Retail News CRM

Category: Food

Retail News Asia is committed to providing both local and global retailers with the latest Food and Food & Beverage news throughout the Asian market. This on a daily base.

  • Restaurant chain operator Golden Gate’s profit plummets

    Restaurant chain operator Golden Gate’s profit plummets

    Restaurant chain operator Golden Gate saw its post-tax profit plunge 79.8 percent year-on-year to VND65 billion ($2.8 million) in 2020.

    It posted VND4.5 trillion in revenue, down 5 percent year-on-year, according to its financial statement.

    Golden Gate attributed the plunge in profits to the Covid-19 pandemic, which forced the company to temporarily close all of its restaurants in March and April last year as the country underwent social distancing.

    It had to cut expenses and implement food delivery services. A total of 18 of its restaurants were shut down last year.

    By the end of 2020, its total assets and liabilities were valued at VND2.3 trillion and VND1.1 trillion, respectively.

    Golden Gate was founded in 2005 with its first restaurant in Hanoi, the Ashima mushroom hotpot restaurant. It currently runs over 400 restaurants under 21 brands nationwide, with over 4,000 employees.

  • Vietnam eyes $4 bln in shrimp exports

    Vietnam eyes $4 bln in shrimp exports

    Vietnam targets a 5 percent increase in shrimp exports this year to $4 billion.

    It also targets output of 930,000 tons and having 740,000 hectares of shrimp farms, said Tran Dinh Luan, director of the Directorate of Fisheries, said at the VietShrimp Aquaculture International Fair in Can Tho City on Wednesday.

    He expected Vietnam to become the world’s biggest producer of farmed shrimp by 2045 with an output of four million tons and a 25 percent global market share.

    Now there are 200,000 hectares of high-tech shrimp farms, 95 percent of them in the Mekong provinces of Bac Lieu and Soc Trang, mostly belonging to foreign companies.

    Shrimp exports face difficulties since costs have risen by 20 percent due to a 200-500 percent jump in transport costs, Luan said, pointing out that shipping a container of shrimp to Europe has increased from $1,500 to $6,500, and even $7,500.

    Last year, shrimp exports were up 11.7 percent to $3.8 billion, and output had been 900,000 tons.

  • Domino’s And Nuro To Start Robot Pizza Delivery In Houston, Texas

    Domino’s And Nuro To Start Robot Pizza Delivery In Houston, Texas

    Domino’s Pizza Inc and Nuro Inc, a Silicon Valley startup, said on Monday they will launch a robotic pizza delivery service in Houston this week as they seek to satisfy increasing online orders during the pandemic. With small, low-speed vehicles to carry packages instead of people, Nuro has been pulling ahead of other autonomous vehicle startups in gaining regulatory approvals. It won U.S. clearance last year to start unmanned delivery services. Nuro recently secured a $500 million including an equity investment from Woven Capital, the mobility investment arm of a Toyota Motor Corp subsidiary, which made its total valuation more than $5 billion, a person familiar with the matter said.

    The delivery service will begin at a Domino’s outlet in Houston before expanding to serve customers in many other locations as part of a long-term partnership, said Cosimo Leipold, Nuro’s head of partner relations. “It’s generally difficult for large companies to hire enough drivers to fill their delivery demand,” Leipold said in an emailed statement to Reuters. Leipold said Nuro, which has already partnered with retailers Kroger Co, Walmart Inc and CVS Health Corp to deliver groceries and prescriptions, said its weekly deliveries had nearly tripled in the first three months of the pandemic. Houston, the fourth-largest U.S. city, has one of the country’s highest road fatality rates. “Houston’s roadways create challenging scenarios for our technology to work with,” Leipold added.

    Nuro and Domino’s had said in 2019 they expected to launch robot pizza delivery late that year. “Nuro and Domino’s have taken a measured approach to prioritize a smooth and safe deployment,” Leipold said. Nuro, founded by two former Google engineers in 2016, previously raised $940 million from the SoftBank Vision Fund.

  • Hanoi Beer producer profits to slump to 10-year low

    Hanoi Beer producer profits to slump to 10-year low

    The producer of Hanoi Beer expects sales to be badly hit by the Covid-19 pandemic this year and profits to fall to a 10-year low as a result.

    The Hanoi Beer Alcohol and Beverage Jsc forecast post-tax profits of VND255 billion ($11 million), down 59 percent from 2020.

    Habeco said in a report that tourism companies, hotels, and restaurants continue to suffer due to Covid-19, and this would directly cause a decrease in consumption of alcoholic beverages.

    Another difficulty it cited was the rising competition with many brewers introducing new products in the popular market segment in which Habeco mainly operates.

    But it said it would strive to maintain its position as one of the biggest brewers in the northern and central regions.

  • Thailand’s top coffee chain to expand in Vietnam

    Thailand’s top coffee chain to expand in Vietnam

    Thailand’s leading coffee chain Café Amazon plans to expand in Vietnam after five months of establishment in the country.

    A spokesperson said recently the chain sees long-term potential in Vietnam and will expand in Ho Chi Minh City and neighboring provinces this year, but did not reveal specific figures.

    The chain opened its first outlet in southern Ben Tre Province last October, and later two in Tien Giang Province and Tra Vinh Province in December, all in Go! Supermarkets operated by Thai giant Central Retail.

    It also opened in December an outlet in HCMC.

    Thailand’s Central Group owns 40 percent of Café Amazon Vietnam, while the remainder belongs to another Thai fuel distributor PTT Oil and Retail Business.

    Café Amazon has over 3,000 stores in 10 countries.

    In Vietnam, it will have to compete with long-established domestic players like Highlands, Phuc Long, The Coffee House and Trung Nguyen.

    The market in the past has seen the withdrawal of foreign brands like NYDC – New York Dessert Café and Gloria Jean’s Coffees.

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  • Papa John’s launches in Cambodia

    Papa John’s launches in Cambodia

    US pizza chain Papa John’s is launching in Cambodia with 15 restaurants scheduled to open during the next three years. The company opened its flagship store in Phnom Penh last month.

    “Papa John’s Cambodia team is truly passionate about pizza,” said Peter Xu, Papa John’s Cambodia franchisee.

    “With our ‘Better ingredients – Better pizza’ promise, we look forward to providing local pizza lovers with quality products and outstanding services.”

    Xu also owns a Papa John’s franchise in New York and other business ventures in Cambodia.

    Jack Swaysland, Papa John’s COO, international, said that following a record year of sales and growth, Papa John’s is well-positioned to accelerate international development, a key pillar for the brand’s long-term growth.

    Papa John’s has restaurants in 48 countries, with the latest new openings in France, Spain, Tunisia, Iraq, the Netherlands, Morocco, Kazakhstan, Kyrgyzstan, Poland, the Bahamas, Pakistan, and Portugal. The company is eyeing expansion in Brazil, Japan, and Southeast Asia.

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  • Flash Coffee to open 300 outlets after fresh funding round

    Flash Coffee to open 300 outlets after fresh funding round

    Tech-enabled coffee chain Flash Coffee has raised US$15 million in its Series A funding led by White Star Capital, aiming to launch 300 stores this year.

    The Series A round sets the total capital raised by Flash Coffee to US$20 million. Investors include Delivery Hero-backed DX Ventures, Global Founders Capital, and Conny & Co.

    The raised funds will be used for accelerating Flash Coffee’s expansion plan in Asia. According to David Brunier, CEO of Flash Coffee, the company will enter into seven new markets this year: Hong Kong, Taiwan, South Korea, Japan, Malaysia, the Philippines, and Vietnam.

    “Our dream is to have a Flash Coffee every 500 meters in all major Asian cities,” said Brunier.

    “We will also build a regional HQ in Singapore and expand our regional tech hub in Jakarta to 50 people to support our vision of fully leveraging technology to improve customer experience, proactively drive growth and significantly increase operational efficiency.”

    Launched in January last year, Flash Coffee business model focuses on grab-and-go physical storefronts that rely on technology, allowing significant cost savings. The company now operates 50 outlets across Singapore, Thailand, and Indonesia.

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  • Cafe de Coral Group appoints new managing director

    Cafe de Coral Group appoints new managing director

    Café de Coral has promoted Piony Leung to managing director (Hong Kong) with immediate effect.  In her new position, Leung reports to group CEO Peter Lo and manages business operations and provides strategic leadership across Café de Coral Group’s business in the city, including quick-service restaurants, casual dining, and institutional catering. She will also play a pivotal role in meeting the company’s growth goals in the Hong Kong F&B sector.

    Piony was previously managing director (quick-service restaurants) of Café de Coral Group, and boasts more than 25 years of experience in the retail and fast-moving consumer goods industries. Under her leadership in 2020, the group’s quick-service restaurants business took a number of actions to address weak market conditions, shifted marketing focus to promote take-away and delivery services, redesigned menus to meet changing demand, and introduced an e-commerce platform for selling popular seasonal products such as poon choi and party sets.

    “In the face of unprecedented challenges, I am deeply impressed by our frontline staff who have gone above and beyond to service our customers while doing their best to meet our business goals. Although the economic outlook remains uncertain, I am committed to working side by side with my team members to explore future business opportunities and retain the Group’s leadership position in this rapidly changing market,” she commented.

    Speaking of Leung’s appointment, Lo said her leadership skills had led the team through major market shocks and adapted to the challenging business landscape.

    “In the post-pandemic era, it is essential that the group is able to capture opportunities bought by the fast-changing market and consumer behaviours. I have every confidence that she will be able to maximize business synergies and build a stronger brand portfolio by integrating the quick service restaurants, casual dining and institutional catering business as a whole, offering a wide range of food options that cater to the diverse tastes of the greater community,” Lo explained.

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  • Starbucks opens with new Japanese store design

    Starbucks opens with new Japanese store design

    There are several unique and beautiful Starbucks stores in Japan including the traditional Machiya style store in Kyoto and the Edo-style wooden house store in Kawagoe City, and they have been popular tourist attractions nowadays.

    In 2020 spring, Starbucks Japan opened another unique branch, featuring the tiled roof traditional Japanese house with historic stone lanterns. The “Starbucks Coffee Shinshu Zenkoji Nakamise Street Store” opened in March 2020 as the first regional landmark store in Koshinetsu Region, situated on the Nakamise Street, an approach/shopping street leading to Shinshu Zenkoji Temple in Nagano Prefecture.

    The store is set in the historical district near the magnificent temple, and feature very unique and fascinating architectural design with motifs of a traditional Japanese house.

    5 types of Nagano wood are used for the interior that warmly welcomes visitors and express the connection to the local community. The 2nd floor presents the beauty of the lights and shades of Japanese houses with Shoji (wooden-framed paper window) and skylights delivering gentle light to the space.

    In addition, there are several historical essences that present good old Japan such as stone lanterns and wooden beams. At this new Starbucks store, visitors can spend a little bit more quality and luxurious time while enjoying aromatic coffee!

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  • Vietnam targets $10 bln worth of fruit, vegetable exports

    Vietnam targets $10 bln worth of fruit, vegetable exports

    A fruit and vegetable sector development plan approved by the government seeks to increase exports to $8-10 billion by 2030.

    Processed fruits and vegetables are expected to account for at least 30 percent of this, with two million tons expected to be shipped abroad, double the volume in 2020.
    The plan also seeks to attract investment to establish 50-60 medium and large-scale fruit and vegetable processing facilities with modern technologies that can compete in the international market.

    The government will offer incentives for such investment

    Existing fruit and vegetable warehouses and processing facilities will be upgraded, and farms, processing plants and distribution channels will be linked.

    Exports of fruits and vegetables fell by 13 porcent last year to $3.26 billion due to the impact of Covid-19, according to the Ministry of Agriculture and Rural Development.

    But exports to some countries with stringent quality standards, such as the U.S, South Korea and Japan, increased by 5-11 percent.

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  • Popeyes takes aim at KFC’s hold on China

    Popeyes takes aim at KFC’s hold on China

    Popeyes has its sights set on China. On Monday, the American fried chicken chain officially announced that it would open its first China-based store right here in Shanghai sometime next year.

    But that’s just the beginning. Popeyes has big plans to become China’s most popular fried chicken joint. No easy feat considering KFC – the world’s most successful fried chicken brand – currently holds the top spot.

    “I think we can be the no.1 chicken brand here in China and all around Asia,” said Jose Cil, CEO of Restaurant Brands International (RBI).

    Popeyes aims to open 1,500 restaurants in China over the next 10 years. KFC currently has a whopping 6,300 branches in over 1,300 cities across the country.

    Popeyes is all the rage in the US right now, after its latest spicy fried chicken sandwich went viral. The sandwich proved to be so popular it sold out and was removed from the menu a few weeks later due to lack of supply.

    The good news is that the famous spicy chicken sandwich will be offered at the Shanghai branch. The bad news is you’ll just have to wait until 2020 to try it.

    Popeyes will be the last of RBI’s major brands to enter the Chinese market. Burger King and Tim Hortons have both proven to be immensely popular in China. Since 2012, Burger King has opened 1,100 stores in China and Tim Hortons has expanded to 28 stores in just one year.

    Hence, Popeyes lofty expectation to take on KFC here in China.

  • Shinsegae seeks to buy Starbucks US’ stake in Korean business

    Shinsegae seeks to buy Starbucks US’ stake in Korean business

    South Korea’s retail giant Shinsegae is reviewing ways to double its stake in Starbucks Korea from 50% to 100%, according to an industry source on Mar. 19. Shinsegae’s affiliate E-mart currently owns 50% of Starbucks Korea, while Starbucks Corporation headquartered in the US owns the other 50%.

    If the deal is successful, Starbucks Korea would become a wholly owned subsidiary of E-mart, which will receive double the dividends from the company. Starbucks Korea paid out annual dividends of 30 billion won ($26.6 million) each to E-mart and Starbucks Corporation last year.

    “While we are having thorough reviews on the topic internally, nothing has yet been confirmed,” said a Shinsegae spokesman.

    Starbucks Korea will still have to pay royalties at the current rate of 5% to Starbucks headquarters even if E-mart owns a 100% stake in the company.

    South Korea’s retail and franchise industry has been speculating for years regarding Starbucks Korea’s next steps.

    Many had projected that Starbucks headquarters would want to purchase E-mart’s shares to operate independently, as it did in China and Japan in the last five years.

    In case of a successful deal between Shinsegae and Starbucks Corporation, South Korea will mark the first country in Asia where Starbucks is 100%-owned by a local operator.

    Starbucks Korea was established as a 50:50 joint venture between E-mart and Starbucks Corporation in 1997, opened its first branch in 1999 and expanded to 1,503 branches as of December last year.

    Starbucks Korea’s revenue now exceeds 10% of Starbucks’ total revenue generated globally, but its operating margin falls behind the global average.

    Starbucks currently holds the highest coffee franchise market share in Korea, surpassing 1 trillion won ($885 million) revenue in 2016 and maintaining more than 20% year-over-year growth rates from 2017 to 2019, at 26%, 20.5% and 22.8%, respectively.

    Last year, Starbucks Korea generated 1.92 trillion won ($1.7 billion) in revenue, just 80 billion short of 2 trillion won ($1.77 billion).

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  • Rice price surges 18 pct

    Rice price surges 18 pct

    Vietnam’s rice price in the first two months surged 18.2 percent year-on-year to $547.9 per ton, but with lower volume in most markets.

    Total volume fell 29.4 percent to over 656,000 tons, according to Vietnam Customs.

    The Philippines remained the largest importer but with volume down 28 percent year-on-year to 256,000 tons.

    Other markets that saw volumes drop by double-digits include Malaysia (–75 percent), the United Arab Emirates (–56 percent) and E.U. (–23 percent).

    China claimed second place with a 140-percent increase to 159,200 tons.

    Strong rises in volume were seen in Taiwan, up 80 percent, and France, up 47 percent.

    Vietnam’s rice exports grew by 9.3 percent last year to $3.07 billion, according to the Ministry of Industry and Trade.

  • Malaysian online grocery player Jocom lists in Singapore

    Malaysian online grocery player Jocom lists in Singapore

    Singapore’s first regulated private securities exchange and a member of leading integrated private market ecosystem CapBridge Financial, today announced the direct listing of Jocom International Holdings, operator of leading Malaysia-based M-commerce platform JOCOM. The JOCOM mobile app connects over 500 vendors providing over 15,000 products with about 3 million customers across the whole of Malaysia.

    About 26.7% of JOCOM total shares outstanding were listed on 1X at an aggregate value of S$5.6m. The 1X listing process was conducted entirely online and facilitated by the CapBridge platform.

    Mr Joshua Sew, CEO of JOCOM, said, “In the past year, the demand for our integrated M-commerce solution has grown exponentially across both consumers as well as merchants and vendors.

    JOCOM has enabled traditional businesses to tap on the power of digital technology to engage existing and new customers, connecting many rural farmers and traders with affluent consumers seeking quality products in a convenient way. With this listing on Singapore’s 1Exchange, we look forward to going further to serve our shareholders, customers, and partners with even more innovative mobile commerce solutions.

    Mr Choo Haiping, CEO of 1X, said, “We are pleased to welcome JOCOM, Malaysia’s fastest-growing mobile commerce platform. For many customers, JOCOM’s specialist mobile app has been a reliable, convenient, and efficient one-stop-shop for their groceries and lifestyle needs. JOCOM has also contributed greatly to the digital transformation of many traditional businesses in Malaysia, through its accessible mobile commerce solutions. JOCOM can count on the 1X platform as it continues on its growth journey.”

    Based in the global financial hub of Singapore, 1X is the first regulated private securities exchange with a Recognised Market Operator license granted by the Monetary Authority of Singapore (“MAS”). 1X is part of CapBridge Financial, backed by Singapore Exchange (“SGX”), SGInnovate, South Korea’s Hanwha Investment and Securities Co, Hong Kong’s Cyberport Macro Fund, and AMTD Digital.

    Mr Mohamed Nasser Ismail, Senior Vice President and Global Head Equity Capital Markets, SGX, witnessed the listing and added, “As a strategic partner and shareholder of 1X, SGX is pleased to witness the continued interest by many growth companies to seek a listing on the private exchange. I am heartened at the listing of JOCOM, which adds to the vibrancy of the broader capital markets and provides shareholders and other interested investors a market for tradeable private equities. We look forward to supporting JOCOM and other such companies to prepare for an eventual public listing when they are ready.

    The direct listing on 1X was marked by a virtual gong-striking ceremony this morning, attended by representatives from JOCOM, placement agent CapBridge Pte Ltd, trust administrator Equiom Singapore, as well as a strategic partner and shareholder SGX.

    On 1X, private companies and funds have the flexibility to list a portion of their shares in the form of tradeable private equities. A direct listing on 1X enables companies to simply convert their existing shares to tradeable shares, in a cost-effective and efficient manner. This regulated asset class traded on 1X provides investors additional portfolio diversification with higher-than-market returns potential while giving shareholders options for exits.

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  • Chocolate retailer Thorntons to close all its UK stores

    Chocolate retailer Thorntons to close all its UK stores

    Chocolate retailer Thorntons is the latest well-known high street brand to fall victim to the Covid crisis, announcing the closure of all its 61 stores, with the likely loss of 600 jobs. The Thorntons brand will remain on offer in supermarkets and other retailers, while its factory in Alfreton, Derbyshire, will make more chocolate for international markets.

    The 600 staff whose jobs are at risk will receive relocation support if they apply successfully for vacancies at Thorntons’ sites in Alfreton or Greenford in west London, the company said.

    Coronavirus pandemic lockdowns have hit Thorntons particularly hard because they have occurred during its peak times, including Christmas and two consecutive Easters. The closures will represent the latest departure of a longstanding high-street name. Thorntons blamed the changing dynamics of the high street and the shift to online retail, as well as the pandemic, for its decision.

    Thorntons was already struggling before the pandemic. In the year to the end of August 2019 it reported a loss of £36m, only a slight improvement from the £38m loss the year before. Joseph Thornton founded the company in Sheffield, using the slogan “Chocolate heaven since 1911”. It floated on the stock market in 1987, but has since struggled with competition from international rivals.

    Thorntons was bought in 2015 by Ferrero, the Italian chocolate manufacturer, in a £112m deal. At the time of the buyout, Thorntons ran 242 stores in Britain and Ireland. The company has abandoned an earlier strategy of investing in new store formats and cafes in an attempt to stave off the structural forces hitting bricks-and-mortar retail.

    Online sales have continued to perform well, Thorntons said, with sales over the last year up by 71% compared with the year before.

    “Unfortunately like many other retailers, the obstacles we have faced and will continue to face on the high street are too severe,” said Adam Goddard, Thorntons’ retail director. “Despite our best efforts we have taken the difficult decision to go into full consultation to start the permanent closure of our retail store estate.

    “As customers continue to change the way they shop, we must change with them.”

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