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Category: Living

Retail News Asia is committed to providing both local and global retailers with the latest Living news throughout the Asian market. This on a daily base.

  • Ikea China biggest project revealed

    Ikea China biggest project revealed

    Swedish furniture group Ikea will build a US$1.2 billion, 430,000sqm shopping complex in Shanghai, to be completed by 2022. The new Ikea China centre will house an Ikea store and an additional 120,000sqm in retail area, hosting more than 300 businesses. It will also include 60,000sqm of office space.

    The move represents the largest single investment the firm has made in one location, and is its sixth complex to be announced or built in China. It will be constructed near the Hongqiao airport as the Shanghai Linkong Project.

    Ikea has completed three Livat-branded shopping centres in China, and has 26 stores across the country. Two other shopping center projects have been announced within the territory.

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  • Which tourists spend the most overseas?

    Which tourists spend the most overseas?

    Overseas spending by South Korean tourists ranks among the top of advanced economies, research data showed on December 5. Figures provided by the Korea Economic Research Institute, affiliated with the Federation of Korean Industries, put the proportion for South Korea at minus 1.9 percent in 2016, ranking it the fifth highest among 32 member states of the Organization for Economic Cooperation and Development (OECD).

    The institute derived the proportion by subtracting overseas expenditures by South Koreans from foreigners’ spending in South Korea and measured the sum’s ratio against household spending.

    Higher numbers in the negative means that local citizens spent more abroad that what inbound foreigners spent.

    Results showed Norway topped the list with minus 4.3 percent, followed by Lithuania (minus 2.7 percent), Belgium (minus 2.5 percent) and Germany (2.3 percent).

    In the case of Japan, the number turned positive in 2014 and came to 0.6 percent in 2016.

    “The outflow of spending is the result of choices by local and foreign consumers of tourism services,” the institute said. “It indicates weaknesses in the competitiveness of the domestic tourism industry.”

    The institute cited a report last year from the World Economic Forum that said South Korea’s competitiveness in prices fell from 84th in 2007 to 88th in 2017.

    “(This) was one of the important elements that undermined South Korea’s competitiveness in the tourism business,” it said.

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  • E-mart US buys supermarket operator

    E-mart US buys supermarket operator

    South Korean discount retail chain E-mart is acquiring US food retailer Good Food Holdings for US$270 million. A subsidiary of retail conglomerate Shinsegae, the E-mart US acquisition intends to stabilise and expand its operations in North America. It is the company’s first acquisition of an overseas firm.

    Good Food operates 24 stores across the American West under three brands: Bristol Farms, Lazy Acres and Metropolitan Market. Its original executive board will be retained by E-mart.

    Good Food Holdings employs 3100 people and brings in average sales of KRW 670 billion ($596.75 million) per annum. E-mart plans to open a premium store-restaurant in Los Angeles next year called PK Market.

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  • Indonesia’s Go-Jek Starts Trial Launch in Singapore, Challenges Grab

    Indonesia’s Go-Jek Starts Trial Launch in Singapore, Challenges Grab

    Indonesian ride-hailing firm Go-Jek kicked off a trial launch in parts of Singapore on Thursday and plans to roll out an array of services through its app in early 2019, challenging dominant player Grab in the small city-state. Both Go-Jek and Grab are raising billions of dollars and investing aggressively in the race to corner a bigger share of Southeast Asia, as more of the region’s 640 million consumers go online and use smartphones to shop, commute and make payments.

    Go-Jek, backed by the likes of Tencent Holdings, Alphabet Inc’s Google and Singapore state investor Temasek Holdings, is initially launching ride-hailing service in parts of Singapore after forming a partnership with DBS Group Holdings, the region’s biggest bank.

    “As this is a new product, we will obviously give promotions, but at the end of the day, it shouldn’t only be pricing that differentiates our services,” Go-Jek’s president, Andre Soelistyo said on Thursday.

    Grab, backed by Japan’s SoftBank and Chinese ride-hailing firm Didi Chuxing, bought Uber Technologies’ loss-making Southeast Asian business this year, marking the first big consolidation in the region.

    Following this, Singapore’s anti-trust watchdog slapped Grab and Uber with fines and imposed measures to open up the local market to competitors after concluding that their merger had driven up prices.

    Go-Jek’s executives declined to give any details on how many drivers it had signed up or a target for market share in Singapore but said payment services would be launched later.

    Started in 2011 in Jakarta, Go-Jek has evolved from a ride-hailing service to a one-stop app through which its customers can make online payments and order everything from food, groceries to massages.

  • Vietjet CEO climbs Forbes list of World’s Most Powerful Women

    Vietjet CEO climbs Forbes list of World’s Most Powerful Women

    Nguyen Thi Phuong Thao has been named the 44th most powerful woman in the world by Forbes, up 11 places from last year. Thao is the only Vietnamese to make the magazine’s list of 100 most powerful women this year. Forbes estimated the CEO of budget carrier Vietjet Air and the richest woman in Vietnam to have a net worth of around $2.6 billion.

    Forbes compiles the list based on assets, impact, spheres of influence, media presence, and social media power.

    Thao has extensive experience in doing business in Vietnam and abroad in multiple fields such as finance, banking, aviation, real estate, and retail.

    She launched Vietjet in 2011. The airline leads the domestic market with a 45 percent share. It operates 385 flights daily within Vietnam and to Japan, Hong Kong, South Korea, Taiwan, Singapore, mainland China, Thailand, Myanmar, and Malaysia.

    Thao also has interests in banking and real estate, which includes owning three beach resorts.

    Topping the list of the most powerful women in the world, for an astonishing eighth year, was German Chancellor Angela Merkel.

    She was followed by British Prime Minister Theresa May, former U.S. Federal Reserve Chairwoman Janet Yellen and General Motors CEO Mary Barra.

    The list comprises business leaders, politicians, investors, scientists, philanthropists, and people who are finding solutions to the world’s most difficult problems or have the most global impact.

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  • Sunway Pyramid celebrates christmas with Jolly Rainbow theme

    Sunway Pyramid celebrates christmas with Jolly Rainbow theme

    Jolly Rainbow Christmas Fun Factory is now installed at Sunway Pyramid, this event will be on from 23 November 2018 till 1 January 2019 at the LG2 Blue Concourse. Themed Jolly Rainbow which signifies fresh beginnings and hope, get ready to embark on a fun, colourful and interactive Christmas journey as you enter the concourse.

    Here, visitor can grab a Christmas passport from the Rainbow Booth to begin. Next, experience unicorn in the centre of the concourse. Visitor can colour the Christmas unicorn and characters, enter the dome and watch it come alive on the walls.

    Another fun is the Rainbow Slide installed in the dome. The slide will create a colourful rainbow on the interactive rainbow slide, and its suitable for all ages.

    View the full gallery below (5 images) :

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  • Quuen movie inspires rock band instrument sales in Korea

    Quuen movie inspires rock band instrument sales in Korea

    Musical instrument sales are booming as Queen mania continues to sweep the country. Sales of instruments used by rock bands – like drums and guitars – have skyrocketed following the release of Freddie Mercury-biopic “Bohemian Rhapsody,” according to online shopping site Gmarket on Wednesday.

    The increase was most pronounced among customers in their 40s and 50s who grew up when Queen first hit the music scene in the 1970s and ‘80s.

    The film, which has been popular globally, opened in Korea on Oct. 31.

    According to data on instrument purchases between Nov. 3 and Dec. 2 released by Gmarket, over-50s consumers purchased 14 percent more electric guitars in that month compared to the same period last year.

    Consumers in that age range purchased 433 percent more drum sets and 129 percent more sticks for drumming. They bought 35 percent more digital pianos in the same period year on year. Sales of portable amplifiers – an essential tool for electric instrument players – doubled.

    Among consumers in their 40s, piano sales grew 50 percent year-on-year.

    The same demographic purchased 20 percent more electric guitars and 22 percent more drum sets in the same period.

    Notably, the purchase of portable headphone amplifiers increased eightfold among consumers in their 40s. These amplifiers improve the quality of sound heard through headphones, making them a popular tool for people who want to practice playing electric instruments by themselves or at night.

    “Consumers are showing more interest in [rock] band instruments as Queen songs sweep the music charts and flood the radios on the strength of “Bohemian Rhapsody’s” popularity,” said a Gmarket spokesperson. “Instrument sales have especially increased among men in their 40s and 50s.”

    “Sales of records and music by Queen also rose,” he added, “though there was no noticeable change in the purchasing patterns of younger consumers.”

    Koreans have shown an unusually high interest in the British rock band’s biopic compared to audiences elsewhere.

    According to film database Box Office Mojo, “Bohemian Rhapsody’s” box office gross in Korea is the third highest in the world, at $36,206,310 as of Nov. 25.

    Korea is only topped by the United States and Britain in ticket sales, and comes far ahead of runners-up Australia and France.

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  • Lotte opens premium outlet in Giheung

    Lotte opens premium outlet in Giheung

    South Korean retail giant Lotte opened this week a new premium outlet in Giheung, Gyeonggi Province – the second-largest among its branches nationwide and the latest addition to large-scale malls launched by retailers here in hopes of raising offline sales. Lotte is pinning hopes on the latest outlet’s location, citing three highways and five major roads passing through Giheung.

    It aims to attract some 25 million shoppers in and around the region including Yongin, Suwon, Dongtan and Bundang in Gyeonggi Province.

    Chung Hoo-sik, an official in charge of the Giheung outlet, said that the shopping mall is geared toward consumers in their 30s and 40s who have children and live in southern Gyeonggi Province.

    “We found that 30- and 40-something customers from those areas have strong spending power. To attract them, we put entertainment facilities like an outdoor playground and entertainment zones for their kids (inside the outlet),” said Chung at a press conference on the launch.

    Built on 150,000 square meters of land, Lotte’s premium outlet in Giheung features 300 brands and is equipped with 3,000 parking lots. It is Lotte’s sixth premium outlet.

    The outlet has an indoor surf shop, Flow House, spanning 490 square meters. Lotte said it also houses Asia’s biggest Nike store in a 1,983-square-meter space.

    With an increasing number of people visiting multiplexes or shopping malls, retail giants like Shinsegae and Lotte have been opening large-scale malls in the outskirts of Seoul.

    Lotte opened a premium outlet in Goyang, Gyeonggi Province, in October last year, two months after Starfield Goyang was launched. Lotte opened its premium outlet in Paju in 2011, nine months after Shinsegae opened its store.

    “We see it as an industry trend to open a mega mall or a premium outlet because there are consumer needs for convenient shopping and enhanced lifestyle,” said Lee Jung-hye, who designed the outlet, adding that Korea’s premium outlet market is valued at 20 trillion won (US$17 billion won).

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  • Poltrona Frau has opened a new retail space in China

    Poltrona Frau has opened a new retail space in China

    Italian furniture maker Poltrona Frau has opened a new retail space in Ningbo, China. The new 340sqm, single-floor shop presents a range of living spaces that alternate between living area and bedroom, dining room and home office according to the Poltrona Frau philosophy.

    The retail concept is designed to convey the atmosphere of a real home.

    Pieces on display include classic and contemporary designs, from early 20th century armchairs to recent Chinese lighting collections. The store features an area dedicated to showcasing the brand’s leather bookcase.

  • Jeju Air co-CEO plans to depart

    Jeju Air co-CEO plans to depart

    Jeju Air said on Wednesday that co-CEO Ahn Yong-chan has expressed his intent to step down from his post, leaving the company to operate under the sole leadership of current co-CEO Lee Seok-ju. Ahn leaves Jeju Air after working under the company’s parent Aekyung Group since 1987.

    The co-CEO served in numerous positions at Jeju Air’s group affiliates such as in Aekyung Petrochemical and Aekyung Industry.

    The company said that Ahn served as CEO at the group’s affiliate companies for 23 years, and that he felt it was right to leave the company at a time when it is performing well, along with his original plan to retire at 61-years-old.

    Jeju Air has become a sizeable contender in the low-cost carrier industry in Korea. It reported 349.5 billion won ($311.6 million) in revenue in the third quarter this year, a 31 percent increase from the previous year.

    Ahn is the son-in-law of Aekyung Group’s Chairwoman, Chang Young-shin.

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  • Thai Airways taps Worldpay for payments innovation

    Thai Airways taps Worldpay for payments innovation

    Thai Airways International (THAI), the flagship carrier airline of Thailand, has selected Worldpay, Inc. (NYSE: WP; LSE: WPY) as its international payments partner, as it targets overseas growth. To support its sustainable growth strategy, THAI needed an experienced partner to help it manage the complexities of cross-border payments and optimise the online booking journey across both mobile and desktop.

    Worldpay, a leader in card and alternative payments with global coverage, was selected for its international reach and unrivalled experience in the airline industry. Worldpay works with 88 of the world’s biggest airlines and has more than 25 years of experience in the sector. Consumer preferences are changing: while flights have traditionally been booked using credit cards, alternative payment methods (APMs) are growing in popularity. With 28 percent of Thai consumers using bank transfers as their preferred method for shopping online, the ability to offer local payment options will allow companies to make the most of Southeast Asia’s second largest economy.

    Additionally, global mCommerce penetration is set to rise from 38 percent in 2018 to 49 percent in 2022, which suggests that mCommerce is on track to overtake desktop sales by 2023. To adapt to this shift, Worldpay will support THAI in widening its breadth of payment methods and transaction currencies to appeal to the changing purchasing patterns of customers. THAI will initially focus its payment optimisation efforts on Australia and Europe – two key markets for the company. In Australia, the carrier’s passenger traffic is growing by two percent year-over-year, while in Europe passenger traffic is growing at a rate of 2.5 percent each year.

    A range of APMs such as iDEAL, Trustly, SOFORT, and Giropay will be rolled out over the coming months to make it easier for European travellers to book online. The THAI payment team will then expand their initiatives to India, China, and the rest of Asia Pacific. Worldpay will also help THAI execute their commercial strategy through advanced data analytics capabilities, which provide rich insight into transaction approval rates and payment costs. This data will enable the airline to expedite new sales strategies and optimise their payments infrastructure with cross-border operations.

    Wiwat Piyawiroj, THAI Executive Vice President, Commercial comments: “Tourism is booming in Thailand, with a 7.7% increase in domestic flights year-over-year for our service. Yet the market is also incredibly competitive, so it is vital to ensure we can best service our customers and their needs. Thanks to Worldpay, we will be able to offer a variety of payment methods that caters to the tastes of travellers all over the world, making it easier for them to book the holidays they want. As we grow, Worldpay will be a vital strategic payments partner and key to our continued success.”

    Phil Pomford, general manager for Asia Pacific, Global Enterprise eCommerce at Worldpay, said: “With global passenger numbers on track to double over the next 20 years, and Thailand forecast to enter the top 10 aviation markets by 2030, it is a hugely exciting time for THAI. We are delighted to support our partner as they continue to grow. Travellers are continuously evolving the ways in which they buy flights, and airlines must keep pace to match these shifting patterns. The airline industry has never been more competitive, and we look forward to helping THAI capitalise upon the opportunities ahead.”

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  • Singapore Changi Airport extends key DFS

    Singapore Changi Airport extends key DFS

    Key Changi Airport duty-free liquor and beauty concessions held by DFS and Shilla Travel have been extended for two years. The extensions will start from 2020 after the expiration of their current six-year concessions. Over the past four years, the airport’s two core-category concessions have involved pioneering retail concepts including unique duplex stores and the world’s first airport integrated duty-free zone.

    Executive VP of commercial at Changi Lim Peck Hoon said: “We are very pleased to continue our partnership with DFS and The Shilla Duty Free for another two years. Their passion for the travel retail industry continue to deliver new ideas and novel retail concepts at Changi Airport, and were instrumental in driving sales growth over the past four years.”

    A release from the company stated that Changi plans to leverage new technologies and innovations for a seamless retail experience when passengers shop from online to offline, from before they fly to the time they board.
    The extended tenancy terms for the liquor concession will commence from April 9, 2020 until April 8, 2022, covering 18 stores and spanning more than 8000sqm of retail space in Terminals 1, 2, 3 and 4.

    For the beauty concession, the extended tenancy terms will begin from October 1, 2020 to September 30, 2022, covering 22 outlets and spanning more than 7400sqm of retail space across Changi Airport’s four terminals.

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  • Samsung to support the Olympics through 2028

    Samsung to support the Olympics through 2028

    Samsung Electronics announced on Tuesday it will extend its partnership with the International Olympic Committee (IOC) through 2028, from the original 2020 end date of the collaboration. The two parties signed an agreement at a ceremony at the Hotel Shilla in central Seoul in the presence of IOC President Thomas Bach and Samsung Electronics Vice Chairman Lee Jae-yong, as well as other executives from the company and officials from the committee.

    Samsung said it will continue as a Worldwide Olympic Partner in the wireless communications equipment and computing equipment category and promote the artificial intelligence (AI), virtual reality (VR), augmented reality (AR) and 5G features of the supplied equipment. Samsung will continue the support beyond the Olympic Games in Tokyo in 2020 through to the Los Angeles 2028 Olympics. The agreement also covers the Youth Olympic Games through 2028.

    Samsung will continue to support the IOC, the national Olympic Committee and the teams, the technology company added. The company will remain a Worldwide Partner of the International Paralympic Committee, extending a relationship that began in 2006.

    In collaboration with the IOC and the Organizing Committees, Samsung plans to continue its Athlete Phone Program. Under this program, it provides Olympic Edition Galaxy phones to all participating Olympic and Paralympic athletes.

    “As part of the agreement, the IOC and Samsung will further develop their strategic digital collaboration to engage young generations around the world in order to promote the power of sport and the values of Olympism,” Samsung said in a statement.

    “As a Worldwide Olympic Partner for the last 22 years, Samsung has been inspired by the spirit of hope, friendship and unity,” said Koh Dong-jin, president and CEO of the IT and mobile communications division at Samsung Electronics. “Through our innovative wireless and computing equipment, which supports AI, VR, AR and 5G technology, we hope to spread the excitement of the games so that fans and athletes around the world can stay connected and share in the journey to achieve greatness at the highest level of sportsmanship.”

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  • Demand of women’s athleisure wear growing at a rapid pace globally : Lotto

    Demand of women’s athleisure wear growing at a rapid pace globally : Lotto

    Lotto Sport Italia S.P.A, a major name in international sports industry, is nothing less than a household name in India. The brand is manufactured, retailed and licensed by Sports Station Pvt Ltd (SSIPL) in India. The organization has been instrumental in the brilliant re-launch of the brand Lotto Sports in India, making it available across nation.

    According to Shivam Kataria, Vice President, SSIPL Retail, since Lotto has been in India from a very long period of time, either customers have grown up wearing the brand or are aspiring to wear it. “The brand awareness of Lotto is so strong in India that many customers instead of considering it as an Italian brand, think that it is an Indian brand.”

    Abroad, the brand is associated with football and tennis. But it gained its share of popularity in India in the running segment. Slowly and gradually as the Indian market followed international trends and inclined towards the athleisure segment from performance wear, Lotto has also changed its perspective.

    “The Athleisure market is poised to grow 15-20 percent year-on-year. Seeing the immense scope in the category going ahead, Lotto also started changing its outlook towards the market by expanding into the athleisure segment. However, the running segment, football and tennis shoes remain core to the brand,” states Kataria.

    Explaining it further, he says, “A majority of people across the globe have started participating in sports, not for competition but for their well-being, for interaction and for fun. They want sportswear which can be worn in the morning, afternoon and evening. They want to feel comfortable wearing the same shoes in office as well as to a club, and this is the major reason behind the rising demand of athleisure.”

    Another category which has seen a spike in demand at Lotto is women’s wear.

    “Currently, 30 percent revenue is coming from the women’s segment. We are targeting to close this year with 30 percent contribution from women customer including footwear and apparel,” asserts Kataria.

    Target Consumer

    The brand caters to modern-day consumers who consider fitness a lifestyle. It also focuses towards catering to the needs of serious sports enthusiasts. Lotto is also positioned as a brand, which delivers international standard sports merchandise to Indian sport enthusiasts.

    Omnichannel Strategy

    According to Kataria, there are two ways to go Omnichannel – to have your own website or to partner with various e-commerce players. “We have partnered with various e-commerce players as cost of customer acquisition is quite high with our portal.”

    “Omnichannel is still evolving in India and in the next six months to one year, the entire system around Omnichannel is expected to get cemented,” he explains. Going forward, Lotto is planning to introduce their own e-commerce portal.

    “Store integration from an Omnichannel perspective is underway and we can expect it to be fully functional in six months,” he states The brand, which has men’s footwear as the fastest moving category, gets 25 percent contribution to the overall revenue from online business.

    Future Plans

    At present, the brand has 36 EBOs across major locations in Delhi/ NCR, UP, Haryana, Maharashtra, West Bengal, MP, J&K, Uttrakhand and Gujarat. It has presence in over 200+ MBO’s including Sports Station, Reliance Footprints, Pantaloons, and leading e-com portals like Flipkart, Amazon, Snapdeal and Jabong.

    Elaborating on the expansion plans of the brand, Kataria reveals, “This fiscal, we are planning to open more 15 EBOs in North, East and South regions and add another 25-30 stores next fiscal. Our plan is to double the store count in one year’s time.”

    “In the next fiscal we will be adding 100 more SIS. We are also looking forward into new categories like bags, luggage and light fitness equipment,” he adds.

    At the same time, the brand is expanding the categories like women’s wear and apparel. According to Kataria, Tier I and Metro cities are where Lotto’s business is and Tier II and beyond is where its growth lies.

    The brand, which has been growing on 35-40 percent year-on-year, plans to grow at the same scale this fi scal too.

    “The same store sales growth has been flatish or slightly negative as compared to last year. However, we are expecting to see a good season from January onwards,” he says.

    The sportswear brand, which endorses the best of athletes in the sports arena including major names like Luca Toni, David Ferrer, Agnieszka Radwanska, Carla Suarez Navarro, Kevin Anderson and many more, is targeting Rs 150 crore plus revenue in India.

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