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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.

  • South Korean duty-free operators chasing another boom

    South Korean duty-free operators chasing another boom

    After years of struggle in the face of a decline in Chinese tourists and increased competition, South Korean duty-free operators are in search of a more stable and sustainable business portfolio — to reduce their reliance on Chinese visitors and generate decent profits.

    The country’s duty-free business has raked in huge revenues on the back of soaring tourists, mostly from China.

    But a diplomatic row between Seoul and Beijing over a missile defense system in 2017 and regulatory changes vividly underscored the need for leading duty-free operators — Lotte Duty Free and Shilla Duty Free — to accelerate their overseas push.

    Sales at local duty-free stores continued to show solid growth in the past few years, reaching their highest-ever of US$17.23 billion last year, with an annual growth of 23 per cent over the past two years, according to data from the Korea Duty Free Shops Association.

    The spectacular result comes even when the number of Chinese package tour travellers to South Korea continued to drop after the travel ban imposed by Beijing in 2017 in protest against Seoul’s hosting of a US missile defense system.

    The number of Chinese who arrived in South Korea peaked at 8.07 million in 2016 but shrank to 4.16 million a year later, according to the state-run Korea Tourism Organization (KTO).

    The number, however, rebounded last year rising 14.9 per cent to 4.78 million, accounting for 31.2 per cent of 15.34 million foreign visitors to the country, which marks a 14.9 percentage-point rise from the previous year.

    Market watchers said the robust growth in their sales was mostly attributable to Chinese vendors or individual Chinese merchants who buy their duty-free purchases, such as cosmetic products, in large quantities and sell them back at their home.

    But commissions doled out to the sellers, who also work with travel agents to bring in big-spending tour package groups, have been excessive, eating into the profits of South Korean duty-free operators.

    The local duty-free market’s dependence on foreign tourists continued to increase with sales from foreigners accounting for 83 per cent of the total market last year, according to separate data. The figure for downtown duty-free outlets is even higher at 90 per cent.

    “It is difficult to just paint a rosy picture for duty-free operators given excessive marketing costs, such as commission fees that are needed to maintain a certain level of Chinese customers,” said Cha Jae-heon, an analyst at DB Financial Investment Co.

    Competition to bring in individual merchants and group travellers may intensify as more duty-free outlets are set to open in Seoul and other parts of the country later this year.

    The number of downtown duty-free outlets in Seoul more than doubled from six in 2015 to 13 last year. Earlier this month, the government said it will also issue five additional licenses to local retail conglomerates.

    Against this backdrop, market leader Lotte Duty Free, the travel retail division of Lotte Hotel Co, has been actively tapping into overseas markets by opening the first outpost in Jakarta, Indonesia, in 2013.

    Lotte Duty Free now operates 12 outlets in seven countries, including South Korea, and is set to increase the number to 22 in eight countries, including a new store in downtown Danang, Vietnam, and another at Hanoi International Airport that are set to open in the latter half of the year.

    The duty-free operator said it expects to meet its annual overseas sales target of 700 billion won (US$596 million) this year on the back of robust performances at its overseas operations, most noticeably in Vietnam.

    Lotte Duty Free aims to reap 1 trillion won in annual revenue from its offshore business in 2020 and plans to tap into new lucrative markets, such as Japan.

    “What sets Lotte Duty Free apart is that industry rivals are mostly focused on airport duty-free businesses, while we aim to dominate the market where there are no downtown duty-free stores,” said Park Sang-seob, a Lotte Duty Free official.

    The company also opened stores in Australia and New Zealand in March becoming the first South Korean duty-free operator to make inroads into the Oceania region. It signed an agreement with Melbourne-based JR Duty Free to run four retail outlets in Australia and one in New Zealand.

    Shilla Duty Free, the country’s second-biggest travel retailer under Hotel Shilla Co, currently operates five outlets in Singapore, Hong Kong, Macao, Thailand and Japan, as part of its strategy to balance its over reliance on the local market.

    The company already achieved annual sales of over 1 trillion won in its offshore business last year, accounting for over 20 per cent of the total revenue. The figure is also more than a twofold jump from 500 billion won in 2016.

    Its offshore business also climbed into the black in the first quarter of the year for the first time, partly on the back of stellar performance in major gateways of Asian countries.

    “The figure shows Shilla Duty Free’s reputation as an Asian travel retail powerhouse,” said Ha Joo-ho, an official at Hotel Shilla.

    “We are highly focused on our overseas push so that our sales are less affected even when there are fewer travellers from China.”

    The company said it will continue to bolster its duty-free business to make it the third-largest player around the globe by 2022, trailing Swiss-based travel retailer Dufry AG and France-based Lagardere Travel Retail.

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  • Capital Gains Studio launches the Second Edition of Wongamania: Banana Economy

    Capital Gains Studio launches the Second Edition of Wongamania: Banana Economy

    Capital Gains Studio is proud to announce the launch of the second edition of the best-selling financial boardgame – Wongamania: Banana Economy with more visually attractive graphic design, new mechanics, a new educational guide and a Chinese – English duo edition.

    “Thanks to the popularity of our first edition, we decided to launch the 2nd edition with many upgrades,” said Wongamania Creator, Xeo Lye. “Other than an overhaul of the mechanics and graphic designs, we have included an educational guide to help players understand how the game ties in with real-life economics. As the financial literacy movement in Singapore becomes more vibrant, we hope that Wongamania can become an invaluable tool to make financial education fun and approachable.”

    Economic Lessons from Wongamania: Banana Economy

    While everyone loves money, most people hate learning about finance and economics. This irony is a result of all the thick tome of financial jargons, formulas and charts that many presumed that they have to master to be proficient in economics and investing. Capital Gains Studios is challenging and changing that status quo through their flagship board game, Wongamania: Banana Economy.

    In the second edition of Wongamania: Banana Economy, the new educational guide would provide you a brief outline of economics by putting you in the role of an elite in a Banana Republic, controlling a corporation with the power to influence government policies on interest rates or tax policy, with the purpose of enriching your own investment interest. At the same time, you will play the role of market forces, defeating others at their own game by personal hardships and economic turbulence, therefore raising a necessary of purchasing insurance to cover yourself against insurable events and controlling your own fate/state of retirement.

    A game will see you learning how to juggle different asset classes to maximize your income in good and bad times by depicting an economic cycle including 4 different segments: Recession. Recovery, Growth and Stagnancy. During each stage of the economic cycle, you have to allocate your assets most effectively, through diversification or focus investing.

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  • First two Aldi stores open in WA Westfield

    First two Aldi stores open in WA Westfield

    Scentre Group has announced the opening of two Aldi stores at its Whitford City and Stirling shopping centres, representing the supermarket’s first foray into Westfield shopping centres in WA.

    The new Aldi stores are expected to open next year.

    Scentre’s Stirling shopping centre, currently Innaloo, will undergo an $830 million redevelopment, which will start in the later part of the year. It will be renamed Westfield Stirling and will double in size, adding about 368 retailers once completed.

    “Once open, we look forward to offering shoppers at Westfield Whitford City and Westfield Stirling a supermarket experience that is like no other in Australia,” said Caroline MacPhail, Aldi managing director, Western Australia.

    “Since opening our first stores in Western Australia in 2016, we have grown to operate 41 stores and have further plans for expansion, including the opening of our first Westfield Aldi stores in Western Australia,” MacPhail said.

    Scentre Group currently has 18 Aldi supermarkets in its Westfield living centre platform across NSW, Victoria and Queensland, with the expansion into Westfield Whitford City and Westfield Stirling in WA bringing the total number to 20.

    “We’re dedicated to curating a retail mix for each of our living centres that caters to the needs and wants of the local community,” said Chris Barton, Scentre Group regional manager, Western Australia.

    “The addition of Aldi supermarkets at Westfield Stirling and Whitford City will allow us to bring our customers more choice and even better access to affordable, quality groceries.”

    The Aldi store in Westfield Whitford City is expected to open in early 2020.

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  • AirAsia X lose bid for MAVCOM judicial review

    AirAsia X lose bid for MAVCOM judicial review

    Malaysia’s High Court has dismissed applications made by AirAsia and AirAsia X seeking a judicial review of the Malaysian Aviation Commission’s (MAVCOM) decision not to mediate a dispute between the carriers and Malaysia Airports (MAHB).

    Both carriers acknowledged that their application was dismissed “with no costs,” and they will review the decision with their legal counsel.

    The judicial review application was made in mid-May, with the airlines arguing that MAVCOM “has a statutory duty to decide on the dispute once mediation between parties has failed, or is deemed to have failed”.

    The dispute was first sparked in December, when MAHB filed a MYR36.4 million lawsuit against the airlines the month before for failing to remit higher passenger services charges since 1 January 2018.

    That was followed by a MYR480 million counter-claim by AirAsiaand AirAsia X against MAHB relating to economic losses and poor service levels at the KLIA2 terminal it operates from at Kuala Lumpur International airport.

    A subsequent mediation offer made by the airlines to MAHB was rejected by the airport operator.

    AirAsia Group chief executive Tony Fernandes has repeatedly complained about high charges and poor infrastructure at the KLIA2 terminal. The airline has resisted a regulatory ruling that it should pay the same passenger charges as airlines using the main terminal at KLIA, arguing that the terminal is a low-cost facility and should be charged as such.

    MAHB maintains that KLIA2 is not a low-cost terminal and provides more capacity at the airport.

  • Vietnam Airlines Unlocks New Perspectives into Customer Experience Insights with Qualtrics

    Vietnam Airlines Unlocks New Perspectives into Customer Experience Insights with Qualtrics

    Qualtrics, the leader in experience management, today announced Vietnam Airlines, a leading airline in South East Asia and national flag carrier of Vietnam, is using Qualtrics CustomerXM™ as part of the company’s efforts to create a more robust and tailored customer experience for its 22 million annual passengers.

    With Qualtrics CustomerXMTM – a comprehensive experience management platform – Vietnam Airlines is able to capture and respond to customer feedback in real-time. The national carrier of Vietnam has also increased the volume of customer engagement captured and research scope.

    “Qualtrics initiatives have enabled Vietnam Airlines to reduce the time needed to collect and respond to customer feedback from months to weeks. The speed at which we are now able to operate, along with the ability to garner new insights from our passengers, are key differentiators for us. Powered by the speed and accuracy of the Qualtrics CustomerXMTM platform, Vietnam Airlines is able to capture customer insights, which serve as very important input for creating breakthrough customer experiences – characterized by Vietnam’s rich culture and identity – helping cement our position as one of the leading carrier in the region,” said Ngo Hong Minh, Director of Passenger Service Department, Vietnam Airlines.

    Vietnam Airlines deployed a number of dynamic data collection tools on Qualtrics CustomerXMTM to derive new perspectives of its entire customer experience. These include dynamic and custom data collection tools that can focus on priority areas in the customer journey, real-time website feedback, QR code feedback capabilities for higher response rates in regions such as China and Singapore where this method of engagement is preferred, and an offline app for “mystery shoppers” to use.

    Customer responses are presented back to Vietnam Airlines in role-based dashboards that can be accessed from any device in real-time. Stakeholders collaborate to create unique pages and apply filters to pinpoint specific moments – like reservations, check-in, and online booking – across the carrier’s 30+ branch offices and representative offices in more than 20 countries and territories.

    “Combining experience data captured by Qualtrics CustomerXMTM with operational data has inspired a number of changes to the customer experience we create at Vietnam Airlines – from the food and drink we serve through to conversations at check-in. Since going live on the Qualtrics platform in late 2017 we’re proud to have maintained  our Skytrax 4-Star status which now extends to fourth year running, and achieved a record profit of VND 2.8 trillion in 2018,” added Minh.

    “Airlines across the globe are looking for ways to compete in increasingly competitive markets on more than price alone. Customer experience is therefore a significant and invaluable differentiator. Vietnam Airlines’ investments and accolades in creating breakthrough customer experiences is testament to the carrier’s tireless devotion and commitment to improving quality across products and services. Qualtrics is proud to support Vietnam Airlines through this exciting and unprecedented period of growth by helping it optimise its customer experience at the moments that matter most,” said Foo Mao Gen, Head of Southeast Asia, Qualtrics.

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  • Adairs Profit Down

    Adairs Profit Down

    Adairs shares have lost more than 30 percent after the homewares and manchester retailer issued another earnings downgrade, citing supply chain challenges. The company announced on Friday it had observed “an adverse change” in trading momentum since the end of May, with sales growth completely flat over the first three weeks of June.

    Adairs chief executive Mark Ronan said the performance marked a material reduction from the 9.0 percent like-for-like sales growth recorded up until May 27.

    The company said it was, therefore, revising its FY19 earnings guidance of $46 million to $50 million – itself flagged as a downgrade at February’s half-year results – to between $42.5 million and $44 million.

    Its FY19 sales guidance has also been narrowed from between $340 million and $355 million to between $340 million and $345 million.

    Shares in Adairs closed 31.32 percent, or 57 cents, lower on Friday at a near two-year low of $1.25.

    Ronan admitted the update was disappointing but insisted the company was still healthy and growing.

    “We have specific issues to address to improve our supply chain capacity, productivity, and efficiency,” Ronan said.

    Ronan said he expected full-year like-for-like sales growth to be between 7.0 percent and 8.0 percent, which he said was in line with the company’s long-term targets.

    He said online sales had grown 40 percent in the second half to date and will represent 17 percent of total sales for the year.

    In February, the company reported a first-half profit increase of 6.83 percent to $14.89 million, following a period of significant online growth.

    But the company moderated its full-year earnings guidance as it braced for the impact of a depreciating Australian dollar “and a potentially more challenging consumer environment”.

    Adairs shares have fallen 33.51 percent so far in 2019.

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  • AirAsia announces five new domestic routes to Lombok, Labuan Bajo, Kertajati

    AirAsia announces five new domestic routes to Lombok, Labuan Bajo, Kertajati

    Low-cost carrier AirAsia launched five new domestic routes on Monday as it stated its “commitment to continue to support tourism and the economy by providing affordable flights”.

    Among the new services that will be operational on Aug. 1 are Jakarta-Lombok (11 times a week), Bali-Lombok (seven times a week), Yogyakarta’s Kulon Progo-Lombok (three times a week), Bali-Labuan Bajo (seven times a week) and Surabaya-West Java’s Kertajati (three times a week).

    Special promos are available for bookings made through airasia.com or the airline’s mobile app until June 30 for trips between Aug. 1 to Oct. 26, including for the Jakarta-Lombok (starting from Rp 635,000 [US$44.88]); Bali-Lombok (Rp 243,000) and Surabaya-Kertajati (Rp 626,000) routes. A free 15-kilogram baggage allowance is available for all the carrier’s domestic flights.

    “Since AirAsia’s newest hub in Lombok was inaugurated in early May and with the addition of our 25th Airbus A320 fleet, we are now ready to connect more and more of the country’s best destinations to support tourism and the local economy,” said AirAsia Indonesia managing director Dendy Kurniawan in a statement.

    AirAsia’s current domestic routes are Jakarta-Bali, Jakarta-Yogyakarta, Jakarta-Surabaya, Bali-Yogyakarta, Bali-Surabaya, Bali-Surakarta, Yogyakarta-Medan and Bandung-Bali.

  • Apple is warning consumers not to fall for a popular iTunes gift card scam

    Apple is warning consumers not to fall for a popular iTunes gift card scam

    There are so many illegitimate ways to separate people from their hard-earned money. One such scam has random people receiving calls from someone claiming to be with the IRS and demanding immediate payment for back taxes owed. The victims are told that they can satisfy their debt by buying the appropriate dollar amount of iTunes gift cards and reading the card numbers to the scammers over the phone with a return call. It might surprise you how many people fall for such a ruse.

    Apple is doing its part to prevent this scam from continuing by having Apple Store employees make a specific statement to customers buying iTunes gift card. When the cards are being purchased, the employee ringing up the sale tells the consumer that iTunes gift cards cannot be used outside of the App Store or iTunes, and can not be used to pay taxes. And to make sure that this is actually getting through to the consumer, Apple asks them to “accept” the warning on the mobile point-of-sale equipment carried by the Apple Store rep.

    To go one step further, Apple has added a warning to the packaging that houses the gift card. Printed in red to catch the eyes of a consumer, the text reads, “Card cannot be used for payments outside of U.S. App Store or iTunes Store, including taxes.

    All of Apple’s warnings will probably lower the success rate of this scam, but there will always be those who will fall for it. It is similar to the phishing technique used by scammers to get unsuspecting consumers to turn over important information like a social security number, passwords, PIN numbers and more. One person we know was caught in the early days of phishing and turned over information pertaining to his eBay account. Within minutes the account was hijacked by the scammer who started selling expensive cameras and other high-end tech gear. The account was stolen because it had a high positive feedback rating which lured prospective buyers and gave them the confidence to buy products that the seller didn’t really have.

    Also, if you get a call from your carrier saying that your service has been suspended for one reason or another, be skeptical. Call back the company using a phone number found on Google. If you do speak with someone, do not give out any important account information. It seems like common sense, but those who did give away passwords, PINs and other verification information soon discovered that someone had changed their account address and ordered some expensive new phones.

    On Android, Google has added a feature that will tell you if an incoming call appears to be from a spammer. The Call Screen feature allows Google Assistant to answer a suspect call and find out who is calling while you read a real-time transcription of the conversation on your phone. You can connect to the call at any time. The upcoming iOS 13 update will allow users to toggle on a feature that will send calls from people you don’t know, straight to voice mail. The feature, called “Silence unknown callers,” will allow calls from those in your contacts list to ring through. Google could add something similar in the Android Q update. Earlier this year, some Android users spotted some new options under the Blocked numbers page in the Phone app. These allowed Android users to block calls from people not in the user’s contacts list, block calls from people who do not disclose their phone number, block calls from unidentified callers, and block calls from pay phones. If you are too young to know what a pay phone is, ask your parents.

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  • Lagardère Travel Retail partners with AirAsia’s OurShop to develop e-marketplace in APAC

    Lagardère Travel Retail partners with AirAsia’s OurShop to develop e-marketplace in APAC

    Lagardère Travel Retail and AirAsia’s e-marketplace OurShop have created a new partnership in Australia to allow travelers to pre-order and collect duty free items from arrival and departure points.

    As reported, OurShop, launched in July last year, is AirAsia’s online marketplace offering a wide selection of products from duty-free, high street and local retailers from across the world. The initiative was introduced to the industry via an exclusive interview by The Moodie Davitt Report with AirAsia CEO & Co-Founder Tony Fernandes.

    Introduced at the recently opened Aelia Duty Free at Avalon Airport in Victoria, the partners said the move allows “greater flexibility and freedom for travelers, alongside the ability to shop for international and local brands all year round”.

    “This is a new and exciting partnership developed with AirAsia, and we’re delighted to bring this to the Pacific region,” said Lagardère Travel Retail Pacific Region CEO Przemek Lesniak. “We believe it highlights endless benefits for our customers who choose to travel with AirAsia as it opens up a new world of accurate marketing, products and convenience within the travel retail sector.”

    Customers who purchase products on ourshop.com will also earn AirAsia BIG Points, which can be used to redeem free flights on AirAsia, creating a cycle of value.

    Lagardère Travel Retail Partnership Director for Pacific Josh Thompson said the collaboration represents “a win-win” for AirAsia, Avalon Airport and Lagardère Travel Retail, and most importantly their customers. “Customer satisfaction is a key driver for our business and as part of that, this exciting online shopping experience ensures our customers can access convenience shopping, while increasing their own benefits from AirAsia,” he said.

    OurShop Head of Acquisition Hassan Choudhury said: “What used to be a 20-minute shopping experience as travellers rush to their boarding gates is now 365 days of shopping indulgence at the tip of their fingers. I want to thank Lagardère Travel Retail and Aelia Duty Free for partnering with us to deliver this unique online shopping experience and we look forward to sharing incredible success together.”

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  • Carrefour China business Sold

    Carrefour China business Sold

    Suning is to buy an 80 percent controlling stake in Carrefour China for €620 million (RMB 4.8 billion).

    The first Carrefour China supermarket was opened in 1995 when the French company was one of the first foreign retailers to enter the market. Currently, it operates 234 outlets – 210 large-format hypermarkets and 24 convenience stores. Net sales for its last full year were €3.6 billion (RMB 28.5 billion) and pre-tax profit €66 million (RMB 516 million).

    Just last month, Carrefour executives denied the business was for sale, but financial media have been reporting what turned out to be markedly accurate reports of negotiations this year.

    Suning’s purchase follows the acquisition of 37 Wanda department stores earlier this year, which will be converted to Suning.com branding.

    The company says it will use its smart-retail expertise to digitalize Carrefour China’s existing store network to create a “leading innovative supermarket shopping experience”.

    “In the future, we expect to open up the access for Suning’s various business models, such as household-electronics sales, Redbaby, JIWU, Suning Financial Services, SuFresh and Suning Xiaodian’s immediate delivery, [and] to get into Carrefour China’s stores located in the central business and living areas of Chinese first- and second-tier cities,” said Tian Rui, VP of Suning.com.

    “It will help us better meet more consumers’ needs due to strengthened core capabilities achieved by store innovation. With 400 million registered customers of the company’s retailing segment, Suning.com’s users-ecosystem will complement Carrefour China’s membership system, fully improving the customer value.”

    He said that by connecting the more than 6000 Suning Xiaodian stores with Carrefour China’s outlets, Suning’s ‘last-kilometre home-delivery service will be able to serve more consumers with lower cost but higher efficiency.

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  • Telegram update adds location-based chats

    Telegram update adds location-based chats

    What not as popular in the U.S. as it is overseas, the Telegram messaging app offers end-to-end encryption and no limits on the number of people you can chat with or broadcast to at one time. It’s no wonder that protesters of all types outside of the states love to use Telegram. And today, the company announced some changes that will be found in version 5.8 of the messaging app.

    You’ll notice that all new chats have a new button on the top of the screen that says “Add to Contacts.” This feature will allow you to quickly add to your Telegram contacts list a person who has sent you a message on the platform even without knowing their phone number. Another option also available at your fingertips will let you block someone who has sent you a message. And let’s say you’re at a party and want to add someone who you’ve just met to your contacts list. Going to Contacts > Add People Nearby will allow you to exchange information with another Telegram user as long as they are standing right next to you (and have the same feature open on their phone).

    The People Nearby section allows you to find location-based group chats and even create one. As Telegram notes, “This update opens up a new world of location-based group chats for anything from conferences, to festivals, to stadiums, to campuses, to chatting with people hanging out in the same cafe.” The latest version of the app lets you transfer ownership of a group or channel to another Telegram user and toggle on or off message previews for specific chats using the Notable Exceptions feature.

    Those using Telegram on an iOS device can now open the Appearance page to see what a new theme will look like before they apply them. After installing version 5.8, iOS users can choose which icon they want on the home page from four different options. And Telegram users with the iPhone or iPad can arrange to open chats hands-free using Siri shortcuts.

    The new update just hit the Telegram app on our Pixel, so keep your eyes peeled for version 5.8 rolling out now. Telegram can be found in the App Store for iOS or the Google Play Store for Android.

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  • Oriental Watch profit steady despite sales drop

    Oriental Watch profit steady despite sales drop

    Oriental Watch’s sales fell by 15.7 percent last year – but the company’s bottom line was only minimally affected, in part due to reduced rents.

    The Hong Kong-listed retailer says that while the number of mainland visitors to the territory recovered last calendar year, the China-US trade dispute had brought uncertainties to the market. Subdued consumer sentiment and currency rate fluctuations had also impacted on sales.

    Chairman Yeung Ming Biu said the company had focused on stringently controlling rent and other costs for the last five years. The group’s aggregate rental cost (excluding related property management fees) decreased by 4.1 percent in the year to March 31 to HK$162 million, accounting for 34 percent of the group’s overall operating expenses – almost one percentage point less than the previous year.

    That result despite relocating the company’s flagship store from 100 Queens Road, Central, to 50 Queens Road, in the heart of the city’s upscale boutiques.

    “The group believes that the change of location will further fuel the brand presence and the sales once it starts operation,” he said. “In addition, regular internal assessment on the performance of all retail stores and closedown of high-rent yet non-performing stores are also the group’s strategy for better resources allocation.”

    Group turnover last year was $2.437 billion, (US$312 million), with gross profit down just 0.7 percent to $603 million and gross profit margin up from 21 percent to 24.7 percent. Profit attributable to shareholders was $138 million, just 0.7 percent less than the prior year.

    Oriental Watch has 61 stores, 46 of them in Mainland China, 11 in Hong Kong, three in China and one in Macau.

    products and purchasing stock only when existing inventory depleted to a pre-agreed level. As at March 31, overall inventory was $824 million, down 17.7 percent from the $1.001 billion of a year earlier.

    “In parallel, the group has also continued to step up its efforts in adjusting and optimizing its brand portfolio, in order to stabilize the group’s overall sales performance and keep abreast of market trends. Oriental Watch will continue to maintain a lower inventory level for a better cash position and a sustainable business development in the future,” said Yeung Ming Biu.

  • Apple and Google are the top two most valuable brands in wireless tech

    Apple and Google are the top two most valuable brands in wireless tech

    Quick. Name the most valuable brand name in the world. Apple? nope. Google? That answer is so 2018. According to the 2019 BrandZ Top 100 Most Valuable Global Brands rankings computed by WPP and Kantar, Amazon is the most valuable brand with a value of $315 billion. Since the report considers Amazon to be a retailer, Apple is the leader among tech brands just edging out Google with valuations of $309.5 billion and $309 billion respectively. Google was the most valuable overall brand last year.

    Besides Apple and Google, other wireless giants in the top ten include Microsoft (#4, valued at $251.2 billion), Facebook (#6, $159 billion), and AT&T (#10, $108 billion). The value of Microsoft’s brand rose 25% from last year while more modest gains were seen for Apple (+3%) and Google (+2%). The value of brands in the tech sector rose 4% on an annual basis while telecom providers saw their brands increase by 1%.

    Looking at the remaining names on the list, those with a connection to the wireless industry include Verizon (#11), Xfinity (#20), T-Mobile (#25), China Mobile (#27),  Intel (#36), Samsung (#38), YouTube (#39), Instagram (#44), Adobe (#45), Huawei (#47), Vodafone (#49), LinkedIn (#58), Xiaomi (#74) and HP (#93).

    Xiaomi made the Top 100 for the first time at number 74. The brand is estimated to be worth $19.8 billion. Among the fastest rising brands, Instagram led everyone with a 95% year-over-year increase that took the valuation of the Instagram name to $28.2 billion. Adobe (+57% to $27.9 billion) and LinkedIn (+46% to $22.8 billion) also were among the brands having the largest increase in value from 2018 to 2019.

  • Tse Sui Luen store network expands Again

    Tse Sui Luen store network expands Again

    Hong Kong-headquartered jeweller Tse Sui Luen has reported a 9.6 per cent increase in profit for the full year, despite a marginal 1.7 per cent drop in group turnover.

    Profit attributable to shareholders was HK$54.2 million (US$6.9 million) on sales of $4.065 billion ($521 million).

    The Tse Sui Luen store network grew by 56 during the year, to reach 473.

    Chairman Annie Yau said sales rose in the first half of the year, reflecting the continuing upturn of Hong Kong’s retail sector. “However, conversely, towards the end of the year, the group started to feel the trickle-down effects of the trade dispute between the US and China which has adversely affected the market sentiment and consumer confidence and resulted in the depreciation in the Renminbi – all leading to a slowdown in the global economy and in local retail sales performance.”

    She said the fluctuation of the Renminbi value inevitably brought adverse impact on the second half. “The group is responding to these challenges with unique signature products and reinforcement of our market positioning as ‘Wedding Expert’, all aimed to offset the negative effects…”

    During the year, the group has demonstrated its vision to optimise its retail network across Asia and broaden its international presence through new store openings in Hong Kong, Mainland China and Malaysia. Going forward, we will continue to seize the opportunities for developing existing and new business channels and expanding our retail network in all the regions where we operate, while being cautious and keeping a close watch on any and all changes as and when they occur in the market,” she says.

    Same-store sales growth in Hong Kong and Macau was 2.8 per cent, and as a result of gold product promotions and an expanded product assortment, the average amount per invoice rose by 5.6 per cent.

    Tse Sui Luen took advantage of a general downward trend in store rental rates to improve rental cost effectiveness. It expanded the size of its stores at Times Square in Causeway Bay and Plaza Hollywood in Diamond Hill and opened a new store in MCP Central (Phase II) in Tseung Kwan O.

    Self-operated Tse Sui Luen store growth continued to be a key driver of the group’s Mainland China business, accounting for 36.6 per cent of its turnover during the year. Twelve new self-operated stores and 43 new franchised stores were opened on the mainland, expanding the network from 380 to 435.

    “We will keep on expanding our retail network in Mainland China with the intention of opening an additional 100 new stores over the coming two years,” said Yau.

    In Malaysia, turnover was stable the jeweller opened one new store, at Genting, taking its network there to five.

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  • Countdown partners with UK tech startup to tackle dietary requirements

    Countdown partners with UK tech startup to tackle dietary requirements

    Countdown-owner Woolworths Group has partnered with UK tech startup Spoon Guru to add new filtering options to its online shopping experience, allowing customers with food allergies or dietary and lifestyle restrictions to sort its products based on their needs.

    According to Woolworths general manager of digital experience Ananth Sarathy, the group is the first in New Zealand and Australia to partner with the startup.

    “The platform will blend our in-house digital and data capabilities with Spoon Guru’s world-leading machine learning and AI to derive rich and detailed product attributes for our customers,” Sarathy said.

    “It’s early days but the initial response from customers using the filters have been positive, with many shoppers using the feature to build lists to shop in-store as well as online.”

    The dietary indexing was rolled out initially in May, with up to 30,000 products now filterable based on consumer needs, such as gluten free, low fat, vegan and vegetarian.

    Spoon Guru aims to help consumers all over the world struggling to manage diets based due to health, lifestyle, and religious reasons.

    “The technology provides an innovative solution to a world-wide pain-point,” Spoon Guru co-founder and co-chief executive Markus Stripf said.

    “Sixty-four per cent of the world’s population is on some form of exclusion diet and whether this is due to allergy, intolerance or health and lifestyle choices, the demand for a more personalised approach to food shopping is clear.”

    Using proprietary tagging technology, Spoon Guru combines AI and algorithms with human expertise, indexing products based on certain values, making them more accessible and searchable on digital storefronts.

    Spoon Guru has partnered with other international retailers, such as Tesco, Jet and Albert Heijn, but Woolworths Group is its first partner in Australia and New Zealand.

    Spoon Guru’s partnership with Tesco began in November 2017, and has changed the way its consumers interact with its online channel – with certain search terms increasing in popularity, and some search terms seeing up to a 500 per cent increase in conversion.

    “It’s incredibly rewarding to have the opportunity to help millions of consumers around the world to find the right foods for their personal needs,” Stripf said.

    “Jet, Albert Heijn and Woolworths are all forward-thinking brands that share the same passion as Spoon Guru, making them the perfect partners for our business as we grow into a global solution.”