Beauty Bar’, powered by what Shilla described as “cutting-edge display and information & communication technology”. It will provide a combination of information services, in-store promotions and virtual make-up previews, using a “gigantic” LED screen and interactive kiosk.

    Around 110 cosmetics & perfume brands, Korean and international, will be on offer. Chanel, Dior, Lancôme, Estée Lauder, SK-II and Sulwhasoo will each have flagship stores within an area of approximately 360sq m. The flagships are three times larger than the brands’ existing shops at the airport, Shilla said. Each has been independently conceptualised and designed by the respective beauty houses to create unique brand experiences. Key aspects of each offer are as follows:

    Chanel: “Brand new skincare experience”, featuring in-store product demonstrations and new product awareness using VR technology.

    Dior: Professional make-up artist’s product recommendations and demonstrations; Digital beauty tool including skin type analyser and lip test tablet.

    Lancôme: Virtual make-up mirror to showcase popular items and new arrivals; Digital screen covering entire store interior for video demonstrations.

    Estée Lauder: In-store engraving for various products, including fragrances and lipsticks.

    SK-II: Skin type analysis for personal counselling and product recommendation.

    Sulwhasoo: Hands & eyes massages; skin analysis and related product recommendation service with in-store moisture-measuring device.

    The offer will not just be about established brands. The Shilla Duty Free is also promising nine brand newcomers. Five are Korean – Primera, Too Cool for School, Cell Fusion C and Atopalm – and four imported – Caudalie, Foreo, Santa Maria Novella, Acqua di Parma and Atelier Cologne.

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  • Beef & Liberty to take off at Hong Kong airport

    Beef & Liberty to take off at Hong Kong airport

    Burger chain Beef & Liberty will start serving its signature gourmet offering at Hong Kong International Airport from early April.

    Opening in Terminal 1, its restaurant will seat up to 100 diners.

    From Shanghai, where it has three outlets, Beef & Liberty arrived in Hong Kong in 2014. The airport outlet will be its fourth for Hong Kong.

    Beef & Liberty uses beef only from Hereford cattle, raised naturally by farmers in the Cape Grim region of Tasmania, Australia. It says the meat is typically lean and high in omega-3 fatty acids and vitamin E.

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  • SPAR International Expands Further Into The Middle East

    SPAR International Expands Further Into The Middle East

    SPAR International has announced the brand’s entry into the Saudi Arabian retail market. Partnering with the well-established Saudi conglomerate, the Al Sadhan Group, SPAR has ambitious plans to open 40 stores in Saudi Arabia by 2020.

    Yesterday, three SPAR stores were opened in Riyadh, the nation’s capital and primary economic hub. Plans are in place to open a further five stores throughout 2018, bringing the total number of stores in the country to eight by the end of the year.

    The first SPAR stores in the Saudi Arabian market will be aimed at the mid- to premium sector of the retail market. However, as the brand develops in the country, SPAR plans to launch stores in all economic sectors, providing all customers with competitive pricing for the best global and local products.

    The Al Sadhan Group is a family owned business established in 1952. Its services include real estate, facilities management, food retail and brand development. Al Sadhan Stores operates the company’s retail arm employing 1,500 colleagues and has a long history in the market, being the first supermarket to obtain a business licence in Riyadh in 1952. SPAR International began their partnership with Al Sadhan in 2016, soft launching the first SPAR store in the second half of 2017.

    SPAR International has provided extensive support to Al Sadhan in the lead-up to the store openings including study tours to other SPAR markets and fostering awareness of the SPAR Way of Working. Support was also given in logistics development, supply chain creation and store design.

    The stores will benefit from the access to globally and locally sourced SPAR Own Brand products, expertise in category management and the support from SPAR International’s design and development teams to ensure modern and dynamic store design.

    SPAR International will also support SPAR Saudi Arabia to utilise the strengths of the joint buying model to ensure competitiveness.

    The partnership with Al Sadhan in Saudi Arabia builds on SPAR International’s existing partnerships in the wider region, notably in the United Arab Emirates, Oman and Qatar.

    A grand opening ceremony took place in Riyadh, with ribbon-cutting ceremonies at the three high-quality SPAR Supermarkets. Thereafter, Tobias Wasmuht, SPAR International’s Managing Director, was joined by officials from the Netherlands embassy and senior management from Al Sadhan Group to celebrate the brand’s official debut in Saudi Arabia.

    Speaking at a press conference announcing SPAR’s entry into the market, Tobias Wasmuht, Managing Director of SPAR International said:

    “With a growing young population, rising GDP and increased consumer purchasing power, the retail market in Saudi Arabia has been growing steadily. We are delighted to enter this exciting and dynamic market with such an established and well-respected Partner as Al Sadhan Group.

    In addition, the new partnership provides SPAR with yet another important base in the Middle East, a region that is becoming more and more important to SPAR International’s strategic business development.”

    Mr. Mohammed bin Abdul Aziz Al Sadhan, Chairman of Al Sadhan Group commented:

    “We are very proud of this partnership with SPAR International. Having the right mix between SPAR International’s knowledge and best practice along with our experience in the local market will provide our customers with an excellent retail experience. The SPAR brand products will be a key factor in our success, and we are getting great support from SPAR International’s team to source items from SPAR partners around the world.

    Also, this partnership is in-line with the Saudi Arabian vision 2030 and the support we have from the Saudi government for the development of the Saudi market.”

  • DFS Celebrates Lunar New Year ‘The Year Of Dog’ With Exclusive Offers

    DFS Celebrates Lunar New Year ‘The Year Of Dog’ With Exclusive Offers

    DFS Group, the world’s leading luxury travel retailer, will celebrate Lunar New Year 2018 ‘The Year of the Dog’ with a series of fabulous promotions, exclusive offers and fun interactive activities at selected T Galleria and DFS stores worldwide throughout February 2018.

    DFS Group’s 2018 Happy Lunar New Year campaign celebrates all that’s important about this very special time of year, also offering customers a range of exclusive offers from its Give Joy Together gift guide. DFS President Merchandising and Consumer Marketing Sibylle Scherer said Lunar New Year is one of the world’s most
    celebrated festivals and is a time for family, friends, giving, happiness and good fortune.

    “Our Give Joy Together gift guide, in conjunction with DFS’ 2018 Happy Lunar New Year campaign, is sure to delight anyone who visits our stores this festive season. As we welcome the Year of the Dog, we proudly thank our loyal customers and look forward to welcoming new shoppers who seek a warm, friendly and luxurious shopping experience that only DFS can offer.

    “Our gift guide showcases all that is fun about giving and sharing, offering our customers the chance to show their
    appreciation to their loved ones, or treat themselves to something special this Lunar New Year,” said Sibylle.
    In celebration of Lunar New Year 2018, DFS will host a range of exciting in-store activities, including ‘DFS Game’, a Pokémon Go-inspired game featuring the DFS Lunar New Year dog character Lolo, who will lead customers to ‘catch’ incentives, experiences or blessings in-store. The game will be available at T Galleria by DFS, Hong Kong, Canton Road, T Galleria Beauty by DFS, Hong Kong, Causeway Bay, T Galleria by DFS, Angkor, T Galleria by DFS, Hawaii and T Galleria by DFS, Sydney in February.

    Other in-store activities include ‘Catch Your Luck’, a Fortune Tree and Wishing Tree with lucky prize envelopes, and a personalized charm giveaway set offer when customers take advantage of DFS Give Joy Together promotions.

    DFS 2018 Lunar New Year exclusives also feature products from Tiffany & Co., Burberry and Coach, as well as the new Marc Tetro Westie and Boston Terrier cosmetic and tote bag range, a perfect gift to symbolize the Year of the Dog, and exclusively available for Hong Kong shoppers. Marc Tetro celebrates color, style and fun and demonstrates DFS’ commitment to stocking unique, world-class fashion, jewelry and cosmetics from design houses across the world.

    DFS also offers customers savings on classic, timeless pieces from brands such as Estée Lauder, Anne Klein, Hamilton and Emporio Armani.

    Products exclusively available at DFS this Lunar New Year include:
    • Estée Lauder – Pure Color Envy Sculpting Eye Shadow & Lipstick, Limited Edition
    • Anne Klein – Blush Ceramic Watch with Genuine Swarovski Crystals Women’s Watch
    • Marc Jacobs – DFS exclusive Tote Bag
    • Hamilton – Ventura Elvis 80 Automatic Rubber Strap Men’s Watch – Receive a complimentary exclusive Elvis
    Presley tote bag with your purchase
    • Emporio Armani – CONNECTED Touchscreen Smartwatch
    • Bvlgari Serpenti Twist Your Time with Mother of Pearl Dial
    • Bvlgari Serpenti Twist Your Time with Red Dial
    • Swarovski Haves Bracelet, Pendant and Earrings
    • Tiffany & Co. Keys Fleur de Lis Key Pendant and Tiffany & Co. Keys Petals Key Pendant
    • Marc Tetro Hong Kong Pug Large Cosmetic Bag
    • Marc Tetro Hong Kong Westie Tote Bag

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  • ASEAN Tourism Ministers Stir the Pot for Gastro Tourism in Southeast Asia for 2018

    ASEAN Tourism Ministers Stir the Pot for Gastro Tourism in Southeast Asia for 2018

    The ASEAN Tourism Forum ended on a high 26 January, with ASEAN tourism ministers itemising a list of achievements for the region’s robust travel and tourism sector.

    Lauding the completion of a strong VisitASEAN@50 campaign in 2017, which generated a better than expected response, ASEAN’s 10 tourism ministers were optimistic about new marketing campaigns for ASEAN tourism in 2018 and beyond.

    The ministers revealed the following new priorities.

    There will be a new emphasis on promoting the many aspects of gastronomic travel, as outlined in the minsters’ Joint Declaration on Gastronomy and Tourism. The declaration notes that, “gastronomic tourism helps to create a strong sense of place for branding and marketing destinations, and also assists in maintaining and preserving local heritage and identity, and protecting biodiversity”.

    Cruise tourism will be developed further due to its high economic impacts. There will be renewed focus on the effectiveness of destination management, specifically environmental and social issues and the welfare of local communities that cruise tourism touches.

    Cross border bus and coach traffic will also be promoted further, following an agreement by ASEAN Transport Ministers to ease restrictions. The ministers noted that recommendations from studies on recognising domestic driving licences in neighbouring ASEAN countries could boost tourism significantly, especially if there were road enhancements along major tourism corridors.

    Ministers noted that the quality of work supplied by tourism professionals throughout Southeast Asia will continue to rise, in part, due to the completion of all 242 ‘toolboxes’ for job training. Jakarta will host a permanent secretariat in order to improve and unite tourism industry standards across ASEAN.

    Positive Legacy of VisitASEAN@50 Campaign
    The Tourism Ministers at ATF were buoyed by public and travel industry response to VisitASEAN@50 campaign in 2017. Based on preliminary figures from member states, ASEAN is expected to receive 125 million international visitors, exceeding the target of 121 million international tourist arrivals to the region set for VisitASEAN@50.

    If confirmed, this new record will indicate a growth of 8.4 per cent from 2016. Arrivals were dominated by intra-ASEAN travel, accounting for 42 per cent of total international arrivals.

    Targets for length of stay and revenue were also achieved, with ASEAN averaging 7.98 days of stay for international tourists, generating an estimated US$93 billion from tourism in 2017.

    “As we celebrate this most recent success,” said Weerasak Kowsurat, Minister for Tourism and Sports of Thailand, who chaired the Ministers’ meeting, “we still recognise the scale of the task before us and the urgency in enhancing our competitiveness to achieve sustainable development. We must therefore ensure that we unite to create the synergy which brings about inclusive growth and that none of us is left behind.”

    ATF 2019 will be held in Halong Bay, Viet Nam in January next year. The 2020 edition will be in Brunei Darussalam.

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  • Philippine Economy Posts 6.6 Percent GDP Growth in the Fourth Quarter of 2017

    Philippine Economy Posts 6.6 Percent GDP Growth in the Fourth Quarter of 2017

    Gross Domestic Product (GDP) posted a 6.6 percent growth in the fourth quarter of 2017, driving the economy to grow by 6.7 percent for the entire year of 2017.

    Manufacturing, Trade and Real Estate, Renting and Business Activities were the main drivers of growth for the fourth quarter.

    Among the major economic sectors during the fourth quarter of 2017, Industry had the fastest growth of 7.3 percent, followed by Services which grew by 6.8 percent during the quarter. Agriculture grew by 2.4 percent, rebounding from a 1.3 percent decline in the same quarter of the previous year.

    Net Primary Income (NPI) accelerated by 4.1 percent compared with the 3.3 percent growth recorded in the fourth quarter of 2016. As a result, Gross National Income (GNI) posted a growth of 6.2 percent, faster than previous year’s growth of 6.0 percent. On an annual basis, GNI grew by 6.5 percent, while NPI’s growth is at 5.6 percent.
    With the country’s projected population reaching 105.3 million in the fourth quarter of 2017, per capita GDP and per capita GNI grew by 5.1 percent and 4.7percent, respectively.

  • Alipay partners Global Tax Free to roll out tax refund service in Singapore

    Alipay partners Global Tax Free to roll out tax refund service in Singapore

    Alipay, the world’s largest mobile and online payment platform operated by Ant Financial Services Group, along with Global Tax Free today announced that Chinese travelers visiting Singapore can now have tax refunds deposited directly into their Alipay accounts after completing all procedures at the airport. Singapore is the first country in Southeast Asia to offer this service to Chinese tourists.

    The move follows the signing of a memorandum of understanding (MoU) between Alipay and Global Tax Free (GTF) last September.

    “The Singapore Tourism Board (STB) is pleased to support the launch of Alipay as an additional mode of refund beyond cash and credit card. This will offer Chinese shoppers, who are frequent users of digital payment systems, a more seamless and enjoyable shopping experience in Singapore,” said Ms Ranita Sundra, Director, Attractions, Dining & Retail, STB.

    The new tax refund service is easy to use (see image below) and offers a shorter waiting time over credit card refund, which requires a lead time of up to 10 days. Through Alipay, Chinese shoppers can now enjoy a faster and more seamless refund process, as they can get their refunds in Chinese Yuan credited into their Alipay accounts immediately after completing the necessary procedures at the airport. Alipay also offers a strong and favourable exchange rate that further enhances the overall shopping experience for Chinese visitors in Singapore.

    China is one of Singapore’s key markets for tourism. Based on statistics published by the Singapore Tourism Board, 2.86 million Chinese travelers that visited the nation in 2016 accounted for S$3.5 billion in Tourism Receipts, of which 43% was contributed by shopping.

    Alipay has rolled out the tax refund service in 20 countries worldwide, including South Korea and Germany. Singapore is the first country in Southeast Asia to implement the Alipay tax refund scheme.

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  • Nine West Close to Filing for Bankruptcy

    Nine West Close to Filing for Bankruptcy

    A Nine West bankruptcy filing appears likely, according to reports from the US overnight.

    Retail Dive has reported that the embattled shoe retailer has found a buyer for some of its assets and plans to work to restructure its debt as soon as a sale is complete. However, Debtwire and Bloomberg both report NIne West is prepared to file for Chapter 11 bankruptcy if necessary, suggesting there is pressure form lenders.

    Neither NIne West or its private equity owner Sycamore, which paid $2.2 billion for the business in 2014, responded to requests for comment on the matter.

    Debtwire associate editor Reshmi Basi says the timing is likely to be determined by a March 15 payment deadline.

    The company has been struggling with its debt since late 2016 and last year was named by ratings agency Moody’s in a list of “at risk” retailers, citing “weak operating performance and very high debt and leverage burden”.

    Basu told Retail Dive Nine West’s outlook was decidedly uncertain. “Time will tell how it works. They’re going back and forth between creditors about how to address maturities,” she said.

    Nine West is steadily losing market share to online retailers in a market of softening apparel sales.

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