Retail News CRM

Author: Mei Ling Tan

  • Central Group sells Big C Thailand stake to rival

    Central Group sells Big C Thailand stake to rival

    Thailand’s Central Group is a step nearer to settling on Big C Vietnam  after selling its stake in Big C Thailand to a rival retailer.

    Central has accepted an offer from rival TCC Group for its 25 per cent holding of Big C Supercenter, reported to be worth at least 50 billion baht (US$1.4 billion).

    The deal follows French retail group Casino’s decision to sell its Thailand and Vietnam units this year in a bid to cut debt. Both businesses have hypermarkets, supermarkets and convenience stores.

    Central Group, Thailand’s biggest retailer led by tycoon Tos Chirathivat, lost out to TCC’s flagship retail unit Berli Jucker in the battle to gain control of the Thai unit, but has agreed to pay 920 million euros (US$1.1 billion) for Big C Vietnam.

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  • Alibaba fake fight targets Taobao vendors

    Alibaba fake fight targets Taobao vendors

    Alibaba is tightening the rules for traders selling luxury goods on its popular online platform Taobao.

    It’s one of several measures in the ramping up of the Alibaba fake fight, which is being conducted in conjunction with Washington, DC-based International AntiCounterfeiting Coalition (IACC).

    From May 20, vendors selling luxury products on taobao will have to upload an invoice or authorisation letter from the luxury brands, for examination by Taobao, as proof it has the rights to sell the products. Otherwise the goods will be removed from the website and Alibaba says payments received for such goods can be frozen.

    “To create a healthy shopping environment with a high level of integrity and to protect the legal interests of consumers and brand owners, Taobao is gearing up to regulate sales of luxury brands’ products,” the company said in a letter to traders on May 4.

    The letter coincides with reports that Chinese government agencies plan to clean up the eCommerce market, targeting counterfeit goods and trademark violations. A campaign will run from May through November with stiff penalties for offenders caught.

    Meanwhile, the IACC MarketSafe Program, an initiative started in 2013, is being opened up so that more brands and companies can participate. The MarketSafe program provides companies with an expedited process for working with Alibaba to target and take down online listings for counterfeit goods, reports Alibaba news site Alizila.

    Set to debut later this year, the expanded MarketSafe program will be free of charge to IACC members and non-members, according to Alibaba and the IACC. In addition, brands will no longer be required to provide evidence to support intellectual-property infringement complaints. The changes “will enable a greater number and diversity of rights holders to benefit from a fair, simple, and effective IP enforcement platform,” Alibaba said in a statement.

    Accused by some Western companies of not doing enough to keep listings for counterfeit products off its shopping websites, Alibaba has been trying to enlist greater industry support, arguing the problem is too pervasive and complex for any single company to fight on its own. The Chinese eCommerce giant has for several years been working with the IACC, which has members from a wide range of industries and includes brands such as Burberry, 21st Century Fox and Apple.

    Alibaba last month became the first e-commerce company to join the IACC as an official member. Its admission to membership prompted the walkout of Michael Kors and Kering-owned Gucci.

    IACC President Bob Barchiesi said the expansion of the MarketSafe program is the result of “significant contribution and commitment from both parties.”

    “Collaboration across industries is key to addressing the issue of counterfeiting at a broader level, and this is one of the first steps towards the IACC’s goal of creating a holistic model for tackling online counterfeiting around the world,” Barchiesi said.

    Since the MarketSafe program’s launch, nearly 5000 sellers’ storefronts have been closed and banned from Alibaba’s marketplaces, and more than 180,000 infringing product listings have been removed, even through a “limited number” of brands have been participating, according to Alibaba.

    “This program exemplifies the tangible and mutual success that can be achieved when brands, trade associations, governments and intermediaries work together to combat counterfeiting,” said Matthew Bassiur, VP and head of global IP enforcement at Alibaba Group, in a statement.

    “Alibaba and the IACC, together with the rest of industry, have a shared interest in building a safe and trusted internet environment and marketplace for consumers, rights holders, and sellers,” he added.

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  • Foreign retailers in Vietnam under attack

    Foreign retailers in Vietnam under attack

    Complaints by Ho Chi Minh City businesses about foreign retailers in Vietnam have sparked the prime minister to order an investigation.

    Members of the Ho Chi Minh City Union of Business Associations (HUBA) say the growing number of foreign retailers in Vietnam have a loose rein to expand at a pace that will eventually hurt local companies.

    HUBA has sent at least two letters to the government raising questions about the legality of some business activities by foreign retailers, reports Thanh Nien News.

    Vietnam laws forbid foreign businesses to distribute products such as rice, cane sugar and cigarettes, but these items are still available at the supermarkets and convenience stores of most foreign retailers, including South Korea’s Lotte and Big C, Tuoi Tre reports.

    Following the complaints, Prime Minister Nguyen Xuan Phuc has ordered relevant agencies to check into foreign retailers, including mergers and acquisitions.

    Media reports say Mega Market Vietnam, which owns Metro wholesale stores, is expected to be first to face the scrutiny. The stores were originally run by Germany’s Metro before being acquired by Thailand consumer group TCC this year.

    Statistics show that Vietnam is home to more than 700 supermarkets and 132 shopping malls, mostly in the main centres of Hanoi and Ho Chi Minh City.

    Meanwhile, Hanoi Association of Supermarkets chairman Vu Vinh Phu says a supermarket in the northern city of Hai Phong had its revenue fall 30 per cent six months after a foreign superstore opened.

    Foreign companies now control more than half of Vietnam’s retail market, says the association, and many producers complain they are struggling to have their products in foreign supermarkets mainly because the retailers ask for high discounts, says HUBA vice-chairman Pham Ngoc Hung.
    Meanwhile, products from countries such as Japan, Malaysia, South Korea and Thailand are becoming more and more popular.

    Vietnam’s retail sales rose 10.6 per cent from 2014 to VND2469 trillion (US$109.4 billion) last year, official figures show.

  • Mr Pizza follows K-pop into Thailand

    Mr Pizza follows K-pop into Thailand

    South Korean pizza brand Mr Pizza has opened its first store in Thailand, with plans to add four more outlets this year.

    Its debut store is in the commercial and entertainment district of Ratchada Rd in Bangkok, in the first basement floor of the seven-storey The Street mall.

    Mr Pizza owner MPK Group says this is the first foray out of Korea for the franchise, and a second store will open in The Promenade mall in Kannayao, Bangkok, in July.

    “Thailand is one of the biggest markets in Southeast Asia, and food and beverage accounts for 40 per cent of the country’s $7 billion franchise industry,” says Son Dong-hee from MPK. “With the popularity of Korean pop culture, I am sure we will be successful in Thailand.”

    To prepare for the Thailand franchise business, the Korean food company established a joint venture with Thailand food retailer Foodland Supermarket last year. Foodland Supermarket runs 18 retail stores and about 50 restaurants, including dim sum restaurant Tim Ho Wan and fusion-food restaurant Long Table.

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  • Lotte Mart Vietnam sales grow to $221m

    Lotte Mart Vietnam sales grow to $221m

    With 12 stores, hypermarket chain Lotte Mart Vietnam chalked up sales of VND5 trillion (US$221.58 million) last year – 30 per cent growth year-on-year.

    Foot traffic also grew 20 per cent, says CEO Hong Won Sik.

    Its latest outlet opened late last month, and the South Korean company is looking at more mergers and acquisitions so it can achieve its target of 60 stores by 2020, says Hong.

    He says Lotte Mart Vietnam also plans to expand to convenience stores and eCommerce.

    With more than 20 subsidiaries in Vietnam, Lotte has invested more than $2 billion, and is set to double the total investment with plans to build an urban area in the east of Ho Chi Minh City.

  • Gap CEO “weighing options” for international stores

    Gap CEO “weighing options” for international stores

    US apparel retailer Gap says it is weighing options for its international Banana Republic and Old Navy store networks.

    Gap CEO Art Peck says the company won’t reveal any other details at present, but expects to comment more when it reports its quarterly results on May 19.

    “The company is evaluating its Banana Republic and Old Navy fleets, primarily outside of North America, in order to sharpen its focus on geographies with the greatest potential,” the company said in a statement.

    Gap shares fell in after-hours trading on Monday night US time after it revealed a 7 per cent decline in same store sales in April. Analysts had been expecting growth of about 0.5 per cent after signs the retailer was slowly getting back on track in recent months.

    Total sales for the month were US$1.12 billion, down from $1.21 billion last year. First-quarter sales totaled $3.44 billion, down 6 per cent from $3.66 billion year-on-year.

    While Gap did not specifically refer to Asia in its reference to reviewing the future of its international business, the company has met with mixed results in the continent.

    While its namesake brand holds its own in most markets, the success of Banana Republic and Old Navy, the higher and lower end sibling brands respectively, have been patchy.

    Globally,  during the first quarter, Banana Republic sales fell 11 per cent versus 8 per cent last year while Old Navy sales fell 6 per cent versus 3 per cent growth last year.

    This week, Peck said the company was “committed to better positioning the business to recapture market share in North America and to capitalising on strategic international regions where there is a strong runway for growth”.

    Analysts seem in concord that Gap has lost its way in its core US market.

    “Gap used to be a core, basic, apparel retailer with low prices and great product for the family,” Deutsche Bank retail analyst Paul Trussel told CNBC Tuesday. “I think there’s other retailers that frankly have taken that place within the retail sector.

    SW Retail Advisors President Stacey Widlitz added: “If you have been into a Banana Republic or a Gap, in the last six months, you know… the fits are wrong, the stripes are wrong, the florals are wrong. This is a largely self-inflicted problem. Yes, mall traffic is down; yes, the consumer is spending less on apparel, however, if you choose not to get your fashion correct, and also not keep up with your supply chain and fast fashion, that is not going to help the situation.”

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  • Elections boost 7-Eleven Philippines profit

    Elections boost 7-Eleven Philippines profit

    7-Eleven Philippines stores register first-quarter sales growth on the back of election-related buying.

    Retail sales of all stores went up by 33.5 per cent to P7.3 billion (US$405 million) from P5.5 billion a year ago. This was driven by opening of new stores and increase in same store sales, which was largely attributed to election-related spending.

    Philippine Seven saw its net income up 61.6 per cent year-over-year to P182.4 million during the first quarter.

    The local licensee of 7-Eleven Convenience Stores said its improved financial performance was within expectation as the company’s profits are historically favorable during election season.

    Philippine Seven opened 55 new stores and closed two to end the quarter with 1655 stores. The company now has 1421 7-Eleven stores in Luzon, 189 in Visayas and 45 in Mindanao.

    It is set to attain another milestone this year in terms of total number of stores and profitability.

    The company said, while competition is likely to be more intense, Philippine Seven is the most capable to strengthen its position in the convenience store sector. It aims to capitalise on its first-mover advantage and intends to benefit from the capacity-building expenditures over the last three years.

    For 2016, the company plans to increase its capital expenditures budget to P3.5 billion to support its store expansion strategy.

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  • Vietnam electronics retailer Nguyen Kim buys Zalora’s local operations

    Vietnam electronics retailer Nguyen Kim buys Zalora’s local operations

    Zalora, one of Southeast Asia’s biggest online fashion marketplaces, has completed a deal to sell its Vietnamese operations electronics retailer Nguyen Kim, reported Sunday, quoting Zalora Group.
    The subsidiary of Germany’s Rocket Internet has also sold its unit in Thailand to Thai retail giant Central Group, the website said, adding that the value of the deals has not been revealed.
    Last month news website TechCrunch cited multiple sources as saying that Central Group would acquire them for US$10 million each.

    Central owns a 49 percent stake in Nguyen Kim, which has 21 stores around Vietnam, through its subsidiary Power Buy.

    The selloff in Vietnam and Thailand is part of Rocket’s efforts to reduce costs and focus on other markets where Zalora has a better chance to make profits, according to TechCrunch.

    With a presence in 11 countries across the Asia Pacific, including Australia and Indonesia, Zalora’s revenues rose 78 percent last year to around $234 million, but its net loss increased 36 percent to $105 million, it said.
    Last month, the German company, which has been struggling to cash on the Southeast Asian market, sold more than half of its stake in Lazada, which it founded in 2012 to target the regional e-commerce market, to China’s Alibaba for $137 million. Rocket retains an 8.8 percent stake.
    In December Rocket sold off food ordering website Food Panda for an undisclosed price to local competitor Vietnammm after three years of operations, citing financial issues.
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  • The ‘Thai goods’ era’ has arrived

    The ‘Thai goods’ era’ has arrived

    Vietnamese manufacturers’ biggest rival is Thailand, experts say. The country exports a wide range of goods, from chicken to slippers, from cosmetics to electric cookers. 

    vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, Vietnam net news, Vietnam latest news, vn news, Vietnam breaking news, dissolved businesses, VCCI, Thai goods, Big C, Central Group, Thai billionaires
    Most recently, Central Group has acquired Big C at the price of $1.04 billion

    Figures show the flood of Thai goods in the Vietnamese market.

    1.Vietnam spends $8.2 billion, or VND180 trillion to buy Thai goods, from slippers to cars.

    According to the General Department of Customs (GDC), the turnover of imports from Thailand increased by twofold from $4.5 billion in 2009 to $8.2 billion in 2015.

    Of this, the petroleum imports from Thailand increased from $590 million to $1.16 billion.

    The other products which also witnessed sharp increase in import turnover were computers, paper and electronics.

    Though Vietnam is an agricultural country which has big advantages in producing tropical fruits, it still imports fruits from Thailand in large quantity. The fruit import turnover increased during that time.

    Vietnam also imports steel, precious metal, chemicals, machines, household use electrical products and pharmaceutical drugs from Thailand.

    2.Thailand is a big vehicle exporter to Vietnam.

    In 2015 alone, Vietnam imported 25,136 vehicles from Thailand. If counting car parts, Vietnamese spent $1 billion to buy cars and car parts from the country. By the end of 2015, Thailand ranked fourth among the biggest car exporters to Vietnam, after China, South Korea and India.

    In the first quarter of 2016, Vietnam imported 19,700 cars from all markets, including 7,814 cars from Thailand, a sharp increase of 64.5 percent compared with the same period last year.

    3.Vietnam is Thailand’s seventh biggest importer.

    According to Thai agencies, the two-way trade turnover between Vietnam and Thailand in 2013 was $439 million. The figure is expected to increase to $15 billion by 2020.

    Vietnam is the seventh biggest importer for Thailand, while Thailand is the 10th ASEAN largest investor with 300 projects under implementation in Vietnam.

    3.Thai businesses have completed a series of merger and acquisition (M&A) deals in Vietnam.

    In 2012, BJC group of the Thai billionaire Charoen Sirivadhanabhakdi spent 1 billion baht, or VND656 billion, together with Mongko, opening a supermarket to distribute Thai goods in Vietnam, Laos and Cambodia.

    In early 2013, BJC took over the retail chain developed by Vietnamese Phu Thai Group and Japanese Family Mart and renamed the chain B’s Mart.

    In August 2014, BJC spent 655 million, or $879 million, to buy Metro Cash & Carry Vietnam.

    In September 2014, the Thai billionaire decided to spend 1 billion baht, or VND650 billion, from now to 2018 to expand 205 B’s Marts in Vietnam.

    In January 2015, Power Buy, belonging to Central Group, bought 49 percent of Nguyen Kim home appliance chain’s stake. It is also the owner of Robins chain in Vietnam.

    Most recently, Central Group has acquired Big C at the price of $1.04 billion.

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  • Globe rolls out fiber in world’s oldest Chinatown

    Globe rolls out fiber in world’s oldest Chinatown

    Globe Telecom has entered a collaboration with the city government of Manila to roll out fiber broadband technology in Binondo. This initiative will provide internet connectivity with speeds of up to 1Gbps to the world’s oldest Chinatown.

    Early this year, Globe made a call for local governments’ support for its initiative to build on its network infrastructure and provide better a internet experience for its customers, as part of efforts to transform the Philippines into a digital nation by 2020. The city government of Manila, led by Mayor Joseph Estrada, was the first government to respond to the call.

    The fiberization of the entire Binondo district, an age-old center of commercial activities in the capital, is expected to benefit business and residential establishments in the area and is expected to drive business growth in the district. The project will be completed in the third quarter of the year.

    “Globe is able to deploy fiber broadband technology in Binondo only because we are united with the local city government in realizing a vision of developing ‘connected communities’ where both enterprise clients and customers at home get to experience the full benefits of having world-class data connectivity,” Globe chief commercial officer Albert de Larrazabal said.

    “We hope to replicate the realization of this vision in many other areas in the country as we all aspire to further drive local economic growth.”

    The deployment of fiber broadband technology in Binondo will deliver ultra- fast internet to at least 5,000 new business and home subscribers as part of the initial rollout, Larrazabal said.

    Globe will also roll out small cell technology in various parts of Binondo as part of its efforts to expand network coverage and capacity.

    The pilot rollout of fiber broadband technology in Binondo forms part of Globe Telecom’s initiative of creating an internet super highway nationwide. By forming partnerships with other local government units, the operator plans to deploy fiber in 20,000 districts by 2020 that will provide internet access to around 2 million homes nationwide.

    Parallel to this, Globe will also invest in capacity enhancement for both mobile and wireline using different technologies that include 3G, LTE and Wi-Fi.

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  • TrueMove backs out of 900-MHz auction

    TrueMove backs out of 900-MHz auction

    Thai mobile operator TrueMove has decided not to participate in the upcoming 900-MHz auction on May 27 after all.

    The decision was made public late last night in a leaked filing to the stock market regulator. Dtac had already announced it was not participating, which would likely leave AIS as the sole bidder in the auction.

    The auction for 10 MHz of 900-MHz spectrum will start at $2.1 billion, the last price by Jasmine in the December auction before it forfeited its deposit after being unable to raise funds to pay for the licence.

    The letter to the Securities Exchange Commission said that following the board’s meeting on May 16, True’s board has decided not to participate in the auction. True already has enough high frequency spectrum for capacity (on 1800 and 2100-MHz) and low frequency spectrum for coverage (850 via CAT and 900) to meet demand. True has a total of 55 MHz of spectrum which is enough for 2G, 3G and 4G services.

    Just days earlier at a panel organized by Thailand’s IT Press Club NBTC secretary-general Takorn Tantasit strenuously defended “his” decision to include True in the auction. “I have listened to every side of the argument. Whatever decision I make, it is possible I will be investigated and may face jail,” he said.

    Takorn also announced at the ITPC panel that AIS had decided to participate in the auction.

    Takorn had indeed decided to include True, but that decision was overturned by the NBTC board on spectrum cap grounds. The NBTC board in turn was overturned by the junta using article 44, the absolute power clause, in the interim constitution.

    Junta order 16/2559 section one paragraph 3 clearly states that the NBTC is to hold the auction in a way that is fair for the benefit to the state and to the people or to ensure competition. In order to do so the NBTC may amend any regulations needed but it has to report to, and receive authorization from, the leader of the national council for peace and order.

    The leader of the NCPO is Prime Minister General Prayut Chanocha.

    With Dtac firmly against participating in the auction at the elevated price, the need for a competition was used to overturn the NBTC board and allow True back in for more 900-MHz spectrum.

    Prime Minister and Junta leader Prayut Chanocha is currently in Russia so any decision is likely to be deferred until he gets back.

    All eyes are now on AIS which is understood to be convening its board to make a decision today (May 17) whether or not to participate in the auction.

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  • Shanghai is among the world’s best for top shops

    Shanghai is among the world’s best for top shops

    Shanghai is the world’s sixth-most popular city for luxury goods retailers, according to an industry report.

    The Destination Retail 2016 study of 240 international brands by real estate consultancy JLL, ranks London in the top spot, followed by Hong Kong.

    “Hong Kong remains Asia’s leading destination with many retailers using it as a springboard for expansion into the Chinese mainland,” said James Assersohn, director of retail for Asia-Pacific at JLL.

    “Thanks to a diverse economy and wealthy consumer base, Shanghai has become a favorite place for international brands to test the Chinese market and gain exposure,” he said.

    Retailers are drawn to the dynamism of Shanghai due to its “trend-setting nature” while Beijing, which ranked ninth on the list, is favored for its “high sales potential thanks to the strong base of high-net-worth individuals,” the report said.

    Four more of the top-10 places (11 if you count the tie for 10th) are filled by cities in the Asia-Pacific region, namely Tokyo (fourth), Singapore (tied for seventh), Osaka and Taipei (tied for 10th).

    The dominance of Asian cities “highlights the attractiveness of the region to retailers, thanks to its burgeoning middle classes and growing levels of affluence,” the report said.

    The expected growth of high-income households over the next 15 years, should help “keep Asia at the forefront of luxury spending growth,” it said.

    The other cities to make the top 10 include Paris (third), New York (fifth) and Dubai (tied for seventh).

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  • World’s largest Lego store opens in Shanghai

    World’s largest Lego store opens in Shanghai

    On Wednesday, LEGO has opened its largest retail store in the world inside Shanghai Disneyland as the trial period of the amusement park is ongoing before its official opening on June 16.

    The store features a myriad of LEGO bricks from its walls and even in the floors with two giant LEGO dragons welcoming guests of all ages and sizes.

    According to LEGO China’s general manager Jacob Kragh, getting in the Chinese market is crucial for the company and stressed: “Because in China, we have many children that are still out there without having a good quality play experience, and this is the reason why we feel that in order to be successful in the long run, we have to make sure we reach more Chinese children.”

    LEGO has already been setting up its first Chinese factory in Jiaxing and it is expected to start operations in 2017. It had also started trials for the LEGO Discovery Center in April.

    Currently, LEGO has 250 designers on its slate and launched 350 different products throughout 2015.

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  • Furla Stays Focused on China Expansion While Luxury Scales Back

    Furla Stays Focused on China Expansion While Luxury Scales Back

    If there’s one clear example of “accessible luxury” making strides in China’s retail industry, it’s Furla. The Italian fashion house has been in the midst of a rapid evolution, going from being known globally as a playful, youthful handbag brand to capturing China’s growing middle class with a new lifestyle-centric range of products. They’re doing something right—Furla, which recently announced it will go public in 2017, posted a 126 percent global sales increase in the past five years up to 2015, the highest since its founding in 1927. Sales were up 30 percent at 339 million euros and net profit was up 41 percent last year from 2014. China sales grew 75 percent in the same five-year period, and outgoing CEO Eraldo Poletto, who will be leaving in June for Ferragamo, says he expects China to soon become Furla’s main market.

    To capitalize on this opportunity, Furla has major plans for China in 2016. Currently, there are 44 Furla boutiques in 18 cities in China, including two new flagship openings in Hong Kong and Macau last year, but the focus for the next couple of years is expansion in “fast-developing” first- and second-tier cities in the mainland, such as Chengdu, Hangzhou, Chongqing, Shenyang, and Tianjin. Of particular note, the company is preparing to reveal its flagship store in Shanghai CITIC Square this month. Creating an e-commerce platform in China is another huge priority for the company before the year ends.

    Still, Poletto says Furla is keeping in mind the need to remain exclusive in order to remain appealing to their customer in China. Tighter household budgets may be making affordable luxury more appealing to middle-class consumers, but according Poletto, the key to Furla’s success is more complicated than the brand’s price point.

    “The definition of luxury is not to be expensive, but to be unique,” he says. “Over-expansion violates this rule, this is why many brands currently are facing difficulties and have to downsize their boutique quantity.”

    Furla’s impressive performance for 2015 was also driven by the company’s new product categories, and it’s their delivery of these as part of an Italian lifestyle brand that helps them “be successful and outstanding in the worldwide downturn,” Poletto says. This year, Furla introduced a menswear collection and women’s shoes, and continued its eyewear collaboration with De Rigo. Furla is also now partnering with Ratti for textiles, and Morellato for watches, as part of a well-rounded lifestyle selection with the modern Chinese consumer in mind that “brings Furla to a new era.”

    “The Chinese customer will always be our first priority in all global projects,” Poletto says. “We consider China to be the biggest market in the next five years, so what we’re doing now is finding an easier and more comfortable way for the Chinese customer to experience the typical Italian lifestyle, which is one of the most high-quality ways of life.”

    A screenshot of Furla's global online game for customizing a Metropolis bag.

    A screenshot of Furla’s global online game for customizing a Metropolis bag.

    Furla is also catering to the Chinese consumers’ interest in acquiring bespoke goods. It will soon be offering a made-to-order service at Shanghai CITIC Square, where customers can design their “exclusive Furla dream bag.” Already, Furla fans around the world can choose from a colorfully designed selection of leather covers to dress up their bag in tune with their personality, but now, in China, customers can also customize the stitching, edges, hardware, and custom tags on the Metropolis or the IT BAG Artesia—still at accessible price points, although this varies depending on the materials. In keeping with their Italy-focused philosophy, Chinese consumers get their bags in 12 weeks—they’re made in Italy, after all.

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  • Overall Singapore retail sales down 1.4% in March

    Overall Singapore retail sales down 1.4% in March

    Due to a drop in car deals.

    Retail sales in Singapore contracted by 1.4% month-on-month in March, following a 4.8% drop in car sales.

    Excluding motor vehicle deals, retail sales contracted by 0.6%.

    On a year-on-year basis, overall sales rose by 5.1%. Excluding motor vehicles, sales dropped by 2.2%.

    The total retail sales value in March 2016 was estimated at $3.7 billion, compared to $3.5 billion in March 2015.

     

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