Retail News CRM

Author: Mei Ling Tan

  • Tallest Mekong Delta building opens

    Tallest Mekong Delta building opens

    The Vinpearl Cần Thơ Hotel, the first five-star hotel in the southern city of Cần Thơ, was inaugurated last weekend, becoming the tallest building in the Mekong Delta region.

    Vinpearl Cần Thơ Hotel, with 30 floors and a three-story lobby, is the ninth hotel in the chain of Vinpearl-branded tourism hotels owned by Vingroup – a Vietnamese property developer.

    The 120-metre-high hotel also offers a high-end restaurant, entertainment, and health and beauty care services.

    The 262-room hotel is located in a hotel–trade centre–shopping complex that is the largest in the Mekong Delta region.

    The chairman of the municipal People’s Committee, Võ Thành Thống, said Cần Thơ, located in the centre of the Mekong Delta, is considered an ideal destination for both domestic and foreign tourists to explore the unique waterways of the southwestern region.

    He noted that Vingroup’s construction of the hotel conforms to the city’s tourism plans, adding that with its high-quality services, the hotel will help attract tourists and fuel the city’s development.

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  • Maritime transport sees growth for two consecutive years

    Maritime transport sees growth for two consecutive years

    The country’s maritime transport sector posted growth for two consecutive years, notwithstanding losses, restructuring and even bankruptcy of several large foreign carriers.

    Nguyễn Văn Công, Deputy Minister of Transport, hailed results of the maritime transport sector at the conference of the Việt Nam Maritime Administration (Vinamarine) held in Hà Nội on Monday.

    In 2016, Vinamarine was active in issuing documents guiding the implementation of the Việt Nam Maritime Law 2015. The two most important contents — price listing and seaport service prices — have eased business difficulties, helping to avoid economic losses.

    Công said growth rate of 4 per cent this year, with total output of 123 million tones, is impressive in the current situation.

    “In particular, the Cái Mép-Thị Vải seaport saw a high growth rate of containers. In 2016, the seaport received two million twenty-foot equivalent units (TEU), surging from 499,000 TEU in 2012. More than 1,200 arrivals of vessels weighing more than 80,000 tonnes came to the seaport,” he said.

    The deputy minister asked Vinamarine to continue undertaking checks on seaport service prices. Vinamarine was particularly asked to research and invest into key maritime corridors to develop multi-modal transportation.

    Đỗ Hồng Thái, Vinamarine’s deputy head, said this year, the number of maritime accidents was 21, reducing by two cases from last year. The port authorities also conducted checks on nearly 13,000 arrivals of vessels on local routes, discovering 1,300 vessels with defects. The authorities also implemented checks on more than 2,000 foreign vessels and uncovered 817 with defects.

    “There is no security incident with the country’s seaport system this year. Vietnamese seaports continue to be safe destinations for foreign vessels,” Thái said.

    In 2017, Vinamarine will continue to prepare legal documents guiding implementation of the Việt Nam Maritime Law 2015. It is expected to submit eight decrees and one decision to the Prime Minister for approval. It will also complete several plans such as the seaport development planning by 2020 with a vision to 2030.

    In addition, it will also ensure maritime security by investing in infrastructure and enhancing international co-operation.

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  • High-engine motorbikes stir domestic market

    High-engine motorbikes stir domestic market

    The recent launch of motorbike models with high-engine displacement has attracted the Vietnamese and stirred the domestic market, even though import prices are 2-3 times higher than world prices.

    The leader in this segment is Honda Việt Nam, with the SH 300i imported from Italy. With a price of VNĐ248 million (US$10,880), nearly the price of a small sedan, the motorbike has seen good sales in urban areas, with an expected volume of 400 units next year.

    Kymco, a brand name of Taiwan, introduced the People GT300i model in Hà Nội in July. This motorbike is seen as a direct competitor to the Honda SH300i. However, a Kymco representative said the introduction is just to get an idea of the Vietnamese market before preparing future plans.

    Meanwhile, Yamaha Việt Nam is planning to roll out model X-MAX 300 in the country this year, which is also expected to be a rival of the SH300i.

    Piaggio, early this year launched two models with high engine displacement — Aprilia and Moto Guzzi — in the domestic market, to mark its 95th anniversary. In addition, the firm has two other models — Beverly 300 i.e and Vespa GTS 300.

    A French company, Peugeot recently entered the Vietnamese market with models Geopolis 300 and Satelis 300 and appears intent to compete with its rivals for marketshare.

    Insiders said with the country’s increasing economic development and transference of customers’ consumption demand, high-engine displacement motorbikes and motor scooters would witness a lot of opportunities for development by 2020.

    Five years ago, it was rare to see a high-engine displace motorbike on the streets. But today, the image is common.

    The market opened its doors to the vehicle when the transport ministry removed its regulation which restricted the number of candidates allowed to drive with an A2 licence — the requirement for motorbikes above 175cc in force since March 1, 2014.

    This new adjustment, Honda Việt Nam General Director Minoru Kato told it was like “good medicine to stimulate the growth of the high-engine displacement motorbikes market in Việt Nam.

    However, the selling price remains high due to taxes and fees. Currently, the price of the bike factors in an import tax of between 65 per cent and 75 per cent, the special consumption tax of 20 per cent and value-added tax of 10 per cent. Besides this, other fees such as transport, storage and registration fees are also included. On an average, an imported car will have a price that is two or three times higher than the price in the world market.

    According to commitments of tax cuts and reduction from trade agreements that Việt Nam has signed, the import tax of high-engine displacement vehicles from ASEAN, Japan, European Union and the United States will be reduced systematically and abolished within the next eight years, which would lower prices in the future.

    Insiders said local motorbike makers had the tendency of producing high-engine motorbike scooters in Việt Nam, not only to meet demand, but also for export. However, there were concerns that when major cities did not yet have effective measures in place to reduce traffic jams, the increase of high-engine displacement models on the roads would worsen the situation.

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  • “Flying eye hospital” Orbis makes stop in Singapore

    “Flying eye hospital” Orbis makes stop in Singapore

    A plane arrived this week at Paya Lebar Airbase. But it is no ordinary aircraft. The Orbis plane, also known as the world’s only “flying eye hospital”, made its stop in Singapore this week to raise awareness about blindness.

    Orbis, an international non-profit organisation, is primarily a teaching hospital which trains medical professionals from developing nations in eye care. It has so far travelled to 92 countries, providing hands-on training to medical professionals and better access to quality eye care, among other areas.

    It also conducts operations for patients on board the aircraft while medical professionals watch and learn in an adjacent classroom through a live feed.

    Orbis’ visit to Singapore marks the first time that its latest plane model- a third generation MD-10 plane- has landed in the Republic after hundreds of aircraft experts retrofitted it. The whole effort took six years.

    The aircraft, which was open to the media on Friday, boasts a 46-seat classroom, an operating room as well as a patient care and laser treatment room, among other features.

    Apart from having a longer flight range of 6,000 nautical miles which will enable it to fly longer distances, the plane’s live broadcast capabilities will also better train doctors and nurses with live footage in 3D.

    According to the World Health Organisation, 285 million people in the word are visually impaired. Yet, about 80 per cent of these cases are preventable.

    Orbis has, in the last five years, trained over 115,000 doctors and other medical professionals. Over 340,000 eye surgeries have been performed for patients during that same period.

    “The Flying Eye Hospital plays a vital role in Orbis’ mission to bring the world together to fight blindness,” said Mr Paul Forrest, Chief Development Officer of Orbis International.

    “Our launch of this new third-generation Flying Eye Hospital not only marks a new chapter in our shared sight-saving journey, but also brings us a significant step closer to our dream of eliminating avoidable blindness forever.”

    Apart from helping to retrofit the plane, FedEx also announced in June this year that it was renewing its five-year US$5.375 million (S$7.66 million) commitment to Orbis. That includes providing aircraft services and sponsoring fellowships for ophthalmologists to study in leading global eye institutes.

  • China authorises 22 Vietnamese rice exporters

    China authorises 22 Vietnamese rice exporters

    China has authorised 22 Vietnamese businesses to export rice into its market, Việt Nam’s Ministry of Agricultural and Rural Development (MARD) announced.

    China’s General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) has given only 22 firms permission to start exporting rice and rice products starting January 1, counting from the date of departure from the Vietnamese border.

    Any businesses not listed by AQSIQ will be banned from exporting to the Chinese market from January 1, the ministry’s Plant Protection Department (PPD), which received the related documents from AQSIQ on December 23, said.

    The PPD has notified the Vietnam Food Association, sterilisation companies for exported rice and the 22 listed businesses, and published the list online at www.ppd.gov.vn

    The PPD has ordered the 22 companies to comply strictly with the regulations on food safety and plant quarantine set by both Việt Nam and China. It has also urged sterilisation companies authorised by the AQSIQ to work with rice exporters to maintain the quality of the rice and ensure there are no storage pests.

    The AQSIQ has issued the list after carefully considering numerous Vietnamese businesses that had applied for permission to export. A group of Chinese experts had travelled to Việt Nam to inspect 31 enterprises that had previously applied to the local ministry for export rights to China.

    Among the several countries that import Vietnamese rice, China tops the list with 35.4 per cent of market share in the first three quarters of 2016, according to MARD.

    The total rice export turnover into the Chinese market touched 1.35 million tonnes amounting to $613.4 million, down 23 per cent in terms of quantity and 13.9 per cent in terms of value as compared to the same period in 2015.

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  • Toyota recalls 18,757 Lexus cars

    Toyota recalls 18,757 Lexus cars

    Russian standards agency Rosstandart said on Monday it had been informed about a voluntary recall by Toyota of 18,757 Lexus NX 200, NX 200t and NX 300h cars which had a fault in their braking systems.

    The recall affected cars sold after Sept. 11 2014, the agency said in a statement.

  • Ikea Centres to increase megamalls in China

    Ikea Centres to increase megamalls in China

    Centres China, Ikea Group’s megamalls unit that entered the country in 2009, is firming up plans to replicate its success in three Chinese cities across the country.

    Beginning 2020, it will open one megamall per year.

    Typically, a megamall is a shopping mall with an Ikea store, and the future ones may also have apartments, hotel or offices.

    The megamalls developed by Ikea Centres China are also known as Livat shopping centers.

    In China, its megamalls are located in Beijing, Wuxi in Jiangsu province and Wuhan in Hubei province. They involved investment of 10 billion yuan ($1.44 billion).

    Ding Hui, president of Ikea Centres China, said the three centers have been like tests, and produced encouraging results. Hence, Ikea has decided to expand across China.

    New shopping centers may come up in major cities such as Beijing, Shanghai, Shenzhen and Guangzhou, as well as in second-tier cities such as Chongqing, Xi’an, Wuhan, Hangzhou, Nanjing and Qingdao.

    The fourth in the country, which will entail an investment of about 4 billion yuan, will be a commercial complex in Changsha of Hunan province, Central China, according to Ding.

    “It’ll have a shopping mall, Ikea store, apartments, a hotel as well as offices. It will be the first of its kind as other centers don’t house apartments, hotel or offices,” Ding said.

    The Wuxi center, the first Livat venture in the Chinese mainland, opened in June 2014. According to Ding, over the past two fiscal years, it saw a 32 percent growth in revenue and 27 percent growth in guest flow to 14.1 million.

    The three shopping centers registered 52.6 million visits in Ikea’s fiscal year between September 2015 and August 2016. Combined sales were up 36 percent at 7 billion yuan.

    “Through the last year’s budget, Ikea Centres China funneled 25 billion yuan into the development of shopping centers. This will continue until 2025, to ensure one new project comes up per year from 2020,” said Ding.

    “Land deals and project sales can no longer generate sustainable profits. So, the competition between shopping malls will become even fiercer in the foreseeable future. This will be a good opportunity for companies such as Ikea Centres China,” said Ding.

    Furniture giant Ikea’s malls foray signifies how iconic companies are diversifying for long-term sustainability.

    The Nikkei Asian Review recently reported that railway and hospitality group Odakyu Electric Railway is joining forces with the operator of Muji stores to open a hotel next year in China.

    “In the past few years, Chinese conglomerates diversified successfully in China. Now, international brands like Ikea and Muji are trying to do the same for better localization,” said Chen Sheng, president of the China Real Estate Data Academy.

    Livat shopping centers in China will house companies and brands like Ikea Retail, Auchan Hypermarket, Suning Electronics, Jinyi Cinema, Decathlon, Zara, Mango, H&M, C&A, Gap, Uniqlo. Besides, there will be food and beverage facilities, and entertainment areas for children.

    “Ikea Centres China is in talks with leading international hotel brands, including Marriot, InterContinental and Hilton for the hotel space,” said Ding.

    According to him, the hotels will be of three-star variety, but will provide four-star hotel experience to customers like middle-income families and business travelers.

    Tastefully done up flats complete in all respects will target young working professionals and newly-weds.

    Offices will offer shared spaces like pantry, meeting rooms and conference chambers to tenant companies.

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  • Nearly 70 million more shares listed on UpCoM

    Nearly 70 million more shares listed on UpCoM

    Unlisted Public Company Market (UPCoM) welcomed the listing of nearly 70 million shares of five companies on Monday, with share value registered for trading equal to VNĐ693.4 billion (US$31 million).

    The five companies are 36 Corporation (G36), Sài Gòn-Nghệ Tĩnh Bear Joint Stock Company (SB1), Hà Nội Water Manufacturing Joint Stock Company No 3 (NS3), Quảng Ngãi Water Supply Sewerage and Construction Joint Stock Company (QNW) and Bridge Joint Stock Company No 12-Cienco 1 (C12).

    Listings on UPCoM have witnessed a surge recently. On December 20, five companies were also listed on UPCoM, with total share value equal to VNĐ328.6 million.

    The market appeared to be more attractive to investors as many large companies had listed or planned to list on UPCoM, following the regulation that State-owned enterprises which were public companies must register for trading on UPCoM following equitisation, in case they did not meet requirements for listing on the official exchanges.

    UPCoM was founded in 2009 and currently more than 400 firms are listed on the market, with capitalisation value doubling the Hà Nội Stock Exchange.

    However, its trading value was modest at around one fourth of the northern bourse. More than 140 stocks did not see transactions conducted in the past one month, partly due to investors’ hesitancy over transparency.

  • Vietjet offers tickets at VNĐ5,000

    Vietjet offers tickets at VNĐ5,000

    Vietjet will sell five million air tickets at only VNĐ5,000 (20 cents) per ticket from December 28, 2016 to February 28, 2017, as part of its fifth anniversary celebrations.

    The carrier’s “Win a 1-kg gold airplane, Fly to a happy future” promotions offers super-cheap airfares on www.vietjetair.com between noon and 2pm. Passengers who book tickets within the promotional period have the chance to take part in a lucky draw for 3.75-gram gold bullion prize every week and a 1-kg gold airplane.

    The discounted fares apply for all domestic routes and international services between Việt Nam and Hong Kong, Taipei, Kaohsiung, Taichung, Tainan, Seoul, Busan, Singapore, Bangkok, Kuala Lumpur, Yangon and Siem Reap.

    All passengers flying from December 28, 2016 to February 28, 2017 will also get the chance to win free return air tickets every day onboard Vietjet flights.

    The airline is also planning a series of other promotional activities such as photo ops with bikini models and surprise performances at several domestic and international airports.

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  • KFC launches first AI-enabled outlet in Beijing

    KFC launches first AI-enabled outlet in Beijing

    Kentucky Fried Chicken (KFC) has launched its first artificial intelligence-enabled store in the Chinese capital city and plans to further expand its layout of smart restaurants, creating more innovative and interesting dining experiences for customers.

    With the cooperation of Baidu Inc, China’s largest search engine, KFC started its first smart restaurant in the Financial Street area in Beijing.

    At the store, customers are able to take pictures with a machine, which will recognise the diner’s face, sex, age, mood and other features, then help to recommend suitable food and set meals and complete the ordering process.

    “If the consumer visits the store again and takes a picture with the machine, it will be able to recognise his or her face and show the previous purchase history, remember the customer’s dining habits, and help to place an order faster,” Wu Zhongqin, deputy director of the Institute of Deep Learning of Baidu Inc, which helped to develop the technology said.

    With another machine with an augmented reality, or AR function, customers are able to interact with the machine, change facial expressions by shaking their heads in front of the machine, take photos, and save them to their phones.

    In April, KFC, an affiliate of Yum China Holdings Inc, started its first Chinese smart restaurant in Shanghai.

    The outlet is equipped with intelligent robot ordering, debuting the use of artificial intelligence in chain restaurants, state-run China Daily reported.

    Zhao Li, general manager of Beijing KFC, said smart restaurants are not only about the cool hardware, but more about providing convenience to consumers.

    “Our innovations make use of the cutting-edge technologies and they will help to attract more young consumers who prefer fashionable new things. The digitalisation of the restaurant will also help to provide faster and easier services,” she said.

    “We believe that the restaurant dining experiences must continue to upgrade. With 5,000 stores in China, we plan to expand such services nationwide soon, to adapt to the digital age and enable more consumers to experience enjoyable ordering experiences.”

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  • 2016 a good year for malls

    2016 a good year for malls

    It’s been a difficult year for many industries, but not for the retail trade, especially in the case of shopping malls, according to an industry veteran.

    In an interview with FMT, Malaysia Shopping Malls Association adviser Chan Hoi Choy said the retail industry was estimated to record a growth of 5% in 2016 over the previous year.

    “The fourth quarter of the year is the retail industry’s strongest and busiest quarter; so we will finish the year strong,” he said.

    The industry is worth about RM100 billion a year.

    Chan said domestic consumption contributed to about 90% of the retail industry’s revenue.

    Asked to explain why more malls were being built despite widespread complaints about a rising cost of living, Chan said this was down to the nature of modern malls and spending patterns.

    “Most malls nowadays are lifestyle malls that promote integrated activities,” he said. “They are a one-stop centre comprising retail, food and beverage, entertainment and services outlets.”

    He added that one in five Malaysians would spend weekends at malls.

    Another factor behind the retail industry’s resilience, he said, was that people still needed to buy essential goods regardless of increases in prices, and malls offered variety.

    “The items most people buy in malls on a regular basis are things which do not cost much,” he said, adding that people had adjusted to the goods and services tax.

    Chan said the annual increase in the number of shopping malls was running into “double digits” and this was the biggest threat to the retail industry.

    “Developers must be very careful about building new malls,” he said. “They must carry out thorough research to understand the demand and supply. There is an oversupply of malls and those which serve under-served markets are more likely to succeed.”

    He said it would take a long time for developers to realise returns on their investments because malls were capital intensive developments.

    He said the retail industry would normally grow in tandem with the GDP, which is expected to grow between 4% and 5% in 2017.

    He urged the government to consider removing excise duties on more items, saying this would make Malaysia even more attractive as a shopping destination.

    “As it is, we are one of the top 10 shopping destinations in the world,” he said. “The government has done a fantastic job of attracting tourists to come here and shop, as well as abolishing excise duties for some 300 tourist products.”

    Chan said the multiplier effect of abolishing excise duties on more items would be “huge”, noting that attracting more tourists would mean more revenue for other industries as well.

    “Very few countries in the world receive more tourists than there are citizens,” he said. “So we believe the growth of tourism will be a big plus for the retail industry and the country as a whole.”

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  • Thailand becomes 10th largest investor in Vietnam

    Thailand becomes 10th largest investor in Vietnam

    Thailand’s foreign direct investment into Vietnam has been increasing sharply in recent years, according to a survey report by researcher Pittaya Suvakunta from Thailand’s Thammasat University

    Suvakunta’s report on Thai FDI in Vietnam was circulated at an international conference on Vietnam studies held in Hanoi recently.

    The researcher cited data from Vietnam’s Ministry of Planning and Investment as saying that as of June 2016, Thailand had had 466 projects in Vietnam with total pledged capital of US$9.44 billion, ranking 10th out of the 116 countries and territories investing in Vietnam.

    In 2015, as many as 53 new Thai projects were licensed into Vietnam, besides many others allowed to raise their investment capital, totaling US$262 million of fresh capital.

    Key Thai investors in Vietnam include CP Vietnam Corporation with US$328 million of investment capital, SAS CTAMAD with US$72.6 million, Long Binh Development Joint Venture Company with US$46 million in Dong Nai Province, and TCP VINA Chemical Plastic Company with US$90 million in Go Dau Industrial Park, Dong Nai Province.

    Thailand’s FDI in Vietnam flows into a wide range of sectors such as energy, retail, agriculture, processing, building material, and animal feed.

    “Thousands of Thai firms wish to join hands with Vietnamese partners to leverage the existing potential of both countries,” said Sanan Angubolkul, president of the Thailand-Vietnam Business Council, at a recent press conference in Hanoi.

    According to Tharabodee Serng-Adichaiwit, general manager of Bangkok Bank Public Company Limited in Vietnam, Vietnam is one of the best destinations for Thai investments in Asia and there will be more Thai investments into Vietnam in the near future.

    Bangkok Bank has recently tripled its capital so that it can provide more loans for Thai investors to expand business in Vietnam.

    Many Thai firms have plans at hand to expand their Vietnam operations.

    For example, CP will spend US$150-200 million building a fish feed processing plant, and a processed chicken and cold storage plant in Vietnam.

    Meanwhile, Siam Cement Group (SCG) is also seeking additional funds to increase investment in the domestic market and Southeast Asia. SCG is currently building a new petrochemicals complex in Vietnam and recently announced plans to inject at least 100 billion baht (US$3.3 billion) to expand operations in Southeast Asian markets.

     

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  • Opening of Singapore first Apple Store gets pushed back indefinitely

    Opening of Singapore first Apple Store gets pushed back indefinitely

    Back in July, Singaporeans were thrilled by the news that our very first Apple retail store was set to open in November at Orchard Road’s Knightsbridge Mall.

    With Apple products only available to Singapore dwellers via authorised resellers (Nübox , EpiCenter) and Apple’s online store, the opening comes as a very welcomed surprise to both Apple fans and tech enthusiasts alike.

    The facade of the store, albeit still very much under renovation, was also observed by local Apple blog My Apple Singapore to potentially have the trademark front-facing glass panels that international Apple retail stores possess.

    What was also exciting, especially to us, were the possibilities of how an Apple retail store in Singapore would turn out, given that the company is known for designing its stores so as to “become one with the community [it is in]”.

    And it’s not just in the superficial – Apple stores in Japan are also known to participate in the Japanese New Year’s Fukubukuro (“lucky bag”) tradition, giving out bags containing random Apple products at highly discounted prices.

    At that point of time, we were a mere few months away from the unveiling of a shiny new store which could, pardon the reference, make shopping in Singapore great again, but the projected date (and month) has already come and passed…and we’re still far from picking out Apple products over the counters.

    From 31 Oct, To 30 Jan, To…

    Last month, The Straits Times came bearing the bad news that the store “will likely not open in time for Christmas this year”.

    The information board at the location showed an updated expected completion of Jan 30, 2017, and comes as a 3-month delay from the previously stated Oct 31, 2016.

    The store was also observed to be “still covered by white construction hoarding, with construction canvas draped over the exterior’s glass panels” – not exactly the most promising sign.

    Photo of the store’s information board in Nov 

    But that’s not the end of it.

    According to a report last week, the date has now been covered up, making the date of completion pretty much indefinite.

    After a check with workers and security guards at the site, the report found that the delays were “unavoidable after the site was issued with a three-week stop-work order in late October”.

    This was confirmed by the Ministry of Manpower (MOM), which revealed that the order was meted out on Oct 24 due to “unsafe conditions relating to work at height, traffic management, scaffolding, electrical installation and lifting operations that were observed during an inspection at the worksite”.

    Was The First Predicted Date Of Completion Too Optimistic?

    Given that a 3-week delay would’ve definitely caused a break in construction, the pushing back of the date of completion not once, but twice, might suggest that the first predicted date of completion (Oct 31) might have been a stretch in the first place.

    But then again, according to industry observers who has been interviewed, delays “are not uncommon [given] Apple’s emphasis on customer experience in its flagship stores”.

    Regardless, We do hope that the site is now much safer for the workers (given that this year has seen a rise in workplace deaths, and is an issue we shouldn’t ignore anymore), and that we also get an update soon.

    And this time, a more accurate one.

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  • Frshly launches automated food dispensing system

    Frshly launches automated food dispensing system

    ‘Frshly’ has launched its service offerings at the Bengaluru Central Railway Station and Chennai international Airport. Frshly is a first-of-its-kind automated retail marketplace that sells fresh and hot food from popular restaurant brands in the city for people who are on the move.

    Currently offering 6 different cuisines with 30 combos, the brand promises unprecedented service quality, convenience and variety to its customers through its state-of-the-art dispensing machines. The brand is currently present across 3 cities – Bengaluru, Chennai and Secundrabad.

    ‘Frshly’ serves piping hot food from popular restaurants across the city including Tadka Singh, Currylicious and Delhi Highway. Anjappar and Nandhana Palace in Bengaluru, while in Chennai food is available from – ‘Anjappar, Kumarakom’, ‘Delhi Highway’, ‘Arab Street’, ‘Madrasi Biryani’ and Eco Kitchen.

    Consumers have a wide range to choose from multiple restaurants at every Frshly outlet.

    Consumers can download theFrshly app from Apple and Google play stores to pick locations, order and pay for their food on the go. The available food options have been priced between – INR 79 – INR 160.

  • A look at 5 richest conglomerate families in South Korea

    A look at 5 richest conglomerate families in South Korea

    A total of 33 relatives from the families that control Samsung, Hyundai Motor, SK, LG, Lotte and other conglomerates dominate the country’s wealthiest list. Unhealthy ties between Korean conglomerates and the government have long been cited as a factor that prevents Korea from moving forward.

    A recent comment by a chaebol chief at a parliamentary hearing over the alleged connections between businesses and the presidential office was a reflection of the reality.

    “It was near impossible to reject such a demand (from Cheong Wa Dae). That’s what it’s like in Korea,” said Huh Chang-soo, head of GS Group and chairman of the Federal of Korean Industries, at the hearing on December 6.

    He was responding to lawmakers’ questions on why the FKI helped coerce conglomerates to donate funds to two foundations controlled by Choi Soon-sil, confidante of impeached President Park Geun-hye.

    Another reflection of the business climate in Korea was that most of the chaebol leaders seated at the hearing were second to third-generation heirs of the conglomerates – not self-made businessmen.

    They are also in the top tier of a list of Korea’s 100 wealthiest people compiled by The Superrich Team. Joining them on the list are their relatives. Only 10 self-made entrepreneurs made it to the list in the past year.

    A total of 33 relatives from the families that control Samsung, Hyundai Motor, SK, LG, Lotte and other conglomerates dominate the country’s wealthiest list. The figure excludes the heads of major business groups.

    The combined private assets of the business moguls stands at 39 trillion won (S$47.1 billion), higher than the annual budget of the Seoul Metropolitan Government at 27.5 trillion won.

    Samsung Group

    Lee Jae-yong, vice chairman of Samsung Electronics, and 10 other Samsung family members own 22.6 trillion won in total assets.

    The assets of Lee Kun-hee, the bedridden chairman of Samsung Group, is 15.64 trillion won, accounting for the largest portion of the assets. His wealth includes real estate in Hannam-dong, one of the richest districts in Seoul.

    Outside of the capital, Lee Kun-hee also owns a considerable amount of land in Yongin City in Gyeonggi Province, where the Samsung-made amusement park Everland and Ho-Am Art Museum are located. His properties there sit on 8,712 square metres of land.

    In total, Lee owns 14 real estate assets nationwide, worth 938.9 billion won.

    The women of the Samsung family also own a colossal amount of assets. The senior Lee’s wife Hong Ra-hee, director of Leeum Samsung Art Museum, and her two daughters Boo-jin and Seo-hyun, who lead Hotel Shilla and the fashion business at Samsung C&T, respectively, own 1.7 to 1.8 trillion won each. Lee Kun-hee’s sister Myung-hee, chairman of Shinsegae Group, holds 1.3 trillion won.

    Hong’s siblings also dominate Korea’s business landscape including areas such as media, retail, investment capital and art.

    Hong Seok-hyun, chairman of Joongang Media Network, a parent company of Joongang Daily Newspaper and television network JTBC, is one of Ra-hee’s brothers most known to the public.

    Other siblings include BCG Retail Chairman Seok-jo, Bokwang Investment Corp. Chairman Seok-joon, and Leeum Samsung Art Museum Vice Director Ra-young. The combined value of the Hong family – excluding Hong Ra-hee – is estimated at around 1.24 trillion won.

    Hyundai Group

    The family of Hyundai Group may hold a smaller fortune than the Samsung family, but 12 of them are included on the 100 wealthiest people list, the largest number among the top five conglomerates.

    Chung Eui-seon, vice chairman of Hyundai Motors and son of Chairman Chung Mong-koo, owns the largest value of assets at 2.32 trillion won. Hyundai Motor Group chairman’s younger brother Chung Mong-joon, the biggest shareholder of Hyundai Heavy Industries, follows with 1.17 trillion won.

    Other assets of the Chung family surpass 500 billion won. Other family members include KCC Chairman Chung Mong-jin, Hyundai Development Chairman Chung Mong-kyu, Hyundai Marine & Fire Insurance Chairman Chung Mong-yoon and Hyundai Department Store Chairman Chung Ji-seon.

    Hyundai Group Chairwoman Hyun Jeong-eun is also included in Korea’s top 100 wealthiest list, with 240 billion won. Hyun is the wife of the late Chung Mong-heong, the former chairman of Hyundai Asan.

    Hyun was recently accused of intentionally omitting several Hyundai Affiliates on a list of companies subject to cross investment. The antitrust regulator Fair Trade Commission pressed charges against Hyun in October.

    SK Group

    SK Group, the country’s third-largest business group, has two businesspeople listed on the Superrich Team’s top 100 wealthiest list.

    Chey Ki-won, a director of the board at SK Happy Nanum Foundation and younger sister of SK Group Chairman Chey Tae-won, is the richest SK Group family member.

    Chey holds more than 1 trillion won worth shares in listed SK affiliates. In addition to the stock assets, she was paid an additional 18.75 billion won in dividends. The value of her paid dividends is the largest among the 125 relatives of the nation’s 17 superrich on a list by Forbes Magazine.

    Chey’s massive real estate assets include a building that was the former headquarters of JYP Entertainment in Cheongdam, southern Seoul. Chey purchased the around 1,085 square-meter building for 7.6 billion won in 2014.

    Another Chey family member, Chang-won, vice chairman of SK Gas and SK Chemical, was listed among Korea’s top 100 richest with 370 billion won of assets.

    LG

    LG has seven family members on the Superrich Team’s top 100 richest list.

    Chairman Koo Bon-moo’s brother Bon-sik, who leads Heesung Group as its vice chairman, is the wealthiest among them with assets of more than 1 trillion won.

    Another brother, Bon-neung, chairman of Heesung Group follows with 904.8 billion won. He is also head of the Korea Baseball Organisation.

    The remaining five LG family members on the list include Chairman Koo’s wife Kim Young-sik. The combined assets of the five members are estimated to be worth around 2.5 trillion won.

    Lotte

    Lotte Group has two of its business moguls on the top 100 richest list.

    One of them is Lotte Group founder Shin Kyuk-ho’s eldest son Dong-joo, who is the chairman of SDJ Corp.

    While still in turmoil over power succession, Dong-joo stands strong, backed by 1.64 trillion won of publicly traded stock assets. Added to this, he also owns 27 billion won of assets from unlisted firms.

    His father Shin Kyuk-ho’s wealth follows with 270.5 billion won, according to public data.

    The value of real estate assets under the founder is astronomical. His land assets were estimated to be worth 18.6 trillion won in 1988. Shin was then picked as the world’s fourth-richest man by Forbes magazine.

    Shin’s 15 real estate assets in Korea sit on over 1 million square meters of land worth 305 billion won. Apart from Shin Kyuk-ho’s private land assets, Lotte affiliates are known to own 5.7 million square metres of land in the country, a size that nearly doubles that of Yeouido in Seoul.

    Prices of the land have seen a jump of 14 trillion won since Lotte Group purchased them. An industry source, on condition of anonymity, said following Shin Kyuk-ho can help “find gold in the real estate business.”

    Out of the 125 rich businesspeople on the list of Korea’s wealthiest, 89 of them boosted their wealth through their family connections, while only 36 were self-made entrepreneurs.

     

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