Retail News CRM

Author: Mei Ling Tan

  • Cambodia duty-free store opened by DFS

    Cambodia duty-free store opened by DFS

    Luxury travel retailer DFS Group has opened its first T Galleria by DFS store for Cambodia in the resort town of Siem Reap.

    Near the ancient temple of Angkor Wat, T Galleria by DFS, Angkor is the largest Cambodia duty-free luxury department store, offering an integrated retail, hospitality and leisure experience.

    The store is opening in phases until June, bringing 170 brands to the 86,000 sqft (7990 sqm) space, including fashion and accessories, watches and jewellery, wines and spirits, and beauty and fragrances as well as locally handcrafted artisan products.

    Next to Angkor National Museum and overlooking a park, the new outlet features traditional Khmer motifs and carvings by Cambodian artisans. Stone columns feature panels carved in styles reflecting the nearby temples and palaces of Angkor Wat, intricately patterned wall screens and floor tiles evoke local architecture, and a 20m art installation suspended above the store’s vaulted atrium, was inspired by the hues of Buddhist monks’ robes. More than 200 local sales associates will welcome customers.

    Several firsts for Cambodia duty-free come with the opening of the store, such as watches and jewellery brands Bulgari, Carl F Bucherer and Tiffany & Co and international fashion brands Burberry, Bottega Veneta, Fendi, Gucci, Ralph Lauren, Saint Laurent and Zegna. There are also 12 exclusive beauty and fragrance brands such as Bobbi Brown, Cle de Peau Beaute, Mac and Sulwhasoo.

    Among Cambodian artisans featured are Angkor Artwork, whose master craftsmen Eric and Thierry Stocker produce lacquer and straw marquetry using traditional techniques. There is also Golden Silk, one of the last fully integrated silk producers in the world to use the rare yellow silkworm indigenous to Cambodia, and Samatoa, an eco-friendly accessories brand that has revived the technique of lotus-fibre weaving.

    T Galleria by DFS, Angkor has also teamed up with Artisans d’Angkor, a socially conscious business aimed at revitalising Cambodia’s traditional craftsmanship while pioneering a sustainable working environment. Its exclusive collection of handwoven silks and fine crafts were designed by and will benefit local artisans.

    An onsite restaurant, Crystal Jade, will open in June, the first outlet in Cambodia for the Singapore brand. It will serve traditional Chinese cuisine and dim sum dishes in a casual setting overlooking gardens and reflecting pools.

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  • Kuala Lumpur MRT retail spaces up for grabs

    Kuala Lumpur MRT retail spaces up for grabs

    Kuala Lumpur MRT retail spaces – 41 spots at 21 stations – have been put to tender.

    The Mass Rapid Transit Corp (MRT Corp) says proposals and bids for the spaces, on the upcoming MRT Sungai Buloh-Kajang line, must be submitted by April 18.

    Commercial land management director Datuk Haris Fadzilah Hassan says the company hopes to announce successful applicants by the end of June.

    About 30 per cent of the units have been set aside for indigenous entrepreneurs, and Haris says the company is seeking retailers for the balance who have “exciting business ideas and services, suitable for commuters with fast-paced mobility and urban lifestyle”.

    Small and local businesses are encouraged to apply, and more retail spaces will become available in the future.

    The Sungai Buloh-Kajang line will open near the end of this year.

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  • Ted Baker Asia trading ‘a challenge’

    Ted Baker Asia trading ‘a challenge’

    Global fashion chain Ted Baker overcame an uncertain backdrop in Asia to boost profits by 18.6 per cent last year.

    Rebecca Marks, an analyst at Verdict Retail, said Ted Baker’s strong full year results demonstrate the strength of the brand, driven by its reaction to trends “and signature mix of quality and attention to detail”.

    Ted Baker reported a pre-tax, full-year profit of £58.7 million.

    But the company said while trading generally was in line with expectations, the Ted Baker Asia business trading environment “continues to be challenging”.

    “Whilst Asia currently represents a small part of our business at 3.4 per cent of revenue, we remain positive about the long term opportunities to develop the brand in this territory,” the company said.

    “In Asia, we remain focused on building brand awareness in this market where we are in the relatively early stages of investment. In line with our development strategy in this territory, we have opened another store in Beijing and we are opening further concessions in China and Japan.”

    Marks said the overall results showed Ted Baker was on track to establish itself as a global lifestyle brand.

    “The  investment in brand-building in newer markets paying off,” she said.

    “A strong performance in North America demonstrates the brand’s growing recognition, enhanced by 22 retail and wholesale openings in this market throughout this period. Closer-to-home, the brand is investing in a new distribution centre in the UK to service its European markets – a necessary move to support the growing popularity of its e-commerce platform, where its 45.8 per cent growth primarily reflected its performance in the UK.”

    While womenswear sales were up 15.9 per cent year-on-year, menswear collections outperformed with 20.1 per cent growth.

    “As the prevalence of celebrity and fitness culture continues to heighten male’s interest in fashion and personal appearance, Ted Baker opportunely responded to its typical 25-45 year old male shoppers’ growing demands for increased choice and style with its fashion-led quality collections justifying its premium price points,” said Marks.

    “A raft of planned store openings planned in the coming year, alongside continued investment in its eCommerce platforms and personalisation globally, will help ensure Ted Baker is positioned to enjoy another flourishing financial year ahead. Initial reactions to its Spring/Summer collections have been positive, tapping into the growing activewear market with its new contemporary collection of premium sportswear for women, Fit to a T.

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  • Vietnam payment platform wins PE funds

    Vietnam payment platform wins PE funds

    A Vietnam payment platform start-up has received a US$28 million shot in the arm from private equity investors.

    M_Service, which launched the mobile e-wallet MoMo, received the boost from Standard Chartered Private Equity (SCPE), which invested $25 million, and existing shareholder and strategic investor Goldman Sachs, which added $3 million to its initial $5.75 million investment of 2013.

    More than half of Vietnam’s population of 90 million use the internet, and the app provides a useful service in a country where there are few debit or credit card users. Government data shows that mobile phone subscribers in Vietnam grew 26 per cent to 124 million during 2009-2013..

    Smartphone app MoMo provides eWallet services and over-the-counter remittance and payment platforms for a customer base of 2.5 million people, and already claims to have more than 1 million customers.

    “It is extremely exciting to see financial support and the customer base for MoMo growing,” says M_Service general director Pham Thanh Duc.

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  • Tiffany ‘needs to reconnect’ with consumers

    Tiffany ‘needs to reconnect’ with consumers

    Jeweller Tiffany & Co’s latest results represent a disappointing end to what has been a challenging year for the company.

    The fact that worldwide net sales declined by 2 per cent even on a constant currency basis neatly indicates that the weakness is not solely down to the appreciating dollar. This point is underpinned by the fact that on a constant exchange rate basis all regions – with the exception of Japan – posted negative same store sales growth.

    Looking across the geographies the most problematic region remains the Americas where total sales declined by 8 per cent for the quarter; on a comparable store basis the decline was 10 per cent. While it may be true that some of this is down to weaker tourist spending in key cities where Tiffany has its flagships, it is also the case that Tiffany is struggling to maintain market share and relevance among middle-income and affluent American consumers.

    That this is so is partly down to a much more competitive environment for fashion jewellery, which constitutes an important part of the company’s sales mix. The growth of Pandora across the US, for example, has helped to take some custom away from Tiffany. Although Pandora’s US growth is now on a slower trajectory, we believe it is still gaining market share.

    While Tiffany still has a strong brand, it is notable that the brand resonates most with affluent older shoppers. Among affluent younger shoppers the brand is not viewed negatively but is seen as representing ‘old world luxury’ which does not entirely chime with their lifestyles and values. This means Tiffany often loses out among this important, and growing, group.

    Tiffany has tried to address this problem with the introduction of new fashion focused collections and more accessible introductory price points across some ranges. However, while the changes have been well received, they have been sufficient to change perceptions.

    These are clearly long term issues which have acted as a drag on Tiffany for some time. However, they were exacerbated during the fourth quarter by the lower levels of holiday gifting of jewellery in the US. For a brand like Tiffany, where lavish gifting is an important driver of buying, such a trend was distinctly unhelpful.

    Looking ahead, the upcoming fiscal year will be one in which the declines start to bottom out – especially after the second quarter. However, it is unlikely that the year will be one of much progress and Tiffany will end the year flat to slightly down.

    Growth will only come when Tiffany finds a way to reconnect its brand to the American consumer.

  • Indonesia is ASEAN eCommerce sleeping giant

    Indonesia is ASEAN eCommerce sleeping giant

    Indonesia is the most-promising ASEAN eCommerce market, according to Hong Kong-based consultant Paul McKenzie.

    He told a seminar in Bangkok, organised by brokerage and investment group CLSA, that Indonesia has the greatest potential because of its developing infrastructure and private equity advantage.

    Thailand is a little behind, he said, with the eCommerce landscape growing but not to the same scale as Indonesia.

    “It’s simply too early right now for The Philippines – there are not enough big and efficient companies in the market, and Malaysia’s market is just too small,” said McKenzie. However, Malaysia had less of a potential void for eCommerce as offline retail penetration was even higher than China.

    His talk focused on the “e-liftoff”’ of ASEAN countries, corresponding with a CLSA report published last year, and he predicted that the ASEAN eCommerce market would grow in terms of IPO, which would make it more appealing for investors.

    He also spoke about the Line app being essential to eCommerce in the ASEAN region. “More than 60 per cent of Thais 14 years and older are on Line, and mobile is the future of online shopping.”

    He predicted that within the next few years, mobile will be even more important in ASEAN than it now is in China. He said a third of online transactions were made on mobile, and 50 per cent of online browsing was done on mobile, lagging behind China by only a year.

    He said further progress was being hindered by slow data speeds, with users complaining about transactions being dropped and pages not loading. Another problem was that most shoppers in the region did not have credit cards.

    McKenzie said ASEAN countries had being doing well with delivery in the main centres, which meant there was a market for more warehouses or logistical services.

    Meanwhile, 1200 retailers, eCommerce and fulfilment company representatives gathered at the two-day Last Mile Fulfilment Asia conference in Singapore. Speakers included CEO Paul Srivorakul and CLO Mitch Bittermann from the Thai eCommerce solutions provider aCommerce Group, which has started expanding in Indonesia.

    “The changes in the Indonesian market are happening much faster when compared to other regions in Southeast Asia,” Srivorakul says on a company blog. “A lot of investment is taking place in Indonesia’s eCommerce infrastructure, cash-on-delivery networks and third-party logistics (3PL) systems.”

    The company has a presence in four countries in Southeast Asia: its home market as well as Indonesia, The Philippines and Singapore. Of its 200 clients, 120 are in Indonesia. Major clients include BerryBenka, Blibli.com, Elevenia, Mitra Adi Perkasa and L’Oreal. The company has about 500 employees in Indonesia, and runs two multi-client fulfilment centres as well as a 5000 sqm fulfilment centre for Lippo Group’s eCommerce arm MatahariMall.

    The company is also preparing to launch a four-level fulfilment centre in the next two months, which will increase the country’s warehouse capacity by 17,000 sqm, bringing the total to 32,000 sqm.

  • Foodpanda Hong Kong eats up rival

    Foodpanda Hong Kong eats up rival

    Foodpanda Hong Kong has just bought rival Delivery.com’s local operation to consolidate its leadership in the local food delivery market.

    The move is the latest by the five year old, 49 per cent Rocket Internet-owned startup to streamline its international operations, focusing on core Asian areas. Just a year ago, Foodpanda operated in 40 countries around the world. Now having exited Africa, Latin America and even some Asian countries, like Vietnam, the company is focusing on 24 in Asia, the Middle East and Eastern Europe.

    Foodpanda Hong Kong has paid an undisclosed amount to buy the Delivery.com business, which focused more on the corporate sector and office workers. Besides taking a competitor out of the market, the deal will add depth to the flow of business during the day, adding more daytime turnover to the night-time, largely residential trade, where it is already strong.

    In a statement, Didier Bensadoun, president of Delivery.com Hong Kong, said the two businesses were the first two entrants into the maket, in 2014.

    “Working together we will continue to solidify a position of leadership.”

    Delivery.com marks Foodpanda Hong Kong’s third acqisition: It has already swallowed by local startups Dial a Dinner and Koziness.

    The company’s strategy is to acquire rivals to consolidate its market share. Where it cannot do that –in Vietnam, for example – it withdraws.

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  • Indonesians urged to eat more fish

    Indonesians urged to eat more fish

    Living in a country, which is rich in fisheries resources, the Indonesian people have been urged to eat more fish to increase their protein intake and boost the growth of the nations younger generation.

    Maritime Affairs and Fisheries (KKP) Ministry said eating more fish will be useful in increasing the peoples protein intake and for overcoming the growth problem of Indonesian children. “In the past 10 years, one (in three) Indonesian children grew shorter due to (inadequate) food quality,” KKP Minister Susi Pudjiastuti said on Wednesday.

    She said with the efforts of her ministry to fight fish theft in Indonesian waters, the quantity of fish and fish protein for domestic consumption in the society could be increased.

    Therefore, she said, foreign consumers would not be the only party who would enjoy the countrys premium fish products through exports, but the local Indonesian population could also enjoy the benefits of these resources.

    “Ideally, we export fish after our consumption needs at home have been met,” the minister said, adding that the Indonesian people will meet their nutritional intake and become healthier if they obtain adequate protein.

    The Peoples Coalition for Fishery Justice (Kiara) expects the government to optimize production in the maritime and fishery sector for domestic consumption owing to the fact that the size of the population has increased rapidly over the past several decades. Indonesias population is now pegged at about 250 million.

    “Since the 1990s, the proportion of fishery production for consumption has been increasing. Some 71 percent of fish production in the 1980s was allocated for human consumption,” Kiara Secretary General, Abdul Halim said.

    He said during the period of 1976-2012, the world fish and fishery trade increased 8.3 percent in nominal terms and 4.1 percent in real terms per annum.

    Abdul therefore urged the KKP to remain focused on safeguarding the countrys fish resources amid reports that a number of countries are experiencing a decline in their fish catch.

    “Poaching will continue to be a challenge for the Indonesian people because many countries which have run short of fishery resources,” the Kiara Secretary General said.

    The KKP had earlier said that there has been an upward trend in the fish consumption of the Indonesian people. The increasing trend is believed to be the results of campaigns asking people to increase fish consumption in various parts of the country.

    The KKP in its written statement made available to Antara on March 24, said the countrys per capita fish consumption per annum was recorded at 42.11 kilogram (kg) in 2015, exceeding the target set at 40.90 kg per capita per annum.

    In 2014, fish production for domestic consumption was set at 13.07 million tons, up 10.01 percent from 2013.

    Although it is important to supply fish for domestic consumption, the country also needs to increase its fish exports.

    Toward this end, the KKP will gather the profiles and business plans of fisheries companies in the country to make it easier in the calculation of the countrys fisheries exports.

    “If we know the profiles and performance of fisheries industry, it will make it easier for us to calculate our export targets,” KKP Director General for the Promotions of Maritime and Fisheries Products, Nilanto Perbowo said on March 30.

    Nilanto also invited various partners of fisheries associations to provide data about their performance and business plans. This will be useful for setting the export target and for the issuance of fishery raw material import licenses, he said.

  • BNI, Indonesia’s Leading Bank, Adopts e-Learning to Improve Credit Performance

    BNI, Indonesia’s Leading Bank, Adopts e-Learning to Improve Credit Performance

    Omega Performance, a TwentyEighty company, and BNI, Indonesia’s fourth largest bank, teamed up to create a robust e-Learning platform to improve the bank’s quality of assets aimed at reducing its credit risk. By focusing on training and developing its loan officers, BNI has found a solution to reduce the percentage of its nonperforming loans (NPLs).

    Risk management is one of the top threats facing Indonesian banks in today’s economic climate. BNI had shown improvement year over year regarding its NPLs, but leaders of the bank wanted to do even better.

    BNI’s strategy to reduce the burden on its financial system was to manage its operational risks by investing in technology and its people through a systematic training system for its loan approval processes. The best way to do this was to supplement its in-house training model with an e-Learning platform from Omega Performance. Training employees using a technologically advanced platform ensures consistent learning opportunities are available to all credit officers and it encourages knowledge sharing within the bank.

    “A few years ago, I personally evaluated the content Omega Performance offered in terms of credit training, and I was highly impressed with the quality of the material,” said Putu B. Kresna, head of the organizational learning division at BNI. “After that experience, we have been successfully working together ever since.”

    Since it was established in 1946, BNI has grown and developed into a national bank with sustainable financial performance and millions of customers worldwide. The bank relies on its wide-ranging service network, comprising of 1,585 domestic outlets and nine overseas branches in Singapore, Hong Kong, Japan, Korea, the United Kingdom and the United States.

    In addition to seeing improvement on its NPLs, BNI senior managers saw instant results in the change in employee perception towards training. It’s clear that BNI employees are seeing great value in being trained by a partner that understands the banking credit culture like Omega Performance.

    Omega Performance has been able to get BNI’s most experienced credit officers to buy into the e-Learning platform. Using a blended approach that includes online self-study, facilitator-led interactive workshops, skills application labs and a Train-the-Trainer style of learning has laid a strong foundation for training at BNI. Omega Performance is providing training platforms to help BNI in consumer lending, business lending fundamentals, financial accountability for lenders, commercial loans to business and minimizing problem loans.

    “We are pleased that BNI has chosen Omega Performance as its trusted learning partner to help the bank make continuous improvements in its NPL ratio by using our blended credit training solutions,” said Gil Madrid, business development director at Omega Performance. “By elevating the competency and risk management skills of its bankers to international standards, BNI has taken an invaluable and progressive step to fulfill its vision of creating and sustaining a strong credit culture at the bank.”

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  • Merck foresees healthy growth ahead in Indonesia

    Merck foresees healthy growth ahead in Indonesia

    Publicly listed Merck, founded in 1970 as the Indonesian unit of German life science group Merck KGaA, expects double-digit growth in total sales in 2016 following a similar growth in its healthcare business last year.

    The biopharma business, for example, rose by 14.5% in 2015, above the industry average of 8% to 9%. On the other hand, the consumer health business soared by 16%, according to the Jakarta Post.

    The Indonesia unit will also strengthen its current strategy of maintaining partnerships with both private and government organizations such as the Health Ministry and the Jakarta Administration, through which Merck will expand public awareness about health issues, encourage public acceptance and broaden market access for Merck’s pharmaceutical products.

    Merck is also currently expanding the production capacity of its factory in TB Simatupang, South Jakarta, to further boost future sales.

    These and other key industry news will be discussed next week at CPhI SEA, the only trade exhibition dedicated to the pharma industry in the region, to be held at the Jakarta International Expo during April 6-8.

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  • Fuji keen to intensify cooperation with Indonesia

    Fuji keen to intensify cooperation with Indonesia

    Fijian Minister for Agriculture, Rural, and Maritime Development and National Disaster Management Ina Seruiratu has expressed his countrys keenness to expand cooperation with Indonesia in various fields.

    “We have expanded our cooperation with Indonesia in areas such as agriculture, which is paramount for the two countries as well as in the field of residential development,” Seruiratu noted in a press statement of the Indonesian Coordinating Minister for Political, Legal and Security Affairs Luhut Binsar Pandjaitan released on Thursday.

    He made the remarks after receiving assistance worth US$5 million from the Indonesian government through Minister Pandjaitan to help alleviate the financial burden of the victims of Cyclone Winston, which left 19 people dead and affected part of the country.

    He expressed hope that the Indonesian assistance would strengthen relations between the two nations.

    Pandjaitan also said his country was looking forward to taking a cue from Indonesia in mitigating natural disasters as it was also a disaster-prone nation.

    “Besides learning from Indonesias experiences, we also want to gain a deeper understanding of disaster mitigation technology from the country,” he revealed.

    During his visit to Fiji, Minister Luhut also met Prime Minister Josaia Bainimarama to extend his condolences over the disaster that affected the South Pacific country.

    Luhut praised the Fijian premier for his swift action in addressing the disaster.

    “I believe that under the leadership of Prime Minister Bainimarama, Fiji would soon recover and rebuild itself,” he added.

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  • Garuda Indonesia Inaugurates Flight to London Heathrow

    Garuda Indonesia Inaugurates Flight to London Heathrow

    In a bid to strengthen its business expansion and nation branding in Europe, Garuda Indonesia today has inaugurated flight service to Heathrow Airport, London. Earlier, since September 2014, Garuda Indonesia has opened flight service to Gatwick Airport, London.

    “London Heathrow is the world’s 6th busiest airport with high passenger traffic. Garuda Indonesia’s service in the airport is expected to expand passenger connectivity in European market, particularly England, mainly through SkyTeam network to various world destinations,” said President Director of Garuda Indonesia M. Arif Wibowo in a press release as quoted by Bisnis.com, Thursday, March 31, 2016.

    Garuda Indonesia will offer flights from Jakarta to London Heathrow through Singapore (transit), whereas from London Heathrow to Jakarta, Garuda will operate five times weekly non–stop flight service (every Tuesday, Wednesday, Thursday, Saturday and Sunday), using Boeing 777-300ER aircraft with First Class service, with a capacity of 314 passengers, with 8 seats configuration for First Class, 38 seats for business class and 268 seats for economy class.

    Meanwhile, Deputy for Financial Service Business, Survey and Consulting Division of SOE Minister, Gatot Trihargo, in his speech representing Indonesia’s SEO Minister has expressed his appreciation on Garuda Indonesia’s effort who has continuously provides the best services to its users.

    “As a the nation’s flag carrier who also carries a five star rating, Garuda Indonesia’s presence, wherever it is, will carry the state’s name. Flight services to London Heathrow is expected to strengthen Garuda’s flight network, which can certainly help boost Indonesia’s economic, business and tourism growth,” Gatot added.

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  • Metro Retail income soars 20.6 per cent

    Metro Retail income soars 20.6 per cent

    Metro Retail Sales, Visayas’ largest retailer, has reported a rise in after-tax income of 20.6 per cent to P758.6 million (US$16.4 million) for 2015.

    Metro Retail (MRSGI)’s net sales grew 13.9 per cent to P32.5 billion last year from 2014, said the company in a disclosure to the Philippine Stock Exchange. Earnings before interest, taxes, depreciation and amortisation rose 18 per cent to P1.49 billion in the same period, due to reduced operating expenses.

    The company’s same store sales grew by 8.8 per cent on the back of strong performance of its hypermarkets, department stores and supermarkets.

    Several milestones for the 33-year old Metro Retail made 2015 an exceptional year for the company. It saw the expansion of its store network nationwide, with 24 supermarkets, 12 hypermarkets and 10 department stores, with a total gross floor area of approximately 400,000 sqm by December 2015.

    Said chairman and CEO Frank Gaisano: “2015 has certainly been a banner year for Metro Retail, as our strong financial performance clearly shows. I believe that 2016 will be another record year for Metro Retail, being well on track with our store expansion and logistics efficiency initiatives to support our goal of doubling our footprint in the next five year.”

    The company was listed in November 2015, having the largest new equity issuance at P3.6 billion for that year.

    Its entry into the local bourse is seen not only to support the company’s expansion plans, but also underscore Metro Retail’s capability to compete with other industry players in serving the value conscious market.

    Metro Retail partnered with Ayala Land for the establishment of its stores in four new Ayala commercial developments – a department store and supermarket in Bacolod City, Negros Occidental; a supermarket in Iloilo City; a supermarket in Cebu City; and a department store and supermarket in Pasig City.

    Metro Retail also expanded its department store network with the acquisition of the department store assets of SIAL Specialty Retailers, a joint venture between ALI and Stores Specialists in March. Located at Fairview Terraces Mall and the UP Town Center, the stores have a combined gross floor area of approximately 25,000 sqm and will increase Metro Retail’s department store network to 12.

  • Lotte declares $860m Japan target at Ginza launch

    Lotte declares $860m Japan target at Ginza launch

    Lotte Duty Free anticipates that sales at its spectacular new downtown duty free shop in Tokyo’s Ginza shopping district will reach KRW150bn/$129m in its first year. At the opening today, the retailer also announced plans to open four to five stores in other regions in Japan and expects total sales from its stores in the country to grow to one trillion won ($860m) within a decade.

    The Korean-style duty free shop in Tokyo, Japan marks Lotte Duty Free’s entry to the country’s downtown market. A source at the company told us: “We will create a new paradigm for duty free in Japan as we have done in South Korea.”

    ‘STEPPING STONE’

    Today, the South Korean duty free and travel retailer went further by outlining its goal to become the world’s number one duty free player. Sunwook Jang, President of Lotte Duty Free (pictured above in the centre), commented: “Japan is rising as the biggest rival country (to Korea) in inviting Chinese tourists. By using the Tokyo Ginza store as a stepping stone, we will strengthen the brand competitiveness and advance the date of becoming the global number one duty free shop.

    “We will keep expanding (our) overseas stores, publicise the competitiveness of Korean products and grow together with the SMEs in the overseas market.”

    In a statement, the company goes on to say: “Lotte Duty Free plans to continuously expand overseas stores in order to let the world know the superiority of the Korean-style duty free shop and strengthen the competitiveness of the duty free industry in Korea.”

    Currently, Lotte Duty Free has overseas retail operations at Jakarta Airport and Jakarta downtown in Indonesia), Kansai Airport in Japan and Guam airport, and it is accelerating the expansion of new overseas stores in Bangkok, Thailand and Osaka, Japan. The company first entered the Indonesian market in 2012.

    GINZA HIGHLIGHTS

    The shopping district of Ginza attracts 20 million visitors per year and Lotte Duty Free’s store is claimed to be the biggest duty free shop in Tokyo at 4,396sq m in total area.

    The shop offers shoppers 300 brands in categories such as watches, jewellery, cosmetics, perfumes, electronics and accessories. Popular Korean brands like MCM, Whoo, IOPE, Mediheal and competitive Korean SME brands are expected to spread the K-beauty and K-fashion message more widely across the Japanese market.

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  • Is this the city of the future?

    Is this the city of the future?

    Today, more than half of our planet’s population live in urban areas, with millions of people migrating from the countryside to towns and cities in search of prosperity to a point where the world’s urban population has rocketed from 746 million in 1950 to 3.9 billion in 2014, according to the United Nations.

    As urban populations balloon, the strain on cities – many of them hundreds of years old – increases, with everything from transport to living space, healthcare and security put under pressure.

    In South Korea, the Songdo International Business District (Songdo IBD) is offering one vision of how cities might look in the future. A $35 billion project, Songdo has been developed across more than 1,000 acres of reclaimed land.

    “The original concept of Songdo was as a gateway city to the Korean mainland from Incheon International Airport, where basically all the uses – be they residential, retail, work, educational or cultural – would… all be within a 15 minute walking time of one another,” Jonathan Thorpe, senior EVP and chief investment officer at Gale International, part of the public-private partnership behind Songdo, told CNBC’s Sustainable Energy.

    As well as being technologically advanced, there is a heavy emphasis placed on sustainability. Forty percent of the city has been designated as “green public space” while the city is also home to 20 million square feet of LEED – Leadership in Energy and Environmental Design – certified space.

    “The residents can… control their lighting, their heating, ventilation, air conditioning usage, all within a single panel,” Thorpe said.

    “Moreover, they can track the actual consumption of energy that they individually are consuming, compare that to the use of their neighbours and this helps, really, greatly increase efficiency,” he added.

    The importance of technology is crucial, according to renowned British architect Norman Foster.

    “In many ways technology has been a constant throughout civilization,” Foster told Sustainable Energy.

    “It’s always been maximizing the materials to transform the climate and create a more comfortable environment in an age before cheap energy,” he said.

    “We have to relearn those traditional lessons and apply that with the technology of our time. You have to look at all the elements within the building – the materials, the way in which it responds to climate – to reduce the amount of energy and ideally move to buildings which harvest energy.”

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