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  • AirAsia injects RM1b into Indonesia ops

    AirAsia injects RM1b into Indonesia ops

    AirAsia Bhd has injected US$227mil or RM1.01bil into its associate PT Indonesia AirAsia (IAA) to address the latter’s negative equity position.

    The low-cost carrier said  its board had approved the subscription of the US$227mil or 3.042 trillion nominal value of perpetual capital securities issued by its 49% owned Indonesian operations.

    AirAsia had on Friday entered into a perpetual security purchase agreement with IAA to formalise the issuance and terms and conditions between IAA and AirAsia for the subscription.

    To recap, on Sept 29, 2015, AirAsia had subscribed to 2.058 trillion rupiah nominal value, which was 49% of the perpetual capital securities issued by IAA.

    The move then was to comply with the directive received from the Directorate General of Civil Aviation (DGCA) of the Republic of Indonesia to resolve the negative equity position for financial year 2014.

    On May 10, 2016, the Indonesian DGCA had again instructed IAA to increase its capital to address the negative equity balance.

    Subsequently, IAA offered to issue 3.042 trillion rupiah of new perpetual capital securities to AirAsia.

    “The subscription is to enable IAA to attain positive equity position as directed by the DGCA in compliance with the directive.

    “Failure to address the capital shortfall carries the risk that the Minister of Transportation of the Republic of Indonesia would deny IAA’s requests for new route approvals or even impose a suspension of operations,” it explained.

    AirAsia said the Subscription would help reduce IAA’s gearing without any need for AirAsia to inject further funding or capital to IAA as it entailed converting the amount owed to the company into equity of IAA.

    “Indonesia is a crucial market for AirAsia. International Air Transport Association forecasted that Indonesia is expected to be the sixth largest market for air travel by 2034 with 270 million passengers.

    “The risk of suspension of IAA would not only affect the AirAsia brand but also affect the network and future growth of AirAsia Group,” it said.

    AirAsia said the perpetual capital securities carry an initial periodic distribution rate of 2% per annum for the first 12 months and subsequently 8% per annum on outstanding principal amount to the perpetual capital securities until the first call date.

    It will then be stepped up to 13% per annum on outstanding principal amount of the perpetual capital securities post the first call date thereafter.

    “Perpetual in tenure with no fixed maturity date, with IAA having a call option to redeem the perpetual capital securities at the first call date, which is at the end of the seventh year from date of issuance and on each subsequent periodic distribution date thereafter at their principal amount.

    “The periodic distribution rate will step-up by 5% if the perpetual capital securities are not redeemed at the first call date,” it added.

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  • DoCoMo joins CAICT’s 5G Promotion Group

    DoCoMo joins CAICT’s 5G Promotion Group

    Japan’s NTT DoCoMo has teamed up with the China Academy of Information and Communication Technology (CAICT) on research and development into potential 5G standards.

    As part of the collaboration, DoCoMo will join the CAICT-initiated IMT-2020 Promotion Group 5G trial. DoCoMo and CAICT will also evaluate possible frequency bands for future 5G networks.

    DoCoMo joined the IMT-2020 promotion group in August to co-operate with major mobile operators and vendors on 5G R&D and standardization.

    The operator has also been conducting joint 5G R&D with vendors including Ericsson, Huawei and others.

    The IMT-2020 Promotion Group was jointly established by three Chinese ministries in early 2013, based on the original IMT-Advanced Promotion Group. It is the major platform to promote research into 5G in China.

    The group is divided into dedicated units covering areas including technology, spectrum, intellectual property and network asrchitectures.

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  • Japanese denim brand EVISU Buys Back the Retailing Rights in China for US$40 Million

    Japanese denim brand EVISU Buys Back the Retailing Rights in China for US$40 Million

    Japanese premium denim brand EVISU Group Limited announced the buy-back of the retailing and franchising rights for the China market.

    EVISU Group Limited, the parent company, has reinvested alongside Cassia Investments, a consumer-focused private equity fund, to buy back the interest from New Elegant Trading (Shanghai) Co. Ltd, the joint venture partner in China financially supported by IDG Capital. Acquisition consideration is US$40 Million. David Pun, Chairman and CEO of EVISU Group Limited, will remain the majority shareholder.

    David Pun expressed his excitement about this latest development, “The company made concerted efforts with its China joint venture partner over the past few years to establish brand awareness and secure a footing in China. We think this is an ideal time for the company to integrate its regional China business with headquarters to pursuit the brand’s global objectives in the coming years.”

    In the meantime, EVISU is seeking business expansion globally by forging distribution partnerships for the U.S. and Europe markets. The brand will step up product extensions like EVISUKURO, the latest athleisure collection, and maintain product exclusivity through focused management of wholesale distributors.

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  • Lazada’s 12.12 sale nets $40.5 million

    Lazada’s 12.12 sale nets $40.5 million

    Lazada Group’s Online Revolution, also known as 12.12, has again proven to be the biggest online shopping event in Southeast Asia, ringing up US$40.5 million in sales.

    About 60 per cent of the gross merchandise value (GMV) of the December 12 event came from mobile, with shoppers spending an average of 12 minutes on Lazada apps browsing deals from international and local brands and sellers.

    With the theme “Brands for All”, the 12.12 event featured more than 500,000 offers and flash sales from more than 1000 brands and 55,000 sellers. Best-sellers included shower gels and mascaras, tote bags and bracelets, vacuum cleaners and tableware, and virtual-reality headsets and speakers.

    Lazada Group CEO Maximilian Bittner says the sale has become highly anticipated among more consumers in Southeast Asia, who are no longer just from large cities, but also from small cities and rural areas.

    “This year, the difference was consumers clearly shopping for everyday products such diapers and groceries, as well as higher-value items from trusted brands.”

    Lazada has a presence in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

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  • Brace yourself for Dr Martens expansion

    Brace yourself for Dr Martens expansion

    The global Dr Martens store network is set to double, despite lower revenue and profits in its latest trading year.

    Owned by European private-equity firm Permira, Dr Martens saw its revenue and profits drop as it closed wholesale accounts and invested in stores and online capacity. However, its revenues in Asia rose 19 per cent.

    That in part is inspiring the brand to mount an aggressive expansion strategy not only in Asia but worldwide.

    The company says its total revenue fell 4 per cent to £232.4 million (US$291.6 million) after it closed several “non-strategic” wholesale accounts to refocus its wholesale and export channels. Those wholesale cuts added up to as many as 250 accounts, resulting in a 14 per cent reduction in wholesale revenues to £160.2 million.

    Earnings before interest, tax, depreciation and amortisation (EBITDA) in the year to March 31 fell to £29.6 million from £39.1 million the previous year. This is attributed to “significant” investment in product, new stores and online capability”, while the company has seen “excellent performance” in key growth areas, such as a 24 per cent rise in direct-to-consumer revenue to reach £72.2 million, plus 25 per cent growth in retail sales to £51.2 million, with comparable sales up 5 per cent.

    Its eCommerce sales grew 20 per cent to £21 million, while in Asia there was 19 per cent growth to £46.3 million.
    During the year Dr Martens opened 11 stores and nine concessions, while online sales reached 9 per cent of total revenue. By year-end, its store base was 100 (including 44 concessions), and it plans to double that by 2021.

    The company says that 30 per cent of its sales now come from new product, compared to 14 per cent a year ago, while 79 per cent of sales come from outside the UK. With its international growth, it has set up regional president roles for the Americas, EMEA and Asia, plus global heads of product, IT, logistics, legal and eCommerce.

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  • The plain white shirt is a best seller for Esquel

    The plain white shirt is a best seller for Esquel

    Why is selling white shirts a good business in China? It’s because the world’s second largest economy is seeing an increasing number of youngsters taking white collar jobs, according to John Cheh, vice-chairman and chief executive of Esquel Group.

    Esquel, the world’s largest woven shirt manufacturer, last month launch a new retail brand called Determinant which sells mainly white shirts costing about HK$300 each for the mass market of mainland youngsters.

    “The new generation of youngsters in mainland China are white collar employees who need to dress decently to go to work. There are millions of youngsters who have graduated from universities in China every year. They all need a white shirt for their job interview or for their work,” Cheh said.

    He said Determinant would target these youngsters so it could sell the shirts online at an affordable price for the mass market.

    White shirts are not just for junior staff. When they climb up the corporate ladder, they also need a shirt to wear to work and when meeting with their clients. The quality and price tag of the shirts they buy may well move up along with their promotions.

    Cheh is wearing a white shirt during the interview with the Post but as chief executive of the group, he wears one from the company’s deluxe retail brand called Pye.

    Pye, headed by Dee Poon, managing director of Esquel Brands and Distribution and granddaughter of the founder of Esquel, has six shops in Hong Kong and mainland China. It sells more high quality shirts at a minimum of HK$1,000 each.

    Cheh said the company invested in the retail business to diversify its income source but added that manufacturing remains its core business.

    “We plan to only focus the retail business on what we are good at – shirts. China has an increasing number of middle class who can afford to buy good quality shirts and clothes. A simple white shirt may not be fancy fashion but it is suitable for many occasions. It is always a best seller,” he said.

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  • Alarm for ‘fake’ Singles’ Day discounts

    Alarm for ‘fake’ Singles’ Day discounts

    About 17 per cent of discounts offered during China’s multi-billion-dollar Singles’ Day online sale event were not real, claims a state-backed consumer group.

    It is calling on the government to intervene and punish platforms and merchants for promoting fake Singles’ Day discounts.

    Alibaba and Amazon are among companies the Chinese Consumers Association (CCA) alleges are guilty of hiking prices before the annual November 11 shopping festival in an effort to lure customers with sharp “discounts”.

    “There is a large number of false discounts and other misleading behaviour about prices,” says the CCA, which has referred the cases to relevant government departments, recommending “severe punishment for price violations and price dishonesty”.

    Ahead of the shopping event, China’s top business regulator last month warned firms including Alibaba, Amazon and JD.com against falsifying figures and selling counterfeit goods.

    Alibaba recorded 120.7 billion yuan ($US17.4 billion) in Singles’ Day sales this year, and is being investigated by the US Securities and Exchange Commission over accounting practices related to its figures for the event last year. The US-listed firm has denied any wrongdoing.

    “We have strict measures in place to crack down on false sales discounting,” says an Alibaba spokeswoman. She claims the company penalises merchants, depending on the severity of the falsified discount.

    The CCA study recorded price changes on 12 platforms between October 20 and November 25. Of all the “discounted” products surveyed, 35 per cent of them on Amazon still cost more than regular retail prices, the highest of any platform. JD.com followed at 26.8 per cent, then Alibaba’s Tmall at nearly 19 per cent.

  • Pop-ups as a warm up for IKEA India

    Pop-ups as a warm up for IKEA India

    Ikea India is launching its pop-up store format Hej Homes in cities where it plans to open brand stores.

    The local branch of the Swedish home furnishings and furniture retailer plans to have 50 of the outlets by 2025, with a typical Hej House store being between 4000 and 7000 sqft (650 sqm), housing a cafe and usually in malls.

    The idea of the stores is to give consumers a taste of the Ikea brand, says country marketing manager Ulf Smedberg.

    The first pop-up will be unveiled in Hyderabad, where construction has started on the brand’s first store. Its second store is expected to be in Navi Mumbai, with plans to start 25 Ikea stores by 2025. Also launching in the first phase will be stores in Bengaluru, Delhi and Mumbai.

    Smedberg says the retailer will be introducing catalogues as part of its branding strategy.

  • Singapore retail sales almost back on track

    Singapore retail sales almost back on track

    Real Singapore retail sales rose in October month-on-month – but slipped year-on-year.

    retail-october

    According to official Statistics Singapore data released Thursday, seasonally adjusted retail sales rose 1.5 per cent (excluding motor vehicles) on September’s figures. But while the headline figure showed a 2.2 per cent increase on October 2015, after removing motor vehicles, the real result was a drop of 0.3 per cent.

    Month-on-month, the performing categories were watches & jewellery, medical goods & toiletries, by department stores, food & beverages, apparel, footwear, supermarkets and recreational goods which increased between 0.3 per cent and 7.1 per cent. But sales of furniture & household equipment, and through mini-marts & convenience stores, optical goods and books decreased between 0.1 per cent and 4.6 per cent.

    Compared to October 2015, retail sales of recreational goods, watches & jewellery, food & beverages, by department stores, supermarkets and medical goods & toiletries rose between 0.3 per cent and 5.6 per cent.

    In contrast, retail sales of computer & telecommunications equipment, apparel & footwear, furniture & household equipment and optical goods & books decreased between 1.8 per cent and 8.1 per cent..

    Food & beverage sales

    fb-octoberIn the food and beverage sector, (for consumption outside home), sales of fast food outlets, restaurants and other eating places, such as cafes, decreased by between 3.5 per cent and 5.6 per cent in October 2016 over September. Turnover of food caterers, other eating places and fast food outlets increased between 2.6 per cent and 5.8 per cent year-on-year, while restaurant sales declined 4.9 per cent.

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  • First runway show for Max Mara China

    First runway show for Max Mara China

    Luxury Italian fashion house Max Mara hosted its first runway show in Shanghai yesterday.

    It is presenting its pre-collection for fall 2017, as well as a capsule collection conceived in collaboration with Chinese artist Liu Wei, who also created the set for the runway show.

    With the capsule collection, the label is test driving its “see now, buy now” strategy. The collection comprises 11 pieces in upmarket fabrics, inspired by dense urban landscapes. The items will be available from tomorrow in a selection of Max Mara boutiques worldwide, including Paris, and on the label’s website.

    Max Mara opened its first store in China in 1993 and now has 414 boutiques there, including 35 in Shanghai.

    The Italian group has 19 apparel brands, led by Max Mara and Max Sport. It achieved sales of €1.38 billion (US$1.45 billion) last year, with 60 per cent coming from abroad. The company employs 5692 people and has 2668 locations in more than 100 countries.

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  • YCH Group opens retail hub in Xiamen

    YCH Group opens retail hub in Xiamen

     

    The four-storey mall aims to cater to the burgeoning Chinese retail scene while strengthening the Xiamen’s status as one of China’s most popular tourist destinations.

    YCH Group — an integrated end-to-end supply chain management and logistics company in Asia Pacific — has launched its retail hub in Xiamen, China in an effort to support the Pilot Free Trade Zone project in the city.

    To be fully operational from today (15 December 2016), the four-storey facility aims to cater to the burgeoning Chinese retail scene. According to eMarketer’s latest findings, China has overtaken the U.S. to become the world’s largest retail market, with total sales of US$4.886 trillion this year.

    The retail hub will also play a key role to strengthen the status of Xiamen as one of the most popular tourist destinations in China. Xiamen Tourism Bureau revealed on 7 October 2015 that  Xiamen received 1.63 million tourists from home and abroad, and raked in 1.853 billion RMB in tourism revenue last year.

    “With the dynamic and growing retail sector in the country, we want to equip retailers with game-changing capabilities that help them simplify processes and optimise costs. This will enable them to remain competitive while simultaneously boosting trade and facilities investment for China with the Pilot Free Trade Zone,” said Koh Yong Seng, Operations Director of North Asia, YCH Group.

    The mall, which used to be Xiamen Port Development- YCH Logistics’ warehouse, is strategically located within the Pilot Free Trade Zone. It is in close proximity to both air and sea ports, as well as numerous famous hotels.

    Sam’s Club and Red Star Macalline will be the mall’s first two anchor tenants, occupying about 85 percent of the facility.

    Sam’s Club is a division of Wal-Mart, which offers an extensive inventory with exceptional value on famous-brand merchandise at “member only” prices for both business and personal use.

    Meanwhile, Red Star Macalline targets the rapidly growing middle class in China through the operation of malls that offer home improvement and furniture materials, including flooring, bathroom and kitchen fixtures, with approximately 18,000 well-known brands.

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  • 7-Eleven plans in Vietnam

    7-Eleven plans in Vietnam

    Convenience-store giant 7-Eleven plans to enter Vietnam by taking over VinGroup’s VinMart+ chain, marketplace sources say.

    In a statement from the US last year, 7-Eleven said it would build stores as well as convert “existing locations”. Now industry insiders are saying the group will swallow VinMart+, but there has been silence from both brands.

    The 7-Eleven Vietnam franchise is a partnership between IFB Vietnam, which owns Pizza Hut Vietnam, and Seven System Vietnam. The chain has announced plans to establish 100 stores in its first three years, with 1000 outlets within a decade. Its initial store will be in Ho Chi Minh City, scheduled for early next year.

    VinMart+ is Vietnam’s largest c-store chain with more than 700 outlets. It has plans to expand to 10,000 stores in next 10 years.

    Vietnam is 7-Eleven’s second Pacific Rim market after Indonesia, where it launched in 2009. It also has stores in Australia, China, Japan, Malaysia, Singapore, South Korea, Taiwan, Thailand and the Philippines.

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  • Payments innovation continues to drive growth in Thailand

    Payments innovation continues to drive growth in Thailand

    Demand for innovative payment solutions is on the rise in Thailand, according to global payments technology company Visa, as the value of transactions made by Thai cardholders continues its high-growth trajectory.

    Total payment volume for all Visa cards rose by 9.3 percent last financial year, with growth coming from Visa debit cards at 18 percent and Visa credit cards at 8.6 percent. Meanwhile, the value of eCommerce transactions conducted on Visa cards rose by 24 percent. 

    “While such growth is not new to the payments industry, we are at a tipping point of innovation. New forms of commerce in the digital and hyper-connected world are emerging. When our clients issue Visa cards, they are issuing more than a card, they are issuing a Visa account that enables their customers to use Visa anywhere, anytime, with any connected device,” said Suripong Tantiyanon, Visa Country Manager, Thailand.  

    To support payments innovation in Thailand, Visa has launched the Visa Developer platform, transforming VisaNet, the world’s largest retail payment network, into an open platform for payments and commerce.

    Developers at merchants, financial institutions, technology companies and startups will have self-serve access to some of Visa’s most popular payment capabilities available through APIs, SDKs, and relevant documentation.

    One example of a solution developed and launched in Thailand is a global loyalty mobile application, using the Visa Direct API to provide real-time payment services. The product allows direct transfer of reward points to users’ Visa cards.

    The Visa Tokens Service (VTS), is another API that enables financial institutions to issue tokens – essentially digital accounts that enhance the security and simplify the consumer purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device. 

    Visa is also expanding the acceptance of electronic payments across the country. The number of merchant outlets that accept Visa cards has grown to almost half a million in 2016, particularly outside of Bangkok. The number of active mobile point of sale (mPOS) devices is almost close to fifty thousand, buoyed by insurance sales.

    “Enormous potential exists for technology to transform the entire payments experience. Many businesses are still relying on legacy systems in a world where customers want everything now – and, customer experience matters. Visa strives to extend the reach and value of electronic payments in ways that can power these changes,” added Mr. Suripong.

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  • DFS Group Introduces Newly Upgraded Stores at Hong Kong Airport

    DFS Group Introduces Newly Upgraded Stores at Hong Kong Airport

    DFS Group, the world’s leading luxury travel retailer, introduces four newly upgraded shopping spaces inside Hong Kong International Airport. Building on DFS’ promise to deliver innovation and newness, travelers can now discover an expanded assortment of brands and exclusive products at DFS boutiques in the Departures East Hall North and Departures East Hall South, showcasing DFS’ unparalleled expertise in providing new ways to delight travelers to Hong Kong.

    The remodeled area spans over 30,000 square feet, creating greater circulation space across General Merchandise, Beauty and Spirits, Wines and Tobacco categories. A range of first-in-HKIA product lines including Make Up For Ever, Fresh, Innisfree, Sekkisei, GLAMGLOW and Diptyque have been added to the airport stores’ Beauty sectors, while branded kiosks such as Montblanc, Casio, Samsonite and LeSportsac will present customers with new experiences including customized personalization in the General Merchandise section.

    DFS’ remodeled shopping areas also unveil unique new concepts in the Spirits and Wines sector, introducing one of only 15 Johnnie Walker Houses in the world in tandem with The Whiskey House, an experiential destination with certified Sales Associates delivering a luxurious shopping experience. New additions to the extensive brand list include Bache-Gabrielsen, Janneau and Moutai. Customers can explore more than 250 whiskies across 50 brands and enjoy DFS-exclusive offers including William Grant & Sons’ ‘Rare Cask Reserve’, as well as Araid 18 Year Old, 21 Year Old and 25 Year Old.

    Benjamin Vuchot, DFS Group’s Region President, Asia North said, “DFS is committed to continuously enhancing the traveler’s shopping experience at Hong Kong International Airport, gateway to one of the most important destinations in the world. We are very proud to offer these new brands, exclusive products and world-class concepts to travelers to HKIA.”

    The much-anticipated completion of the remodeled stores provides travelers with more space, visibility and better ease of shopping. The new layout marks the beginning of an enhanced shopping experience that will give travelers reason to spend more time relaxing before their flight at Hong Kong International Airport. The remodel builds on a number of exciting activations for travelers including the 12.12 Alipay promotion and recent Whiskey Festival at the newly launched The Whiskey House.

    Be sure to visit the East Hall Departures at DFS, Hong Kong International Airport and experience effortless shopping filled with new discoveries and exclusive offers.

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  • Uncertainty continues over opening date of Apple’s first store in Singapore

    Uncertainty continues over opening date of Apple’s first store in Singapore

    Apple fans who have been looking forward to the tech giant’s first brick-and-mortar store in Singapore may have to wait a while longer, with the completion date of construction work at its expected location along Orchard Road apparently pushed back.

    According to an information board put up outside the construction site at Knightsbridge mall, the latest expected completion date of Jan 30, 2017 – already a three-month postponement from the previous date of Oct 31, 2016 – was covered up, with no new date provided.

    The information board with details on the expected completion date seen outside the construction site at Knightsbridge mall on Dec 9, 2016.

    A check with workers and security guards at the site noted that the ongoing construction work is unlikely to wrap up by next month. One construction worker said that delays were unavoidable after the site was issued with a three-week stop-work order in late October.

    In response, a spokesperson from the Ministry of Manpower (MOM) confirmed that it did issue a full stop-work order to the work site’s contractor on Oct 24, citing “unsafe conditions relating to work at height, traffic management, scaffolding, electrical installation and lifting operations that were observed during an inspection at the worksite”. A separate check on MOM’s website showed that the stop-work order was issued against Legend (Singapore) Interiors Pte Ltd.

    MOM said the order has since been lifted, and when this reporter visited the site on Dec 9 and Dec 13, workers could be seen working on the sides of a three-storey-high facade covered up by grey-coloured boards.

    Apple declined to comment. It also declined to reveal an official opening date for the store or provide an update for the number of employees it is hiring locally.

    Its senior vice president of retail and online stores, Angela Ahrendts, confirmed last November that the tech giant had begun hiring staff for its retail store in Singapore.

    The store, which is expected to take up four levels at Knightsbridge mall, will be Apple’s first physical retail presence in Singapore, as well as Southeast Asia. Apart from an online store, Apple currently sells its products via authorised premium resellers such as EpiCentre and Nubox in Singapore.

    Speculation about the Singapore’s first Apple store emerged in October last year, when fitness club Pure Fitness informed its members that it would be shuttering its four-storey gym facility at Knightsbridge mall to make way for a “future Apple store”.

    So far, there have been few details about the retail outlet apart from a statement released last November noting that the Apple Store will be powered by solar energy from developer Sunseap Group.

    As for the exterior, a previous post by local blog My Apple Singapore wrote that wooden crates bearing the logo of German glassmaker Seele were placed outside the construction site in July. Given that Seele has been providing Apple with the glass panels for its overseas stores, the upcoming store in Singapore could be fitted with a similar glass facade, according to the blog, which began tracking developments at the construction site since last November.

    Ongoing construction work seen at the site of Apple’s first retail store in Singapore at Knightsbridge mall on Dec 9, 2016

    Construction work for the store commenced in May this year, according to the information board, and was initially expected to be completed by Oct 31.

    SUCH DELAYS “NOT UNCOMMON”

    However, industry observers said that such delays are not uncommon given the work required to fit out a huge space and Apple’s emphasis on customer experience in its flagship stores.

    “For a huge flagship store occupying 30,000 sqft of prime space along Orchard Road, some degree of fit-out delay is not uncommon given the complexity of the design and layout,” said Cushman & Wakefield’s research director Christine Li.

    “Plus, we are talking about the world’s most valuable brand – a brand that pays a lot of attention to detail and strives to be perfect. So, I think they want to make sure they don’t rush into things and that everything is in order,” she added.

    Industry observers say retailers who are staying put at Knightsbridge mall, such as Abercrombie & Fitch, may get a boost from the extra shoppers that the Apple Store will bring in. 

    While it remains unclear when the Apple Store will officially open its doors, Ms Li said that it will be a boost for Singapore’s prime shopping belt, as well as neighbouring stores such as casual wear chain Abercrombie & Fitch, when it does.

    “It will be good news given that so far we’ve been hearing so much negative news such as store closures at Orchard Road. Crowds attracted to the Apple Store will also benefit surrounding stores,” she explained.

    Ms Li cited the example of Japanese retail brand Uniqlo, which launched a sprawling flagship store at Orchard Central in September. “Definitely, we saw more shoppers at the new flagship store that helped auxiliary stores like the F&B outlets nearby as there will usually be some spillover effect from the high traffic.”

     

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