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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.

  • Topsports China plans IPO

    Topsports China plans IPO

    Chinese sportswear firm Topsports International is set to proceed with an IPO in Hong Kong, despite economic uncertainties and ongoing protests in the city.

    The Belle International subsidiary is expected to launch its IPO this month, provided it qualifies for the listing. It is expected to be raising up to $1 billion from the exercise, which will see it among the few major firms to start trading on the exchange amidst continuing protests.

    The spinoff was first proposed more than a year ago by the company’s private equity owners Hillhouse Capital and CDH who took Belle private in a US$6.8 billion deal in July 2017.

    The prospectus for Topsports’ IPO says the company is China’s largest sportswear retailer in terms of retail sales value. It enjoyed a 15.9 percent market share last year.

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  • Contacts is the latest Google app allowing you to switch accounts

    Contacts is the latest Google app allowing you to switch accounts

    Google has been making it easier for users with multiple Google accounts to quickly switch between them on several of its apps. Google Maps and Drive both allow you to swipe up or down from the avatar in the top right-hand corner (with your photo or initial) to quickly change to the next Google account in queue. So instead of tapping on the avatar to see the different accounts you can choose from and then selecting one to switch to, you can save time by using the new gesture.

    This feature is now available on version 3.8.3 of Google Contacts, and after swiping through each of your Google accounts, it will give you the opportunity to see the contacts from all of your accounts in one list. This shows up as an avatar that looks like two pawns from a chessboard. When you swap between accounts on Maps, the only thing that changes is the avatar. On Drive and with Contacts, the appropriate menu slides out from the side as the avatar changes.

    Truthfully, you will save some time by switching between accounts this way. This is another example of Google not sitting back on its laurels and looking to improve Android and its apps with every chance it gets.

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  • Indonesia’s New Capital Already Attracting Speculators

    Indonesia’s New Capital Already Attracting Speculators

    Indonesia’s decision to relocate its capital from Jakarta to eastern Borneo is already attracting speculators and inflating land prices, according to a local industry body, which is urging President Joko Widodo to take measures to differentiate between pure profiteers and real developers.

    I’ve heard that land prices are rising already, said Soelaeman Soemawinata, chairman of the Association of Indonesian Real Estate Companies which represents more than 5,000 member firms.

    We must set developers and speculators apart. Speculators don’t develop anything as they just wait until land prices increase, and then sell. Developers expect the government to secure the land, which can be developed by them.»

    The government controls about 180,000 hectares of land in the future capital, triple of Jakarta, in a $33 billion project to build the new landmark city from scratch with support from both the public and private sector. Indonesia plans to begin construction by 2020-end and start the relocation in phases starting from 2024.

    Despite limited access to lands in the East Kalimantan province due to it mostly being protected and commercial forestry under government control, developers remain upbeat with various plans underway from basic infrastructure to luxury condos.

    Still, the association and Soemawinata want further tightening to screen participants. He said the association wanted President Widodo to provide a legal basis for the participation of private developers» considering that construction could last through several regimes.

    The move to relocate Indonesia’s capital is meant to ease pressure on the congested and sinking Jakarta and spread economic activity outside the island of Java.

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  • Rimowa Elements Hong Kong store relocates

    Rimowa Elements Hong Kong store relocates

    Premium luggage label Rimowa has relocated and reopened its Hong Kong Rimowa Elements store.

    The new 1510sqft Rimowa Elements store features the brand’s latest store design concept and incorporates site-specific details, such as the wood and recycled rubber flooring that allows customers to roll-test their suitcases on a variety of surfaces before purchase.

    In addition to showcasing the brand’s latest luggage collections, the Rimowa Elements store features an in-store client-care center that can process most repairs – such as wheel exchange and handle & lock repair.

    As part of this fresh design, Rimowa Elements is introducing a hot stamping service, inviting customers to personalize their Rimowa leather travel accessories.

    Located in West Kowloon, Elements is one of the top tier shopping malls in Hong Kong, covering more than 1 million sqft of shopping, dining, art, and entertainment.

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  • David Jones profit almost halves this year

    David Jones profit almost halves this year

    David Jones’ operating profit fell 42 percent to $37 million in the 2019 financial year, hampered by tough trading conditions and little economic growth in the Australian market.

    Parent company Woolworths Holdings chief executive Ian Moir said the performance was fair considering the conditions, and that the management team has adapted their strategy to the changing retail landscape.

    “Our businesses are well-positioned to see through the significant economic and structural challenges retailers are facing,” Moir said in a statement to investors.

    “We are focused on building future-fit, customer-focused businesses with strong portfolios of brands that deliver long term value.”

    The South African retail group said it didn’t expect conditions to improve significantly in the short-term, with the retail market continuing to be tough due to heavy discounting and promotional material.

    As such, Woolworths Holdings said the previously announced plans to reduce store count is underway across the David Jones portfolio to improve stock productivity as online sales grow. David Jones didn’t specify which stores are being closed.

    The 2019 financial year also saw turnover and concession sales fall 0.8 percent for the department store, and comparable sales fall 0.1 percent. However, online sales grew 46.8 percent and now makeup 7.7 percent of total sales.

    Moir said he believes “the worst is over” for the struggling department store chain.

    “We’ve had many bad years at David Jones and learned many lessons,” Moir said.

    “We know more about the Australian customer through fixing the David Jones business because we have collected data and research about what they want. We believe the worst is over.

    “The year 2021 will be a much stronger year for David Jones.”

    Moir will relocate to Sydney to oversee the turnaround more closely, as he understands the Australian market from his time running Country Road Group.

    Country Road

    Country Road also saw its operating profit fall over the year – a 2.9 percent drop to $100 million.

    Sales at the clothing retailer grew 0.5 percent, while comparable sales fell 0.6 percent. Online sales now represent 20.3 percent of total sales, having grown 12.9 percent over the period.

    Net retail space reduced 2.9 percent over the period, with further space reductions a priority.

  • Luxiee secures six-figure funding from Singapore angel

    Luxiee secures six-figure funding from Singapore angel

    Singapore-headquartered online diamond marketplace, Luxiee, has raised a six-figure investment in a private seed-funding round.

    The team secured financier Kewee Kho, also vice-chairman of Roadbull Logistics and independent director of Courts Asia, as the leading investor.

    Luxiee, launched in January, bills itself as the world’s first online diamond marketplace that connects consumers directly to established suppliers in a transparent matching model that removes the middle-man, resulting in better value for customers. The funds raised will be channeled towards marketing, branding, public relations, and media placement, as well as building the business’ staff.

    “It’s about time a traditional industry like diamonds experience a new way of delivering real value to customers. It is a disruption to an old school economy,” said Kho in a statement. “The impressive background of Luxiee’s solid management team, with experts coming together from the creative, digital marketing, and precious gems industries, reinforces my belief in this new and current business model. Transformative growth awaits, and I look forward to an exciting and rewarding journey with the team.”

    Luxiee CEO Nicholas Lim said it was exciting to have an experienced investor like Kewee Kho on board.

    “We look forward to his strategic direction and advice. His confidence in the business is added assurance to the formula of our business model, and we are driven by opportunities to accelerate our growth.”

    Luxiee says the direct connection between supplier and consumer through its platform allows consumers to enjoy up to a 300-per-cent reduction in the diamond price compared with those sold at luxury retail outlets. For example: a 1.0 Carat, F Color, VS2 Clarity, Excellent Cut diamond can sell for as low as SG$7000 (US$5000).

  • Offshore boost for Harvey Norman sales

    Offshore boost for Harvey Norman sales

    Harvey Norman has lifted full-year profit by 7.2 percent to $402.3 million with its overseas ventures again outshining local franchisees, which struggled amid tough retail conditions.

    The homeware, whitegoods and electronics retailer lifted total sales by 12.1 percent to $2.23 billion in the 12 months to June 30, largely thanks to its 90 company-operated offshore stores breaking through the $2 billion sales barrier for the first time.

    An 11.7 percent rise in Harvey Norman’s overseas profitability to $129.70 million – including a 9.7 percent lift in offshore revenue to $2.05 billion – offset a 2.3 percent decline in revenue received from the company’s 195 franchised Australian complexes.

    Revenue from local franchisees was $944 million for the year, with total franchisee sales down by 1.8 percent to $5.66 billion amid a housing market downturn and broader economic jitters.

    Harvey Norman announced a $173.49 million capital raising to manage debt, but still increased its final dividend by 3.0 cents to a fully franked 21.0 cents.

    Shares in the company dropped by 1.82 percent to $4.585 by 1223 AEST, still 25 percent higher than $3.66 a year ago.

    Harvey Norman said it had been a particularly tough second half in Australia, with fourth-quarter aggregate comparable sales for franchisees dropping by 1.6 percent, for a full-year comparable sales decline of 0.9 percent.

    The company said local franchisees had nonetheless continued to invest in their operations in anticipation of federal government tax cuts, stabilizing house prices and an increase in lending by banks for mortgages and small business loans.

    Chairman Gerry Harvey said the company has begun replicating its successful overseas premium store format in Australia and New Zealand.

    A premium refit is currently underway at the company’s Cairns franchised complex, while franchised complexes at Campbelltown, Balgowlah, Preston, and Aspley will commence post-Christmas.

    The company said it intends to grow its international footprint with up to 21 new stores overseas within the next two years, including 17 alone in Singapore and Malaysia.

    “We intend to grow our international retail footprint and are on track with our expansion opportunities,” Mr Harvey said on Friday.

    Harvey Norman’s Singapore and Malaysia segment increased profit by 48.1 percent to $37.1 million for the year, while profit in Slovenia and Croatia ticked 0.8 percent higher to $7.46 million.

    In Ireland and Northern Ireland, profit nearly quadrupled to $6.39 million on double-digit growth across all key product categories.

    Challenging economic conditions weighed on the company’s New Zealand stores, with profit from across the ditch dropping by 6.0 percent to $77.39 million despite sales revenue increasing by $25.57 million.

    Overseas revenue has now increased by 48 percent over the last five years and profitability has nearly quadrupled.

  • Skype brings a handful of new features to its app

    Skype brings a handful of new features to its app

    Skype’s messaging app might seem a bit obsolete for some due to the lack of many features, but that’s about to change. The developer announced a new set of improvements are coming to Skype in the coming days.

    The newest update brings message drafts, a much-needed feature that allows Skype users to save any messages they didn’t send in the corresponding conversation. Skype also says that messages saved as drafts are even available when you leave and come back to the Skype app, but we don’t think adding this feature in any other way would be useful.

    Message bookmarks is another important addition in this update. It will allow Skype users to bookmark any message in conversations by simply right-clicking or long-pressing the message and tapping Add bookmark. The message will be saved in the Bookmarks screen with other bookmarked messages.

    Furthermore, the update brings the option to preview photos, videos, and files that you want to share before sending them. You can even add a message that will be sent along with the files if you want to write an explanation or description for what you’re sending.

    Also, a new way to display multiple photos or videos sent at once. You’ll now see an album in the chat history with all the photos combined, but you can also check them out individually by clicking between the photos or videos in the album.

    All the new features announced today will be available on the latest version of Skype across all platforms, so expect to see them soon on your phone.

  • Large police raid in the Philippines: Cebu POGO Operations employees arrested

    Large police raid in the Philippines: Cebu POGO Operations employees arrested

    The POGO (Philippines Offshore Gaming Operations) have been in quite a lot of trouble in their respective country in the last few years. There has been an insurmountable amount of pressure from the local government to somehow reduce their business power in the long term, by either planning crippling regulation updates or simply implying that they will support the industry.

    This was the case when the country’s president Rodrigo Duterte announced not too long ago that there are no plans to classify POGO as illegal business methods in the country, but the recent police raid on Cebu is a direct contradiction to that announcement.

    What happened?

    On the 7th of September, the Philippines police raided Cebu operations of Xing Huang Jin Cheng Co in the capital.

    According to the reports from the Philippine National Police-Criminal Investigation and Detection Group-Central Visayas, they arrested as many as 181 Chinese nationals that were legally employed in the company, alongside several locals, South Korean and Thai citizens.

    The number of employees arrested was so large that they had to be transported in a nearby gym to “keep them under control”.

    The charges being pressed against Cebu are based on suspicion of them lacking a license to conduct offshore gambling operations from the Philippines, but the lawyers of the company have something very different to say.

    What do the lawyers say?

    According to Jeff David, the lawyer representative of Cebu, the government is challenging the company for missing a POGO license but does not consider the fact that the BPO (business processing outsourcing) license is present.

    Furthermore, David mentions that the company has all of the legal documentation well undercover for their operations in offshore jurisdictions and that this is nothing but a hit against the company for not complying with the local police’s corrupt ways.

    Furthermore, David mentions the inhumane treatment of Chinese employees and the exploitation by the police of their severe lack of the English language. According to David, these employees had very little to defend themselves against the accusations or the demands that the police were making the moment they broke into the building.

    This could be plausible as Chinese nationals comprise a large majority of gaming companies based in South-East Asia or Oceania, and there have been recorded cases of local police keeping a much closer eye on these individuals specifically.

    In fact, according to Kathy Pena, an HR representative from Playamo AU, this is also the case in some Australian live casinos that offer blackjack and roulette games:

    “Our company mostly focuses on offshore jurisdictions as the primary source of customers. Therefore we have to have a large staff of people who understand these languages, or know how to structure our platform to better suit these audiences.

    Furthermore, we tend to employ Chinese nationals and bring them over to Australia with a working visa and no strings attached. We give them a stable job and it’s up to them to find a place to live here.

    We’ve had several altercations so to say with the local police, who more or less wanted to know why there were so many Chinese nationals working in an Australian company.

    The answer is quite simple. Once we find it hard to find skilled labor locally, we broaden our perspective to nearby jurisdictions, and so far, Chinese nationals have met our criteria to an A+.

    I fully understand the situation Cebu representatives may be in right now, as we’ve experienced a similar issue multiple times, but not at that scale and not so extreme. Hopefully, it all works out well for everybody involved.”

    What will be the next steps?

    It is likely that Cebu lawyers will start an investigation on whether or not this raid was warranted, and if it was nothing but a political move gains POGO companies in the Philippines.

    Both the lawyers and the company owners understand the aversion that the government has towards them, as gaming isn’t necessarily the most moral of businesses. But as long as the law allows it, there is absolutely no leverage the police can have against these individuals.

    Should the investigation prove that Cebu had both a POGO and a BPO license, the company would have some leverage over the government to compensate for inflicted damage. But should there be actual evidence of the license missing, multiple executives could find themselves in the Philippines jail or paying a humongous fine.

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  • Kaufland confirms two more sites in Victoria

    Kaufland confirms two more sites in Victoria

    Kaufland Australia has confirmed two more stores for Victoria, with a further nine to be reviewed by an advisory panel.

    The two new stores located at Oakleigh South and Coolaroo, take Kaufland’s approved store count in Victoria to five.

    The nine proposed sites, to be reviewed by an independent panel, including both metropolitan and regional cities, throughout western and eastern Victoria.

    In March, the retailer confirmed its first three Victorian stores at Dandenong, Epping and Chirnside Park and last week began construction of the first two, which will act as test stores in the Australian expansion.

    Kaufland Australia managing director Julia Kern said the Dandenong store will provide increased choice, value and promote fair competition for consumers.

    “Our Dandenong store marks a tremendous milestone in our development here in Australia, and we are very happy to break ground for our first store in Victoria,” Kern said in a statement on Thursday.

    The German retail giant has also already commenced construction of its $255 million distribution center in Mickleham, which will be one of the largest in Australia.

    Kern made the announcement on Thursday, alongside treasurer of Victoria and minister for economic development Tim Pallas. The development brings Kaufland’s planned total investment in Victoria to over half a billion dollars, with potential for up to 2400 new jobs.

    “With five approved stores, as well as the additional nine sites under review, we are committed to our long term, sustainable growth across Victoria. We look forward to creating thousands of jobs and creating opportunities for local businesses,” Kern said.

    “Australia is one of the fastest-growing regions in the world, and we are excited to grow with it. Our aim is to raise the bar in retail excellence and provide an uncompromising quality food shop for our customers.”

    She said the retailer is focused on delivering “quality, simplicity, variety, and price throughout Victoria and Australia”.

    Last week the retailer announced the acquisition of its third Queensland site at Morayfield Village Retail Centre, to add to the Toowoomba and Burleigh Heads sites.

    The retailer is also planning to build its first South Australian store in Prospect, an inner northern suburb of greater Adelaide.

  • Big W profit hit by restructuring

    Big W profit hit by restructuring

    Woolworths Group has lifted full-year profit from continuing operations by 7.2 percent to $1.75 billion for the full-year, finishing strong with increased sales reported across its supermarkets.

    Group CEO Brad Banducci said the company made “good progress” on its transformation across all businesses.

    Group statutory profit lifted 56.1 percent to $2.69 billion, helped by the $1.7 billion sales of its petrol business. Normalized revenue for the year grew by 3.4 percent to $59.98 billion.

    Woolworths

    Woolworths supermarkets regained momentum after a tough first quarter, which saw the removal of single‑use plastic bags and rival Coles launch its successful Little Shop collectibles campaign.

    Comparable food sales at Australian supermarkets increased by 3.1 percent for the full-year, while a successful Lion King collectibles program boosted comparable sales for the first eight weeks of FY20 by 7.5 percent.

    Online sales grew by 31 percent in Woolworths, helped by the scale-up of its Pick Up and Drive up services, as well as the launch of on-demand delivery in 38 stores.

    Woolworth Group’s New Zealand supermarket Countdown had a strong second half with comparable sales growth of 3.6 percent. The establishment of CountdownX helped the supermarket deliver strong online sales growth of 40 percent.

    Big W

    Woolworths Group’s discount department store Big W saw sales improved 4.2 percent to $3.8 billion, and online sales improve 128 percent – driven by click-and-collect.

    The business reported a loss before interest and tax of $85 million – within recent guidance estimates of between $80 and $100 million, and an improvement over the $110 million loss seen last year.

    However, the cost of a significant item of $371 million leveled against the business due to the store and distribution center closures pushed its loss down 313.7 percent to $456 million.

    Endeavor Drinks

    Drinks arm Endeavour saw improved sales growth in the second half, with comparable sales increasing by 4 percent, versus 0.7 percent in the first half.

    Dan Murphy’s delivered double-digit online sales growth with on-demand delivery now available from 91 stores and 30 minutes Pick Up from all stores.

    In July, Woolworths announced plans to merge Endeavour Drinks with it hospitality business ALH, to be followed by a demerger or “value accretive alternative” in the 2020 calendar year.

    “We are pleased with the progress we made during the year and have exited F19 with good momentum across the Group,” Banducci said.

    “In F20, we expect the uncertain consumer environment and input cost pressures to remain as well as an impact from new enterprise agreements. However, we are well placed to respond to these challenges and are excited about what we can achieve together in F20,” he added.

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  • Don Quijote eyes massive US rollout

    Don Quijote eyes massive US rollout

    Hard on the heels of a successful expansion in Singapore and launching in Hong Kong and Thailand, Japanese variety retailer Don Quijote is now eyeing continental USA.

    Pan Pacific International Holdings, the company’s parent, already has Marukai supermarkets trading in the US and three Don Quijote stores in Hawaii.

    But rather than replicate its Asian concept, Pan Pacific will create a new format tailored to the US but with “Don Quijote-ism at the core,” CEO Koji Ohara told the publication.

    The expansion will be led by Ohara who will resign from his current role and relocate to the US to build the business there, with a target of expanding its network from 38 currently to 100.

    Sean Butler, MD at supply-chain consulting firm LIDD, told Grocery Dive that he expects Don Quijote will stick to its three pillars – convenience, discount, and amusement – when it launches in the US.

    In the US, Don Quijote has an opportunity to reach an audience hungry for low-price groceries and consumer goods, he said.

    “The company is betting that it can execute experiential retail better than the status quo – and pick up a nice chunk of the world’s largest consumer economy in the process.”

  • Saudi Arabia – The Global Investment Powerhouse for AI and Automation

    Saudi Arabia – The Global Investment Powerhouse for AI and Automation

    The Kingdom of Saudi Arabia’s Vision 2030 plan explicitly spells out the nation’s ambitious attempt to radically overhaul its economy. With carefully curated programs and clear-cut themes that are designed to deliver impact against strategic objectives, Saudi Arabia is intensely working towards becoming an international trade hub connecting three continents: Africa, Asia and Europe. KSA seems to be shifting from its major dependency on oil revenue to a more diversified economy by maximising its investment capabilities including emerging technologies from around the world through the Public Investment Fund. According to a global study conducted by PWC in 2017, AI could contribute to US$135 billion (12.4%) to Saudi Arabia’s GDP by the year 2030 that is the second-highest share in the region after the UAE.

    As a part of its Vision 2030 plan, Saudi Arabia has earmarked billions of dollars in robotics and artificial intelligence, making it a pillar of the nation’s economic development strategy. According to a report by McKinsey & Company, routine-task intensive sectors such as manufacturing, transportation and logistics have a technical automation potential greater than 50%. Similarly, 41% of existing work activities in Saudi are theoretically automatable today.

    In line with Saudi Arabia’s Vision 2030 plan, the Riyadh edition of World AI & RPA Show organized by ALAGAT in collaboration with international business events and consulting firm Trescon, is taking place on 16 and 17 September 2019 at the Riyadh Marriott Hotel. The show will demonstrate AI, ML, Robotics, Cyber Security, Analytics, and Automation solutions from top AI & RPA influencers and leaders to give impetus to the ambitious reform program. World AI & RPA Show is also supported by Arab Robotics & AI Association.

    Saudi Arabia’s Vision 2030 initiatives in AI and Automation

    • Improving visa application procedures with the aim of full automation
    • Streamline import/export processes through automation, with a 54% reduction in import dwell times at ports
    • The US$ 500 billion mega-intelligent city project ‘NEOM’ will allow for a new way of life built around the best technologies of the future such as AI, big data, and IoT

    With an estimated impact of US$ 320 billion by AI in the Middle East, the opening day will see focused discussions on AI and ML, Robotics, and Intelligent and Cognitive Automation with an active participation from experts, Saudi Arabia’s top government authorities, and decision-makers from global enterprises. Experts attending the show include, Dr Esam Alwagait, CEO of National Digitization Unit, Government of Saudi Arabia; Abdulmajeed Alomrani, Innovation Director, Small & Medium Enterprises General Authority (Monsha’at), Saudi Arabia; Hisham Hammami, Chief Information Officer for the Ministry of Hajj and Umra; Atif Zaidi, Chief Information Officer of NEOM, Saudi Arabia; Sabri Skhiri, Chief Visionary Officer of Digazu, Belgium; Gary West, Managing Director of Future Mobility for General Motors Middle East, UAE and Dr Satyam Priyadarshy, Chief Data Scientist, Halliburton, United States among other top speakers.

    When asked about the upcoming event, VP – Head of Digitalization and Automation of Bank Aljazira, Faisal Alrashoudi had said, “I believe in the future of AI changing the world. The question is, who is changing AI? It is really important to bring diverse groups of students and future leaders into the development of AI.”

    As the RPA market embraces an explosive growth globally, the show will also focus on discussing ground level applications, use-cases and challenges from international subject matter experts and business leaders who are currently assessing RPA in their businesses. “World AI & RPA Show unequivocally aligns with Saudi Arabia’s Vision 2030 plan to empower its economy with advanced technologies. Our mission is to provide momentum to the Vision roadmap by attracting startups, investors and AI experts from all over the world”, said CEO and Founder of Trescon, Mohammed Saleem.

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  • AirAsia to consider flying to Albania

    AirAsia to consider flying to Albania

    AirAsia Group Bhd chief executive officer Tan Sri Tony Fernandes said the airline will consider flying to Albania.

    The Southeastern Europe nation could be one of its routes in Europe, a market which the airline had hinted about re-entering.

    “Why not? AirAsia is always looking for different places and I never thought about Albania. We are going to have a look.

    “The Albanian Minister (Tourism and Environment Minister Blendi Klosi) is very positive (about bringing us to the country). So let’s see,” he told Bernama on the sidelines of the World Tourism Conference 2019 here, today.

    Fernandes, who was one of the speakers at the conference, shared his experience about transforming AirAsia from a small loss-making company into a global giant in the aviation industry.

    Klosi, who was also a speaker at the conference, expressed his welcome to AirAsia, which he said would help to promote the country’s tourism as well as those of other Balkan neighbours.

    During the conference, both of them jokingly agreed to have AirAsia fly to Albania if the country was willing to provide a free airport and promotional assistance.

    Previously, AirAsia X Bhd chairman Tan Sri Rafidah Aziz said that the airline was looking at expanding its market and had not discounted the possibility of re-entering the European market.

    Earlier this month, Fernandes said Thai AirAsia X would be flying to Europe by the end of this year or early next year.

    He said the long-haul low-cost airline was applying for approval from the relevant authorities.

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  • Gome Retail to target smaller cities as part of restructuring

    Gome Retail to target smaller cities as part of restructuring

    Gome Retail Holdings will speed up its penetration into lower-tier Mainland China markets during the year ahead, with about 1000 stores slated for opening.

    The move is part of a broader strategy dubbed ‘Home.Living’ in which the retailer is rolling out innovation and transformation throughout the business.

    For the first half of this year, Gome Retail reported a loss attributable to shareholders of RMB380 million (US$53.1 million), a reduction of the RMB457 million loss during the  corresponding period last year as its restructuring began to show results.

    Group sales for the first half were RMB34.333 million, relatively stable compared with RMB34.706 billion for the corresponding period last year.

    Chairman Zhang Da Zhong says that in the months ahead, the company will further expand into third- to sixth-tier Chinese cities to meet the constantly growing demand of these markets.

    Moving into these markets efficiently is possible due to Gome’s advantages in brand, supply chain and logistics, he said.

    During the first six months of this year, the group’s total gross merchandise volume (GMV) increased by about 1.8 per cent compared with the same time last year, with GMV of its county-level stores (both self-operated stores and New Retail stores) growing by 339 per cent. Sales through its Me Shops grew by about 123 per cent, while sales from smart products grew by 62 per cent. Sales by its new businesses, such as home solutions and the integration of kitchen cabinets with electrical appliances, grew by 108 per cent, and service GMV grew by 32 per cent.

    This year, Gome has entered “a critical stage of its strategic transformation” said Zhang Da Zhong.

    “Leveraging on the advantages of internet technology, Gome has set up a user-base interaction and operation platform under the integration of the three terminals – the Gome app, physical stores and Me Shop.”

    As well as the company’s foray into smaller cities, the company will begin opening a second wave of new Ixina stores, its self-operating integrated kitchen cabinets and electrical-appliances business collaboration with European cabinet brand Ixina. Stores will open in cities including Wuxi and Nanjing, after Beijing and Shanghai, to further boost the brand’s awareness and reputation. Cozy Home, the home-hardware integration solutions chain, will also be developing at full speed, he said.

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