Retail News CRM

Author: Mei Ling Tan

  • Fund expands Indonesia exposure, buys into retail

    Fund expands Indonesia exposure, buys into retail

    Singapore sovereign wealth fund GIC has increased its exposure to Indonesia’s growing middle class by investing 5.2 trillion rupiah ($385 million) in Trans Retail, the main retail arm of conglomerate CT Corp.

    CT Corp’s businesses span television and online media to retail, banking and amusement parks. Its retail arm Trans Retail, formerly a local unit of French retail group Carrefour, currently runs 86 hypermarkets and supermarkets in the country under the Carrefour and TRANSmart brands.

    GIC said in a press release on Wednesday that Trans Retail is taking advantage of the rapidly expanding consumer class as Indonesia’s retail scene shifts from traditional mom-and-pop stores to modern trade formats.

    “We are keen to build lasting partnerships with reputable local partners,” said Amit Kunal, GIC’s head of direct investments group for Southeast Asia.

    CT Corp’s owner Chairul Tanjung, Indonesia’s fifth richest businessman in 2015 according to U.S. magazine Forbes, is a rare breed of non-ethnic Chinese tycoons in the country who built his business from scratch. CT Corp gained full ownership of Trans Retail after it increased its stake to 100% in 2013 for 525 million euros ($578 million). The group also has a stake in Garuda Indonesia, the country’s flag carrier.

    GIC has been boosting investments in consumer sectors overseas, especially in emerging markets where the middle class population is growing. Its investments include retail, e-commerce, education and medical sectors.

    In 2014, the sovereign wealth fund participated in a round of investment for Indian e-commerce company Flipkart, which raised a total of $1 billion, and invested $104 million in Taiwanese music-streaming company KKBOX. The fund has also actively invested in various shopping malls overseas, including in the U.S., South Korea and Brazil.

    Nonetheless, uncertainties remain in the outlook for Indonesia’s retail scene. Trans Retail does not disclose its financial performance, but the earnings of Indonesian retailers have been under pressure amid a slowdown in consumer spending.

    Matahari Putra Prima, a listed hypermarket operator affiliated with the Lippo Group conglomerate, reported a 30% year-on-year decline in net profit for the nine months ended in September 2015. On Wednesday, supermarket operator Hero Supermarket said it would sell off its convenience store business.

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  • Xiaomi to open 300 retail stores to secure top spot

    Xiaomi to open 300 retail stores to secure top spot

    Xiaomi to open 300 retail stores to secure top spot

    Lei Jun, CEO of the Beijing-based Xiaomi Corp, at the launch of Mi 5 smarthphone. ZHANG JIN/CHINA DAILY

    Smartphone maker Xiaomi Corp on Wednesday debuted its flagship handset and pledged to open 300 retail stores to fight against Huawei Technologies Co Ltd, which is threatening its leading position in China.

    Lei Jun, CEO and co-founder of the Beijing-based Xiaomi, said the new device and offline sales plan will let the challengers know who is the boss on the market.

    “We are sorry other vendors were left disappointed,” Lei said on Wednesday at the launch. He was obviously mocking Huawei’s 2015 plan to get on top of Xiaomi in Chinese market by the year-end. Xiaomi ended up shipping 2 million devices more than Huawei did last year, according to research firm International Data Corp.

    “We are rolling out more top-tier products to secure the No 1 place,” said Lei.

    The company will relay on the new Mi 5 handset to achieve the target. The 5-inch-screen handset comes with a 16-megapixel back camera, a fingerprint sensor, a ceramic back, a powerful processor and a 128-gigabyte storage.

    The retail prices were set between 1,999 yuan ($306) to 2,699 yuan depending on the configurations. In comparison, Huawei’s slightly bigger flagship Mate 8 is selling from 3,199 yuan. The storage and processing power are similar to Mi 5’s cheapest option.

    The Mi 5 will be available on the Chinese mainland starting from March 1, followed by India, according to Xiaomi. However, the product will not enter the United States market although the 5-year-old Xiaomi launched an online store in the US selling power banks and mobile accessories.

    The delayed US release was largely due to lack of necessary patents. Lei said at Wednesday’s event the company is growing its patent pool and has applied about 3,600 patents over the past years.

    China, the world’s biggest smartphone market, will remain the top priority for Xiaomi in the coming years however. Lei said the company will open 200 to 300 retail stores in Chinese cities to boost sales.

    Nicole Peng, director of consultancy Canalys China, said going offline was a huge strategic change for Xiaomi as the company aims to grow sales as the market goes weak.

    Most of the Xiaomi devices were sold online currently. Internet-only sales model helped Xiaomi keep down its operational cost. The decision was made as demand for smartphones in the country stopped to grow because of high penetration rate.

    A number of vendors are also mulling over more stores in smaller cities for bigger sales.

    Apple Inc is heavily dependent on Chinese market and the company eyes to have around 40 bricks-and-mortar stores in the country. The new outlets mainly target buyers in smaller cities such as Qingdao in Shandong province.

    Tay Xiaohan, an analyst from IDC, said the market has changed significantly as telecom carriers are reducing smartphone subsidy.

    “Xiaomi entered the market at a time when the China smartphone market was still growing, and was able to capture a significant market share with its disruptive sales model,” Tay said.

    Company steps into financial services

    Xiaomi Corp has purchased a 65 percent stake in a third-party payment company, indicating that the biggest smartphone maker in China is preparing to step into the financial services sector.

    Xiaomi completed its stake purchase of Inner Mongolia-based Jiefu Ruitong in late January, according to a filing to the State Administration for Industry and Commerce. Jiefu Ruitong provides mobile and Internet payment services. The company said it handled more than $300 million in payment transactions as early as 2011.

    The performance of Jiefu Ruitong is unclear because it is a privately owned firm.

    During Mi 5’s launch, Xiaomi CEO Lei Jun said the new device would support mobile payment using near-field communication technology. The device could also work as a public transit card to pay bus and underground fares.

    Xiaomi to open 300 retail stores to secure top spot

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  • Imax China to Install 100 New Screens in 2016, Bullish on Growth

    Imax China to Install 100 New Screens in 2016, Bullish on Growth

    In an earnings report on Thursday, the company’s China subsidiary reported that adjusted profit surged 66.9 percent in 2015.

    Imax China, the Hong Kong Stock Exchange-listed subsidiary of the Canadian giant-screen exhibitor, reported a robust year of growth in the booming China market on Thursday.

    The company’s greater China box office reached $312.4 million, a 53.8 percent increase over net grosses in the territory in 2014. Reflecting the record box office and the company’s ongoing screen installations, total revenues surged 41.4 percent to $110.6 million, with adjusted profit growing 66.9 percent year-over-year to reach $43.4 million.

    The company said it will continue its expansion in the Chinese market with the installation of 100 new screens in 2016. Last year, Imax installed a record 74 giant screens, bringing its country-wide network total to 307 theaters.

    In 2015, Imax exhibited 31 films in China, a record eight of which were local-language Chinese titles. Imax reports that its per screen average in greater China was up 10 percent for the year to $1.34 million. The company indicated that it was pleased with the growing-per-screen average given that it has been aggressively expanding in the market at the same time.

    The biggest performing title for the company in 2015 was Furious 7, which earned a record $39 million in Imax box office. Local blockbuster Monster Hunt also set a domestic record, grossing $27 million in the format.

    Imax China, listed on the Hong Kong Stock Exchange on Oct. 8, 2015, received $57 million in net proceeds, resulting in a cash balance of $90.7 million as of Dec. 31, 2015.

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  • China changes the tax rules on purchases from overseas e-retailers

    China changes the tax rules on purchases from overseas e-retailers

    In some cases consumers will owe more tax, and in other cases less.

    Foreign online retailers and brands have benefited in recent years from China’s relaxed rules on purchases by Chinese consumers on overseas websites. China’s new rules on import duties and taxes will hurt some of those overseas online sellers, while helping others.

    The new rules, to take effect in April, provide an exemption from import duties for purchases from foreign websites of up to 2,000 yuan ($306) but add a sales tax of 11.9% that consumers don’t pay today. That sales tax is still less than the 17% value-added tax consumers pay when shopping in stores in China.

    The existing rules, which mirror the regulations for consumers bringing in purchases from abroad or receiving them by mail from friends overseas, allows a consumer to import up to 1,000 yuan ($153) worth of products at a time for personal use, up to 20,000 yuan in a year. Those purchases are subject to import duty—which generally vary from 10% to 50% of the purchase price, depending on the type of product—but the tax is waived if it’s under 50 yuan ($7.65.) That 50-yuan exemption will be eliminated in the new rules.

    The new policy will benefit sellers of products for which the duty is high, such as cosmetics, which are hit with a 50% duty tax, says Li Pengbo, CEO of China Cross-border E-commerce Research Center, a consulting company. But other items for which the duty is low, such as children’s products, the new rules will make it more expensive for Chinese consumers to buy from overseas websites, Li says.

    Here are some major product categories, with the duty tax percentage:

    • Food, 10%
    • Alcohol, 50%
    • Apparel, 20%
    • Cosmetics, 50%
    • Electronics, 20%

    Thus, under existing rules a Chinese consumer who buys a shirt for $50 on a foreign e-commerce site pays a fee of $10 (20% duty on a $50 purchase), whereas under the new rules he would pay only $5.95 (no duty, but a sales tax of 11.9%.) However, a consumer buying $30 of powdered milk today would pay no duty or sales tax (the duty would be $3, 10% of $30, but that is waived because no fee is charged if the duty is below 50 yuan ($7.65)), whereas under the new rules she would pay $3.57 (no duty, but a sales tax of 11.9%.)

    Both the new rules and the old ones also apply to foreign companies that sell on Chinese marketplaces under the relaxed cross-border e-commerce rules that China has adopted in recent years. Such major Chinese e-commerce operators as Alibaba Group Holding Ltd., JD.com Inc. and the Amazon China subsidiary of Amazon.com Inc. have created special sections of their online shopping sites featuring imported goods sold under the special cross-border rules. Those rules allow foreign companies to store items in 10 free-trade zones without clearing customs, and then send them through an expedited customs process when a Chinese shopper places an order.

    They also allow the sale, up to the limit for personal use—1,000 yuan today and 2,000 yuan when the new rules take effect in April—of goods that have not been authorized for sale in China, as long as they have been found safe in their home country. That’s a big deal for sellers of products like cosmetics and food that can take years to gain approval from the Chinese government for domestic sale.

    Chinese consumers have taken advantage of the cross-border e-commerce rules to buy significant quantities from foreign web merchants. China’s customs authority reported this month that the first seven of the free-trade zones established in China since late 2013 handled 100 million inbound parcels purchased from foreign e-retailers with a total value of $2 billion.

    The relaxed rules on purchases from foreign websites have drawn protests from domestic retailers who say they have to pay import duties on all goods they bring into the country and charge consumers the national 17% value-added tax.

    Gong Dingyu, founder and chief operating officer of Chinese children’s product retail chain Leyou, tells Internet Retailer, that the new rules represent of a different way to tax goods purchased from overseas e-retailers.

    “The old policy is unfair because traditional trading companies and physical stores don’t have the same favorable policy as cross-border e-commerce,” Gong says. “Also, without products being monitored and inspected by the Chinese government, online consumers could buy imported products with quality issues.”

    JD.com is No. 1 in the Internet Retailer 2015 China 500 and Amazon China No. 5. While Alibaba’s big online marketplaces Taobao and Tmall account for about three-quarters of online purchases in China, Alibaba is not ranked because it is a marketplace operator and not the merchant of record for any sales on its sites.

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  • Shinsegae unveils revamped Gangnam department store

    Shinsegae unveils revamped Gangnam department store

    The revamped Shinsegae department store in Gangnam will officially open on Friday.

    The store’s concept is heavily inspired by the high-end department store chains Le Bon Marche in France and Saks Fifth Avenue in the U.S.

    The Shinsegae Group, which is Korea’s second-largest retailer, has added six new floors to the annex building of its store in the affluent area of southern Seoul. This makes the 86,500 square-meter store the largest department store in Seoul. It also now houses 1,000 brands, up from about 600 brands previously.

    “The Gangnam store is important in every way. We are striving to suggest shopping as a lifestyle rather than to seek for simply sales growth,” said Jang Jae-young, CEO of Shinsegae Department Store, at the press briefing to mark the opening.

    The company has seen sales come to a standstill over the past few years, mainly due to the global economic slowdown as well as competition from other retail channels such as e-commerce.

    The revamped store is designed to attract people who prefer a luxurious in-store shopping experience and Shinsegae expects it to be a game changer. Its Gangnam branch is expected to generate 1.7 trillion won ($1.2 billion) in its first year and 2 trillion won by 2019.

    Brands within the store are categorized into four major themes – shoes, contemporary, kids and living. Products Items are divided based on themes rather than by brand names. Hence luxury brands, such as Christian Louboutin, and domestic brands, such as Soda, mingle in the same zone.

    For those preparing for marriage, the store has dedicated a whole floor to wedding gifts and lifestyle goods. There, you can find anything from luxury goods, such as jewelry and watches worth hundreds of millions of won, to silver three-story tea trays or zen-style flower arrangements.

    “According to our research, people from countries exceeding gross domestic production per capita of $30,000 value the experience of shopping, its process and services they receive. We think the Korean market is ready for this,” said Ryu Sin-yul, vice president of the Gangnam store.

    Shinsegae plans to open five more stores this year — Busan Centum City Mall in March, an urban duty free store in May, two stores in Gimhae of South Gyeongsang Province and Daegu in June and December respectively as well as Hanam Union Square shopping mall in September.

    “We are not trying to compete with (other retail powerhouses such as) Hyundai or Lotte. We will create a new generation of shoppers who have never been to department stores before,” Ryu said.

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  • Honolulu Coffee Shop opening in Singapore

    Honolulu Coffee Shop opening in Singapore

    Honolulu Coffee Shop, known in Hong Kong for its egg tarts with flaky pastry, will open a 50-seat restaurant in Singapore in April.

    At The CentrePoint in Orchard Rd, the restaurant will go head to head with Hong Kong’s Tai Cheong Bakery, which is known for its egg tarts made with shortcrust pastry and is scheduled to open in Orchard Rd within the next three months, according to the Straits Times.

    Meanwhile, Tai Cheong will set up a pop-up stall early next month at a location yet to be advised. The new outlet is a joint venture with Food People, a company set up by The Pine Garden MD Wei Chan and Han Jin Juan of Palm Beach Seafood Restaurant.

    Honolulu Coffee Shop is a franchise brought in by a new F&B company set up by Lee Yuen Yong, who is also MD of Asia Gourmet. That company brought in wonton noodle specialist Mak’s Noodle from Hong Kong, which has shops at The CentrePoint and Westgate, and will open a third at VivoCity in May.

    Lee says not many people in Singapore know about Honolulu Coffee Shop, “but its egg tart is the best we can get in Hong Kong”. He says the recipe has 70 years of history, with all other egg tarts evolving from it.

    “On more than 10 trips to Hong Kong, the team tried egg tarts from more than 50 stores before deciding that Honolulu’s are the best.”

    Honolulu Cafe Hong Kong Wan Chai

    Its signature egg tart has 192 layers of flaky pastry.
    Meanwhile, Chan says the market is big “and diners will figure out which egg tart tastes better”.

    Honolulu Coffee Shop was founded in the 1940s by Yeung Jin Hei, who died nearly three years ago. It started out selling coffee, tea and baked goods, and over the past 20 years its menu has evolved to include everything from noodle dishes to sandwiches.

    Yeung’s second son Derrick, 50, took over the business in 1996 and runs it with his 51-year-old brother Wayne, who handles the six outlets in Hong Kong.

    Derrick has been instrumental in expanding the brand overseas, starting 18 months ago. Honolulu has three shops in Beijing and one in Shanghai. The Singapore shop will be its fifth overseas outlet and will also serve macaroni and noodle dishes as well as weekly specials.

    He is now meeting suppliers and recruiting staff and chefs, who will be trained in Hong Kong.
    Aside from Singapore, he plans to open in Taiwan in line with his plans to go “more international”.
    Asked why the chain is called Honolulu, he says it dates back to the time Hong Kong was a British colony and the company wanted a Western name.

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  • 11street collaborates with UITOX to bring in 200 brands and 150,000 products to Malaysia

    11street collaborates with UITOX to bring in 200 brands and 150,000 products to Malaysia

    11street (www.11street.my) today announced its latest collaboration with UITOX, the first ever largest online marketplace in Taiwan to introduce 200 élite brands from Taiwan along with around 150,000 products from Taiwanese sellers.

    This partnership signifies the launch of TW Street, UITOX’s official store on 11street, bringing popular fashion brands like OB Design, Pazzo, Toki Choi, and beauty brands such as 1028, Dr Wu, Forbelovedone, Dr Doruxi, and renowned Taiwanese food such as pineapple cake, Gong sugar, red bean water and more.

    11street’s chief executive officer, Hoseok Kim shared that based on observations, the demand for popular overseas products in Malaysia is increasing especially for cosmetics, accessories such as watches, clothing, electronic gadgets, jewelry and personal care goods, which is reflected in the country’s import patterns and the growing needs by consumers[1].

    According to MATRADE’s report on top major imports for 2015, Malaysia’s import just for textiles, clothing and footwear grew more than 60 percent from RM 8.48billion to RM 14.21billion compared over the same period of 2014[2].

    He highlighted, “Partnering with UITOX, 11street is able to introduce more quality international products into the local market, serving as part our commitment to better fulfill Malaysian consumers’ demands with a good mix of local and overseas products.”

    Today, 11street boasts more than five (5) million total product listings which includes a good variety of Cross Border Trading (CBT) products on the online marketplace platform. Majority of these CBT goods come from Korea, Hong Kong, Japan, and United States and the top 3 most purchased categories for CBT products are Health & Beauty, Fashion and Electronics items.

    Robert van Lith, Regional Director of UITOX expressed that this collaboration with 11street marks the debut of UITOX into Malaysia which is greatly exciting! “UITOX thrives on its ambitions to challenge not only the domestic market in Taiwan, but also expand its landscape into the fast-growing e-commerce marketplace in Malaysia. We look forward to engaging with shoppers as we offer Malaysians a taste of popular brands from diverse countries.”

    UITOX was founded in Taiwan in October 2012 and has expanded to China, Singapore, Japan, Hong Kong, Indonesia, Malaysia, Thailand, Vietnam, Philippines, USA, Canada and Netherlands. The successful launch of TW Street in 11street will push UITOX into its second phase of development which will bring more cross border products from other countries. UITOX now has over 5,000 sellers on board with more than USD 224 million of annual gross merchandising value worldwide in 2015, with year-over-year growth of 193% from 2014. 

    In conjunction with its debut on 11street, the products under UITOX will be made available to Malaysian shoppers via various special promotions. Customers can now enjoy free international shipping storewide and a 50% discount on selected items starting from 15 February 2016 onwards. To find out more, please visit TW Street

    11street and UITOX together aim to not only support the increase of quality international brands stepping into the Malaysian market, but prides itself on offering shoppers the convenience of finding affordably priced brands and products that they love.

    “We are thrilled to be partnering with UITOX to offer Malaysians more product variety to help them find what they love, whilst we enrich our product inventory on 11street. This partnership not only enhances our position as a credible partner for international brands, but enables UITOX to connect their sellers from Taiwan with Malaysian consumers that are looking for quality overseas items,” Kim ended.

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  • Furniture Retail Iwannagohome to shut Singapore outlets

    Furniture Retail Iwannagohome to shut Singapore outlets

    Home furnishing and accessories shop iwannagohome will close its outlets in Singapore, its parent company confirmed on Friday (Feb 26).

    Both its branches at Tanglin Mall and Great World City will be closed, said a spokesperson for the brand, which debuted in Singapore in 2007. Clearance sales have begun at both outlets.

    A retail employee told Channel NewsAsia that he was told the shop would close “around May or June” this year.

    No employees will be affected, the spokesperson added. “As we have other businesses, all employees will be transferred to other outlets.”

    Among the other brands managed by parent company, Gill Capital, are fashion store H&M and candy store Candylicious.

    No details were provided in response to queries about whether iwannagohome’s other outlets in Malaysia and Australia would be affected.

  • Dior Opens Largest Flagship Store in Singapore, 1st Ladies Duplex in South East Asia

    Dior Opens Largest Flagship Store in Singapore, 1st Ladies Duplex in South East Asia

    Christian Dior has officially re-opened its duplex ladies boutique at ION Orchard, its largest flagship boutique in Singapore measuring over 700 square meters, and the first ladies duplex boutique in South-East Asia.

    The newly-minted retail space provides a look inside the unique, creative and luxurious universe of Dior.

    Expanded in size and given a complete facelift, the exterior sees a floor-to-ceiling, highly visible transparent glass façade patterned in Dior’s signature ‘Cannage’ alongside beautifully animated windows on both the external street-facing and internal mall façades.

    The lighting gives the façades a beautiful transparency and glowing, kinetic effect.

    The opulent interior developed by international renowned architect Peter Marino, emulates the design concept of Dior’s legendary boutique on Avenue Montaigne in Paris.

    The tone is set by shades of opalescent grey and crisp white.

    Classically inspired moldings can be found on walls and ceilings. Luxurious grey zibeline carpets complement the polished limestone floors. The furniture juxtaposes the modern with the classic as Louis XIV chairs are paired with varied upholstered fabric.

    The 18th century details blended with modern elements and art pieces to achieve a feminine and glamorous aesthetic, In addition, Dior commissioned several world’s leading contemporary artists to create works of art which are displayed throughout the boutique.

    The exclusive VIP salon on the 1st floor comes complete with a fireplace, with its dedicated fitting room, accessible only by a private elevator for a more personalized and intimate experience.

    On the 2nd floor is the fine jewelry and timepiece salon with a dedicated entrance, an accessories salon, bags gallery & salon devoted to Dior’s complete range of handbags from Lady Dior to Diorever, as well as a footwear salon.

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  • Yahoo woos Hong Kong with new online store

    Yahoo woos Hong Kong with new online store

    Yahoo Hong Kong announced in January the official opening of the Yahoo Store, its key project for e-commerce in 2016.

    Within the year, the tech firm said it expects to feature 500 stores offering as many as 100,000 products. As it is today, Hong Kong’s online shoppers can already buy from a wide selection of over 20,000 products from more than 100 businesses on online shopping mall.

    Rico Chan, Vice President & General Manager, Yahoo Hong Kong & INSEA Sales, said the company has already made a considerable effort in the area of e-commerce for netizens to experience a new experience on Yahoo Shopping.

    These efforts include setting up a strong team to bring fashion items, mobile accessories, stationery and other articles for daily use to Hong Kong’s online shoppers.

    “The Yahoo Shopping platform provides one-stop shopping convenience and operates all day long every day, without time or geographical limits. Merchants can use innovative multimedia promotion methods to tailor marketing plans for their brands, and embrace the fast-changing opportunities,” he said.

    The site also offers original brands and entrepreneurs who are eager to join the platform advice and analyses on setting up online stores for businesses so that they can open their stores easily and quickly.

    Horace Ng, Head of E-Commerce, Yahoo Hong Kong, said they aim to turn Yahoo Hong Kong’s e-commerce platform into the strongest local online shopping mall, through integrating e-commerce service strategies, ad hoc Yahoo Deals and Auctions of rare second-hand products over the long term in the online Yahoo Store.

    “Yahoo has been working hard to drive its Mavens strategy, focusing on six major pillars: mobile, audience, video, e-commerce, native and social,” added Chan.

    The Yahoo executives said the store has a strong content base, including Product promotion using multimedia – (sellers can place multimedia files such online videos on their product introduction pages to offer richer and more concrete product information to buyers); Sellers training (classes offer guidance on sellers’ photo management and design skills) and Multi-channel exposure for sellers’ products (brand promotion and product marketing through Yahoo Shopping’s social platform).

    During the trial run the store, it offered a 25 percent purchase rebate through e-code redemptions, which attracted feedback, web traffic and customer reaction.

    Yahoo has been operating in Hong Kong for 17 years and has always been supportive of the development of local artistic creations, actively utilizing its influence to support outstanding local young artists and creators in exploring and making the most of the business opportunities.

    This year, it has collaborated with local, original illustration brand Pandaluv to launch an O2O (Online-to-Offline) experimental project.

    Pandaluv created a series of Yahoo Store X Pandaluv limited edition products for the Chinese New Year period, including cushions, a canvas bag and baggage tags, among other items, selling in advance on Yahoo Deals and allowing fans to redeem the limited-edition products at Stall No. 021 during the Lunar New Year Fair in Victoria Park.

    “Pandaluv can reach a lot of netizens who support local creations through the strong online e-commerce platform, Yahoo Shopping, and more netizens can learn about my company,” said Pandaluv Founder, Famous Cartoon Illustrator Toby Yeung.

    Last year, he said the brand published illustrations through Tumblr Creator Hub, which attracted many loyal fans to create accounts and follow the brand.

    “We made contact with quite a few partners, gaining many business opportunities, helping Pandaluv to shift from being an artistic creation success towards an art business startup,” Yeung added.

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  • HCL Care Wins Asia Retail Excellence Award in ‘Mobile and Telecom Service’

    HCL Care Wins Asia Retail Excellence Award in ‘Mobile and Telecom Service’

    The HCL Care division (HCL Care Services) of HCL Services Ltd., a wholly owned subsidiary of HCL Infosystems Ltd. (India’s premier IT Services and Distribution Company), has won the prestigious Asia Retail Excellence award in the ‘Mobile and Telecom Service’ category at an award ceremony held in Mumbai. This recognition was conferred on HCL Care Services for providing excellent end-to-end support services for various product categories across locations in India.

    On receiving this recognition, Mr. Sharad Talwar, Head, HCL Care Ltd. said, ” We are honored to receive the prestigious Asia Retail Excellence award in the ‘Mobile and Telecom Service’ category. This award encourages us to continue delivering service excellence and exceptional after-sales support to our customers. Today we provide world-class service support, including setting up exclusive Service Centres to leading OEMs, and are the preferred partner for leading Indian and international brands.”

    HCL Care Services provide support across telecom, IT, consumer electronics and consumer durables products for multiple brands through its contact centres, walk-in centres, on-site support, supply-chain operations, reverse logistics, repair factory and value-added services. HCL Care Services, under its specialized retail outlets ‘Touch’, have a network of more than 300 service centres across 250 cities in India, and serves more than 3 million consumers in a year. HCL Consumer Services has further expanded its retail presence by opening up exclusive service centres for various brands.

    Asia Retail Congress is an important global platform to promote world-class retail practices. The forum is aimed at company chairs, presidents and CEOs from leading international and national retailers, directors of international and national retailers, and directors of international brands, who believe in making a change. Their awards recognize best practices in the retail industry across various categories like fashion, consumer durables, mobile and telecom services, food, travel and hospitality, health, real estate, etc.

  • China’s Dalian Wanda Group to Invest in France’s Europa City

    China’s Dalian Wanda Group to Invest in France’s Europa City

    China’s Dalian Wanda Group Co. is planning to make big investments in France, sources said on Thursday. The Chinese entertainment and real-estate conglomerate is aggressively targeting foreign acquisitions in an attempt to continue business growth amid a slowdown in China.

    The Chinese company is broadening its global ambitions and in advance talks to make a large investment in a retail and development hub called Europa City, located on the outskirts of Paris, sources said. Europa City, the multibillion-dollar development, is expected to open in 2024, according to the company’s official website. The development will include a theme park, cultural exhibitions, retail shops, restaurants, and sports venues. In addition, the project will spread across 200 acres of land, according to reports.

    The deal, if successfully close down, would check Wanda’s first real move into France. Yet, it has greater arrangements for the nation. Wanda, owned by Chinese billionaire Wang Jianlin, is keen on possibly purchasing Amaury Sport Organization, an organization that runs cycling’s Tour de France race, individuals acquainted with Wanda’s deal said. However, the deal is still in its early stages.

    Wanda owns most of the shopping malls and different theme parks in China. The Europa City deal will likely strengthen the company’s position both in home and overseas market. Likewise, it will also mark a victory for the Chinese based investor as it was keen to expand its business outside China and diversify its investments. Earlier in January, Wanda Group also announced that the company is looking to construct an industrial park in Haryana, a province in northern India, with an investment of around $10 billion.

    The Group’s goal of expanding globally is clear and it underwent a buying spree in the past three years. In January 2016, it acquired Legendary Entertainment for an amount close to $3.5 billion. The investment was the result of the Chinese commercial property developer’s ambitions to become a global film giant. Legendary was responsible for providing the finances for popular box office hits such “Godzilla,” “Inception,” and “Jurassic World.” In China, the Hollywood company co-financed “Pacific Rim,” which later turned out to be a box office hit. Recently, Wanda Group also financed “Southpaw,” a hit Hollywood boxing movie.

    Moreover, the company also invested $2.6 billion in US movie-theater chain, AMC Entertainment. Likewise, it has also made an entrance into the sports industry. Last year, the Chinese group bought Infront Sports & Media AG for approximately $1.2 billion. It has also purchased a reasonable 20% stake in Atletico Madrid, a Spanish soccer club for around $49.6 million. If it’s successfully able to acquire the organization that runs Tour de France, the company will make a very prominent investor in the sports industry.

    A larger proportion of Wanda’s business is in China, but the country’s cooling real-estate sector has encouraged the company to focus on overseas acquisitions. It has already closed down some of its retail stores in the country amid poor sales. As for now, in China, the company is focusing towards investing in the e-commerce and financial sector.

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  • Korea’s card spending jumps 16% in January

    Korea’s card spending jumps 16% in January

    Korea’s card spending rose sharply in January, data showed Friday, on the back of increased consumption for the Lunar New Year holiday and a gradual recovery in domestic demand.

    Purchases made with plastic cards reached 56.1 trillion won ($45.4 billion) last month, up 15.9 percent from a year earlier, according to data compiled by the Credit Finance Association (CREFIA).

    Of the amount, credit card spending went up 15.9 percent on-year to 44.79 trillion won, while those of debit cards advanced 16.2 percent to 11.2 trillion won over the cited period, according to the data.The data includes transactions on credit, debit and prepaid cards. Cash advances, overseas spending and card loans were not included.

    “This year, the new year holiday started earlier than last year, which mainly led to the growth in January’s credit card spending,” a CREFIA official said.

    The retail sector, including department stores and big retail chains, enjoyed a 20.4 percent surge in credit spending on-year to 6.7 trillion won, the data showed.

    In particular, purchases made by credit cards in convenience stores spiked 56 percent thanks to the increase in small families and the solid growth in sales of their private-brand products, according to the association.

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  • Revamped Siam Discovery to embrace ‘lifestyle’ concept

    Revamped Siam Discovery to embrace ‘lifestyle’ concept

    The 18-year-old mall in central Bangkok has been closed for a Bt4-billion overhaul since May and expects to reopen under the new title “Siam Discovery – The Exploratorium” next quarter.

    “We want to create a unique shopping experience for all customers. To make the new Siam Discovery different from its neighbouring shopping malls Siam Center and Siam Paragon, we want to introduce a revolutionary new retail concept in Thailand,” said Chadatip Chutrakul, chief executive officer of Siam Piwat, which also owns and operates Siam Paragon and Siam Center.

    To turn this shopping venue into a hybrid retail destination, Siam Piwat decided to ensure that its 40,000 square metres of retail space would offer a range of products and undertake sales and marketing strategies that would be more flexible and respond to customers’ demands.

    Previously, Siam Discovery hosted at least 120 retail tenants.

    After the reopening, there will be hundreds of categories and more than 5,000 international and local brands on offer.

    “We invited [Japanese design studio] Nendo to provide the inspirational design concept for Siam Discovery because Siam Piwat looks at the future from a global perspective rather than just the potential of the Thai market,” Chadatip said.

    To turn this vision into reality, the Siam Discovery renovation was overseen by Oki Sato, one of the world’s top designers.

    “Our role as a retailer has advanced to another level and become one of managing visitors’ experiences and emotions at the destination, rather than just one of managing products, categories and displays,” Chadatip stressed.

    Besides being Nendo’s largest project in Thailand, this is the first major facelift of the 18-year old shopping complex. The aim is to cash in on the potential growth in shopping and retail markets in Thailand following the implementation of the Asean Economic Community (AEC) early this year.

    Chadatip said the 2 million square metres comprising the Siam area was considered one of top-ranked retail destinations in Bangkok, which annually attracts more than 200,000 visitors. The number of foreign-tourist arrivals is expected to rise, particularly after the full implementation of the AEC.

    Give this potential, one year after the reopening, Siam Discovery is expected to welcome 100,000 visitors a day, of whom about 65 per cent will be local shoppers while the remaining 30-35 per cent will be foreign tourists.

    “We aim to double our sales revenue within one year compared the sales in the year before this major renovation,” she said.

    Siam Piwat targets recovering the cost of this renovation within five to six year as it believes that this is a long-term investment. By the end of this year, the company hopes to see at least 10-per-cent revenue growth, partly driven by the new Siam Discovery.

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  • No price fixing among petrol retailers in Singapore, says competition watchdog

    No price fixing among petrol retailers in Singapore, says competition watchdog

    Local prices mirror global trends.

    There is no evidence to suggest that petrol companies conspire to control oil prices in Singapore, according to a study by the Competition Commission of Singapore (CCS).

    The study showed that local oil retailers base their prices on the Mean of Platts Singapore (MOPS) price, which refers to the cost at which petrol companies purchase the refined wholesale petrol from the refineries.

    The CCS said that listed retail petrol prices was observed to move in tandem with the price of MOPS over a six-year period between 1 January 2010 and 31 January 2016, although the pass-through was neither complete nor immediate.

    The MOPS price also made up less than a third of listed retail petrol prices. Other components of retail prices include operating costs, taxes and duties, land costs, discounts and rebates. The cost of these non-fuel components have generally increased in the past few years, the report noted.

    For the period of June 2014 to January 2016, crude oil price fell by an average of 59 SGD cents, or 67%. Consequently, MOPS price fell by 52 SGD cents or 53%, and the listed price of Octane 95 fell by 35 SGD cents or 15%.

    Including discounts, rebates and levy increase in February 2015, the effective price that consumers paid for Octane 95 was found to have fallen by 45 SGD cents, or -24%.
    This indicates a “relatively high level of pass-through” of the fall in MOPS price to consumers over this period. the report noted.

    “The operating income margin of the petrol companies has also increased, but the increase is smaller relative to the increase in the non-fuel components. There is no evidence to suggest collusion in petrol pricing, even though petrol companies monitor and react to each other’s published prices,” the CCS said.

     

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