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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.

  • Hong Kong’s retail sales continue to growth

    Hong Kong’s retail sales continue to growth

    Hong Kong’s retail sales renaissance continued in June, with a 12 per cent rise for the month.

    That is marginally less than the 12.9 per cent increase in May, and below the 13.4 per cent increase for the first half year, but the rate shows signs the growth is stabilising.

    The Census and Statistics Department estimated the total value of retail sales in June at HK$37.8 billion (US$4.8 billion). After netting out the effect of price changes over the same period, the volume of retail sales in June rose by 9.8 per cent.

    Predictably, sales of jewellery, watches and clocks, and valuable gifts led the way, up by 27.8 per cent. Other strong performing categories were cosmetics, up 18.3 per cent, department store sales up 15 per cent, footwear and accessories up 11.4 per cent and Chinese drugs and herbs up 10.3 per cent – all categories popular with visitors from Mainland China.

    Retail categories largely dominated by local shoppers showed more modest growth: supermarket sales rose 1.1 per cent, electrical goods by 0.4 per cent, furniture and fixtures by 8.9 per cent, books and stationery by 3.1 per cent, optical shops by 6.9 per cent and food and alcohol by 8.9 per cent.

    The C&SD said that after seasonal adjustment, the value of retail sales decreased by 0.2 per cent from the first quarter to the second and the volume by 0.1 per cent.

    A government spokesman said the sustained double-digit growth of retail sales in June reflected favourable local consumer sentiment amid a tight labour market and rising visitor arrivals.

    “Looking ahead, favourable job and income conditions and buoyant inbound tourism should continue to provide support to the retail sector in the near term. Yet, we need to closely monitor how the heightened external uncertainties might affect consumption sentiment going forward.”

  • Lotte Duty Free exits Incheon Airport Terminal 1 contracts, sets its sights on Vietnam

    Lotte Duty Free exits Incheon Airport Terminal 1 contracts, sets its sights on Vietnam

    Lotte Duty Free exits its contentious Incheon International Airport Terminal 1 cosmetics, fashion and leathergoods contracts, to be replaced by Shinsegae Duty Free.

    As reported, South Korea’s duty free giant served notice on 13 February of its intention to quit three contracts – DF1 (P&C), DF5 (leathergoods & fashion) and DF8 (miscellaneous categories).

    The company cited “the burden of rent increases” following the sharp downturn in Chinese tourists in 2017 amid the THAAD dispute with China.

    The three concessions, later consolidated into two by Incheon International Airport Corporation, were subsequently awarded to Shinsegae Duty Free, which commences business on 1 August. Lotte Duty Free will continue to operate its DF3 liquor, tobacco and foods business at T1 until 2020.

    Lotte Duty Free said that it expects to save about 1.4 trillion won (US$1.25 billion) in rent by 2020 through its premature exit. “Based on improved profitability through the withdrawal from Incheon Airport, the company intends to strengthen its competitiveness in downtown duty free shops and to expand online duty free shop marketing,” it said.

    “In addition, in order to revitalise sales of our [T1] liquor and cigarettes stores, we plan to analyse outbound passengers and target enhanced marketing through improved linkage with city and online duty free shops.”

    Lotte said that it also aims to boost downtown and online sales of cosmetics and fashion to avoid losing custom to its Incheon successor. A customer prepaid card for Lotte’s vacated T1 business can now be used downtown.

    Lotte Duty Free plans to concentrate its efforts on expanding business overseas, with Vietnam the key focus. As reported, the company celebrated the grand opening of its Da Nang International Airport concession on 1 November last year, after a soft opening in May. The business, registered as Phu Khanh Duty Free, is a 60/40 joint venture between Lotte Duty Free and a local partner.

    In June this year Lotte Duty Free opened arrivals and departures stores at Cam Ranh International Airport in Nha Trang, after being awarded an exclusive ten-year duty free concession.

    Lotte said that it also plans to invest heavily in additional downtown stores in Hanoi, Ho Chi Minh City and Da Nang.

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  • AirAsia to bid for Clark Airport contract

    AirAsia to bid for Clark Airport contract

    AirAsia Group will bid on an operation and maintenance contract for Clark International Airport in the Pampanga province of the Philippines.

    In his tweet today, Group Chief Executive Officer Tan Sri Tony Fernandes said the group, together with its subsidiaries in Indonesia and the Philippines, would be bidding for the airport’s 25-year operation and maintenance contract.

    “Bringing Asean together. Indonesia, Malaysia and Philippines to bid for Clarke airport in Manila and build a big east Asean hub. Walking the talk on Asean. Kudos to Indonesia airports. Look what can be done in Asean when we work together,” he tweeted.

    According to news reports, the Bases Conversion and Development Authority (BCDA) said the preliminary timeline for the project indicates a target for contract awarding and signing on Aug 30, but BCDA will accept bids until late August.

    The development of the new terminal in Pampanga province, which is slated to be opened in July 2020, aims to decongest the Ninoy Aquino International Airport in Manila.

    The BCDA is a government-owned and controlled corporation under the Office of the President of the Philippines.

    It engages in public-private partnerships to push forward vital public infrastructure such as tollways, airports, seaports, and also major real estate developments.

    In May, eight companies bought bid documents for the operations and maintenance including Megawide Construction Corp, Metro Pacific Investments Corp and San Miguel Holdings Corp.

    Around 30 groups also attended the pre-bid conference for the project held on May 21, including AirAsia Group, Udenna Corp and JG Summit Holdings.

  • Food and fuel boost japanese retail sales rise

    Food and fuel boost japanese retail sales rise

    Japanese retail sales increased by 1.8 per cent in June thanks to strong food sales and rising petrol prices.

    According to the Ministry of Economy, Trade and Industry, Japanese retail sales reached ¥11.8 trillion (US$106.25 billion) during the month. It was the eighth consecutive monthly rise.

    Rising crude oil prices flowed through to petrol pump prices, which surged 16.7 per cent year on year. Sales of cosmetics and pharmacy products rose 3.9 per cent, largely due to demand from overseas visitors.

    Food and beverage sales rose 1.5 per cent, with prepared meals and meat fuelling growth.

    Supermarket sales rose 1.9 per cent, while department store sales rose 2.6 per cent, which the ministry said was due to there being one more Saturday in June this year than last year.

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  • FMCG sales slightly up in urban Vietnam

    FMCG sales slightly up in urban Vietnam

    National sales of FMCG on traditional and modern trade channels in urban areas reached $14 billion in Q2, growing 0.7 percent, Nielsen reported.

    The fast-moving consumer goods growth year-on-year was driven by sales increases seen across six out of seven super categories: beverages (including beer), milk and dairy products, household care products, personal care products, baby care products, and cigarettes.

    Baby care witnessed the biggest jump to 12 percent while food showed a decline of 1.9 percent, according to the market research firm’s newly-released Market Pulse Quarter 2 report.

    “FMCG has yet to reflect an upturn in economic conditions while Vietnam’s GDP growth hit 7.1 percent in the first half of 2018,” Nguyen Anh Dung, executive director of Nielsen Vietnam’s retail measurement services division, said.

    But there were many growth pockets, with modern trade channels seeing double-digit growth, he noted.

    Semi-retail channels comprising stores with both wholesale and retail sales also saw strong growth.

    Overall, the modern distribution channel enjoyed growth of 11.9 percent while the traditional channel was sluggish. Sales through traditional channels in urban areas rose 1.2 percent while in rural areas there was a drop of 2.4 percent.

    Dung said seasonality could provide an opportunity for certain categories such as snacks, dairy, beverages, and confectionary to innovate and connect with consumers in novel ways.

    “FMCG products have become basic while other products provide more excitement with innovation and new customer experiences. Consumers are willing to loosen their purse strings as reflected in strong growth in entertainment, tourism, cellphone, and automotive sales.”

    It is time for manufacturers to bring excitement back to the FMCG industry, and the most important thing is to listen to consumers and put them at the center of all decisions they make, he said.

    They provide the key growth cues if manufacturers can satisfy their needs, he added.

  • Indonesia Gov’t Undecided on New Coal Policy

    Indonesia Gov’t Undecided on New Coal Policy

    Indonesia President Joko “Jokowi” Widodo will decide on Tuesday (31/07) whether the government’s policy on coal for domestic use should be revised, considering both the need for price stability and for reducing the current external deficit.

    The government in March set a ceiling price for 25 percent of its coal production bound for state utility company Perusahaan Listrik Negara at $70 a metric ton, in order to keep electricity prices stable ahead of the 2019 elections.

    The quota and price cap mean miners miss out export revenues amid the commodity’s rising global price, to the tune of $5 billion a year, a substantial amount that could reduce Indonesia’s current account deficits, Coordinating Maritime Affairs Minister Luhut Pandjaitan said on Monday (30/07).

    The government may charge a coal sales tax to coal companies at between $2 and $3 per ton to subsidize PLN. A new agency could be established to manage the process.

    The government may also revise the 25 percent quota to allow coal with energy levels above 4,500 kilocalories per kilogram (kcal/kg) or below 4,000 kcal/kg to be exported, because PLN needs it between 4,000 and 4,500 only, said Rosan Roeslani, chairman of Indonesia’s Chambers of Commerce and Industry (Kadin), who was present in a discussion with top government officials on Monday.

    All revisions will still need to be discussed with the coal and power industry, and their impact on state revenue would need to be calculated, Luhut said.

    “Even if this happens it will probably be next year at the earliest,” he said.

    Indonesia is the world’s top exporter of thermal coal, and its economy has benefited from rising demand for the dirty fuel — which hit $104.65 a ton in July — the highest since May 2012.

    Expert and consumer groups are against the government’s proposal.

    “Abandoning the domestic coal price will be a blunder policy, which will not increase foreign exchange from coal exports to reduce the balance of payment deficit, but only increases the income of coal businesses as well as the cost of production for PLN,” Fahmy Radhi, an energy analyst at Gadjah Mada University, said in a statement on Sunday.

    PLN would bear $3.68 billion in additional costs to buy coal at the current market price, Fahmy said. Even with the sales tax on coal companies, which is estimated to bring $1.28 billion, PLN would still be left with an additional expense of $2.40 billion.

    PLN has been under financial pressure for the past few years, trying to meet the government’s plan for 35,000 megawatts of additional power capacity.

    In September, Finance Minister Sri Mulyani Indrawati sent an official letter to Energy and Mineral Resources Minister Ignasius Jonan and State Enterprises Minister Rini Soemarno, warning of PLN’s poor financial performance.

    The company suffered losses of Rp 6.49 trillion in the first half of this year. In the same period last year it recorded a net income of Rp 510 billion.

    “If the rule is really implemented, then it means the government favors more the interests of a handful of people [coal businessmen] rather than the interests of a larger community — electricity consumers,” Tulus Abadi, managing director at the Indonesian Consumer Protection Foundation (YLKI), said in a statement.

  • Forbes lists Vietnam’s most valuable brands, Vinamilk, Viettel remain top

    Forbes lists Vietnam’s most valuable brands, Vinamilk, Viettel remain top

    Forbes Vietnam has released its third annual list of the 40 most valuable brands in Vietnam, putting their total value at $8.1 billion.

    The value is 50 percent up from last year. Dairy giant Vinamilk and military-run telecom firm Viettel remain the top two as they were in the two previous years.

    Forbes estimates Vinamilk’s brand value at $2.28 billion, much higher than the $1.7 billion last year, and Viettel’s at $1.39 billion.

    State-owned Vietnam Posts and Telecommunications Group (VNPT) takes over third position from Vingroup, Vietnam’s largest real estate company. With a value of $416 million, VNPT makes it to the list for the first time.

    The other brands in the top ten are the country’s biggest brewery Sabeco ($393 million), Vinhomes, the residential property arm of Vingroup ($384 million), Vinaphone, one of Vietnam’s big three mobile operators and belonging to VNPT ($308 million), Vingroup ($307.2 million), food and beverages producer Masan Consumer ($238 million), JSC Bank for Foreign Trade of Vietnam, or Vietcombank ($177.9), and tech giant FPT ($169 million).

    Vinhomes and Vinaphone are also newcomers.

    Just like last year, consumer goods brands account for the majority of this year’s list, followed by finance and banking and technology.

    But the gap between the total value of the finance-banking and consumer goods groups has narrowed, Forbes said.

    The other new entrants this year are Vincom Retail, the shopping mall subsidiary of Vingroup, top coffee firm Trung Nguyen Group, sugar, energy, real estate, and tourism conglomerate TTC Group, and Ho Chi Minh City Development Joint Stock Commercial Bank, or HD Bank.

    Forbes compiled the list by looking at brands’ incomes before and after tax based on their financial reports and data on the stock market.

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  • Tyco Retail Solutions releases the new 2018 Sensormatic Global Shrink Index

    Tyco Retail Solutions releases the new 2018 Sensormatic Global Shrink Index

    “Shrink,” otherwise known as a reduction in inventory due to shoplifting, employee theft or other errors, significantly impacts a retailer’s bottom line.

    Tyco Retail Solutions, a global leader in data-driven loss prevention, today released the industry’s most extensive study conducted in recent years of senior retail executives, providing insights into the sources and impacts of global shrink.

    The report is a culmination of research that measures world-wide retailer performance, allowing them to benchmark their shrink rates to others in the same vertical and region.

    Tyco commissioned global retail market intelligence provider PlanetRetail RNG to conduct the 2018 Sensormatic Global Shrink Index which included over 1,100 retail decision makers across four regions, 14 countries representing the world’s leading economies and 13 vertical markets. They operate over 229,000 stores and generated an estimated $1.56 trillion in sales during 2017-2018. The retailers work in the world’s leading economies, which account for 73 percent of global Gross Domestic Product (GDP), and retailers account for 80 percent of total retail sales.

    The scope and coverage of the study includes how loss prevention professionals are measured and incentivized, the technologies and services being leveraged, the top stolen items and brands, and data elements being used to monitor and predict shrink.

    According to the Sensormatic Global Shrink Index, shrink cost retailers nearly $100 billion globally last year. Out of this, 24 percent comes from APAC region, and this amounts to $24.04 billion, which is the third region in ranking. Shrinkage across retail stores in APAC accounted for 1.75 percent of sales, slightly below the global rate (1.82 percent). Countries included in this study for APAC are Australia, China, India, Japan and South Korea.

    Other key APAC findings:

    • India recorded the #2 spot (2.13 percent) as a country with the second highest shrinkage rate in the world. This could be attributed to the lower level of LP technology investment locally.
    • While China took the #7 spot (1.96 percent), its shrinkage value amount to $13.52 billion, which makes it the second biggest loss as a country after USA ($42.49).
    • Japan has the second lowest shrinkage rate in the world (Germany being the lowest).
    • Main sources of shrink are from external sources – namely shoplifting (29 percent) and vendor/supplier fraud (29 percent). Japan leads the region with a reported 35.5 percent from the latter, this being the highest reported in the region.
    • Drugstores, pharmacies & perfumeries have the highest rate of shrink by retail vertical at 2.62 percent.
    • Public view monitor is most popular loss prevention investment, followed by closed-circuit television (CCTV) and Electronic Article Surveillance (EAS).

    These statistics highlight the magnitude of shrink’s impact on retail, and affords the opportunity to dive deeper into the sources of shrink and the various loss prevention tools used to combat loss.

    “Shrinkage is still a pressing issue for retailers today. It adversely affects their bottom line. With the concepts of “New Retail” and burgeoning of online retailers disrupting brick-and-mortar stores in APAC, reducing shrinkage will allow more resources to be directed into improving customers’ experiences. This profitability risk can be combated by the implementation of solutions such as Electronic Article Surveillance (EAS) and Radio Frequency Identification (RFID) Inventory, thereby safeguarding store merchandise and securing profits”, said Jack Wu, general manager, APAC, Tyco Retail Solutions.

    The Sensormatic Global Shrink Index benchmarks retailer performance globally and sheds light on other factors affecting loss prevention. Knowing the state of shrink helps retailers better assess the challenges and solutions to make merchandise secure yet accessible for a better customer experience.”

    Tyco Retail Solutions, part of Johnson Controls, is a globally trusted leader, helping retailers discover new ways to control loss and leverage it as an opportunity to increase profitability.

  • Tesco set to open new discount Jack’s store to rival Lidl and Aldi

    Tesco set to open new discount Jack’s store to rival Lidl and Aldi

    British supermarket operator Tesco is set to unveil a new network of Jack’s stores: a budget grocery concept it hopes will take the fight directly to German discounters Aldi and Lidl.

    While the company has not made an official announcement, sources are reporting details leaked from multiple sources.

    In the first phase of a roll-out program, Tesco plans to open 60 Jack’s stores, initially in main cities. A Liverpool outlet will reportedly open its doors within five weeks and staff are being recruited for at least another three stores, suggesting an opening is imminent.

    A source revealed the chain will be called Jack’s and advertisements for staff refer to small teams in a new company that is operationally independent of Tesco.

    Analysts suggest Tesco will be able to use its recently acquired wholesaler Booker to help supply stores and Jack’s limited range and compact footprint would differentiate it from full-service Tesco stores with large product ranges and Booker’s cash-and-carry model which primarily targets business and the foodservice sector, selling in bulk.

    Some media have quoted inside sources saying the designs of Jack’s stores show “striking similarities” with Belgian chain Colruyt.

    Tesco trialled a discount format called Victor Value in the 1908s, but scrapped the concept after four years, fearing it would cannibalise sales of its main network. But in today’s UK grocery market with Aldi and Lidl already accounting for 13 per cent of the British grocery market and achieving year-on-year sales growth around 8 per cent, cannibalisation is less of a concern than losing sales to rival chains.

  • Asia’s large format retailers prepare for steady growth

    Asia’s large format retailers prepare for steady growth

    Global research organisation IGD has reported that Asia’s large format retailers are set to grow 3.3 per cent a year to 2022, with Vietnam, India and the Philippines forecast to see double-digit growth from large format players over the next five years.

    Most of this growth is predicted to be driven by domestic retailers, except for Vietnam where foreign retailers have been investing to gain a foothold in this fast-growing market. Indonesia will see steady growth, also driven mainly by domestic players; with China coming through as another market with significant growth opportunities due to its vast geography.

    Many large format retailers in Asia are still enjoying steady growth through expansion although they are facing pressures from increased competition in more developed markets.

    Besides expansion to new regions, retailers are also digitising physical stores to create a seamless shopping experience in more matured markets.

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  • Korea SME pessimistic about future of economy

    Korea SME pessimistic about future of economy

    Lee Jung-min, who runs a small business in Seoul, has been trying to figure out how to cope with the rise in labor costs expected for next year.

    “We take home whatever we have left after paying all the expenses,” said the businessman in his 30s. “Every penny counts for people like us and it looks like things will get difficult next year.”

    Lee isn’t the only self-employed person in Korea with serious concerns about making ends meet in the future.

    According to data from the Bank of Korea, the consumer sentiment index in terms of expectations on domestic economic conditions stood at 79 for self-employed people for the month of July, whereas the index for people who earn a regular salary was 91.

    The disparity between the two groups is the worst the central bank has seen since records began in 2008.

    The index shows how positively or negatively people forecast the economic situation in Korea will be in six months time.

    A figure below 100 indicates a pessimistic outlook that the economic situation will deteriorate.

    The index plummeted for both groups – self-employed people from 90 and salaried employees from 100 in June.

    Such figures show that while both self-employed people and wage earners are becoming more pessimistic about the economy, the former feels much less hopeful than the latter.

    One reason why the self-employed have a gloomier outlook about their future is because of the rise in the minimum wage they must pay if they want to hire workers.

    On July 14, the Minimum Wage Commission determined that next year’s base salary will go up by 10.9 percent to 8,350 won ($7.49).

    A recent study by the Korea Federation of SMEs, which represents the country’s self-employed and small business owners, showed that 43 percent of the 300 small business owners surveyed responded that conditions will get very difficult when the minimum wage goes up, while 14 percent said they will be able to handle the hike.

    “53.1 percent of the respondents said they will decrease their hiring,” the federation said in the study.nbb

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  • How to maximise instagram as sales channel

    How to maximise instagram as sales channel

    Retailers who want to sell on Instagram might be surprised how easy and effective it is – for businesses both big and small.

    According to one research study, 75 per cent of Instagram users who follow businesses take some form of action, whether it be visiting a site or making a purchase, after seeing a promotional post.

    Of course, to leverage this platform to its full potential, it helps to keep certain points in mind. Just like when advertising on Facebook, you must follow best practices to successfully sell on Instagram. The following tips will help you maximise your profit when you sell on Instagram, by developing marketing campaigns that work.

    Treat your Instagram page like your website

    The rise of social media platforms has fuelled growth of digital marketplaces, where many customers don’t actually visit a company’s website when they first encounter a brand online. Instead, they view its social media page as a substitute for the site.

    So it makes sense to optimise your Instagram account by including a thorough summary of your business and all it offers. You should also select a profile picture that represents your brand. Furthermore, be sure to post any relevant visual content featuring information that your customers might find out about via your website. This may be something simple like information about an upcoming sale or promotion, but it’s still important to promote via Instagram.

    Create ads

    Instagram, like Facebook, allows users to create business accounts and advertisements.

    Once you sign up, the platform will seamlessly guide you through the process of creating and publishing an ad.

    Luckily, you don’t need to create unique content for your ad if you’ve already shared a post that highlights the same key information. A major bonus of the platform is that Instagram lets users turn regular posts into ads if they choose. Experiment with different types of ads to determine which are most effective for your business.

    You may also want to consider creating an ad using the new Instagram Stories format. This provides a more immersive visual experience, as it takes up a device’s entire screen by playing vertically. Since Instagram users view 60 per cent of stories with the sound on, it also gives you an opportunity to incorporate engaging audio content.

    Let users make purchases via the app

    Instagram posts can be an effective way to direct users to your online store to make a purchase. That said, one valid concern is that users will get distracted before completing the transaction. It would be easier if they could simply purchase an item directly via the app.

    Thanks to features like Shopify’s Shoppable Instagram Galleries, they can. This tool lets you tag items in posts that are for sale, meaning users no longer have to leave the app to make a purchase. Instagram has also begun working on a similar feature for business accounts.

    As always, it’s important to ensure your posts look appealing and accurately represent your products. Fortunately, social media marketing makes A/B testing very easy. As you experiment with different strategies, you’ll learn exactly what works best for your future Instagram campaigns.

  • JLL : 83% of retailers plan to open new stores over the next 12 months

    JLL : 83% of retailers plan to open new stores over the next 12 months

    A recent survey by JLL found that 83% of international and local retailers have plans to open new stores in Hong Kong over the next 12 months, a significant jump from 62% as recorded a year ago.

    More retailers planned to expand as retail sales in the first half have increased noticeably and are expected to grow further.JLL surveyed 40 retailers and retail landlords in June and found that more than 90% of the respondents stated their retail sales in the first half of 2018 fared better than those in the previous year.

    They also envisioned the like-for-like sales will grow by more than 10% in the second half. The resilient retail sales have encouraged 83% of the retailers to have plans for more store openings in Hong Kong in the coming 12 months.

    Hong Kong’s retail sector has been taking a broad upturn after bottoming out late last year. The latest government figures showed that the value of total retail sales gained strong momentum for the first five months of 2018, surging by 13.7% year-on-year, with all categories recording positive growth.

    An visible increase in visitor arrivals particularly those from mainland China, and a robust wealth effect led by strength in the city’s stock and property markets, coupled with an improvement in the overall local consumer sentiment, all contributed to the solid performance of the retail sector.

    In May 2018, the value of total retail sales increased by 12.9% year-on-year to a provisional estimate of HK$40.5 billion. A breakdown of retail sales by category revealed that the value of sales of jewellery, watches and clocks, and valuable gifts continued to lead the sector’s recovery, posting an impressive growth of 23.8% year-on-year. This was followed by medicines and cosmetics at 18.7%. Department stores and supermarkets also saw higher commodity sales.

    James Assersohn, Director of Asia Pacific Retail at JLL, said: “There is a great deal of positivity in the market at the moment. Retailers from almost all sectors are seeing strong and sustained growth in their sales which will lead to them investing more into the market. The luxury sector is currently the biggest winner, led predominantly by the Mainland Chinese tourists, but we also see locals increase spending which provides a deeper and more sustainable growth trajectory for retail businesses here”.

    “While the resuming demand for luxury goods would propel further recovery, it is worth noting that changing consumption patterns and shopper profiles fueled by millennials and generation Z have also led to greater demand for mass and mid-market brands, serving as a significant boost to local spending. The presence of the affordable brands of the kind are growing in major shopping districts at a swift pace. They will remain one of the main sources of leasing demand this year and onwards” he continued.

    Terence Chan, Head of Retail at JLL in Hong Kong, added: “The number of inbound visitors has increased remarkably in recent months, which helped lift retail sales to a considerable extent. Retailers are set to look for retail spaces in the major four shopping districts for expansion. However, given that the bulk of leasing demand continues to be from retailers with lower rental budgets, we believe a v-shaped recovery in retail rents is unlikely happen in the short term. We expect the rents of high street shops and prime shopping centres to grow in the range of 0-5% for the full year.”

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  • Malaysia ranked 5th most complex country in corporate compliance regulation

    Malaysia ranked 5th most complex country in corporate compliance regulation

    Malaysia has one of the most complex corporate compliance regulations among 84 jurisdictions in the world, according to TMF Group’s Compliance Complexity Index.

    Malaysia emerged as the fifth country in the world with the most complex corporate compliance regulation and second in Asia Pacific.

    The ranking was based on the difficulty of adhering to local business regulations and associated issues – such as local reporting requirements, and the time taken to set up companies.

    TFM Malaysia’s group managing director Sharon Yam said the index confirms the notion of Malaysia being reputed as one of the most complex jurisdictions for businesses to operate in.

    “However, the government has enacted legislation that is causing drastic changes to the business landscape and compliance regulations, and may ultimately result in greater simplicity for businesses,” she said.

    “With the introduction of an updated version of the 1968 Companies Act, out of date and time-sapping regulations have been replaced by more modern compliance standards. For example, the maximum age of directorship has been abolished, and companies are no longer required to state their shared capital. In the long term, this will make it easier for companies to comply with regulations, and Malaysia may begin to slide back down our list.”

    The United Arab Emirates emerged as the country with the most complex regulations followed by, Qatar, China, Argentina and Malaysia.

    TMF Group provides accounting, corporate secretarial, HR administrative and capital market support to companies of all sizes in more than 80 countries.

  • 7-Eleven open second unstaffed X-store in Taiwan

    7-Eleven open second unstaffed X-store in Taiwan

    7-Eleven Taiwan operator President Chain Store Corporation has opened its second unstaffed X-store in Taipei.

    Located in Xinyi District, the store recognises customers by facial-recognition card or iCash 2.0 card.

    There is also an intelligent ATM machine using fingerprint and facial recognition technologies, allowing customers to deposit small change and withdraw foreign currencies, project management department chief Hsu Yi-hsiung said.

    The first X-Store opened on the first floor of the company’s headquarters in January, targeting the large crowds of white-collar workers and students in the area.

    The number of customers at the first X-Store increased 50 per cent over six months, Hsu said.

    With the growing convergence of online and offline, automated shops such as the X-Store enhance customer expectations, while improving in-store service and automating supply chain and real-time inventory management.