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Category: General

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

  • Crown Casino Scandal in China

    Crown Casino Scandal in China

    Australia’s biggest casino company, Crown Resorts is responsible for the horrible memories Jenny Jiang will have to live with as she spent four weeks in a Chinese prison with prostitutes, pickpockets and drug dealers.

    Shanghai resident, Ms. Jiang says that having a criminal record whilst living in China is a huge obstacle, although where is it not?

    Jiang is the first employee of Crown Resorts, belonging to one of Australia’s top billionaires James Packer, to break ranks and openly talk about the incidents that happened to her and her colleagues. Jiang is claiming that Crown Resorts set up multiple offices across the mainland in China back in 2010 and the casino cashback bonuses for Australians were given to staff as huge incentives. This resulted in breaking Chinese law but the company abandoned them as authorities closed in and got involved.

    Jiang’s claims regarding the incentives can be backed up in Chinese court documents. The latter describes how the Crown’s sales staff received their appropriate incomes as commissions to be paid out when their high-roller customers presumably reached appraisal targets by in turn gambling billions of dollars.

    The information revealed by Jiang is important in many ways. One reason could potentially question the fitness and compatibility of the Crown to hold gaming licenses. Some of the revelations additionally raise questions about corporate governance practices within the gaming company.

    Bigger Problems

    Ms. Jiang, alongside her 18 colleagues were convicted of breaching mainland Chinese laws and was held in custody. The said laws prohibit gambling as well as its promotion. This involves tempting the groups of high rollers to offshore casinos.

    The issue is problematic enough in and of itself. However, matters with the aftermath of the Casino scandal may be far more reaching than we can imagine. According to Jiang, the false promise made by Crown to bring revenue to the Australian government through its gaming operations led to the rubber-stamping of visas for a multitude of Chinese nationals, vouched for by Crown, for they had promised to gamble tens or even hundreds of millions of dollars on single trips to its casinos in Melbourne or Perth. Apparently, some applications were rubber-stamped and some visas got fast-tracked by Australian consulate offices in China.

    The spokesperson from the Department of Home Affairs declared that all visa applications were assessed against the law. The department did not seem to have a hold of evidence in relation to the conditions being waived for Crown. The appropriate offices in China, he added, are doing everything to properly scrutinize and manage applications accordingly.

    Jiang made continuous remarks with regard to the way staff members are treated under Crown Resorts. The vivid analogy used by her compared staff to a used napkin that can safely be discarded in a garbage bin. She went on to add that money matters far more than human beings who are employed. Reportedly, Jiang refused a $60,000 payment which was offered to her from Crown. As if it were not scandalous enough already, the sources claim that the condition required her to remain quiet on the matter. It seems like she is taking quite a bit of risk by breaking the silence in order to report the story of a police crackdown which is still cloaked in secrecy.

    Exclusive interview with 60 minutes came amid separate accusations directed towards Crown. It appears that the company has worked with tour operators that are backed by international organized crime syndicates. This includes a triad-controlled drug trafficking group.

    Surprisingly, and despite such blatant exhibitions of evidence and revelations, Crown Resorts does not want to admit to any sort of breaching of the Chinese law. The company refutes any suggestion that it deliberately introduced its staff members to the risk of detention in China

    While Crown employees were detained, the company’s share price plunged considerably followed by lodging a class action by law firm Maurice Blackburn. This action is defended by Crown Resorts which seems like a good base for the allegation that it should have known better about the probable risks.

    As for the relationships with junket individuals and operators, Crown’s statement implied that the company is not willing to comment in any way about its business affairs with concrete individuals or businesses. Nevertheless, it has a legible program that finances counter-terrorism and is aimed at decreasing money laundering subjected to regulatory supervision by AUSTRAC.

    Indifference or Ignorance

    The most notable shareholder of Crown Resorts, Mr. James Packer, on the other hand, claims that he had no knowledge of the company’s conduct in China which does not seem like an effective statement considering the fact that it led to the prosecution of the company’s employees accompanied with numerous controversial revelations. Packer has not worked as an executive director at the Crown Resorts since 2012 and officially resigned from the position of chairman in August of 2015. According to his lawyer’s letter, Pecker is not to be blamed since he is not even a board member and only had a passive role at Crown.

    Although, Jiang accused the company of not only violating Chinese law but also disregarding the welfare of Chinese employees as senior managers continuously offered sales staff bonuses with the intention of luring Chinese high-rollers to gamble at Crown’s Australian casinos.

    Multiple internal sources additionally reported that the largest VIP gamblers were offered help securing immigration in Australia and not only that. The property investments in Melbourne and Sydney, as well as their children’s schooling, would also be taken care of. The staff members who would refuse to comply with such conditions, claims Jiang, were sacked. Higher management authorities were pushing every single sales staff member to meet more customers and drum up business in questionable ways, recalls ex-employee.

    Finally, Jiang reflects on how the Crown treated them even when it became clear that the Chinese police had gotten their hands on the matter. The directive implied the promotion of gambling but doing so under the radar while refusing to assist police in the event they were raided.

    Numerous sources confirm the truth of Jiang’s claims as it appears that before the events, Resorts casino repeatedly told its Chinese staff to make false claims with regards to their job locations when communicating with the Chinese authorities.

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  • Vietnam Airlines to launch inflight Wi-Fi service

    Vietnam Airlines to launch inflight Wi-Fi service

    Vietnam Airlines will launch inflight Wi-Fi service on some flights connecting Hanoi and HCMC with cities in China, Japan and Singapore.

    Passengers will be charged VND75,000-735,000 ($2.95 -$29.95) depending on usage time and capacity.

    Providing inflight Wi-Fi service is one of the steps that Vietnam Airlines is taking towards becoming a digital airlines by 2020 and an international five-star airline in the future.

    The Wi-Fi service will be available on the domestic route from Hanoi to Ho Chi Minh City and international flights from Hanoi to China’s Shanghai and Japan’s Osaka and between HCMC and Osaka and Singapore, the airline said in a statement Monday.

    In the coming months, the airline will continue upgrading and expanding this service to Boeing 787 and other Airbus A350 aircraft with faster speeds, it said.

    Le Hong Ha, deputy general director of Vietnam Airlines, said that when using the service, passengers can send text messages on popular applications such as Viber, iMessage, Messenger and Whatsapp.

    “This is part of Vietnam Airlines’ efforts to catch up with the development trends of the world aviation industry, with many 5-star airlines like Singapore Airlines, Qatar Airways, Cathay Pacific Airways and Lufthansa providing similar services,” Ha said.

    Vietnam Airlines operates flights on 60 international and 33 domestic routes.

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  • Hong Kong street-front rents are down

    Hong Kong street-front rents are down

    Hong Kong street-front rents have plunged by 54 percent from their peak in the first quarter of 2013, according to data from real-estate advisor Savills.

    Much of that decline has occurred in recent months since the Sino-US trade war broke out and amidst growing social unrest on Hong Kong’s streets, triggered in June by the now-axed extradition bill.

    According to Savills, Hong Kong street-front rents in all prime areas experienced double-digit declines during the third quarter of this year. Causeway Bay was hit hardest, down 17.5 percent, as weekend and public holiday trade was disrupted by protest activities. Retail categories popular among mainlanders have seen significant retrenchment.

    Hong Kong Street-front rents in Tsim Sha Tsui and Mong Kok fell by 15 percent quarter on quarter, and in Central by 13.9 percent.

    Mall rents have also been hit hard, dropping by 14.2 percent overall. By region, Hong Kong Island mall rents were down by 13.6 percent, Kowloon by 12.7 percent and in the New Territories by 16.4 percent.

    “Amid the doom and gloom, the positive news is Sheung Shui continues to see mainland visitors, and sales in the area are down ‘only’ 10 to 20 percent in the absence of disruption,” observed Savills.

    More locally-oriented centres in Tseung Kwan O and Tuen Mun Town Plaza are also bearing up, while local restaurants are proving relatively immune, said Savills.

    ‘Difficult to see any upside’

    Simon Smith, senior director, research & consultancy at Savills, said poor macroeconomic conditions compounded by social unrest are undermining Hong Kong’s traditional role as a retail hub in Asia.

    “It is difficult to see any upside at this point.”

    With more than 10 countries and regions have issued travel advisories for Hong Kong; several major events have been canceled or postponed and August’s hotel occupancy rate dropped to 66 percent, he said.

    “But, looking ahead, it is worth noting that Hong Kong is expected to remain a key market for retailers in the region and that while the trade war has undermined local and overseas consumption, the local residential market has remained relatively resilient and interest rates remain low.”

    Savills believes that without a resolution in sight to either issue affecting Hong Kong retail, the current market conditions could prevail into next year. The negative impact of the Occupy Movement in 2014 was felt for at least 12 to 18 months, although day-trippers are expected to be the first to return when things returned to normal.

    Nick Bradstreet, MD, head of leasing at Savills, said some street-front landlords are offering short-term and ad-hoc rent relief, cutting rents by 15 to 20 percent for three months, or occasionally longer.

    “Mall landlords are less forgiving and are tending to wait and see. At Pacific Place, Swire has proved the exception, offering 10 to 30 percent reductions on a case-by-case basis,” said Bradstreet.

    As earlier reported, Hong Kong retail sales plunged by a record 23 percent in August, with the luxury goods sector hit hardest, with sales down about 50 percent year on year.

    On a more positive note, given the weaker Renminbi, lower taxes and less inclination to travel, some luxury retailers are expecting record sales in mainland China in 2019.

  • Singapore retail rents will remain subdued

    Singapore retail rents will remain subdued

    With growing economic headwinds and weak retail sales, islandwide Singapore retail-rental rates are projected to remain subdued, according to real estate company Edmund Tie.

    The company is projecting mixed fortunes across the city, ranging from a 2-per-cent decline to a 1-per-cent improvement this year.

    “However, the limited supply pipeline from next year onwards will provide some support to rents and occupancy,” the company said in its quarterly report Real Estate Times.

    “In addition, the continued investment sales activity since early 2019 suggests investors’ confidence in the sector, although the landlords and retailers’ ability to transform and adapt to the changing retail landscape is increasingly becoming more important.”

    Edmund Tie says the net absorption and supply rose of space rose significantly, largely underpinned by the opening of Jewel Changi Airport and Funan malls in the second quarter of this year, and PLQ Mall in the latest quarter.

    “Nonetheless, given current geopolitical uncertainties, islandwide rental rates are projected to remain subdued and mixed,” the report concluded.

    Totalling more than 1 million sqft of retail space, these malls were more than 90-per-cent pre-leased before opening. Accordingly, occupancy rates increased by 1.1 percentage points quarter on quarter to 91.2 per cent.

    However, Edmund Tie sounded a warning.

    “Despite the improved occupancy rates, the retail environment remains challenging with further closure and down-sizing of departmental stores and bookstores. Conversely, food & beverage appears to be ‘bucking the trend’ and continues to play an increasingly important component as part of a mall’s retail mix.”

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  • Cebu Pacific to launch Clark-Guangzhou flights

    Cebu Pacific to launch Clark-Guangzhou flights

    Cebu Pacific said it is set to launch in November direct flights between Clark in Pampanga and Guangzhou, China amid increasing demand for leisure and business travel.

    “Cebu Pacific will launch next month direct flights between the Clark International Airport and Guangzhou, China, becoming the first Philippine carrier to link the two cities,” the low-cost carrier said in a statement on Saturday.

    Flights between Clark and Guangzhou will be operating four times a week beginning Nov. 11: Monday, Wednesday, Friday, and Saturday.

    “The flight departs Clark at 11:35pm; while the return flight departs at 3:15am of the next day,” it said.

    Cebu Pacific said the new route will cater to “increasing demand for leisure and business travel” and it will “further enhance the potential for investments in the special economic zones in Central Luzon, including the 9,450-hectare New Clark City.”

    It noted that the Clark International Airport is within proximity to Manila-Clark passenger railway connecting Manila to Clark and a cargo railway connecting Subic to Clark, which are both expected to be operational by 2022.

    “With direct air service between Clark and Guangzhou, it will be easier for entrepreneurs and businessmen in the e-commerce space to meet up with suppliers, Cebu Pacific Vice-President for Commercial Alex B. Reyes was quoted as saying in the statement.

    Guangzhou, one of China’s nine National Central Cities, is a wholesalers’ “haven for retail and popular consumer goods,” the budget carrier noted.

    The low-cost airline currently flies 27 times weekly between the Philippines and mainland China, with direct flights between Shanghai, Manila and Cebu; as well as Manila and Beijing, Guangzhou, Xiamen and Shenzhen.

    Cebu Pacific operator Cebu Air, Inc. recorded a 116% growth in its net income in the first half to P7.14 billion, driven by its increased passenger volume and higher average fares.

    Shares in Cebu Air went up 20 centavos or 0.22% to close at P92.20 apiece on Friday.

  • Strandbags owner invests $8 million in luggage startup

    Strandbags owner invests $8 million in luggage startup

    Direct-to-consumer luggage brand July has received $10.5 million from investors, including $8 million from Strandbags’ owner Michael Lewis, to take on luggage giant Samsonite.

    The online retailer, which opened its first brick-and-mortar store in Melbourne Emporium in August, says it will use some of the capital to launch in Singapore by the end of the year. It also plans to launch in New Zealand in the next six months and further Asia Pacific markets in 2020.

    “We’re not just opening stores [in these markets],” Athan Didaskalou, July’s co-founder, told Inside Retail. “We’re setting up warehousing and local teams.”

    According to Didaskalou, Australian brands that operate in Asian markets remotely are “arrogant”.

    “They think they can do everything from Australia,” he said. “It’s not just about [providing] local delivery and customer service, it’s about understanding the mindset of the country you’re in.”

    The elephant in the room

    The retailer, which currently offers three sizes of a hard-shell suitcase – carry-on, checked and ‘plus’ – is investing the rest of the capital into product development. Didaskalou declined to provide specific details about forthcoming products but said they would “shock” market leader Samsonite when released next March.

    “Samsonite is known for being ‘strong and light’. We’ll be tackling them on that ground,” he said.

    Didaskalou said the company is more focused on taking market share from Samsonite than competing with US-based direct-to-consumer rival Away, which entered the Australian market via a Sydney pop-up earlier this year.

    “Everyone wants to either talk about Away or Horizn Studios,” he said, referring to a Berlin-based brand in the same vein as July and Away, which was valued at more than US$1.4 billion this year.

    “The elephant in the room is the 90 percent market share-holder, which is Samsonite,” he said.

    “They own something between 10 and 15 brands and absolutely dominate the market, especially in Asia Pacific. These are the people we’re going after.”

    July has another trick up its sleeve. The brand has developed a new method of monogramming its suitcases using ultraviolet light, which will enable the retailer to offer new fonts and designs from artists and personalize products at scale. It currently takes about an hour to hand paint each design.

    The new system will launch in three weeks, and Didaskalou anticipates being able to personalize every suitcase it sells in 2020.

    Didaskalou said he and fellow July co-founder Richard Li, who also co-founded online furniture brand Brosa, have received “phenomenal” insights and advice on the luggage business from Felicity McGahan,
    Strandbags’ managing director, and Lewis, its owner.

    “I wouldn’t say it was a formal part of the deal for them to mentor us, it was more that they really know the space and wanted to help support [us],” he said.

    Strandbags currently is undergoing a digital transformation, and July is providing the bricks-and-mortar retailer with feedback on how it could operate better online and what today’s customers want in terms of delivery and e-commerce, according to Didaskalou.

    July is on track to reach $5 million in sales this year, its first full year in business, and working towards profitability. The company is in the process of opening new stores in Melbourne, Sydney and Singapore, and employs 24 people. It will continue to sell its products exclusively through its own channels.

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  • ‘Unprecedented’ South Korean boycott damaging Japan’s retailers

    ‘Unprecedented’ South Korean boycott damaging Japan’s retailers

    Having now run for more than 100 days, the scale and impact of the South Korean boycott movement against Japanese products is unprecedented.

    It is costing retailers, importers, airlines and travel companies millions of dollars as a largely volunteer group of consumers rally citizens to their cause, popularised by its slogan ‘I Will Not Buy, I Will Not Go, and I Will Not Wear”.

    The South Korean boycott is rooted in discord between the two countries dating back to Japan’s colonial occupation of the Korean Peninsula before and during the Second World War and controversy over forced labor and sexual slavery. It expanded into a diplomatic crisis in July after Japan threatened to throttle exports of materials essential to South Korean industries.

    Prior to July, Japan was South Korea’s largest source of imports by value. Shortly after the boycott began, its ranking fell to third in July and to 13th in August. Last month it fell to 28th.

    Emforce, a South Korean digital marketing firm, has reported that the word ‘boycott’ appeared 1.18 million times on social media networks this year, which was 10 times the size of the previous boycott movement following Japan’s celebration of Takeshima Day in 2013.

    Japanese retailer Uniqlo is a prime example of the impact of the ‘I Will Not Wear’ boycott movement. Uniqlo has closed four Uniqlo stores since July and the number of people visiting stores that remained open has plummeted.

    According to records from eight credit-card companies, Uniqlo sales plunged by 70.1 percent to 1.77 billion won (US$1.49 million) in the fourth week of July from 5.94 billion won ($5 million) in the last week of June.

    However, amid the decrease in brick-and-mortar store sales, there is a sign of consumption picking up at Uniqlo’s online mall, with its popular winter products, heat-retaining underwear called Heattech and light-weight padded jackets selling out.

    Uniqlo is still expected to experience mixed fortunes in Korea this winter, as social media is still awash with messages urging users not to buy Japanese products and support the boycott.

    According to the Emforce analysis, among some 1.28 million posts on Twitter related to the boycott movement between July and August, 93.3 percent were retweets, and 6.7 percent were new posts. While retweets still account for the majority, there were 85,000 new posts about the boycott movement between July and August, which was eight times more than the total number of relevant tweets posted in the entire year of 2013.

    “It shows the scale of the movement and how each participant is taking deep interest in the matter from various standpoints,” said the report.

    “Netizens retweeted posts made not by the media or civil groups, but by other netizens advancing their own opinions and sharing the boycott list of Japanese products.”

    Data Lab, Line parent Naver Corp’s big-data platform, reported a decrease in the number of clicks on Japanese products throughout almost all sectors at online shopping malls.

    “The initial drive that’s been leading the movement is weakening. Nevertheless, it is now being replaced with a collective habit of rejecting Japanese products since more consumers are less inclined to buy due to the bad economy,” Data Lab said.

    “The aftereffects of the movement are expected to continue.”

    While some South Koreans are still purchasing Japanese products, the voluntary participation of the public still leaves little room for Japanese companies, according to Korea Bizwire.

    Japanese beer has all but disappeared from store shelves, with the Korea Customs Service, reporting just $6000 worth of Japanese beer crossed the border in September.

    The South Korean boycott of travel to Japan has also sent shockwaves through the Japanese economy. Passengers on flights bound for Japan dropped 30 percent in September from a year earlier during the Chuseok holiday season, the peak travel season.

    According to the Korea Economic Research Institute, there was a 27.6-per-cent drop in the number of South Korean tourists visiting Japan in July-August which cost the Japanese economy an estimated US$292 million.

    The October reservation rate also dropped and despite a reduction in the number of flights, occupancy was just 60 per cent on those still scheduled.

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  • Mobile app Ritual launches in Hong Kong to organize pickups

    Mobile app Ritual launches in Hong Kong to organize pickups

    Mobile pickup app Ritual has launched in Hong Kong as it expands its global footprint, targeting cities with strong restaurant industries.

    At the same time, the Canadian-and US-headquartered tech company is launching in Amsterdam, Hamburg and Berlin.

    “Whenever we expand into a new city or country, we look for population density, strong restaurant coverage, and a food-focused culture,” said Ray Reddy, co-founder and CEO of Ritual. “Hong Kong, Berlin, Hamburg and Amsterdam met that criteria for us while also allowing us to maximize on how much we could learn from new, non-English speaking markets.”

    Ritual provides restaurants with real-time data on store experience, food quality and customer satisfaction metrics so operators can increase their customer base, and keep up with customers’ favorites and run a better business, overall. The company’s social-ordering feature Piggyback connects more than 150,000 teams globally to connect and collaborate on lunch and coffee orders, making ordering more social and convenient.

    The mobile pickup app Ritual now covers more than 50 cities in seven countries globally. The company was founded in 2014 and has raised US$127.5 million in venture funding to date with headquarters in San Francisco and Toronto.

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  • Pokemon GO Halloween event kicks off on October 17

    Pokemon GO Halloween event kicks off on October 17

    Niantic has revealed the Pokemon GO Halloween event, which will begin on October 17 and run through November 1. During the event, Pokemon GO players will receive a handful of bonuses, avatar items and a chance to catch rare Pokemon.

    So, starting October 17, players will be able to rescue more Shadow Pokemon from Team GO Rocket. The following Pokemon will be available at PokeStops near you: Weedle, Kakuna, Beedrill, Electabuzz, Magmar, Lapras, Mareep, Seedot, Nuzleaf, Sableye, Trapinch, Cacnea, Shippet, and Duskull.

    New dreadful avatar items will be available in the Style Shop, including Zubat Bag, Pikachu Onesie, Cubone cap, Litwick Cap, and Mimikyu Bag. Also, if you’re lucky enough, you might encounter Shiny Yamask.

    But that’s not all, as Niantic announced that more Ghost- and Dark-type Pokemon will appear in the wild, in Eggs, and in raids, including Gastly and Murkrow. In addition, Yamask, the Spirit Pokemon will make its Halloween debut.

    To make things even more fun, Pokemon wearing Halloween costumes will appear in raids and in the wild. Don’t be surprised to encounter Bulbasaur wearing Shedinja costumes, Charmander wearing Cubone costumes, and Squirtle wearing Yamask costumes in raids. On the other hand, you’ll find Pikachu wearing Mimikyu costumes in the wild.

    Other Halloween-related activities include some fun Field Research tasks, which will be available for a limited time, and the ominous Darkrai that will appear in five-star raids. Finally, once the Halloween events start later this week, players should check their Special Research for a chance to face a Forbidden Pokemon.

    As far as the bonuses go, Niantic announced that throughout the entire Halloween event, players will receive the following bonuses: 2x Catch Candy, 2x Hatch Candy, and 2x Transfer Candy.

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  • WhatsApp update adds new features for iPhone users

    WhatsApp update adds new features for iPhone users

    WhatsApp is testing a lot of features before bringing them to the general public, and many times we report on these improvements if they’re newsworthy. Today, we have news about another update that all iPhone users should be able to get via the App Store.

    The most important change is the ability to play voice messages directly from notifications. This can be done by long-pressing and tapping play. Also, WhatsApp users will now be able to change font styles in the camera by tapping the T icon.

    Furthermore, the latest version of WhatsApp for iOS allows users to quickly edit and send back media in their chats. Simply tap the doodle icon when viewing an image or video and should be on the right track.

    Last but not least, memoji can now be sent as stickers from the emoji keyboard on iOS 13. To benefit from all these changes mentioned above, make sure your WhatsApp app is updated to version 2.19.100.

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  • Jeweller Platinum Guild opens Shenzhen store

    Jeweller Platinum Guild opens Shenzhen store

    Platinum Guild International (PGI) has just opened its first store in Shenzhen, China.

    The new store is a part of PGI’s strategy to accelerate the manufacturing and distribution of new-generation platinum jewelry designs.

    “Research has shown that the number-one barrier to acquiring platinum jewelry in recent years has been the lack of appealing designs, so PGI has worked closely with key industry manufacturers and retailers to fast forward the adoption of new designs,” said Huw Daniel, CEO of PGI. “This showroom will showcase the abundance of new designs now available, together with innovative ways to merchandise and brand collections for today’s discriminating consumers”.

    Premium cabinets and windows were installed in the showroom along with multimedia devices to display its partners’ platinum jewelry collections. Blue is used as the theme color of the store.

    PGI China MD said the new Shenzhen outlet will provide a stronger presence for platinum jewelry in the traditionally gold-intensive jewelry-manufacturing hub and showcase the platinum jewelry industry’s advanced craftsmanship and designs to expand its business potential in China.

  • Wumart wins bidding war for Metro China

    Wumart wins bidding war for Metro China

    Chinese retail group Wumart has won a lengthy bidding process for the Metro China business.

    The German grocery and hypermarket retailer commenced a search for a buyer for the business in March, with various sources reporting an asking price of between US$1.5 billion and $2 billion. As many as eight bidders were in the running with a short list culled several times before non-binding bids were due in June.

    “This partnership includes the sale of Metro’s entire indirect participation in Metro China to a subsidiary of Wumei for an enterprise value of approximately US$2.1 billion,” Metro said in a statement.

    However, Metro will retain a 20-per-cent stake in the Metro China-Wumart joint venture. The deal is subject to regulatory sign-off.

    Metro China has 95 stores in the territory as well as real estate assets in several major cities, including Beijing and Shanghai.

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  • Vacheron Constantin re-opens Ion Orchard boutique

    Vacheron Constantin re-opens Ion Orchard boutique

    Timepiece brand Vacheron Constantin is reopening its Singapore boutique at Ion Orchard, debuting its new retail concept.

    The boutique’s revamped interior is designed to convey modern elegance and a refined aesthetic, featuring new design codes accented by contemporary Asian elements. It contains lounge areas and an in-house watchmaker to enable interaction with customers. The storehouses the brand’s complete collection in addition to exclusive boutique limited editions.

    “This new boutique experience exemplifies the maison’s constant search for excellence and aesthetic perfection, embodying the ‘One Of Not Many’ spirit,” said Vacheron Constantin Southeast Asia and Australia MD Yassin Tag. “It will not only be a gathering place for customers, enthusiasts and the public, but to also discover the heritage and transmission of know-how that defines Vacheron Constantin.”

    An exhibition titled “Nicknames” is being held to mark the boutique’s opening, featuring a curation of vintage timepieces with unusual designs and evocative nicknames.

  • Singapore retail sales down in August

    Singapore retail sales down in August

    Singapore retail sales eased down by 1 percent year on year in August, after excluding motor vehicle sales.

    A 20.3-per-cent fall in the value of motor vehicles sold during the month caused the topline figure to decline by 4.1 percent.

    However, month on month, real retail sales rose by 2.2 percent (they fell by 1.3 percent with motor vehicle sales included in the data).

    On a year-on-year basis, sales of furniture & household equipment and watches & jewelry fell by 9.8 percent and 8.6 percent respectively, largely attributed to lower demand for household equipment and jewellery, according to Statistics Singapore.

    Other retail industries that recorded declines in sales included petrol service stations (down 3.3 percent), recreational goods (down 2.7 percent) and food retailers (down 2.3 percent).

    Conversely, sales of apparel & footwear, in department stores, and of medical goods & toiletries rose by between 4 percent and 4.9 percent.

    Online sales comprised 5.5 percent of the total.

    Sales of food & beverage services

    Meanwhile, sales of food & beverage services grew by 3.6 percent year on year in August.

    On a seasonally adjusted basis, sales rose by 1.4 percent, month on month.

    Turnover of fast-food outlets, restaurants and food caterers increased by between 3.7 percent and 10 percent, while sales of other eating places (such as cafes) decreased by 0.4 percent.

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  • Taubman Asia names new president

    Taubman Asia names new president

    Taubman Asia president Peter Sharp has resigned after almost three years in the role.

    Parent Taubman Centers has announced Sharp’s replacement will be Paul Wright, executive VP and global head of leasing, who will relocate to Hong Kong and take up the new role on January 1.

    “We thank Peter for his contributions and his steadfast commitment to driving the company’s growth in Asia,” said Robert Taubman, chairman, president and CEO of Taubman.

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    “Paul’s significant relationships with global retailers and partners, and his knowledge of the Asia market, has been an important part of our business in the US and abroad,” said Taubman. “This promotion is the natural next step for Paul, and his competencies will be essential as we prepare to open Starfield Anseong in South Korea in 2020 and evaluate other opportunities in the region.”

    Wright, joined Taubman Asia in 2006. During his tenure, he led the leasing program for the company’s ground-up development properties in China — CityOn. Xi’an (opened April, 2016) and CityOn.Zhengzhou (opened March, 2017), as well as Starfield Hanam (pictured) in South Korea (opened September, 2016). He also led leasing of IFC Mall in South Korea, a center for which Taubman Asia previously provided leasing and management services.

    Prior to joining Taubman Asia, Wright worked with Citta Management Limited where he was responsible for leasing, property management and retail operations at the Taipei 101 Mall. He also held management roles with Lendlease Corporation in Asia and Jones Lang Wootton in Perth and Sydney. An Australian, Wright speaks Mandarin Chinese and English.

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