Retail News CRM

Author: Mei Ling Tan

  • New Zealand’s Chorus plans 1Gbps wholesale fiber service

    New Zealand’s Chorus plans 1Gbps wholesale fiber service

    New Zealand fixed line operator Chorus has revealed plans to extend 1Gbps wholesale fiber services across its entire share of the Ultrafast Broadband (UFB) network from next month.

    The operator will make wholesale residential and SME broadband services available nationwide on any UFB connection within Chorus’ UFB rollout area.

    The UFB is New Zealand’s national fiber broadband network, designed to cover 80% of the New Zealand population by 2022. Chorus won 70% of the contracts to deploy the fiber network from Crown Fibre Holdings, the government-owned company set up to manage the project.

    Chorus said it plans to offer residential wholesale gigabit broadband services to retailers at an introductory price of NZ$60 ($44) per month – increasing to $65 per month after June 2017 – and a business service for NZ$75 per month.

    These prices still require approval from Crown Fibre Holdings, but if this approval does not come by the end of September services will still launch on a trial basis.

    With current technology Chorus said the gigabit broadband service will offer real-world downlink speeds of between 900Mbps and 970Mbs and uplink speeds of up to 500Mbps. This compares to an average download speed across Chorus’ networks of just 35Mbps.

    Chorus began offering Gigabit broadband services in the city of Dunedin in February 2015.

    “We are delighted that other fiber providers have joined Chorus in championing gigabit residential and business services,” Chorus CEO Mark Ratcliffe said.

    “Making New Zealand a true ‘Gignation’, beyond the 5,000-plus connections we have in Dunedin, should see us catapulted up the league tables of broadband speed rankings and reinforce the high quality of the broadband infrastructure we’re rolling out.”

  • Garuda to Fly to the US in 2017

    Garuda to Fly to the US in 2017

    National carrier Garuda Indonesia plans to serve flights to the United States starting next year.

    Vice President Corporate Communications Garuda Indonesia Benny S. Butarbutar said Garuda’s plan to fly to the United States is one of the measures to strengthen its business expansion.

    “The plan to fly to the United States is business expansion to strengthen the position of Garuda Indonesia as a global player in the aviation industry,” Benny said in a press release on Saturday (10/9).

    Benny said Indonesia’s flight market potentials to the United States is quite high, reaching 400 thousand passengers per year.

    Based on this potential, Garuda Indonesia targets a return flight to Los Angeles will go and New York, as the two cities with the highest market potentials.

    Benny added, in realizing the strategic plan, Garuda Indonesia has initiated various preparations, including a feasibility study of the potential market, profitable routie, and the type of fleet to be utilized optimally, and many others.

    Garuda Indonesia plans to use large-bodied Boeing 777-300ER fleet to fly to America.

  • Calvin Klein Opens First Accessories Store in Hong Kong at IFC Mall

    Calvin Klein Opens First Accessories Store in Hong Kong at IFC Mall

    Calvin Klein, Inc., a wholly owned subsidiary of PVH today announced the opening of the first Calvin Klein accessories store in Hong Kong at ifc mall at Central Waterfront.

    Considered one of the country’s iconic world-class shopping malls, ifc mall is the destination for an extraordinary shopping, dining and entertainment experience. The new Calvin Klein accessories store is located on level 1, and offers both men’s and women’s Calvin Klein Platinum accessories and leather goods.

     The new store’s interior is marked by simple geometric forms that create a strong but neutral framework for product display. The crispness of the store’s geometry contrasts with the muted palette of oiled wood, lustrous rose-toned metal, honed stone and concrete. 

    Calvin Klein, Inc. is one of the leading fashion design and marketing studios in the world. It designs and markets women’s and men’s designer collection apparel and a range of other products that are manufactured and marketed through an extensive network of licensing agreements and other arrangements worldwide. Product lines under the various Calvin Klein brands include women’s dresses and suits, men’s dress furnishings and tailored clothing, men’s and women’s sportswear and bridge and collection apparel, golf apparel, jeanswear, underwear, fragrances, eyewear, women’s performance apparel, hosiery, socks, footwear, swimwear, jewelry, watches, outerwear, handbags, small leather goods, and home furnishings (including furniture). For more information, please visit calvinklein.com. 

    With a heritage going back over 130 years, PVH Corp. has excelled at growing brands and businesses with rich American heritages, becoming one of the largest apparel companies in the world. We have over 30,000 associates operating in over 40 countries with over $8 billion in 2015 revenues. We own the iconic Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Speedo*, Warner’s and Olga brands and market a variety of goods under these and other nationally and internationally known owned and licensed brands.

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  • Viviana Mall launches new brand campaign “Celebrate Everyday”

    Viviana Mall launches new brand campaign “Celebrate Everyday”

    Celebrations never end at Viviana Mall. Well known as the leading retail destination mall in Mumbai Metropolitan Region, Viviana mall in collaboration with its creative agency Thought Blurb is inviting customers to celebrate their everyday moments in their new brand campaign.

    With the season of festivities in tow, Thought Blurb plans to strengthen the brand’s celebratory proposition by launching their new campaign ‘Celebrate Everyday: Celebrations continue at Viviana Mall’. This campaign celebrates the individuality of Vivana’s customers. Knowing that every customer has different choices, likes, dislikes and preferences; the mall with its plethora of experiences promises every visitor a unique celebration.

    On the development, Rima Pradhan, Head of Marketing, Viviana Mall said, “The mall has always tried and created innovative ideas and campaigns to engage with customers. We regularly look for different avenues to give them a unique experience every day and hence we have collaborated with creative agency Thought Blurb for the ‘Celebrate Everyday’ campaign. We are confident that the campaign would create even stronger bonds with our customers.”

    “The idea behind the campaign is to give customers a reason to celebrate everyday and give them options to unwind themselves.” Ms. Pradhan added further.

    Thought Blurb with its team of communication experts have brought to life a vibrant and energetic campaign with a youthful tone of voice. The campaign is a successor of the equally fun ‘Celebrate Everyday’ launch campaign and is crafted to shine a spotlight on the mall’s various offerings and activities. The first phase of this campaign is going live with in-mall, outdoor and magazine releases.

    Commenting on the release of Viviana’s latest campaign, Thought Blurb’s Managing Partner, Vinod Kunj says, “Viviana since inception has been exhorting people to discover a reason to celebrate every day. So much so that today Viviana has become the happiness destination for Mumbaikars spanning all the way from Chembur to Ghatkopar going upto Palghar and beyond. It is the go-to destination for lighter moments of life in Thane. It’s today a reference landmark in Thane.”

    “This new Viviana campaign delves deeper in to core brand proposition of celebration every day. The visual treatment of the campaign celebrates the individual and the individual’s choice. Hence the larger than life imagery of the individual and his/her reason to celebrate. For some it’s that shade of nailpolish they have been searching in the country for, for others it’s a simple joy of popcorn and movie and escape in to fantasy for 3 hours at one of the best theater complexes that’s Cinepolis – 14 screen multiplex. This has been brought alive with interplay of the characters and objectifying the source of celebration.”

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  • Over 20,000 Buyers Attended HKTDC Hong Kong Watch & Clock Fair

    Over 20,000 Buyers Attended HKTDC Hong Kong Watch & Clock Fair

    The 35th edition of the Hong Kong Watch & Clock Fair ended its five-day run (6-10 September) yesterday at the Hong Kong Convention and Exhibition Centre (HKCEC). Jointly organised by the Hong Kong Trade Development Council (HKTDC), Hong Kong Watch Manufacturers Association Ltd and The Federation of Hong Kong Watch Trades and Industries Ltd., the fair welcomed more than 20,000 buyers, up 2.4 per cent over the previous year. The fair saw good growth in buyer numbers from Asian markets such as India, Indonesia, Japan, Malaysia, the Philippines and Thailand, while growth from other regions including Australia, Sweden, Russia, Canada, the USA and Iran was also recorded.

    Smart and light-smart watches trending

    “Amidst the economic downturn, demand for luxury watches and clocks remains weak. We can see that the industry is shifting from traditional luxury brands to more mid-market brands, independent brands and even new smart watches in the market,” said HKTDC Deputy Executive Director Benjamin Chau. “Since the smart and light-smart watch market is booming, more and more traditional watch companies are seeking to gain a share in the sector. I believe more varieties will be introduced into the market and offer more choices to buyers.”

    To match market demand trends, the fair this year introduced a new OEM Smart Watches zone to showcase the latest OEM watch designs. One of the exhibitors, Montrichard (HK) Ltd, has switched from manufacturing traditional watches to light-smart watches by adding smart features to traditional products over the past two years. Christine Pan, Product Manager of the company, noticed that fair exhibitors offering smart watches attracted many potential buyers from Europe and Asia. She believes that light-smart watches will be popular in 2017 and user-friendliness will be a major consideration for customers.

    The growing smart watch market attracted watch brands to develop that market segment. Matthieu Boileve, General Sales Manager of the local exhibitor Brasport HK Limited, said that in view of strong demand for smart watches and wearables, they had opened factories on the Chinese mainland and their sales of smart watch components doubled compared to two years ago and keeps growing fast. It is their second time to take part in the event. Mr Boileve believes that it is an international fair attended by buyers from all over the world, which helps to raise brand awareness and showcase their products. The company regards visitors to the fair as high-quality buyers, as about 60-70 per cent of their contacts are new.

    On the other hand, buyers were also eager to source smart watches. Franck Boudrie, President of Nouveaux Bijoutiers, which represents 170 retailers from France, was particularly interested in the brand Ringclock, which was exhibited at Salon de TE, as well as branded watches and smart watches. He foresees that half of the French population will be using smart watches, especially quartz watches with smart features in the next five to 10 years.

    International brands take advantage of the Hong Kong platform

    As the world’s largest timepiece trade fair, the Hong Kong Watch & Clock Fair attracts buyers from all over the world every year. To match Asian customers’ demand for top-quality Swiss watch brands, the Swiss Eminence at Salon de TE returned to the fair to showcase six premium Swiss brands. The Swiss Independent Watchmaking Pavilion (SIWP) also brought seven watch brands with exceptional craftsmanship. In total, Salon de TE featured close to 40 Swiss brands this year.

    Amarildo Pilo, President, Pilo & Co SA, and representative of SIWP, said that some of the brands offer value-for-money limited-edition watches with excellent quality, and it is important to set up SIWP to promote them. He was very happy to join the fair again this year where he could find potential new distributors. Despite recent global economic challenges and the potential impact on Swiss exports, he is not too concerned as he believes that buyers have a constant demand for Swiss watches, and business will pick up again as the economy stabilises over time. The SIWP brought seven Swiss brands to the fair this year, showcasing classic, elegant and sporty watches. Mr Pilo also said that he had met buyers from the Chinese mainland, Malaysia, Iran, Japan, Thailand and Indonesia, and would pursue negotiations with them.

    Olivier Chlous, World Sales Manager of the Monaco exhibitor, Ciribelli, joined the fair for the first time. He said that, as the Hong Kong Watch & Clock Fair attracts a lot of buyers from all over the world, it provides an ideal platform for promotion. He believes that since consumers on the mainland appreciate high-quality watches, the mainland is a niche market for them to develop. During the fair, they had met with potential distributors from the mainland, Iran and Japan.

    Orders from global buyers

    A first-time trade buyer, Alfred Gleiberman, Brand Development Director of US company Sterling Time LLC, said that he had met with potential suppliers and planned to source brand products to expand the market. He expects to place orders of US$100,000 and was particularly interested in two brands exhibiting at Salon de TE. He thinks that the fair is a business platform that offers a great variety of choices to buyers.

    Another first-time participant, Brian Kim, Manager-International Division of the Korean importer and distributor WOORIM FMG Ltd., met with brand suppliers from Denmark, Italy and Switzerland through the HKTDC’s business matching services. He was interested in their automatic watches and quartz watches and would enter into further negotiations after the fair.

    Jacob Juul, CEO, Bulbul ApS, from Denmark, found five new suppliers at the fair and would place an order worth US$200,000 of analogue watches with one of the suppliers in Hong Kong. They will also explore the possibility of cooperating with smart watch suppliers.

    Senthil Kumar.N, Manager – Procurement of Rivoli Group LLC from United Arab Emirates, said that sporty watches and fashion watches were selling well in GCC (Gulf Cooperation Countries) countries and each consumer had at least two to three watches to match clothing outfits. He visits the Watch & Clock Fair every year to look for new buyers and new brands, as it helps him monitor the industry and keep abreast of the latest technologies and design trends. He found three new suppliers at the fair and planned to place an order worth US$60,000-US$75,000.

    Fashionable and casual watches have best potential

    To understand fair visitors’ views on such issues as market outlook, product trends and Hong Kong suppliers, the HKTDC commissioned an independent research agency to conduct surveys on-site. The agency interviewed 834 buyers and exhibitors. The survey found that 58 per cent of respondents anticipate overall sales to remain unchanged in 2017, while 28 per cent anticipate an increase and 14 per cent expect a decrease. As for retail prices, 65 per cent of the respondents anticipate they will remain unchanged. Most of the responding industry players believe that the markets with growth prospects in the next two years are North America and Western Europe among the traditional markets, and the Chinese mainland and Middle East for emerging markets.

    For product and market trends, the respondents think that the most popular product category in the coming year will be smart watch (31%), digital analogue (26%) and automatic watches (15%), while the product category with the most growth potential are fashion watches (44%), casual watches (39%) and smart watches (38%). On product development strategies, watches interactable with smart devices (54%), collections that align with seasonal fashion trends (39%) and wearable technology with time functions (24%) will be the most prevalent in 2017.

    Fifty-eight per cent of responding buyers sourcing products from Hong Kong suppliers say they are most satisfied with compliance with safety regulations/standards, quality and function. Responding exhibitors, on the other hand, believe that the three strongest aspects of the Hong Kong watch and clock industry are quality, function and innovation.

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  • Indonesian Aircraft Maker Showcases N219 Cockpit Simulator

    Indonesian Aircraft Maker Showcases N219 Cockpit Simulator

    Indonesian aircraft maker PT Dirgantara Indonesia (PTDI) is showcasing its new product, N219 cockpit simulator, at the Indonesia Business & Development (IBD) Expo 2016 being held from September 8 – 11.

    “We are showcasing CN235 model and N219 cockpit simulator,” the spokesperson of PTDDI, Irland Budiman, said on Friday.

    The simulator is the main attraction at the PTDI booth as visitors are allowed piloting the N219 and fly as if they are in N219.

    Irland said N219 was included in the booth of best innovation products created by Indonesian human resources.

    N219 is a multi-purpose twin-engine aircraft designed to be operated in remote areas. It is a developed version of NC212, produced by PTDI under CASAs license.

    Indonesia Business & Development (IBD) Expo 2016 is witnessing the participation of 118 companies with 700 subsidiaries and 1,100 local government enterprises.

    The event, which features the BUMN (the state-owned enterprises) awards, an exhibition, an international conference, seminars, and many other programs, is being held under the theme: State-owned Enterprises are Agents of Development.

    The Expo is a platform to promote and market various innovative products as well as an opportunity for stakeholders to explore investment opportunities.

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  • BI Targets 11% Credit Growth

    BI Targets 11% Credit Growth

    Governor of central bank Bank Indonesia Agus Martowardojo said that BI is targeting bank credit growth by 11 percent next year.

    According to him, the target is expected to be reached due to the influx of fresh funds into financial institutions through the tax amnesty.

    “We consider that the tax amnesty will bring enough funds,” he said in Jakarta on Friday.

    The estimate, however, is lower than that of the original target of 12.7 percent.

    According to Agus, the change coincided with the approval of the 2017 economic growth target of 5.1 percent.

    Assumptions credit growth of 12.7 percent, he said, is met if the government and the House of Representatives agreed on economic growth target of 5.2 percent.

    The cause of the slow growth of credit is the weakening global economic growth, which is below 3.5 percent, he added.

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  • Furla Singapore launches Made For You

    Furla Singapore launches Made For You

    Furla Singapore has launched its Made For You personalisation service – available only in its Marina Bay Sands flagship store.

    The Italian luxury brand says the service is designed to “further enrich the relationship with customers”.  Overall, the mix of combinations of fabrics and fixtures adds up to 8500 combinations.

    The innovative made-to-order service offers a unique luxury experience within the premium segment.

    “For the first time, Furla’s joyful message, contemporary creativity and finest Made in Italy expertise will be customisable in a light-hearted, intimate and engaging manner,” says the company.

    “Customers can unleash their creativity and design their exclusive Furla dream bag, choosing between the bestselling Furla Metropolis cross-body bag or the new IT Bag Artesia top handle style.

    Craftsmanship 3

    Craftsmanship 2

    Made For You materials include calfskin, ostrich, crocodile, snakeskin and calf hair for the Metropolis bag while the Artesia can be customised in calfskin and ostrich. All are lined in leather. The kaleidoscopic colour palette features up to 39 shades that differ from the seasonal assortment.

    Craftsmanship 5

     

    Craftsmanship 17

    Moreover, customers can choose the colour of the stitching, of the clasp and of the hand-painted edges, creating unique tonal or contrasting one-of-a-kind effects. The selection of clasps includes silver or gold metal, plus black or tone-on-tone enamel. Finally, each bag can be monogrammed or personalised according to the customer’s desire.

    ARTESIA MFY M TOP HANDLE BHX3 Ambra $6,680

    From order to delivery takes between eight and 12 weeks, depending on the material chosen and on market demand. Each bag comes with a personalised hand-written certificate featuring all of the bag’s characteristics.

    Craftsmanship 11

    Craftsmanship 13

    The Made For You service will be available in different retail formats, from permanent dedicated corners in key flagship stores to itinerant formulas to pop-up events. Depending on the venue, Furla has studied different in-store solutions to present the Made For You service, from sleek wood and burnished metal tables to temporary wall installations, both complete with a full kit of colours, swatches, details and combinations.

    Craftsmanship MFY 1

    METROPOLIS MFY MINI CROSSBODY BPROUHV3 Barolo $4,480

    Furla has also developed a dedicated micro-site with 3D configurations to enable customers to create their virtual bag by playing around with the various combinations. The app will also be available on tablets in the stores allowing the sales assistants to simulate the various bags for the customer. During the Made For You experience, the sales assistants will serve as the “artisan”, supporting the client as she “designs” her very own Furla creation.

  • Kebab Turki Baba Rafi chain heads to Philippines

    Kebab Turki Baba Rafi chain heads to Philippines

    Indonesia’s Kebab Turki Baba Rafi chain is set to open in southern Philippines.

    Parent company BabaRafi Enterprise says it wants to increase its Philippine footprint, after spending the last three years getting established here.

    “We’d like to expand our outlets not just here in Manila but we’re also heading in other islands as well,” said Hendy Setiono, president and director of BabaRafi Enterprise, in a press conference at the Management Association of the Philippines International CEO Conference.

    “So after Cotabato, we’d like to go to Zamboanga. Hopefully that would be a great venture in the southern part of the Philippines,”

    Setiono said the company has already secured a franchise partner for the south.

    Armed with a budget of US$1 million, BabaRafi has set itself an ambitious goal of opening more than 100 stores in the Philippines over the next three years.

    “The first three years was only a testing period where we tried the market first and opened 14 outlets but we believe the Philippine market is our biggest ASEAN market outside Indonesia.”

    BabaRafi, whose stores are an equal mix of company-owned outlets and franchised operations, also operates in Singapore, China, Malaysia, Vietnam, Bangladesh, Sri Lanka and the Netherlands.

  • Hermès Apple Watch launched at up to $1499

    Hermès Apple Watch launched at up to $1499

    Hermès and Nike have revealed new collaborations with Apple, to produce exclusive co-branded Apple Watches.

    Hermès introduced new Apple Watch styles and an expanded assortment of wristbands that incorporate its signature palette alongside a series of bold new colors.

    Meanwhile, Nike is focused on functionality for the sportsperson, with the Apple Watch Nike+ Series 2, featuring GPS, a two-times-brighter display, water resistance to 50m and a dual-core processor.

    Launch dates in Asia

    In Asia, the Apple Watch Hermès will be available from September 23 in Australia, China, Hong Kong, Japan, Macau, Singapore and Taiwan. The Nike watch goes on sale from yesterday, September 9.

    The Hermès models range in price from US$1149 to $1499, while the Nike sells for a more affordable $369 – $399. The Hermès wristbands will also be sold separately.

    Apple watch Hermes double buckle cuff

    Hermes says the design process was driven “entirely by a shared ambition for ultimate beauty and utility,” featuring exclusive watch face designs inspired by the iconic Clipper, Cape Cod and Espace Hermès models.

    “Ours is a partnership born of parallel thinking and mutual regard — we share similar preoccupations, ever evolving and refining our design,” said Jonathan Ive, Apple’s chief design officer.

    Siri speaks

    The Apple Watch Nike+ also includes exclusive Siri commands and Nike watch faces along with deep integration with the new Nike+ Run Club app to motivate wearers to go for a run, coaching plans that adapt to their unique schedule and progress, and guidance from the world’s best coaches and athletes.

    “Apple Watch is the ultimate device for a healthy life and we wanted to push it further to create the best smartwatch in the world for runners and athletes,” said Jeff Williams, Apple’s COO. “Apple Watch Nike+ takes performance tracking to a whole new level and we can’t wait to bring it to the world’s largest community of runners.”

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  • Singapore F&B sector ‘running out of manpower’

    Singapore F&B sector ‘running out of manpower’

    The Singapore F&B sector is set for a radical transformation under the government’s Industry Transformation Maps, aimed at getting industry “future-ready”.

    Tharman Shanmugaratnam, deputy PM and coordinating minister for economic and social policies, revealed some insights in a speech at the opening of Select Group’s new corporate headquarters on Thursday.

    He said with 160,000 people working in the F&B industry, it was a significant employer in the city state, 205,000 if hawkers’ centres were included, more than 5 per cent of the nation’s workforce.

    “But that is also the industry’s biggest challenge. We are running out of manpower in the industry. Our strategies for the future have to address this squarely.

    “We must develop a food services industry that is highly efficient, with no loss in quality of food offerings, and with high quality jobs. It has to be a major makeover.”

    The Food Services Industry Transformation Map (ITM) would involve “intensive collaboration” between Spring Singapore, the Restaurant Association of Singapore (RAS), enterprises themselves and trade unions such as the Food, Drinks & Allied Workers Union.

    The Food Services ITM will aim to push ahead with more ‘manpower-lean formats’ in the industry and upgrade jobs and job satisfaction, while maintaining the quality and range of Singaporeans’ dining options.

    There are four main thrusts of the Food Services ITM:

    * Developing innovative formats like Ready-to-Eat meals.

    * Promoting mass adoption of technologies even within established business formats.

    * Raising employees’ skills and versatility, and making the industry more attractive through job redesign and clear progression pathways.

    * Expanding the footprint of Singapore F&B in overseas markets.

    “Spring estimates that by 2025 three out of eight dining experiences in Singapore will involve new formats such as grab-and-go and vending machines, as opposed to traditional dine-in options. It will be more efficient, and will also meet changing consumer demands.

    “Ready-to-eat (RTE) meals, for instance, are a viable alternative for consumers looking for convenience. The new generation of RTE meals is much more than just “microwavable food”. Utilising “cook-chill technologies” as well as innovations in packaging material, the taste, quality and nutritional content of foods can be retained well in RTE meals,” he said.

    “Last month, we launched VendCafé in Anchorvale. The response has been encouraging, with an average of 400 meals served per day in the first month. Residents have given feedback that they welcome the additional amenities. However, some have expressed concerns about the noise patrons generate, sometimes late at night.”

    Coffee shops are not immune to new systems, he said.

    “Spring and the HDB have reviewed the tender requirements for new coffee shops. The requirements will now include productivity proposals, in addition to a good variety of affordable food. I urge operators to make use of this opportunity to rethink how existing coffee shop models can be redesigned. For a start, the new system will be piloted at two sites, in Tampines and Choa Chu Kang. The tender will open from mid-September onwards.”

    Manpower challenge

    The minister said employers have to work on the basis that there will be no further manpower growth in the Singapore F&B industry.

    “The heavy reliance on low-skilled workers also cannot continue. New entrepreneurs have to come into the business knowing how tough it is to find workers. The industry sees a high churn of enterprises. On average, 28 per cent of food establishments are replaced yearly. Some churn in the industry is not a bad thing – it adds vibrancy and reflects Singaporeans wanting to do their own thing as entrepreneurs. But every new enterprise has to be aware of the realities of the labour market before they get started.”

    One of the ways forward is to embrace digital service, including electronic payments.

    “In Sweden, cash transactions represent less than 2 per cent of the value of all payments made. From retailers to street level vegetable and fruits traders, Swedish businesses have embraced the use of electronic payments via credit cards or mobile apps. This enables companies to increase productivity through payments integrated with business processes. We will be promoting this very actively.

    “We must transform the food services industry so that it achieves. Spring together with its partners plans to have at least 50 per cent of the industry having adopting technology-enabled operations by 2020. They estimate that it will make possible productivity growth in Food Services of 2 per cent per year on average from now until 2020.”

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  • TCC aims to dominate river view

    TCC aims to dominate river view

    Asiatique already dominates much of the night time Chao Phraya view with its night bazaar and Asiatique Sky Ferris wheel, built on the site of historic East Asiatic Company on riverside Charoen Krung (New) Road. (Creative Commons via Wikipedia)

    TCC Land Asset World Co, the retail arm of tycoon Charoen Sirivadhanabhakdi’s TCC Group, will invest 10 billion baht to build a five-star hotel near Asiatique the Riverfront, aiming to serve meeting and exhibition guests as well as a growing number of tourists.

    Surasit Manawatanakij, TCC Land’s asset manager, said the meetings, incentives, conferences and exhibitions (Mice) business has been growing significantly and Thailand is expected to be a regional hub for the segment because of its tourism infrastructure and staff.

    Located on the banks of Chao Phraya River, the hotel will have 800 rooms with a 3,000-square-metre conference hall, mainly to accommodate Mice customers. The luxury hotel is due to start construction in 2018 and finish in 2020.

    “This hotel is likely to be managed by Maryland-based hotel management chain Marriott International,” he said.

    TCC Hotel Group has Marriott managing its hotels in Bangkok, Phuket and Hua Hin.

    Mr Surasit said the strong growth of Mice has been backed by the country’s tourism attractiveness and Thai hospitality.

    Last year, Thailand welcomed 29.8 million foreign tourists and the arrival figure is expected to rise to more than 30 million this year.

    Apart from Mice business, TCC Land expects its Asiatique mall on Charoen Krung Road to welcome 24 million tourists in the next two years, up from 12 million last year.

    The project has become a tourist attraction with a giant Ferris wheel, restaurants and retail shops.

    The nearby area is booming with new retail development including Iconsiam located on the opposite side of the river. The cabinet recently approved the construction of a 2.68-kilometre Gold Line monorail in Thon Buri district not far from this area.

    TCC Land plans to earmark 300 million baht to build two new warehouses for the Urbano fashion zone and expand its pier at Asiatique to accommodate rising foreign and local tourists, especially foreign independent travellers (FITs), which have grown enormously in the past few years.

    “FITs have three times the spending power of those from tour groups,” Mr Surasit said.

    TCC Land also wants to alter the ratio of FITs and tour group customers to 60:40 next year from 50:50 last year.

    The company will partner with potential sponsors expected to be Thai Beverage, the Tourism Authority of Thailand and some tour agents to promote Asiatique during the festive season with a budget of almost 240 million baht, he said.

    “Thanks to very good feedback from tourists the past five years, Asiatique will keep developing itself to become a tourism landmark for Bangkok,” Mr Surasit said.

    TCC Land targets 500 million baht in revenue for Asiatique this year, mostly from retail rents and activities during the year-end festive season, before reaching 550 million in 2018.

    Last year, Asiatique’s revenue stood at 423 million baht.

    Asiatique has 1,500 shops and 45 restaurants and bars, including entertainment activities such as theatre, puppetry and a Ferris wheel overlooking the river.

    The company plans to bring more Asiatique projects to Pattaya and Chiang Mai in coming years to serve a sharp rise of tourists.

    Apart from Asiatique, TCC Land operates many retail projects in Bangkok including Gateway Ekamai, Centerpoint Siam Square, Pantip Plaza and Box Space.

     

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  • Koreans offer hottest properties for sale

    Koreans offer hottest properties for sale

    Region’s property investors get a glimpse of Korea’s hottest properties being displayed at the Global Cityscape 2016, which will conclude today.

    “The two Korean free zones Incheon and Busan are participating in the three-day exhibition to showcase new property projects in Korea,” said Yong Suk Kwon, regional president Middle East and North Africa of Trade and Investment Promotion Office (Kotra).

    koreaeconomy

    Korea has long been focused on the UAE and GCC to attract investments into the second biggest Asian economy. In recent years, Korean real estate projects have done well in attracting foreign direct investment.

    “South Korea scored a total return rate of 7.1 per cent in 2015. It is a high and competitive return rate compared to other Asian countries. The returns are much higher than China (5.7 per cent) and Singapore (6.2 per cent), said Kwon.

    He said foreign investment companies including the State Oil Fund of Azerbaijan (SOFAZ), Abu Dhabi Investment Authority (ADIA), Kohlberg Kravis Roberts (KKR), ARA Asset Management Limited and Blackstone, have entered South Korea’s office building market.

    Referring to CBRE’s 2016 research, he said Korea secured 39 per cent of investors’ interest in most attractive countries to invest. “The hottest sectors were offices with 39 per cent, multifamily/leased residential units 26 per cent and shopping centres 17 per cent,” Kwon said, adding that investments also went into storages and infrastructure.

    Korea’s retail market is showing solid growth at 2.4 per cent in 2015 at $246 billion. Online shopping market showed the biggest growth with 14.3 per cent fuelled by the expansion of e-commerce and payments from mobile phone or mobile commerce. Complex shopping malls are showing robust growth displacing department stores and consolidating smaller forms of retail stores.

    “South Korea is seeing a record-breaking foreign direct investment influx,” Kwon said. In 2015, Korea received $20.3 billion in FDI, the largest amount till date. And in the first half of 2016, about $10.5 billion worth FDI was invested in Korea, also breaking the previous record so far.

    The government of South Korea designated so called “Korean Free Economic Zones” to improve the business and living environment for foreign-invested firms in Korea, Kwon said.

     

  • Henderson unveils prices for mini flats

    Henderson unveils prices for mini flats

    Discounted prices for Henderson Land’s “mini flats” at its One Prestige project in North Point are as low as HK$3.67 million or HK$22,130 per salable square foot, according to the first price list that the developer issued yesterday.

    The price list is for 50 flats of sizes between 163 to 170 ssf. The discounted prices range between HK$3.67 million and HK$4.54 million or in per ssf terms between HK$22,130 and HK$26,892.

    The lowest discounted price at Henderson Land’s project is 20 percent higher than a 163-sq-ft second-hand flat sold in July at The Harbourside, a housing project also in North Point but built 13 years ago.

    Henderson Land general manager Thomas Lam Tat-man said units at the One Prestige project will be on sale from next week at the soonest.

    Meanwhile, Sino Land this week launched an additional 30 flats in its Park Mediterranean project in Sai Kung. Associate sales director Victor Tin Sio-un said listed prices range from HK$5.64 million to HK$10.14 million.

    He said prices had gone up by about 2-3 percent from the launch of the first batch of flats, adding more flats will be offered for sale on Sunday.

    China Overseas (0688) launched the fourth price list for One Kai Tak, dubbed as “Hong Kong Property for Hong Kong People.” The latest price list covers 121 flats with sizes between 376 and 850 ssf. Listed prices for the units range between HK$7.22 million and HK$19.49 million. The company will offer for sale 221 flats on Sunday.

    park-mediterranean

    In related action, CBRE, a global real estate services and investment firm, said owners of commercial premises in Hong Kong have shown more willingness to rent out spaces to food and beverage operators amid changes in the local retail landscape.

    “The transformation of Hong Kong’s retail market is structural and is likely to continue in the foreseeable future,” said Joe Lin, executive director at CBRE Hong Kong’s retail advisory and transactions services unit.

    “This represents an ideal time for food and beverage operators to negotiate better leasing terms with retail landlords to expand their footprint,” Lin said.

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  • Maker of Po Chai Pills kicks off HK$750 million IPO to fund expansion plans in Asia

    Maker of Po Chai Pills kicks off HK$750 million IPO to fund expansion plans in Asia

    Jacobson Pharma Corp, Hong Kong’s largest generic drug firm and maker of the Po Chai Pills used by generations of the city’s residents, is seeking to raise HK$750 million in an initial public offer.

    The company will sell 437.5 million shares at a price range of between HK$1.28 to HK$1.72 per share, 10 per cent of which are reserved for retail investors.

    The company opens its book for retail investors on Thursday, requiring a minimum subscription of HK$3,475 for 2,000 shares. A separate tranche reserved for institutional investors had already been fully subscribed, according to people familiar with the plans.

    The stock is scheduled to begin trading in Hong Kong on September 21.

    Hong Kong residents are familiar with Jacobsen’s Po Chai Pills, tiny pellets made from a herbal remedy that’s used for relieving indigestion and hangovers.

    The company, which relies on Hong Kong for 90 per cent of its revenue, also makes the Flying Eagle Woodlok Oil and Tong Tai Chung Woodlok Oil.

    Jacobson plans to use 45 per cent of the proceeds from its IPO for acquisitions, including the setting up of ventures, according to its prospectus.

    The company plans to expand in Macau, Taiwan, Vietnam, and Southeast Asia, said Jacobson;s chairman and chief executive Derek Sum. The company also plans to expand to several provinces in southern China, where there is a familiarity with its brand.

    “We expect to become a leading brand in Asian Pacific region,” Sum said.

    Net profit rose 34 per cent to HK$152.7 million in the year ended March 31, while total sales increased 14 per cent to HK$1.08 billion, according to Jacobson’s prospectus.

    Generic drug sales made up 87.2 per cent of the company’s revenue for the year, while proprietary herbal medicines such as Po Chai Pills, made up only 12.8 per cent of total revenue.

    China’s drug regulator in May approved over the counter sales of Po Chai Pills, allowing them for marketing and sales on the mainland without a doctor’s prescription.

    Hong Kong Wing Wah Medicines Group, which has over 30 drug stores in the city, was a cornerstone investor that subscribed HK$80 million of its new shares. Sum expects to see more business synergy with Wing Wah.

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