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.

  • Big year-end discounts on way

    Big year-end discounts on way

    The government seeks cooperation from retailers and wholesalers to cut product prices to help reduce consumers’ expenses and stimulate the economy in the final month of the year.

    The government is set to team up with wholesalers and retailers, which together have 13,500 branches nationwide, to cut product prices by 20%-80% to help reduce consumers’ expenses and stimulate the economy in the final month of the year.

    Commerce Minister Apiradi Tantraporn said the Internal Trade Department has been assigned to discuss with retailers and wholesalers, including hypermarket and supermarket operators, the possibility of holding special promotions to spur spending among Thais and tourists during December.

    “The ministry has cooperated with retailers and wholesalers to organise various activities to cut living costs since late 2015,” she said. “The campaign for this year-end promises special events with discounts as high as 80% for certain items.”

    Mrs Apiradi insisted the discounts will be given to brand-new products, not those currently on sale. Products that will feature in the campaign include food and beverages, consumer goods, electrical appliances, garments and accessories.

    The Business Development Department has also been instructed to talk with retail outlets under its supervision to participate in the year-end special discount programme, particularly for items like milled rice, instant noodles, vegetable oil, seasonings, detergent, dishwashing liquid, fabric softener, toothpaste and shampoo.

    She said the ministry has also asked for cooperation from department stores and retail outlets to hold special events or sales promotions to stimulate rice purchases to help local rice farmers.

    Retailers and wholesalers who are expected to participate in the scheme include the Thai Retailers Association, Siam Makro, the operator of Makro cash-and-carry store chain, Ek-chai Distribution System, the operator of Tesco Lotus hypermarkets, Big C Supercenter, Central Department Store, Robinson Department Store, Central Food Retail, the Mall Group, Tang Hua Seng, CP All, Foodland supermarket, Aeon (Thailand), Saha Lawson, Central FamilyMart, CPF Trading and TCC Logistics & Warehouse.

    In a separate development, the savings and credit cooperatives of employees of Thai Airways International Plc (THAI) will support direct sales of rice from farmers, said Mrs Apiradi.

    Flt Lt Kanok Thongpurk, vice-president of THAI, said farmers will be allowed to sell their products through all channels of THAI employees’ savings and credit cooperatives as well as THAI offices both in the provinces and Bangkok, including Don Mueang and Suvarnabhumi airports.

    Meanwhile, the Public Warehouse Organization and agricultural cooperatives have been instructed to open their spaces for farmers to sell their grain.

  • Jewel Changi Airport wins prestigious Retail Real Estate Award at MAPIC Awards 2016

    Jewel Changi Airport wins prestigious Retail Real Estate Award at MAPIC Awards 2016

    Jewel Changi Airport (Jewel), a lifestyle destination being developed in the heart of Singapore Changi Airport, has been named Best Futura Shopping Centre at MAPIC Awards 2016 in Cannes, France – a prestigious retail real estate industry event which honours the world’s most exciting and innovative retail property projects.

    Developed by Jewel Changi Airport Trustee – a joint venture between Changi Airport Group and CapitaLand Mall Asia – Jewel is a mixed-use complex featuring a wide range of lifestyle offerings including a five-storey indoor garden, unique play attractions, comprehensive shopping and dining options, a hotel, and facilities for airport operations.

    Celebrating excellence, innovation and creativity in the global retail real estate industry, the MAPIC Awards, into its 21st run, saw a total of 180 entries from 40 countries. A newly-introduced category, the Best Futura Shopping Centre award recognises upcoming retail developments with outstanding architectural qualities and strong, original concepts. Other considerations include the innovative use of materials, integration with the environment and impact on the local community. Based on these evaluation criteria, Jewel emerged winner of the inaugural accolade.

    Designed by a consortium of consultants comprising Safdie Architects led by world renowned architect Moshe Safdie, as well as Benoy and local architects RSP, Jewel features a distinctive steel and glass facade, that will house a refreshing environment of lush greenery that are integrated with facilities and attractions.

    There are two main centrepiece attractions in Jewel – the Forest Valley, a huge five-storey garden filled with thousands of trees, plants, ferns and shrubs, and the 40-metre high Rain Vortex, currently the world’s tallest indoor waterfall. The complex spans five storeys above ground and five basement storeys.

    Following the commencement of Jewel’s construction in end-2014, works on the five basement levels of the complex have been completed, and the focus going forward will be on the works above ground. Jewel is on track to open in early 2019.

    “The MAPIC Awards are one of the most prestigious accolades in the retail real estate industry and we are honoured to be a recipient this year. In developing Jewel, it is our vision to create a world-class destination that will enhance Singapore’s tourism appeal and augment Changi Airport’s position as a leading air hub in the world. With its unique features that will engage and entertain visitors, we aspire for Jewel to be a place of discovery and experiences for both local residents and international travellers. This award is a tremendous encouragement to the team and an affirmation of Jewel’s innovative design and concept,” said Ms Hung Jean, Chief Executive Officer, Jewel Changi Airport Devt.

  • DFS Group, Make-a-Wish and Louis Koo Help Make Superhero Wish Come True

    DFS Group, Make-a-Wish and Louis Koo Help Make Superhero Wish Come True

    DFS Group (DFS), the world’s leading luxury travel retailer, alongside Make-A-Wish (worldwish.org), the world’s largest wish-granting organization, and actor Louis Koo, came together at T Galleria by DFS, Canton Road today to help Yuet-Lun, a 4-year-old boy from Hong Kong with congenital nephrotic syndrome, fulfill his wish of being a superhero. The event, which kicked off DFS’ #GiveJoy campaign in Hong Kong, saw Yuet-Lun transformed into his favorite superhero, fighting crime in T Galleria by DFS with the help of his father and Louis Koo dressed as superheros.

    “DFS is committed to supporting the communities where we live and work, and the holiday season is a particularly important time to give back to those in need,” said Jay Frame, DFS Group’s Vice President Corporate Communications and CSR. “We are thrilled to partner with Make-A-Wish to make Yuet-Lun’s wish come true in Hong Kong and to help grant the wishes of nine other children around the world.”

    Yuet-Lun, dressed as a superhero, arrived with his father at T Galleria by DFS, Canton Road and was greeted by Louis Koo and given a special mission and map to find treasure inside the store to save Hong Kong. As he began his mission, actors posing as thieves jumped out and stole his mission map, requiring Yuet-Lun to fight off the thieves throughout the store in order to complete his mission. After defeating the thieves, Yuet-Lun found the treasure on the third floor of T Galleria by DFS and successfully saved Hong Kong.

    The mission of Make-A-Wish is to grant the wishes of children with life-threatening medical conditions to enrich the human experience with hope, strength and joy. Since its inception in 1980, Make-A-Wish has collectively granted the wishes of more than 380,000 children in nearly 50 countries. Each wish that comes true inspires these seriously ill children to persevere against their illnesses.

    “We are proud to renew our partnership with DFS and its ambassadors this holiday season to help grant even more wishes to deserving children facing critical illnesses,” said Make-A-Wish International President and CEO, Jon Stettner. “We are particularly grateful to DFS and Louis Koo for helping to make Yuet-Lun’s wish come true in Hong Kong. It’s through the support of partners like DFS and its customers around the globe that make these life-changing wishes possible.”

    This is the third year DFS has partnered with Make-A-Wish International and in 2016, DFS will help grant 10 wishes to children like Yuet-Lun in the communities where DFS operates. Donation boxes will also be placed in T Galleria by DFS stores in Hong Kong and Macau for shoppers to make a contribution to Make-A-Wish:

    • T Galleria Beauty by DFS, Hong Kong, Causeway Bay
    • T Galleria by DFS, Hong Kong, Canton Road
    • T Galleria by DFS, Hong Kong, Tsim Sha Tsui East
    • T Galleria by DFS, Macau, City of Dreams
    • T Galleria by DFS, Macau, Shoppes at Four Seasons
    • T Galleria by DFS, Macau, Macau Studio City
    • T Galleria Beauty by DFS, Macau, Galaxy Macau Store

    DFS customers can help grant wishes by following @DFSOfficial and liking posts about Make-A-Wish from @DFSOfficial and other influencers throughout December. For every post that receives 1,000 “likes,” DFS will donate to Make-A-Wish International to help grant up to ten wishes to children around the globe.

  • iQor Expands in the Philippines with Two New Contact Centers

    iQor Expands in the Philippines with Two New Contact Centers

    iQor, a global provider of business process outsourcing and product support services, today announced that it has expanded its service operations in the Philippines with the opening of contact centers in Iloilo, in Western Visayas, and in Bacolod, in the Negros Island Region.

    The additional 150,000 sq.ft. and more than 2,500 workstations will expand iQor’s service capacity for leading technology, telecommunications, retail, and financial services brands.

    The new centers provide further geographic diversity to iQor’s existing presence in Clark, Davao and Dasmarinas, bringing the total number of iQor employees in the Philippines to more than 16,000.

    “The Philippines remains a terrific place to conduct business,” said Hartmut Liebel, Chief Executive Officer of iQor. “Government officials at all levels remain engaged and helpful as we grow due to client demand and the service-oriented, tech-savvy talent we continue to find in labor markets across the Philippines.”

    “We’re excited to expand our operations in some of the fastest growing regions of the Philippines,” said Gary Praznik, iQor’s Chief Operations Officer, Retail & Consumer Services. “The labor force, infrastructure, and economic development support in Iloilo and Bacolod are fantastic and we are excited to create local jobs for local talent.”

    The company is actively seeking to hire more than 2,000 qualified individuals to help support client growth in customer care, technical support, sales and collections.

    Interested candidates may apply online using iQor’s mobile-friendly application at https://eapt.iqor.com or contact us at our new locations:

    iQor Iloilo
    One Techno Place
    Office 1 & 2
    Iloilo Business Park, Iloilo City
    ±63 918 803 8304

    iQor Bacolod
    Northpoint Technohub, The District North Point
    National Highway, Brgy 15
    Talisay City, Bacolod, Negros Occidental
    ±63 918 807 3398

  • All PageOne bookstores close in Hong Kong as liquidators take over

    All PageOne bookstores close in Hong Kong as liquidators take over

    The chain’s remaining outlets at Festival Walk in Kowloon Tong and Harbour City in Tsim Sha Tsui were closed for business with notices on the doors stating that stocktaking was under way.

    Another notice read that KPMG’s top restructuring officials Edward Middleton and Patrick Cowley have been appointed as receivers of the “Page One The Designer’s Bookshop (H.K.) Limited.”

    page one harbour city

    Page One have had special sales running since November. In October, an interior design company submitted a bid at the District Court to ask the company to pay back HK$910,000 of construction fees. Last week, Thermos, a kitchen utility company, also went to court to request sums totalling HK$480,000 for products sold at the bookstores.

    In August, it emerged that multiple publishers were also seeking overdue payments from the company. The beleaguered book chain reportedly owed over HK$700,000 to its publishers.“Page One is in the process of adapting to meet current consumer’s demand… however retail business have a high fixed cost,” it said in a public statement on August 12.

    The book chain added at the time that it required funding to strengthen its capital structure and said it has started discussions with a potential investor.

    page one close

    Since opening its first Hong Kong outlet in 1997, Page One had up to 10 stores in the city at the peak of its business. However, the chain closed its store in Times Square, Causeway Bay in 2015 and shut six more stores at the Hong Kong International Airport this year. The remaining two Hong Kong branches are located at Harbour City and Festival Walk.

    page one

    Foreign Press stopped supplying books to Page One in June. This summer, the company said it would not rule out the option of legal action if the troubled book chain continues to delay its payment.

  • Sue Lewis named as Asia Pacific Travel Retail Director for Sisley

    Sue Lewis named as Asia Pacific Travel Retail Director for Sisley

    Independent French beauty house Sisley has appointed Sue Lewis as Asia Pacific Travel Retail Director, based in Hong Kong. The highly experienced and much-respected Lewis succeeds Benoit Wagner.

    Sisley Regional Managing Director, Asia Pacific Nicolas Chesnier commented: “I would like to thank Benoit personally and on behalf of Sisley, for his more than ten years of contribution to the development of the brand in different roles.

    “Sue comes with a large experience of travel retail in cosmetics worldwide. After a start in travel retail with successive positions in Europe and the USA, Sue has since worked in Asia Pacific for more than ten years with management of both travel retail and local markets.”

    Ms Lewis spent many years with The Estée Lauder Companies (including travel retail), most recently as Regional Brand Director – Asia Pacific for La Mer & Jo Malone until June 2010. She also worked as CEO Hong Kong & Asia Export Markets for Crabtree & Evelyn until March 2015 and subsequently for Kate Somerville Skincare.

    Sisley has been one of Asia Pacific travel retail’s best-performing international skincare brands in recent years

  • Two Thai clans stay on Forbes rich list

    Two Thai clans stay on Forbes rich list

    The Chearavanont and Chirathivat families are among the 50 richest Asia families in 2016 as ranked by Forbes Asia magazine. Families in the top five of this year’s list are in businesses that span technology, livestock, real estate and oil and gas, the magazine reported in its latest issue published yesterday. Leading the list for the second year in a row is South Korea’s Lee family, the founder of Samsung Group, with a combined wealth of US$29.6 billion, up from $26.6 billion last year.

    Thailand’s Chearavanont family, which controls the Charoen Pokphand Group (CP Group), rose to second place with US$27.7 billion in wealth, moving up from fourth place and $19.9 billion last year.

    CP Group led by billionaire Dhanin Chearavanont operates various businesses ranging from poultry, telecom and retail under the 7-Eleven convenience chain in Thailand.

    Third-richest are the Ambanis of India’s Reliance Group with a combined net worth of $25.8 billion, followed by the Kwok family of Hong Kong with $25.2 billion, Asia’s richest real estate family. The Lee family from Hong Kong ranks fifth with $24.7 billion.

    The Chirathivat family, which owns giant retail businesses in Thailand under the Central Group, retains the 14th spot with $13.8 billion. Its combined wealth grew from $11.7 billion last year.

    Headed by chief executive Tos Chirathivat, Central Group just restructured its organisation by recruiting professionals to run the group’s operations, including property, trading, food and online, which have combined sales revenue of about 320 billion baht this year.

    Slipping from this year’s list is the Ratanarak family, a Thai clan that controls Bangkok Broadcasting’s Channel 7 and ranked 45th with $3.5 billion in net worth last year.

    The reports notes that Indian families stood out on the 2016 Forbes list of Asia’s richest families, with 17 of the top 50 families hailing from India.

    Many of these Asian families’ conglomerates have worldwide footprints. Collectively, the top 50 families are worth US$519 billion.

    “Sources of Asian wealth are broadening. You can see that among the rich families here, and even within many of the families — no particular sectors of the economy dominate,” said Tim Ferguson, editor of Forbes Asia.

    The minimum net wealth to qualify for the list was $3.4 billion, up from $2.9 billion a year ago.

  • ‘Design Korea 2016’ presents latest industrial design trends

    ‘Design Korea 2016’ presents latest industrial design trends

    More than 2,000 products ranging from kitchen hardware to stationary with innovative designs from across the globe were showcased at South Korea’s major trade show on Thursday, presenting the latest design trend.

    Design Korea 2016, under the theme of “Beyond Asia,” kicked off on Wednesday for a five-day run at KINTEX in Goyang, north of Seoul. The annual event is hosted by the Ministry of Trade, Industry and Energy and organized by the Korea Institute of Design Promotion.

    At an exhibition hall, more than 300 design companies from both at home and abroad set up booths to promote their latest design products, hoping to grab the attention of more than 200 international buyers.

    The South Korean government mapped out a plan earlier this year to foster the design industry, designating creative design as the centerpiece of the country’s soft power.

    “The event is the international design business festival that offers everything related to design and its business, from exhibiting world design trends to serving as a venue for participants to capture business opportunities,” the institute said in a press release.

    Various products such as furniture, kitchen hardware, stationary and clocks were showcased at an exhibition hall under five themes — convenience, dignity, beauty, healthy and happiness.

    Visitors look at innovative design products at the Design Korea 2016 at KINTEX in Goyang, north of Seoul, on Nov. 10, 2016. (Photo courtesy of the Korea Institute of Design Promotion)

    South Korea’ design house Nep Plus presented their latest electric gadgets with creative industrial design.

    Israel-based OTOTO presented innovative kitchen hardware products which are developed and manufactured in small scale each one by hand

    At a business lounge located at the corner of the hall, buyers from both home and abroad met with innovative desingers.

    Indonesia’s TV retail company Jabalu Media International, Britain’s retail shop Do Shop, and Japan’s AEON were at the lounge to close deals with local designers.

    More than 40 overseas and 200 local firms participated in last year’s exhibition to close deals worth 58.9 billion won (US$51 million), ministry officials said, adding than deals worth 80 billion won are expected to be signed this year.

    “The event will serve as an opportunity to promote the country’s excellent design industry and to expand design hallyu (the Korean pop culture craze worldwide,” said a ministry official.

    Alberto Alessi, CEO of Italian houseware giant Alessi, held a public lecture at a forum held on the sidelines of the exhibition on Wednesday.

  • Hong Kong’s Q3 economic momentum cools on China slowdown

    Hong Kong’s Q3 economic momentum cools on China slowdown

    Though the government kept its full-year estimate for 2016 in the middle of its previous forecast range of between 1 and 2 percent, underlying momentum slowed from the June quarter.

    Looking ahead, the government expects growth to remain on a modest track in the near term due to a number of concerns, including the likely trend of rising interest rates in the United States and elevated geopolitical risks elsewhere.

    “There is a need to stay alert to these risks for their possible repercussions on the global financial and economic situation,” it said in a statement.

    The economy grew a seasonally-adjusted 0.6 percent in the third quarter, compared with a downwardly revised 1.5 percent in the June quarter. Economists surveyed by Reuters had predicted growth of 0.3 percent.

    From a year earlier, the economy expanded 1.9 percent in the third quarter compared with 1.7 percent in the previous quarter and economists’ expectations of 1.6 percent.

    A marked slowdown in exports and weaker growth in private consumption and government spending combined to push down GDP in the third quarter.

    Hong Kong’s services sector has also been in a prolonged slump with retail sales falling for the 19th straight month in September as a strong local currency crimped business activity and tourism.

    Slower economic growth could pile further pressure on Hong Kong leader Leung Chun-ying ahead of an election next year and amid rising tensions with the central government in China over concerns of increased meddling by Beijing in the city’s affairs.

    Hong Kong’s benchmark index closed down 1.4 percent before the data on Friday, capping a turbulent week in financial markets in the wake of Donald Trump’s surprise presidential win at the U.S. elections.

    The former British colony’s economy is now more vulnerable as it struggles with weaker retail sales and a slump in cash-rich mainland Chinese streaming across the border on shopping sprees.

    Prospects for Hong Kong could be further compounded by new U.S. trade policies and China’s economic performance at a time when exports are weak and economists are waiting to see the impact of property cooling measures imposed this month.

    The government said it would raise stamp duties on home purchases to 15 percent, across the board, effective Nov. 5.

    Some economists said the once vibrant city would continue to face pressure from global economic uncertainty as well as increasing tensions with Beijing that could threaten stability and impede policymaking.

  • China approves 16 duty free arrivals shops

    China approves 16 duty free arrivals shops

    China’s Ministry of Finance has approved applications to open 16 duty free arrival shops in 10 international airports and at six land border crossing points, introducing limited competition to the nation’s growing duty free market for the first time.

    Four state-backed enterprises with existing duty free retail operations have qualified to bid for the 16 arrival shop licenses that are due to be awarded during the next six months.

    The four companies are: China Duty Free Group (CDFG), China National Service Corporation For Chinese Personnel Working Abroad (CNSC), Shenzhen Duty Free and Zhuhai Duty Free.

    “There is departure, arrival and downtown duty free shopping in China, now arrival shopping will be open to limited competition,” commented a source at one of the operating companies selected to bid for the licenses.

    CDFG AND CNSC HEAD TO HEAD…

    “The four companies are qualified to bid for all the duty free arrival shops. Probably Shenzhen Duty Free and Zhuhai Duty Free are not interested in operating nationally, but will bid for local arrival border shops, so the airport competition will be between CDFG and CNSC as they are the only two national operating companies.”

    The 10 airports approved to open duty free arrival shops include some of China’s top ten airports. The list does not include Beijing Capital International Airport, Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, however, as these already offer duty free arrival shopping services under a special government dispensation issued in 2008 to assist in the preparation of tourist facilities for the Beijing 2012 Olympic Games.

    New airports selected to open duty free arrival shops are believed to include: Chengdu Shuangliu International Airport, Chongqing Jiangbei International Airport, Dalian Zhoushiuzi International Airport, Guangzhou Baiyun International Airport and Tianjin Binhai International Airport.

    Ministry of Finance regulations permit the arrival shops to sell perfume and cosmetics, liquor and tobacco, confectionery, fashion items, accessories and watches.

    MOSTLY L&T AND P&C

    “Airport authorities rely on duty free operators to arrange the merchandise categories,” the source remarked. “The airports will want to sell mostly liquor and tobacco, and perfume and cosmetics. Airports care more about the sales volumes as that’s where their revenue comes from.”

    The largest arrival shop application approved is understood to be Chongqing Airport’s plan to open a 500sq m arrival store while the smallest arrival outlet approved is Tianjin Airport’s 50sq m arrival shop.

    Most airports have applied to open one arrival shop, though several with sufficient arrival halls have received permission to open two arrival stores.

    Under Ministry of Finance regulations each of the 16 duty free arrival shop operator licenses awarded will be for 10 years. All the licenses are required to be tendered and awarded within six months of the date of the arrival shop application being approved.

    TENDERS UNDER PREPARATION

    While results of all the tenders will be registered with the Finance Ministry, China’s General Administration of Customs will be the controlling authority regarding arrival shop retail operations. Selected airport owners and land border crossing authorities are just starting to prepare their arrival shop tender specifications.

    The various licenses are expected to be awarded in March and April 2017 as all 16 applications were approved at the beginning of November.

    Constructing the arrival shops is expected to take about six months after each license is awarded. Consequently most of the new arrival shops are likely to begin trading around September and October 2017.

    SHENZHEN AND ZHUHAI FOR LAND BORDER SHOPS?

    Meanwhile, competition is likely to be fierce between CDFG and local operators Shenzhen Duty Free and Zhuhai Duty Free to win the land border arrival shop licenses as all the locations are busy crossing points.

    Five of the six land border arrival shop licenses are for crossings on Guangdong Province’s southern border – four of these are for crossing points on the Shenzhen-Hong Kong border and one on the Zhuhai-Macau border where Shenzhen Duty Free and Zhuhai Duty Free operate departure duty free shops.

    The other land border arrival shop license is for Heihe in northern China on the border with Russia where CDFG operates a large departure duty free shop.

    The opening of border arrival shops in southern Guangdong also could have important implications for retailers in Hong Kong and Macau who will soon be competing with China’s new arrival border shops for mainland tourists’ custom.

  • Central Group Vietnam plans $30m investment

    Central Group Vietnam plans $30m investment

    Thailand’s Central Group plans a $30 million investment for its Vietnam expansion in the next five years.

    Central Group Vietnam will double the number of supermarkets as well as develop 13 commercial complexes by 2021.

    The Thai-based retailer has been expanding rapidly in Vietnam since 2013 targeting middle class customers.

    Since then, the group has acquired several operations to gain a strong foothold there.

    Last year, it acquired 49 per cent of electronics retail chain Nguyen Kim, followed by fashion eCommerce marketplace Zalora Vietnam.

    This April, Central bought out Big C Vietnam from the French group Casino in a deal worth $1.14 billion. The retail chain has 33 supermarkets nationwide which serves more than 50 million customers annually.

    With the population of more than 90 million, Vietnam has the world’s second-fastest growth per person since 1990, behind only China. In terms of retail growth, the country ranks in the top five in Asia and 11th globally.

  • President Trump ‘good for Asia’

    President Trump ‘good for Asia’

    Global Brands CEO Bruce Rockowitz is confident President Trump will be good for Asia’s apparel industry.

    Speaking at the release of the company’s half yearly results in Hong Kong Thursday afternoon, Rockowitz, who knows Trump personally, does not believe tariffs will be imposed on goods imported from China because it will hurt too many American businesses.

    A growing US economy would benefit Global Brands Group because it was already performing well in a weak market. “We’re not banking on it, we’re not budgeting for it.” But if the US economy improves, the company is ready to reap the rewards, he said.

    “He [Trump] is a businessman. A very smart businessman. He is pragmatic. He is a person who will put the right people around him and he will listen to them

    One thing we believe is that there is going to be an economic boom in the US because of his policies and the fact he controls both houses. Lowering the corporate tax to 15 or 16 per cent will result in a lot of new jobs in the economy.”

    With lower company taxes and more jobs, more money will be circulating in the economy. ON top of that Trump plans infrastructure planning – meaning more spending.

    “The one thing he will want to be remembered for is for a great economy.”

    If he imposed taxes on imports, giant American companies like Apple, Walmart and car makers who rely on imported components (and in Apple’s case complete products) would be adversely impacted and Trump would not want that, Rockowitz said.

    “Forty-five per cent import duties would be catastrophic, so I don’t think he will do that.

    “The election is over and we are seeing now he is being more conciliatory.”

  • Korean duty-free stores suffer losses

    Korean duty-free stores suffer losses

    Korean duty-free stores newly opened in Seoul are losing money as heavy marketing costs erode profits.

    A review of financial documents from the major players show heavy competition is taking its toll on all players.

    Five duty-frees stores opened new shops in the capital city after winning licenses in two bids — one in July and the other in November 2015 — in hopes of courting deep-pocketed Chinese customers, but none of them has reached the break-even point since opening.

    Shinsegae Duty Free, which opened in mid-May, posted 121.2 billion won (US$103.8 million) in sales over the past four months, but it accumulated 37.2 billion won of operating losses, its regulatory briefing showed.

    Galleria Duty Free 63, a duty-free store run by Hanwha Galleria, said it booked 193.4 billion won of sales between December 28 and September 30, but the operating deficit reached 30.5 billion won over the period.

    HDC Shilla Duty Free, a joint venture between Shilla Hotel and Hyundai Development, said it posted 228.7 billion won and 16.7 billion won in sales and operating deficit, respectively, in the January-September period.

    SM Duty Free, a unit by leading tour agency Hana Tour, said it logged 71.1 billion won in sales and 20.8 billion in operating losses from its opening on February 15 to September 30.

    Doota Duty Free, a unit by power equipment and construction conglomerate Doosan Group, logged 10.4 billion won in sales and 16 billion won in operating losses in the first half of this year. It has not yet disclosed the third quarterly report.

    Business prospects remain grim for the fledgling operators as the government is set to give out four new operating licenses in Seoul as a way to promote tourism.

    The Korea Customs Service earlier said it will pick the winners next month, but it remains unclear as a snowballing influence-peddling scandal involving the business community has prompted investigation into the companies that donated funds to two sports foundations, involving those vying for duty-free shop licenses.

  • Jet Airways to fly to Singapore from Bengaluru daily

    Jet Airways to fly to Singapore from Bengaluru daily

    Leading private carrier Jet Airways will operate a daily service to Singapore from here from December 14 to expand its connectivity in the Asean region, the airline said on Monday.

    “The new flight is introduced to meet the demand for a direct flight to Singapore from business travellers across southern cities — Hyderabad, Mangaluru, Coimbatore and Thiruvananthapuram,” it said.

    Jet will operate Boeing 737-800, departing at 11.10 a.m. and landing in Singapore at 6.10 p.m. The return flight will depart at 7.15 p.m. and arrive in Bengaluru at 9.15 p.m.

    Jet Airways currently operates daily flights from Mumbai, Delhi and Chennai to Singapore.

  • John Little to close final outlet at Plaza Singapura – 174 years of history at a glance

    John Little to close final outlet at Plaza Singapura – 174 years of history at a glance

    John Little, the oldest department store in Singapore, will close its last outlet by the year end. The store has operated since 1842, and the Plaza Singapura branch since 1979. Robinsons Group, which manages John Little, said that the brand may live on as a pop-up store.

    Here is a rundown of the store’s 174-year history:

    1842: John Martin Little, a Scotsman just 18 years of age, joins forces with his relative Francis S. Martin to go into the retail business together at Commercial Square (now Raffles Place).

    1845: Francis S. Martin sells all his stock in trade to the new firm Little, Cursetjee & Co, run by John Martin Little and Parsi businessman Cursetjee Frommurze.


    John Little & Co in Raffles Place in the early 1890s.1853: Cursetjee Frommurze leaves the partnership and sets up shop on his own as Cursetjee & Co.

    Cursetjee’s new business hires an ambitious English businessman from Australia, by the name of Philip Robinson – who will strike out on his own to form Robinsons predecessor Spicer & Robinson in 1858.

    John Martin Little’s brother Matthew comes on board the Little enterprise and the business becomes John Little & Co.

    1894: In January, John Little & Co, Limited is registered in London with a capital of £75,000 (S$3 million in today’s dollars), to acquire the Singapore business as a going concern “and to carry on business as exporters, importers, and general storekeepers”.

    John Martin Little dies in April, at the age of 70, in London.


    A sign outside the John Little building showing the emporium’s name.
    1897: The Mid-day Herald’s “Impressions of a New-comer” column lauded the millinery department at John Little for being “under the supervision of thoroughly experienced modiales (fashionistas)”, adding that “they are quite competent to satisfy even the most fastidious of their sex as regards fashion, the material to be used, and all the rest of it”.

    The author of the column was impressed, writing: “Emporiums they are, verily and indeed… and, though they are few in numbers, they entirely suffice to meet the demands here, by reason of the vast and varied stocks they keep.”

    A model displaying a half-slip during a fashion show at John Little in 1955. PHOTO: ST FILE

    1900: John Little is converted into a limited company.

    1909: The April opening of the annual sale at John Little makes the news for causing a “tremendous” traffic jam. The Straits Times reported that every spot of space outside the store was “taken up by carriages and rickshas (sic) awaiting their fares, who were making purchases inside”.

    1914: John Little opens a branch in Kuala Lumpur in April, after having had an office in the city for eight years.

    The Straits Times reported then, that the new store was “three storeys high and boasts an electric lift in addition to a beautifully modelled staircase, of easy gradient”.

    It featured menswear and womenswear sections, a grocery and wine department, and a furniture department. There was also a “luxurious refreshment room” for customers.

    1926: John Little opens a branch in Penang.

    1929: John Little opens a branch in Ipoh.

    1939: John Little becomes the first European store to feature Chinese as models alongside Europeans. It was common practice at that time for retailers to show off the latest fashions by having live models in “mannequin parades”.

    1942: The Japanese Occupation of Singapore begins. John Little’s Singapore premises are converted into a Japanese-only department store, Daimaru.

    Its Malaysian operations do not survive the war.

    Model Mercy Undersan wearing a swimsuit during a fashion show for John Litte, in 1953. PHOTO: ST FILE1946: John Little’s Singapore premises are among the commercial buildings commandeered by the British military authorities after the ouster of the occupying Japanese forces at the end of World War II.

    The Straits Times urges the normalisation of civilian retail operations in post-war Singapore, so as to quell the growth of the black market.

    The newspaper wrote in March then: “It is of the utmost importance that the premises of large European retail stores should be made available to their owners the moment those owners are in a position to resume business.”

    The authorities seem to agree. By August, John Little is back in business.

    1955: John Little is acquired in February by Jardine Matheson, the Hong Kong firm founded by two Scotsmen in 1832 to trade in smuggled opium.

    John Little is bought over by home-grown Robinsons in July.

    1959: Workers are unionised under the Singapore Textiles and General Merchants’ Employees’ Union.

    1960: John Little moves its retail operations out of its building in Raffles Place, which had expanded to four storeys since the day of John Martin Little.

    The John Little building is leased out as office space to other companies.

    The department store goes on to set up shop across the island.

    The John Little building is seen in Raffles Place in 1960. PHOTO: ST FILE1972: Specialists’ Shopping Centre opens in Orchard Road. Robinsons opens an outlet by December.

    John Little will go on to be the anchor tenant in four of the building’s seven storeys.

    1973: The Raffles Place premises are sold to the Singapore Land and Investment Company for S$27,965,000 (S$130.5 million today).

    1977: John Little closes shop in Liat Towers.

    1979: John Little opens shop in Plaza Singapura in August, its fourth and biggest outlet at the time.

    In December, it closes down its Straits Trading Building branch “as the space requirements are too limited”.

    1985: The Plaza Singapura outlet is closed, as are John Little stores in Robina House and Clifford Centre.

    1987: John Little is rebranded “JL” in an attempt to win over younger customers.

    2003: John Little returns to Plaza Singapura. It has seven other branches across the island – in Specialists’ Shopping Centre, Northpoint, White Sands, Causeway Point, Jurong Point, Compass Point and Parkway Parade.

    2005: John Little closes shop in Parkway Parade.

    2006: John Little closes shop in Compass Point and White Sands Shopping Centre.


    2007: John Little shutters its flagship Specialists’ Shopping Centre premises.

    It relocates to the seven-storey Orchard OG Building, where it is the sole tenant, and opens a new flagship outlet in Marina Square.

    2008: Dubai’s Al-Futtaim Group takes over Robinsons.

    John Little closes shop in Northpoint.

    2010: John Little leaves the Orchard OG Building and also closes its Causeway Point outlet.

    2015: John Little closes shop in Marina Square and Tiong Bahru Plaza.

    2016: John Little closes shop in Jurong Point and prepares to wind down at Plaza Singapura.