Retail News CRM

Author: Mei Ling Tan

  • Hotels for sale at new high amid pandemic blues

    Hotels for sale at new high amid pandemic blues

    Hotels with ‘for sale’ signs have mushroomed across different parts of Vietnam, despite scarcity in buyers.

    The sales trend first kicked off in central areas of HCMC and Hanoi’s Old Quarter, but later spread to other tourism hotspots like Phu Quoc Island, Da Nang City, and other coastal towns including Nha Trang, Vung Tau, and Quy Nhon.

    Dozens of hotels have been listed for sale each day by brokers or on real estate websites, since the second Covid-19 outbreak hit the country late July.

    Longtime brokers in the real estate market say the current wave of hotel sales is the biggest they have seen in the past decade.

    On the streets of Ly Tu Trong, Le Thanh Ton, Bui Thi Xuan, and a few others, nearby HCMC’s iconic Ben Thanh Market, many 30-100 room hotels are listed for sale. Prices commonly range from a few dozen billion to hundreds of billions of dong (VND1 billion = $43,160), with some going up to VND1 trillion.

    The current situation is completely contrary to 5-7 years ago when a wave of investment in mini-hotels was so popular in Saigon that many street houses were bought specifically for such renovation purposes.

    However, brokers said currently listed hotel prices are still at a higher than expected threshold, complicating the sales process.

    Vo Quoc Phuong Trang, head of hotel investment consultancy at real estate service firm Jones Lang LaSalle (JLL), said the hotel business sector was among the groups first and hardest hit by the pandemic.

    There were no mergers and acquisitions in the hospitality industry during the first half of the year as uncertainty caused by the Covid-19 outbreak gripped the sector.

    Mauro Gasparotti, director of real estate consultancy Savills Hotels Asia Pacific, said the limited number of flights have prevented buyers from inspecting properties, and so negotiations are delayed.

    Four- and five-star hotels are still holding up but those with three stars and below are facing challenges since there are few guests, he said, explaining that some are experiencing 10 percent occupancy rates, while the minimum to sustain operations is 35 percent.

    Foreign tourist arrivals in Vietnam between January and August fell 66.6 percent to 3.77 million, according to the General Statistics Office.

  • This is why iOS app developers are not happy with Apple

    This is why iOS app developers are not happy with Apple

    While Apple iPhone users were excited today about receiving the update to iOS 14, iOS developers were not; in fact, many were fuming. That’s because in announcing on Tuesday during the “Time Flies” event that iOS 14 would be unveiled today, Apple did not give its developers enough time to test their apps before releasing the next build of its mobile operating system.

    All the developers could do was send out tweets to alert users that the features they hoped to launch with the launch of iOS 14 would not yet be available. One example of this approach was seen in a tweet disseminated by podcast app Overcast (@OvercastFM) which read, “Sorry, my iOS 14 features aren’t ready yet. Since it’ll be a while before most of my customers use iOS 14, I spent the summer prioritizing bug fixes and my family’s pandemic/school logistics (we’re OK, just busy). Like you all, I’m just doing what I can this year. More soon. Since it’ll be a while before most of my customers use iOS 14, I spent the summer prioritizing bug fixes and my family’s pandemic/school logistics. Like you all, I’m just doing what I can this year. More soon.”

    Nintendo noted that its Animal Crossing: Pocket Camp game won’t work following the update to iOS 14, so the company told game players to hold off on updating to iOS 14 until it has time to update the game. How many iPhone users do you think will heed that suggestion.

    In addition, many third-party apps don’t have a widget yet because of Apple’s surprise release of iOS 14. As you might know, Apple is adding Android-style widgets to iOS 14. You can choose different sizes depending on where you want the widget to fit and how much information you want it to contain. As time goes on, more developers will create widgets for their apps. You can see which apps are offering them now by touching and holding the home screen until you see the “+” icon inside a circle on the upper left side of the screen. Tap on it, tap on a widget from the gallery, and then select the size you want.

    Have you installed iOS 14 on your iPhone yet? Go to Settings > General > Software Update if you have yet to do so.

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  • H&M says it’s straightening its back from Covid-19

    H&M says it’s straightening its back from Covid-19

    Global fashion retailer H&M had warned its preliminary third-quarter results may well be below that of the previous corresponding period – but it beat profit forecasts and has recovered much faster than expected.

    The company’s pre-tax profit for the quarter to August 31 was US$227.3 million, well below the $570 million from the previous corresponding period. H&M attributed the success to selling more goods at full-price, combined with strong cost controls.

    “As a result of appreciated collections together with rapid and decisive actions, the H&M group’s recovery is better than expected,” the retailer said in a statement.

    For the period, H&M group’s net sales decreased by 16 percent in local currencies compared with the corresponding period last year.

    The company said the improving sales through the quarter reflected the Covid-19 situation: at the beginning of the quarter, about 900 of the group’s more than 5000 stores were temporarily closed. At the end of the quarter, the other stores had reopened and only about 200 stores remained temporarily closed.

    The final results for the third quarter will be published on October 1.

    Meanwhile, the company denied it had any ties with a Chinese yarn producer over accusations of “forced labor” that involves ethnic and religious minorities from China’s Xinjiang province, according to a report.

    The report stated the fashion retailer specified it didn’t work with any garment factories in the area and would no longer source cotton from Xinjiang, China’s largest cotton-growing region.

  • Barclays APAC Head of FX Trading Departs

    Barclays APAC Head of FX Trading Departs

    Barclays’ head foreign exchange trading in Asia Pacific will reportedly exit just 18 months after joining the British bank.

    Pritpal Gill, head of G10 FX and FX options trading in the region, has been let go by Barclays, according to a report citing unnamed sources, after joining its Singapore offices less than two years ago in January 2019.

    Prior to joining Barclays, Gill ran a family office and also worked with Citigroup.

    Gill’s exit is part of Barclay’s broader efforts to reduce costs by cutting 100 senior jobs mostly from its corporate and investment banking unit.

    Previous senior exits include Jonathan Kitei, Americas head of securitized product sales, and Anindya Das Gupta, India head of trading.

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  • Forever New furthers international plans with new website

    Forever New furthers international plans with new website

    Australian fashion retailer Forever New has today relaunched its international website, servicing 19 countries including Malaysia, Hong Kong, China, the UK and parts of Europe.

    Customers will be redirected from the brand’s Australian site from today.

    “We are proud of Forever New’s ever-growing international presence and thrilled to be able to expand our offering to new countries via our international website,” Forever New MD Carolyn Mackenzie said.

    The website relaunch follows success in Europe online and in department stores such as Debenhams, House of Fraser and Fenwick, and the US, where it trades under the name Ever New in its own stand-alone stores and with concession partners.

    Earlier this year Mackenzie said the business started a global web ‘replatform’ project in 2018 to replace legacy systems, which were limiting the brand’s agility.

    “Systems were previously bolted on as we went along, and it didn’t give us the flexibility we needed to accelerate some of the new omnichannel experiences we could put in,” MacKenzie said.

    “Our new site is about taking Forever New to customers around the world, including Turkey, Germany, Ireland, and Portugal. The site will give us the ability to become truly omnichannel. That’s the strength of Forever New – with a good platform, you can bring things like True Fit and order-in-store to life and link digital and physical together. It becomes so much more powerful than having just one on their own.

    “If it’s as strong as our site in Australia, it’ll be really good for the business.”

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  • Ikea starts opening second-hand stores

    Ikea starts opening second-hand stores

    Ikea is to open its second second-hand furniture store in its home country, Sweden, expanding its commitment to the circular economy concept.

    The store, located in the ReTuna shopping mall in Eskilstuna, will stock used Ikea furniture bought back from customers, repaired and refurbished, giving old Ikea furniture a second life instead of ending up at recycling stations or in a landfill.

    The new outlet is scheduled to launch later this year, with the launch billed as part of Ikea’s strategy to become a fully circular business by 2030.

    “By testing new ideas, we take another step towards our goal of becoming completely circular and making it easier for more people to live a life within the planet’s boundaries,” the company said in a statement. “Our second-hand service is one of several examples of our sustainability work.”

    The second-hand concept was piloted in the UK last year together with a textile recycling scheme. In Sweden, the former is now available in all stores except one in Stockholm.

    Last year, the home furnishing giant launched a subscription program in some regions, allowing customers to rent home furniture.

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  • Thailand’s Central Group acquires OfficeMate

    Thailand’s Central Group acquires OfficeMate

    Central Retail (CRC) is to buy out COL Public Company, the parent company of Thai retail chains OfficeMate, B2S, and Meb E-Books.

    The deal with COL, which is estimated at US$390 million, will add the three brands to CRC’s existing retail portfolio and “strengthen Central Retail’s hardlines group” the company said in a statement. The move is part of the group’s strategy to expand its range of retail product categories, formats, and channels domestically and globally.

    COL is one of Southeast Asia’s largest office supplies, books, entertainment media, lifestyle products, and e-books retail business. The company’s board on Monday approved the terms of the takeover proposal which will now be put to a shareholders’ meeting. Once endorsed the company will be delisted from the Thai stock exchange.

    The company was incorporated in February 1994 by the Ounjai Family which had more than 40 years of experience in selling stationery and office equipment.

    “We are supremely confident that this plan to buy out the business and all the shares of COL will be mutually beneficial,” said Yo Phkasub, CEO of Central Retail. “It will enable both businesses to grow sustainably, and upgrade Thai retail for long-term national economic growth.”

    According to Central Retail, the deal will help the company to expand its customer base into new groups, particularly B2B and the younger customer segment. On the other hand, COL will enjoy greater exposure for its products through CRC’s omnichannel platform.

    The acquisition of 640 million COL shares is still subject to regulatory approval and expected to complete within the first quarter of next year, according to Yo.

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  • Amazon set to launch luxury stores

    Amazon set to launch luxury stores

    Amazon has launched an invitation-only luxury fashion and beauty brand portal called Luxury Stores, with Oscar de la Renta as its first partner.

    The company said more brands will launch at Luxury Stores in the coming weeks and seasons. For now, the platform is available only to US Prime members.

    Accessible via the Amazon app, the store features interactive technology allowing customers to have a 360-degree view of products. Featuring a “store-in-store” concept, Luxury Stores allows brands to set their own pricing, selection, inventory, and content.

    “We are always listening to and learning from our customers, and we are inspired by feedback from Prime members who want the ability to shop their favorite luxury brands in Amazon’s store,” said Christine Beauchamp, president of Amazon Fashion.

    “It’s still Day One, and we look forward to growing Luxury Stores, innovating on behalf of our customers, and opening a new door for designers all over the world to access existing and new luxury customers.”

    As the first brand to open a store in Luxury Stores, American fashion house Oscar de la Renta offers a range of ready-to-wear, accessories, and jewelry, including its Fall/Winter 2020  Collection. The brand and Amazon have also launched a video starring Cara Delevingne to promote the campaign.

    “We admire Amazon’s customer-centric focus and look forward to telling our brand’s story in compelling and engaging ways to even more customers through the Luxury Stores experience,” said Alex Bolen, CEO of Oscar de la Renta.

  • Waze announces partnership with Amazon Music, adds new features

    Waze announces partnership with Amazon Music, adds new features

    During its first major virtual event suggestively called Waze On, the navigation company owned by Google revealed a slew of new features coming to the app, as well as an important partnership with another big name – Amazon.

    First off, Waze confirmed that Amazon Music will join its audio player partner program in the coming months so that Waze users can listen to Amazon Music in the app’s audio player without having to switch between apps.

    As far as the new features go, Waze revealed a bunch of those that will be available sooner or later on all compatible platforms. Lane Guidance is one of the new features announced today that will probably make many drivers very happy.

    With Lane Guidance, drivers will receive information in real-time about which lane to be when merging or exiting a stretch of freeway or highway. This is rolling out to users worldwide starting right now.

    Traffic Notifications is another important feature that will be available to users next month. It tells drivers how traffic will impact their journey to favorite/frequent destinations, in addition to one-time planned drives.

    Another major improvement coming to Waze users in October is Trip Suggestions, which shows personalized recommendations based on trips taken in the past, as well as locations are recently driven to. With Waze Trip Suggestions, drivers will get all the information they need before leaving, including the time the trip will take and the traffic along the way.

    Finally, there are some carpool features that Waze users in some markets will get later this month. The so-called “real-time rides” feature is meant to notify Waze drivers when they leave about riders on their route that are looking to carpool. This feature will also include integration with Moovit.

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  • Spotify introduces new in-app feature for free and premium users

    Spotify introduces new in-app feature for free and premium users

    Spotify has just taken the wraps off a brand-new feature that will make it easier than ever to share your absolute favorite music and podcasts. Dubbed My Forever Favorites, the new in-app feature lets Spotify users create a playlist with their top five songs and/or podcast episodes, which can be shared on social channels.

    The new feature is rolling out to Android and iOS devices starting today, but it’s also available on desktop in case you’re using Spotify on your computer. If you don’t see My Forever Favorites in your Home hub, you can enter Spotify:forever-favorites in the Spotify app search field.

    To create a new playlist and share it on social channels, you have to follow a few steps:

    • Simply visit the “Home” hub on Spotify and select My Forever Favorites
    • Search and add your favorite tracks and podcasts
    • From there, click the “share” button to easily post on social

    The new My Forever Favorites in-app feature is available worldwide for both free and premium Spotify users, just make sure to follow the steps above to start sharing your favorite tunes and podcasts with your friends.

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  • Honda Motorcycle And Scooter India To Launch A New Premium Motorcycle This Month

    Honda Motorcycle And Scooter India To Launch A New Premium Motorcycle This Month

    Honda Motorcycle and Scooter India are all set to launch a new premium motorcycle on September 30, 2020. But which motorcycle is it exactly, is still a mystery. For all you know, it could be the Honda CBR1000RR-R, whose bookings started in July itself. But our sources suggest that it is likely to be an all-new model, which will have a displacement between 300 cc to 500 cc and the model is likely to go up against Royal Enfield, the king of the segment in that range.

    Honda has updated its 500 cc range of motorcycles for 2021 featuring all-new color schemes, as well as other minor changes to bring them in line with the latest emission regulations for global markets. These include the Honda CB500X, Honda CBR500R, and the Honda CB500F. So the new model could be one of the updated 500 cc models too.

    We suspect that Honda is likely to use an existing international model, set it up according to India (specifications and equipment), and introduce it as a new model. The company did something similar with the Honda Hornet 2.0. It is based on the CB190R, which is an international model.

    Though, the one detail Honda confirms is that the new motorcycle will be an all-new model for India. The new model will be retailed through Honda’s BigWing network which exclusively caters to sales and after-sales of Honda’s premium 300 cc plus bikes. Expect the company to release more information closer to the date of the launch.

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  • Hong Kong Customs Arrest $400 Million Money Laundering Family

    Hong Kong Customs Arrest $400 Million Money Laundering Family

    Parents, three children, and a money exchange owner were arrested by Hong Kong customs over alleged money laundering of nearly $400 million.

    Investigations first kicked off in 2018 after a tip-off from a bank and since then, the family made 6,000 «suspicious financial transactions» involving more than HK$3 billion ($387 million) through over 100 accounts from nine banks, according to Hong Kong customs authorities.

    The arrested include the parents, aged 58 and 62; the eldest son, 34; a second son, 30, who works at the money changer involved; a daughter, 25; and a 60-year old owner of the money changer. The latter suspect has been arrested and his money exchange license suspended due to suspicions over alleged transactions with the family totaling $22 million despite reporting just $3.9 million.

    According to investigators, the family had around $3.9 million in assets – half in bank accounts and another half in two properties – but a monthly income of just around $9,000.

    The assets held by this family are not commensurate with their profiles and backgrounds,» said the syndicate crimes investigation bureau’s senior superintendent Mark Woo Wai-kwan. We suspect this family has a hidden income which may be the crime proceeds from assisting money laundering.

    Woo said the funds had come from unknown sources or shell companies and the family’s assets have since been frozen.

    Investigators currently believe that the family had helped other syndicates launder crime proceeds for a cash reward.

    According to Woo, investigations about the funding source and illegal activities are still underway but there are indications that third party individuals or shell company owners involved were from mainland China.

    Money launderers in Hong Kong face a maximum penalty of 14 years in prison and a $650,000 fine.

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  • Naver leads US$80m financing round in Carousell

    Naver leads US$80m financing round in Carousell

    South Korean online platform Naver has invested in Singaporean classified-ad service Carousell.

    The US$80 million investment was made by a consortium led by the firm that includes other Korean investment businesses Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities.

    The completed transaction will elevate Carousell’s value above $900 million and reflects the increased importance of e-commerce in the region, especially following the influence of the coronavirus pandemic.

    “The last six months have been challenging for all,” said Carousell co-founder and CEO Quek Siu Rui. “It’s inspiring to see how the Carousell community is making the best out of a challenging situation, helping those in need and rallying each other on.

    “Their stories of how Carousell has been essential to them to make ends meet and afford what they need during this global health crisis reminds us to keep heads down focused in serving our community.”

    Naver’s technologies will be of service to Carousell’s focus on making online trading simpler and more effective, personalizing search and recommendations for millions of listings and users.

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  • China retail sales rise again after Covid-19 outbreak

    China retail sales rise again after Covid-19 outbreak

    Officially released data for retail sales in China show a rise for the first time this year as the economy recovers from the impact of the coronavirus.

    Figures for August showed a year-on-year increase of 0.5 percent in retail revenues. Dramatic increases were seen in sales of communication equipment (25.1 percent) and automobiles (11.8 percent).

    By contrast, figures for the months previous to August this year showed a drop of 8.6 percent, during which time online sales increased by 15.8 percent.

    China’s economic recovery has been fuelled by pent-up demand, government stimulus, and strong exports.

    “We think that China’s economic recovery is on a reasonably firm footing now and should continue through the fourth quarter and into 2021,” Oxford Economics head of Asia Louis Kuijs said, “with solid investment growth, gradually recovering consumption momentum and resilient exports.

    China’s industrial output also accelerated at the fastest rate this year during August, according to data from the National Statistics Bureau.

    “We expect a further, albeit gradual, recovery of the services sector, a steady improvement in retail sales and elevated fixed-asset investment growth, said Nomura’s chief China economist Ting Lu.

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  • Samsung to manufacture Qualcomm’s upcoming 5G chipset for premium phones

    Samsung to manufacture Qualcomm’s upcoming 5G chipset for premium phones

    Samsung is the sole manufacturer of Qualcomm’s upcoming Qualcomm Snapdragon 875 chipset, South Korean media reports. Apparently, the South Korean giant is about to ink a deal with the US chipset maker for the manufacture of the premium chipsets that will power flagships launching in 2021 and beyond.

    The deal worth about $1 billion elevates Samsung from a relatively large chipset supplier for the smartphone market to a major position. Reports claim Samsung’s offer was slightly better than TSMC’s, but no numbers were revealed in the report.

    Qualcomm’s Snapdragon 875 chipset (tentative name) is manufactured using a 5-nanometer process and it’s aimed at premium smartphones. The new chipset is expected to be unveiled in December, but the first devices powered by Snapdragon 875 won’t be ready until next year.

    Samsung Galaxy S21 and other flagships from Xiaomi and Oppo will be among the first to pack Qualcomm’s new Snapdragon 875 processor, which also includes 5G support. Samsung Electronics has already started the mass production of the new chipset at its foundry line in South Korea.

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