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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.

  • Davao could be next retail hotspot

    Davao could be next retail hotspot

    With strong macroeconomic fundamentals driven by a burgeoning consumer market and supporting social infrastructure, Davao City is expected to be the Philippines’ next retail hotspot outside Metro Manila. A recent report by global real estate services group Cushman and Wakefield said such progressive environment has supported the recent expansion of retail space in the city and the influx of international brands.

    Cushman and Wakefield said Davao City exhibits the trends and qualities that make for a robust retail market.

    Some of these qualities are Davao’s increasing population, the city’s high income, massive regional consumer market, and strong tourism market.

    Cushman and Wakefield noted that the rapid influx of people into the city has turned it into the largest urbanized area in terms of population and land area outside Metro Manila. The city is estimated to have a population to date of about 1.63 million.

    It also said the uptrend in the city’s population is driven by the migration of people from other regions, mainly because of the incentives that Davao has to offer, such as good social
    infrastructure like easy access to quality schools, hospitals, and an international airport.

    The advent of the Information Technology-Business Process Outsourcing (IT-BPO) sector in the city has also served as a magnet for people to settle in Davao.

    “The outlook now is that we will be seeing retail integrated into workplaces and mixed-use township communities,” the report said.

    Citing the implementation of a stringent traffic management system, Cushman and Wakefield observed in Davao the absence of traffic and infrastructure woes that bug people in Metro Manila.

    “Further, complementing the population trend, we have seen housing subdivisions and residential options increase in urban Davao, encouraging people to choose to conveniently live in the city,” it added.

    Davao is also recognized as one of the top-five high-income cities in the country, according to data from the Bureau of Local Government Finance.

    The report said the economic gains of Davao City could also be gauged from the city’s transforming economic landscape, with buildings rising in every corner.

    “We see the emergence of infrastructure like high-rise residential buildings and mixed-use developments,” the report noted.

    Among the significant upcoming developments, it cited, are the mixed-township Davao Park District, Dusit’s luxury accommodations Dusit Thani Residences and DusitD2 Hotel, and the Lubi Plantation Resort.

    “Clearly, Davao City has proven and continues to prove to be an economically healthy emerging high-income city that offers the right incentives for business and investment,” Cushman and Wakefield said.

    The report cited that the city experienced a 16-percent increase in total capital from 2011 to 2014 alone.

    The report also said Davao City serves as the regional center of the entire Davao Region, which is known to be the fastest growing region in the country, exhibiting exceptional gross regional domestic product (GDRP) growth rate in 2014 at 9.4 percent from the 6.7 percent in 2013.

    The report said one of the main drivers of this growth is the region’s locational advantage as a financial and business hub in Southern Philippines, and with the emergence of IT-BPO parks in the region.

    “This motivated business expansion into the region, resulting in the increased demand for property in the form of offices and residential and retail spaces,” the report said.

    The report also pointed out Davao Region’s emerging signs of a maturing consumer market, even surpassing Metro Manila’s and the whole Philippines’ growth in terms of per capita spending.

    “Indicators show that purchasing power is increasing in the region and this presents ample opportunity for growth in retail,” the report said.

    It said the optimism toward Davao retail and developers’ consequent response of adding more retail spaces had ushered in an influx of retailers, including foreign brands.

    “We can now observe a very international mix of tenants, especially in the newer malls of Ayala and SM,” Cushman and Wakefield said. “This is a drastic departure from six years ago, when tenants were predominantly local brands.”

    The group noted that Davao’s biggest malls now have more international tenants, especially the established brands for general retail, 90 percent of which are fast fashion.

    Cushman and Wakefield said this is especially true for Ayala Abreeza and SM Lanang Premier, which post international tenant shares of 72 percent and 63 percent, respectively.

    Cushman and Wakefield said this is anticipated, as both Ayala Abreeza and SM Lanang Premier have always marketed themselves as the premier and upscale malls in Davao.

    The group said while there is no visible major shopping mall project in the city’s pipeline yet, future retail development is looking to take place in many of Davao’s mixed-use developments.

    “Major malls tend to evolve over time, more often not expanding retail space in the process,” Cushman and Wakefield stressed. “Many of the major mall developers in Davao, like SM and Ayala, have sizable land banks that allow for any form of expansion.”

    The group further noted that the rapid take-up of retail space in major malls is sure to keep occupancy rates at a high, with optimistic projections looking at close to 100-percent occupancy by 2016.

    A popular Philippine tourist spot, Davao breached the one-million tourist arrival benchmark in 2012, and has since been growing, even if 90 percent of the tourists were locals.

    “Domestic travelers have proven to be a strong market for retail tourism, as Filipino travelers tend to include shopping in malls in travel plans,” Cushman and Wakefield said.
    The firm said the past five years has been the most vibrant for Davao City in terms of retail, as retail developers see the opportunities for retail growth in the area.

    Some of the biggest shopping malls in Davao so far are: the Ayala Abreeza Mall by Ayala Land Inc.; Gaisano Mall of Davao by DSG Sons Group Inc; and SM City Davao and SM Premier Lanang both by SM Prime Holdings.

    “While Davao retail is already more dynamic, it will become even more vibrant, as new developers and retailers enter the market,” Cushman and Wakefield concluded. “With the right demographic fundamentals, the social infrastructure to support the demographic, and an energetic and fresh retail sector, Davao City is poised for further retail development and is surely a retail destination to look out for outside the capital.”

  • Scandal-hit Toshiba cuts 6800 jobs, sells Indonesia plant, sees annual loss of $4.5 billion

    Scandal-hit Toshiba cuts 6800 jobs, sells Indonesia plant, sees annual loss of $4.5 billion

    Scandal-plagued Japanese manufacturer Toshiba Corp. is cutting 6,800 jobs after projecting a net loss of 550 billion yen ($4.5 billion) for the fiscal year through March 2016.Toshiba said Monday it will slash the jobs in its personal computer, video product and consumer electronic businesses.

    The job cuts equal about 3 per cent of Toshiba’s overall employees. It is also selling its TV plant in Indonesia.Toshiba, which also makes nuclear power plants, has repeatedly apologized after acknowledging it had systematically doctored its books over several years to inflate profits by 152 billion yen ($1.3 billion).Officials have said that mangers set unrealistic earnings targets, under the banner of creating a big “challenge,” and subordinates faked results.

    The scandal at one of the nation’s top brands highlights how Japan is still struggling to improve corporate governance, despite efforts to beef up independent oversight of companies.Toshiba said the job cuts in Japan will be by early retirement, but a significant number of overseas jobs will also be involved and steps will vary by each nation. It did not immediately have a detailed regional breakdown.Earlier this year, Toshiba said it is selling facilities for making computer chips related to image sensors to Sony Corp.Toshiba is also in trouble because it operates and is decommissioning, with Hitachi and other companies, the Fukushima Dai-ichi nuclear power plant, which went into meltdowns after the March 2011 tsunami.

    Toshiba said it had not yet fully calculated the impact of the nuclear disaster on its books.The latest earnings projection means Toshiba is sinking into its second straight year of red ink, after racking up a nearly 38 billion yen ($312 million) loss for the fiscal year that ended in March.Japanese media reports said the loss forecast for this fiscal year would be a record for Toshiba, surpassing the massive losses during the Lehman financial crisis.

  • SM Investments Corporation receives Platinum Award

    SM Investments Corporation receives Platinum Award

    SM was also awarded as the Best Investor Relations Team, a new category this year. SM is the sole Philippine company awarded this category among only seven companies in the Asian region. SM’s Investor Relations department is headed by Senior Vice President Corazon P. Guidote. She is supported by a team of IR and communications professionals whose main goal is to address the requirements of both its major and minority shareholders through direct communications, mainstream and social media communications, domestic and international IR roadshows, conferences and forums. They reach out to as many investors as possible both equity and fixed income who have interest in the Philippines given that SM is widely considered by the investment community as an ideal proxy for investing in the country.

    Attesting further to SM’s adherence to global standards across the group, its major listed subsidiaries SM Prime Holdings Inc. and BDO Unibank, Inc. likewise received the Platinum Award. BDO and SM Prime have also been excellence awardees of The Asset for the past six years.

    The Asset’s Corporate Awards, which focuses on Excellence in Governance, CSR and Investor Relations, uses a rigorous research process for benchmarking the region’s listed companies. The criteria used to assess the companies include a range of metrics on financial performance, which are also a proxy for gauging management acumen. The purpose of the awards is to recognize the importance of sustainable growth where companies are also evaluated according to the quality of their corporate governance, social responsibility, environmental responsibility and investor relations. A total of 56 companies were awarded on December 15 at the Four Seasons Hotel in Hong Kong.

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  • Time to swoop on Garuda Indonesia

    Time to swoop on Garuda Indonesia

    For Indonesia’s national carrier, 2015 has been a year to forget. Shares of PT Garuda Indonesia are heading for their biggest-ever annual drop, overseas debt costs are rising and flights have gotten disrupted by forest fires and an erupting volcano.

    Timothy Ross, a top-ranked airline analyst at Credit Suisse Group AG, says this is the perfect time to buy.

    The impact of ash clouds from Mount Rinjani and haze from burning peat forests is temporary, according to Ross, the most accurate analyst for at least four Asian airline stocks tracked by Bloomberg, including Garuda. Bears who dragged down the stock by 45% this year are looking past Garuda’s market-share gains from budget rivals PT Lion Mentari Airlines and AirAsia Bhd, said Ross, who predicts the company will return to a profit this year.

    “There are fundamental changes in the company, and the stock price has dropped by half, so when you take the two together it makes me a little more positive,” said Ross, who projects Garuda will rebound 22% over the next 12 months. The Singapore-based analyst turned bullish on the shares last month for the first time in two years.

    After tumbling three times faster than the benchmark Jakarta Composite Index this year, Garuda is valued at 0.7 times net assets, the cheapest level among the 25 largest Asian airlines tracked by Bloomberg. While the rupiah’s 12% drop in 2015 has made the company’s foreign-currency liabilities more expensive, Garuda’s debt-to-equity ratio is about half that of its regional rivals. Six other analysts have buy recommendations, giving it a perfect 5 rating on a Bloomberg scale, compared with an average of 4 for its Asian peers.

    Garuda rose 1.3% at 1:25pm local time, while the Jakarta Composite slid 1.5%.

    While analysts are bullish, the nation’s top-performing fund manager in the fourth quarter isn’t buying because he sees risks related to the rupiah and oil prices.

    “The airline industry in general is too volatile and highly dependent on the exchange rate as well as oil,” said Indra Mawira, an investment manager at Panin Asset Management, whose Panin Dana Ultima fund returned 13.4% this quarter. “Although Garuda has structured itself as a better company, I still think it’s hard to make money out of it unless you’re trading the shares with a one to three-month horizon.”

    Garuda president director Arif Wibowo, who took over in December 2014, says some of the benefits of falling energy prices have failed to show up in the company’s fuel bill because the airline has been expanding capacity. Garuda will add 23 planes to its fleet in 2016, in addition to the 18 scheduled for this year, he said in an interview on Dec 8, adding that the carrier will also reduce its fuel hedging.

    New York crude has tumbled more than 30% this year, reducing the price of jet fuel and helping spark a 17% gain in the Bloomberg Asia Pacific Airlines Index.

    Garuda is luring customers after Lion Air’s cancellation record deteriorated in 2015 and an AirAsia jet crashed a year ago en route to Singapore from Surabaya, Indonesia, killing 162 people. While Indonesia has more than three times the global average rate of fatal air crashes, Garuda’s safety record is improving. The European Union lifted a flight ban on the airline in 2009 and the carrier’s last fatal accident was in 2007.

    Analysts estimate Garuda’s net income this year will be US$34.8mil, its first annual profit in three years. While 71% of the company’s US$2.2bil total short and long-term liabilities are denominated in currencies other than the rupiah, Garuda’s debt-to-equity ratio of 139% is well below the 236% average of its regional rivals.

    Investor concern about Indonesia’s air safety record is overblown when it comes to Garuda, Credit Suisse’s Ross said.

    “Those things impact share prices and customer behavior only for maybe a couple of months,” he said. “It tends to be put in the rear-view mirror pretty quickly.”

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  • VN Airlines to expand operation in Indonesia, performs well in Australia

    VN Airlines to expand operation in Indonesia, performs well in Australia

    The national flag carrier Vietnam Airlines conducted 365 flights between Vietnam and Indonesia in 2015, carrying more than 100,000 passengers and over 1,000 tonnes of cargos. According to Nghiem Van Khanh, head of the firm’s branch in Indonesia, in 2015 the Vietnamese aviation sector faced a range of difficulties stemming from Indonesia’s low GDP growth rate and rupiah depreciation, which, he said, weakened Indonesia people’s purchasing power and outbound tourism demands.The statistics were released at the firm’s customer conference in Jakarta, Indonesia, on December 16 which saw the participation of Indonesia aviation officials, and distributors, customers and partners of Vietnam Airlines in the host country.

    Against the backdrop, the firm coordinated with its distributors and partners as well as Indonesian authorities to swiftly launch marketing campaigns and build up a suitable ticket distribution system in the market, he said.

    Khanh added that Vietnam Airlines is currently operating one daily flight from Ho Chi Minh City to Jakarta, using Airbus A321.

    Since 2012, the national flag carrier has run more than 1,000 flights from Vietnam’s southern metropolis to the Indonesian capital city, contributing to boosting cooperation in economic, cultural and social fields between the two countries.

    In 2016, the branch in Indonesia plans to improve its service quality and expand its ticket distribution network in the country.

    The corporation will also launch more flights from Indonesia to Vietnam in order to meet the increasing travel demands of the two countries’ people, Khanh said, noting the plan matches the development course of two nations’ strategic partnership, especially in the context of to-be-formed ASEAN Community.

    Indonesia has become one of Vietnam’s 20 largest tourism markets with about 50,000 Vietnamese holiday-makers visiting the country each year.

    Around 80,000 Indonesian tourists also choose Vietnam as their holiday destination each year.

    Vietnam Airlines in Germany performs well

    The national flag carrier Vietnam Airlines’ branch in Germany has seen an impressive business performance with an estimated 58.3 million EUR in revenue this year.

    2015 was a challenging year for the firm and the aviation sector in general with disadvantages on euro-American dollar exchange rate, fierce competitiveness among airlines, unstable politics in the Middle East and the danger of terrorism, head of the Vietnam Airlines branch Ngo Tri Hung said at a recent customer agents’ conference in Berlin.

    Despite such challenges, the firm tried its best to improve its service quality and marketing as well to operate about 400 flights with 86 per cent full occupancy, he added.

    The firm received ideas from its agents attending the conference on improving service quality.

    Also at the conference, the firm auctioned a return ticket worth 3,000 EUR and collected more than 5,000 EUR from individuals and organisations to sponsor soldiers and guards who protect Vietnam’s islands and sea.

    Vietnam Airlines records impressive change in RoK market

    This year marks an impressive performance of the national flag carrier Vietnam Airlines in the Republic of Korea (RoK) market, with improvements in operational scale, sale revenues and service quality.

    The carrier’s branch in the RoK has fulfilled its tasks excellently, surpassing the set business plan by 11 percent, Cao Anh Son, Vietnam Airlines chief representative in Seoul said at a customer conference on December 15.

    Together with rolling out the modern A350-900 aircraft for the Hanoi- Seoul route, Vietnam Airlines launched its new corporate identity as part of the “four-star service upgrade” strategy, smartening up its image and bringing convenience to customers, Son highlighted.

    Over the past two decades, Vietnam Airlines has made travel easier for passengers by opening air routes connecting Hanoi, Da Nang City and Ho Chi Minh City with Seoul, Busan and many other big cities in the RoK with 60 flights a week.

    The airline boasts 600 representative offices in the RoK.

  • Edrington raises over SGP$55000 for local children’s charity

    Edrington raises over SGP$55000 for local children’s charity

    Edrington Travel Retail raised SGP$55,950 at its inaugural charity initiative Ride for the Children at Street 11. The initiative supports local children’s charity Child at Street 11, which supports low income and dysfunctional families in Singapore by providing early years education for their children. Edrington doubled matched public donations of $18,650, bringing the total amount raised to $55,950.

    The fundraiser saw a team of 18 cyclists from Edrington’s Asia Pacific offices pedal over 400km from Kuala Lumpur to Singapore in just three days. The travel retail business was represented by Tellis Baroutsis (managing director, Global Travel Retail), Ryan Hill (managing director, Asia Travel Retail) and Alan Hsu, sales manager (Travel Retail Taiwan).

    Ahead of the cyclist’s arrival, a Welcome Party was held at The Cube at Asia Square, Edrington Asia Travel Retail and Global Travel Retail HQ, where 20 children from the charity enjoyed food and drink and entertainment by a balloon sculptor. A raucous welcome greeted the cyclists, who despite having just completed an exhausting journey, mingled with the children from the charity.

    One of the cyclists, Ryan Hill, managing director of Edrington Travel Retail comments: “This has been a truly rewarding experience and a stellar team effort from everyone in the Edrington Asia-Pacific office. Child at Street 11 does brilliant work with underprivileged children in our new home – Singapore – and it feels great to be giving back to society when we’ve been made so welcome here. Seeing the kids from Child at Street 11 as we crossed the finish line really brought home why we were doing this and the difference our efforts will make.”

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  • Thailand’s Central Group cautious over 2016 expansion

    Thailand’s Central Group cautious over 2016 expansion

    Central Group sees 2016 as another year to be more conservative with expansion, as the country’s largest retail operator is still concerned about weak domestic consumption. Prin Chirathivat, deputy chief executive officer, said yesterday that both the global and domestic economies are expected to improve in the coming year. The only worry was moribund consumer spending, as the group is heavily involved in the retail business.

    Unlike the retail business, the group’s hotel business was still performing well this year.

    The group will continue to develop department stores as planned but with a cautious approach.

    “We have to be well prepared with a more flexible plan and put more focus on our core business,” he said.

    The company appears to be hedging its risk by focusing less on non-core businesses like warehousing.

    To support future growth of its hard-line business, which heavily relies on inventory management, Central Group’s CRC Power Retail is forming a 50:50 joint venture with WHA Corporation Plc.

    WHA Central Alliance was established with Bt850 million in registered capital to manage its Bt4-billion warehouse project in Ayutthaya’s Wang Noi district.

    Located on 320 rai (51.2 hectares) of land owned by Central Group, the new warehouse will offer a total of 250,000 square metres of space. As the first phase, Central Group has already built a 56,000sqm facility on 100 rai.

    The JV would take over both the land and warehouse under a sale-and-leaseback deal and carry out the next two phases to expand its capacity to 250,000sqm in three years. The Bt4-billion investment includes land.

    Jareeporn Jarukornsakul, vice chairman and chief executive officer of WHA, said that through the sale and leaseback of the first phase, the new JV will realise revenue of about Bt100 million from the beginning.

    The first phase was aimed at serving Central’s hard-line retail business consisting of Thai Watsadu, HomeWorks, Baan&Beyond and Power Buy.

    In preparation for continuing expansion, particularly of the new imported product line-up, the second phase is scheduled to be completed next year, adding 28,000sqm of rental space.

    The hard-line business has played an important role in the group accounting for 10 per cent of total revenue, with an average annual growth of at least 10 per cent in revenue.

    Somyos Anantaprayoon, chairman of WHA, said that after the completion of all phases, Central Group would lease 60 per cent of the total warehouse space for 10 years. The remaining areas would be available for new customers.

    With experience in the build-to-suit warehouse business, WHA could help clients to save about 30 per cent in costs incurred by constructing their own warehouse.

    WHA projects Bt400 million a year in income from the completed project, which would boost its rental, service and utilities income by 10 per cent.

    Jareeporn said the JV was the third collaboration with Central Group. The company already provides the group a 23,000sqm warehouse and distribution complex on Bang Na-Trad Road and a 20,000sqm cold storage facility on Rama II Road.

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  • Duty Free Philippines targets $235m in 2015

    Duty Free Philippines targets $235m in 2015

    State-owned Duty Free Philippines is targeting total sales of $235m in 2015 (+2.5%) after hitting $229m in 2014, with Manila Airport accounting for nearly 45% and the downtown Fiesta Mall just under 50% as DFP’s largest single outlet.

    While the expected sales increase is modest, it is regarded as a good performance considering Manila Airport Authority reduced the number of concessions in T1 from around 30 to less than 20 due to congestion and major airlines have also transferred operations to T3.

    “T1 work is not finished. It’s work in progress,” said Duty Free Philippines Merchandising Division Manager Jennifer Start, talking exclusively to TRBusiness recently.

    “There has been a remarkable change. We have renovated our departure stores, but we heard there is more work to be done by the airport authority in T1. It’s upgrading work. They have shown us plans to expand the facility.”

    NAIA T3 departure confectionery ©

    Duty Free Philippines’ biggest-selling product category remains confectionery, accounting for 37% of total sales. It is also the biggest selling category at Manila Airport, accounting for 44%. Above: Manila NAIA Terminal 3. ©.

    Further work is also in the pipeline for T3 (which accounts for 20% of Manila Airport sales) as DFP gets to work on renovating and increasing its shops and boutiques in the departure hall.

    Meanwhile, arrival shops sales account for more than half of DFP’s total sales revenue at Manila Airport, with Filipino passengers representing the majority of customers and the number one purchase being confectionery/chocolate.

    NAIA T3 departure perfumery ©

    DFP’s perfume and cosmetics sales accounted for 11% of it total merchandise sales last year. Above: Manila NAIA Terminal 3. ©.

    By contrast, foreign passengers purchase a larger share of goods in DFP’s departure shops, with South Koreans and Mainland Chinese the highest spenders.

    Confectionery is the biggest selling category at Manila Airport, accounting for 44%, followed by liquor (26%), perfume and cosmetics (12%) and tobacco (7%). Fashion, watches and souvenirs take the remaining 11%.

    DFP Fiesta Mall-liquor ©

    The liquor section within the Duty Free Philippines Fiesta Mall. ©.

    The retailer’s downtown duty free Fiesta Mall has also undergone a total renovation and upgrade over the last two years, according to Start, and has received favourable comments from customers: “We have had a major transformation in Fiesta Mall, especially for perfume and cosmetics last year. The fashion area also has been renovated, along with liquor, tobacco and confectionery,” she said.

    “We have new Coach and Chloe boutiques, and a complete range of lingerie, bags and perfume and cosmetics in Victoria’s Secret. Another new outlet is our Bath & Bodyworks health and beauty products shop that opened here earlier in 2015.”

    Fiesta Mall Beauty Walk ©

    Wines and spirits is the second-largest product category in terms of sales across DFP’s outlets, accounting for 18% in total. ©.

    Including sales from all ten of its provincial airports, Manila Airport and the Fiesta Mall, DFP’s biggest selling product category remains confectionery, accounting for 37% of total sales, followed by liquor (18%); Perfume and cosmetics (11%); fashion (9%); and tobacco (5%).

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  • Uber-hip Dover Street Market to open in Singapore’s Dempsey

    Uber-hip Dover Street Market to open in Singapore’s Dempsey

    The facade of Dover Street Market’s China outpost called IT Beijing Market. Dover Street Market is poised to open its first outlet in Southeast Asia in the hip Singapore neighbourhood of Dempsey. The edgy fashion retail and concept store conceived by Comme des Garçons’ Rei Kawakubo will be part of a new retail and F&B development by COMO Lifestyle.

    The Singapore branch will join an existing line-up of stores in London, Tokyo, New York and Beijing.

    Citing COMO Lifestyle’s bid, CNA added that the new concept will be known as “COMO Dempsey.”

    The facade of Dover Street Market’s China outpost called IT Beijing Market. — Picture via DoverStreetMarket.com

    It will integrate Dover Street Market with several F&B outlets, including a Jean-Georges Vongerichten restaurant and bar, new restaurant concept COMO Cuisine and local Peranakan restaurant Candlenut.

    No other details, such as projected opening date, were available at time of writing. COMO Lifestyle is part of Christina Ong’s luxury portfolio whose interests range from hotels to fashion. The Singapore businesswoman and her Malaysian-born husband Ong Beng Seng are valued at US$1.8 billion (RM7.7 billion) as of July 2014.

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  • PTT firms up local expansion program

    PTT firms up local expansion program

    PTT Philippines, a unit of PTT Public Co. Ltd. of Thailand, plans to invest P3 billion in the next five years to expand the company’s network here.

    The capital expenditure program includes investments in retail stations, oil depots and terminals in Luzon and Visayas.

    “In the next five years, PTT appropriated P3 billion for expansion plan, for laying down on infra,” general manager Danilo Alabado told reporters.

    PTT Philippines currently has 94 stations and plans to put up a total of 300 by 2020.

    “Right now we have the trading areas in Luzon and Cebu. In order for us to achieve our goal to be one of the top five oil companies in the next five years, we will expand into other trading areas, other islands,” Alabado said.

    He said the company needed the support of a stronger infrastructure network  for its expansion program.

    “We need depot, fuel terminal that could come in in Visayas and Mindanao which we have been looking at,” the official said.

    PTT president and chief executive Sukanya Seriyothin cited a strong growth projected growth in Luzon for the company’s planned expansion.

    “Visayas and Mindanao we still have to further expand. We’re still moving forward in Luzon, but aside from that, we move further in Visayas, Mindanao,” Sukanya said.

    Alabado, meanwhile, said the company performed “fairly well” in 2015 with sales volume likely to increase 5 percent to 6 percent.

    “We are confident we are going to meet our target,” Alabado said, adding revenues may reach P1.1 billion this year.

    “We are looking at 5 to 6 percent growth next year until 2017 because we are going to lay down our infra support for expansion for 2018 going into 2020, we are looking at growth of 60 percent compared to what we had in 2015,” he said.

    PTT Thailand is Thailand’s biggest oil player and ranked number 81 under Fortune 500’s List of world’s largest companies.

    The company, controlled by the Thai government, is engaged in downstream and upstream petroleum, natural gas, coal, and other related businesses.

    PTT Public Co. Ltd. of Thailand, the parent of PTT Philippines, earlier said it planned to increase the revenue share of its overseas retail oil business to 20 percent in the next five years.

    PTT Thailand vice president for international marketing Wisarn Chawalitanon noted that the share of the overseas retail oil business to the company’s revenues was still small.

    PTT Thailand, which owns around 1,200 to 1,300 retail stations in Thailand, is banking on its overseas presence in the Philippines and other countries to help propel the company’s growth.

    Wisarn said the Philippines remained PTT Thailand’s priority market.

    “The Philippines is the biggest operation that we have in other Asean countries. Our revenue in the Philippines is more than 20 billion baht [P26 billion] compared with the other countries which have around 5 billion baht [P6.5 billion]. That’s why we pay attention to the Philippines,” the official said.

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  • HKIA celebrates Xmas with shopping rewards

    HKIA celebrates Xmas with shopping rewards

    Hong Kong International Airport (HKIA)is marking the Christmas run-up with series of festive special offers and promotions, including cash coupon redemptions up to HK$5,200 ($671) alongside more than 2,000 surprise gifts for travellers.

    The new promotion begins this Thursday (17 December) with travellers spending more than HK$2,000 ($258) by electronic payments qualifying for redemption coupons. HKIA adds that passengers using their UnionPay cards stand to reap even more rewards.

    HKIA Xmas od=ffers Dec 2015

    A ‘glamorous gift-themed exhibition’ will also be featured on Level 6 of the Departures East Hall allowing travellers to experience the spirit of Christmas, while prompting them with gifting ideas.

    Various music performances will also take place here and there will also be miniature installations on display showing how different countries around the world celebrate Christmas.

    Xmas at Hong Kong Dec 2015
    Travellers spending over HK$1,000 ($129) in a single transaction at HKIA can also enjoy free local delivery service. Free delivery service to Mainland China, Macau and Taiwan is also offered to travellers who spend over HK$2,500 ($322) on clothing, bags and accessories in a single transaction.

    At the same time, HKIA is partnering with its retailers to provide travellers with shopping and dining offers. More details are available at: https://www.hongkongairport.com/eng/shopping/special-offers.html

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  • A New Air Jordan Store Has Just Opened Up In Hong Kong

    A New Air Jordan Store Has Just Opened Up In Hong Kong

    Jordan Brand has already shown us that they have huge plans of going international with their upcoming retail store in Toronto. So does that mean they’ll stop there? Nope.

    The Jumpman is making its presence felt all around the world with their latest power move coming in Hong Kong. In the pictures above you can see the new Jordan Brand retail store that features a section with every silhouette from the Air Jordan 1 through the 29 draped in gold as well as something they’re calling the Jordan Flight Club which gives you access to The Draw, Jordan Breakfast Club, and Footwear Trial.

    From the outside of the store you can also see a massive recreation of the iconic “Wings” poster with Michael’s outstretched arms done in gold for that touch of luxury. Take a look at images of the retail space above and give us your thoughts.

    The Air Jordan 8 Wellington flagship store is located at Wellington Place, 2-8 Wellington St. in Hong Kong.

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  • Delhi’s Khan Market moves up two spots in global retail rank

    Delhi’s Khan Market moves up two spots in global retail rank

    With a rent of $ 235 per sq ft per year, New Delhi’s Khan Market moved up from twenty sixth place to twenty fourth place in the ‘Main Streets Across the World’ report by Cushman & Wakefield, which ranks world’s expensive retail locations.Within the APAC region, Khan Market was the 10th most expensive retail location.

    The top spot has been retained by New York’s Upper 5th Avenue followed by Hong Kong’s Causeway Bay on second spot and Avenue de Champs Elysess in Paris completing the top three.”Despite witnessing no change in the rental values of the location, Khan Market gained in rankings due to marginal changes in the rankings of other countries in the rankings,” Cushman & Wakefield said.

  • Metro Retail to tap P1.05-B loan facility

    Metro Retail to tap P1.05-B loan facility

    GAISANO-LED mall developer Metro Retail Stores Group Inc. (MRSGI) will be tapping a P1.05-billion loan facility for future projects.

    In a disclosure to the Philippine Stock Exchange on Friday, Metro Retail said its board of directors had allowed the company to use the facility, provided by Union Bank of the Philippines (UnionBank).

    “In the same resolution, the board approved the authorized signatories to transact with the UnionBank on behalf of the corporation for the availment of the said credit accommodation and facility,” the disclosure read.

    “It is in addition to our existing untouched loan facilities that we can tap,” Metro Retail Chief Finance Officer Aljim Jamandre told The Manila Times.

    The firm still has P9 billion worth of credit facilities from banks, which Metro Retail can tap in case of funding needs after pricing its initial public offering (IPO) at a steep discount from the original guidance.

    The 35 percent discount still yielded Metro Retail P3.62 billion from its IPO. The plan before the discount was to raise P6.17 billion.

    Joseph Conrad Balatbat, MRSGI vice president for business development, said the company “has more than adequate untapped credit facilities in addition to our IPO proceeds that can fund our current and immediate expansion plan.”

    The company is looking to build 60 to 70 stores mostly in the Visayas over the next five years to bring its store count to more than 100 by 2020 from 46 stores at present. The five year plan entails a budget of P10 billion to P15 billion.

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  • Announcing iFX Expo Asia 2016

    Announcing iFX Expo Asia 2016

    Organizers for iFX Expo, the largest retail forex industry trade show, announced the launch of iFX Expo Asia 2016 which brings together leading professionals, thought leaders and executives from around the retail forex trading industry.

    iFX Expo 2016 is to be held at the Hong Kong Convention & Exhibition Center on January 26th – 28th, 2016 and registration is free.iFX Expo is a leading trade show for the retail forex industry bringing together over 2000+ attendees with over 80+ exhibitors and sponsors for the event.

    Attendees to the iFX Expo Asia 2016 will get the opportunity to network with likeminded individuals from the retail forex industry as well as conduct business with forex affiliate and forex IB partners.Attendees to the iFX Expo Asia 2016 can register for free as well to learn more about the venue and the agenda for the event.

    iFX Expo follows the tradition of being the first to host series of trade shows and networking events around the globe catering to the trading community at large. Since 2012, iFX Expo has held industry trade shows in Cyprus, Macao among other international destinations and has successfully helped connect consumers with business as well as helping other business build strong and long lasting partnerships with other businesses.