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  • Singapore retail now ‘a tenant’s market’

    Singapore retail now ‘a tenant’s market’

    Singapore retail is now “a tenant’s market”, realtors warn in the wake of official data showing further decline in boath rental rates and occupancy levels.

    According to URA data out today (April 22), retail rents fell by 1.9 per cent in the first quarter of 2016, following a full year decline of 4.1 per cent in 2015. That’s the fifth consecutive quarter in which a decline has been recorded, and the latest figure is higher than the 1.3 per cent of the preceding three months.

    For retail space in the Central Area (which includes the Downtown Core, Orchard and Rest of Central Area), the rental index was down 2.1 per cent quarter-on-quarter.

    Occupancy rates also dipped, falling by 0.1 percentage point quarter-on-quarter to 92.7 per cent in the three months to March 31.

    In the Central Region, vacancies were up at a five-year high of 8.7 per cent by March 31, up from 8 per cent at the end of December. In the key orchard Planning Area, the occupancy rate dropped by 1.2-percentage points quarter-on-quarter to a five-year high of 8.8 per cent.

    “With a subdued retail landscape, landlords are placing greater emphasis on maintaining occupancy levels, more so than maintaining rental values in this challenging period,” commented Lee Na Jia, regional head of research with DTZ.

    “Should landlords be inflexible during rental negotiations, tenants can go elsewhere especially with the relatively large pipeline supply coming on-stream [215,000 sqm of GFA in the middle six months of 2016]. At this moment in time, it can be considered a tenant’s market as they will have more choices,” said Lee.

    “Moreover, declining retail sales, competition from eCommerce and rising operating costs also work against brick-and-mortar retailers. If businesses underperform, they exit the market.”

    Retailers who have recently announced their withdrawal from Singapore include Smoothie King, fashion chain New Look and furniture store Iwannagohome.

    Anthea To, senior associate director of research and advisory with Colliers International, said the continued easing of retail rents is unsurprising, as leasing momentum slowed and vacancies rose.

    “By and large, retailers remained cautious on their real estate requirements in the first quarter of 2016, amid growing economic uncertainties.”

    She noted a 32.4 per cent drop in the number of leasing deals being struck in the last quarter, according to details sourced from URA Realis – to 1725 transactions. That’s the lowest quarterly number since the second three months of 2012.

    Bleak outlook

    Anthea To fears the current economic headwinds might continue to erode consumer confidence in turn leading to a further reduction in discretionary spending in the city state as shoppers fear pay cuts or job losses.

    “Given retailers’ expected cost-conscious stance, landlords would also be more realistic on rental expectations for the rest of 2016. This would weigh down on retail rents in the coming quarters.”

    To expects retailers to respond to the depressed retail market with store network consolidation, greater focuses on eCommerce and customer engagement in-store, and new products, trying to keep their brick-and-mortar stores relevant to an increasingly digital-savvy market.

    “However, not all retailers are focusing on the digital world. Major retail brands are still committed in physical store expansion which allows them to offer more products, services and new shopping experiences under one roof,” said To.

    “While rents in the Central Area are on a downward trend and are under pressure to fall further, some brands are taking the opportunity to optimise their store portfolios and open new flagship stores to strengthen their branding.”

    Colliers expects retail demand will continue to be coming from international lifestyle and fashion brands showing strong interest for flagship and new concept stores, and local players in sectors such as health and beauty, as well as leisure and personal goods.

    Lee Na Jia concluded that Singapore landlords recognise the current market challenges and are more inclined to lowering rental reversion rates to retain tenants. Older malls are also constantly undergoing rejuvenation (such as changing their tenant mix and external facades) to keep up with competition from the new malls.

  • MCM aims to double sales in five years

    MCM aims to double sales in five years

    German accessories brand MCM, owned and run by South Korean entrepreneur Sung-joo Kim, aims to more than double sales to RM7.8 billion (US$2 billion) within five years.

    Founded in Munich in 1976, MCM is known for its colourful $700 studded canvas backpacks. It  plans to expand in markets from Japan to Europe.

    “We have not even explored the Japanese market yet, we are just starting there,” says Kim.

    Unlike many European brands, MCM does not have a star designer, but has an in-house team of stylists to develop its products. Its collection is loaded with logo-embossed products. Its prices are around the same level as brands such as Celine and Louis Vuitton, and it makes around $700 million in annual sales, similar to Versace, reports Reuters.

    MCM is the second-biggest fashion brand by sales after Louis Vuitton in the duty-free market, where South Korea leads with annual sales of about $8 billion, says Kim. MCM makes about 60 per cent of its sales in Asia, with the balance in Europe, the Middle East and America.

    The youngest daughter of South Korean magnate Kim Soo-keon, Kim built her businesses from scratch after gaining experience at US department store Bloomingdale’s then developing Gucci’s South Korean business. After licensing MCM in 1991, she bought the German brand from a Swiss financier in 2005.

    Kim says she estimates that within five years, 15 to 20 per cent of MCM’s sales could be through eCommerce.

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  • Snoopy Museum Tokyo

    Snoopy Museum Tokyo

    An American cartoon has taken life in Japan with the opening of Snoopy Museum Tokyo, in the Roppongi district.

    As well as exhibitions, the museum shop Brown’s Store will sell exclusive items, while Cafe Blanket will serve food and beverages with a West Coast twist.

    It is the first satellite museum of the California-based Charles M.Schulz Museum and Research Center, named after the comic-strip cartoonist who created Snoopy the dog in his Peanuts series.

    Snoopy Museum Tokyo

    Once every six months, until September 2018, Snoopy Museum Tokyo will exhibit original comic strips and other artworks from the collection of the Charles M. Schulz Museum. At the opening exhibition, My Favorite Peanuts, there were about 150 items chosen by Schulz’s widow Jean, including original comic strips.

    The Brown’s Store will offer more than 500 original items, ranging from stuffed toys, stationery and homegoods to foodstuffs, all developed specially for the Tokyo museum.

    Cafe Blanket will feature a “Snoopy Dish Component” comprising sandwiches, mini corn dogs, potatoes and peanut butter. Pancakes, pizza and “My Sweet Babboo”, a milkshake that appears in works Mrs Schulz chose for the exhibition, will also be served.

    Snoopy Museum Tokyo 2

    Like the original, Snoopy Museum Tokyo will show the achievements and personality of Charles Schulz through changing exhibitions, seasonal events and workshops. There will be new original content every six months, curated by the Charles M. Schulz Museum. These will include early comics drawn before Peanuts, such as the Li’l Folks cartoons, animation art, Vince Guaraldi’s jazz music from animated Peanuts cartoons, and rare vintage Peanuts memorabilia. Unpublished sketches and artwork by Schulz will be displayed in a special section.

    Mrs Schulz says Peanuts has been loved by Japanese people for more than 40 years.

  • Telenor confirms it may pull out of India

    Telenor confirms it may pull out of India

    Norway-based Telenor has confirmed it may exit the Indian market if the operator is unable to procure spectrum at affordable rates, as operating losses from Telenor India mount.

    Announcing its financial results, Telenor group CEO Sigve Brekke said the operator’s long-term presence in India is dependent on the ability to secure additional spectrum at a price that can be justified.

    Telenor is looking into participating in upcoming auctions and into potential spectrum trading options, but will remain open to other alternatives in case the price doesn’t justify the move. Brekke said the company is looking at all options for a sustainable business model.

    æThe news comes as Telenor India reported a substantially wider operating loss of 3.1 billion krone ($381.5 million) for the first quarter of 2016, despite an 11% increase in revenue.

    The company recorded an impairment loss of 2.3 billion krone for the first quarter of 2016 due to network equipment and spectrum depreciation.

    Indian media reports from earlier this month suggested that Telenor is considering withdrawing from the Indian market even as the operator gears up to launch LTE services across its footprint.

    As part of its LTE rollout, the company has already launched services in one city, and plans to expand this to at least 6-8 more in the next 60 days.

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  • Celcom excludes Nokia from 4G upgrade project

    Celcom excludes Nokia from 4G upgrade project

    Malaysia’s Celcom Axiata has excluded Nokia from its new five-year 4G network upgrade project, cutting its selection of vendor partners down to just Huawei and Ericsson.

    The company has signed an infrastructure agreement with Huawei and Ericsson for a project expected to have capex costs of up to 2.2 billion ringgit ($566.7 million).

    Celcom’s existing network infrastructure was built based on a three-partner collaboration of Nokia, Ericsson Malaysia and Huawei. But Celcom chief of operations Ramanathan Sathiamutty said the operator is cutting its partners down to two to streamline partner management

    Under the new contract, Ericsson and Huawei will be responsible for the full turnkey delivery of a radio access network to support the 4G rollout and prepare for the introduction of 5G.

    Celcom has budgeted between 1.8 billion and 2.2 billion ringgit as capex for the rollout. The amount spent will be contingent on whether Malaysia introduces spectrum refarming for the 900-MHz and 1800-MHz bands – if refarming is announced, the budget will be 2.2 billion ringgit.

    The operator said the upgrade will allow the company to offer broader coverage with fewer sites, allowing it to realize group-level cost savings.

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  • Giant Cambodia launches in Phnom Penh

    Giant Cambodia launches in Phnom Penh

    Giant Cambodia has opened its first store in the kingdom, in Phnom Penh’s Grand City Mall.

    It is part of a major expansion into Cambodia by the Malaysian wholly owned subsidiary of pan-Asian retailer Dairy Farm International, which also has a 70 per cent stake in Lucky Private, the owner of Lucky Supermarkets.

    Dairy Farm International Indochina CEO Paul Sheldrake says Giant will offer a new experience and choices for Cambodians with its brand-name health and beauty products and housing accessories.

    New international shopping complexes are boosting retail supply in the capital, such as the 57,000 sqm Parkson’s Phnom Penh City Centre scheduled to open last year but revised to late this year. Also coming on line then will be Lion City, an integrated project by Malaysia’s Lion Group covering 61,000 sqm.

    Other new entrants include HongKongLand’s Exchange Square, covering 8000 sqm and opening early next year.

    Real estate analyst CBRE has forecast retail space in Phnom Penh to increase more than 110 per cent by early next year.

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  • All Saints Japan opens first Tokyo store

    All Saints Japan opens first Tokyo store

    Fashion group All Saints Japan has launched, with a dedicated website as well as a store in Tokyo.

    Out of the UK, All Saints made its Japan debut at Tokyo Fashion Week last month. It partnered with infrastructure company Locondo to develop the digital platform and tailor it for Japanese consumers. Locondo also worked on All Saints’ logistics offer, looking at delivery and returns options, and working out fulfilment logistics.

    All Saints Japan instore 1

    Both menswear and womenswear will be stocked in the 3000 sqft (278 sqm) Tokyo Bay store, as well as All Saints’ debut handbag collection. The store will carry more than 30 styles of leather jackets.

    All Saints Japan instore

    All Saints halved its pretax losses in its last financial year when sales jumped 11 per cent, thanks to its new CEO William Kim, who was brought in to run the business after private-equity firm Lion Capital bought a majority stake. He has closed stores, overhauled its website, streamlined distribution and cut supplier numbers from 400 to 55.

    While All Saints has on-the-ground presence in 18 countries, it ships to 200.

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  • Shanghai mall installs slide for shoppers

    Shanghai mall installs slide for shoppers

    Forget stairs and elevators – a Shanghai mall has installed a five-storey enclosed slide for shoppers.

    Spiralling down some 54 metres, the 76cm wide chute at the Printemps mall in the Pudong New Area is covered in bright patterns and is named The Happy Slide. It take just 16 seconds from the top floor of the mall to the ground floor.

    Printemps, despite a 150-year retail history in Paris, has been experiencing declining sales at the mall, prompting the management to think outside the box to attract more customers.

    While the slide is free to use, it is only for people aged between seven and 60 years old, provided they are not pregnant and do not have cardiovascular or back problems. At the moment, the attraction is open only to VIP mall members, and they need to wear a safety bag and cross their arms while sliding.

    Super-Slide-shanghai-mall.2

    Shaped like a traditional twisting Chinese dragon, the stainless steel tube is covered in cartoon-style flowers, stars and musical instruments.

    Images show a man in a suit taking the slide, as well as another emerging with his smartphone shooting video.

    However, one Facebook user questions its safety: “China can’t build escalators properly without people falling through them, so you’d be nuts to go down this.”

    Singapore’s Changi Airport put up the state’s tallest slide, measuring four storeys, or 12m, high in 2010, and it is still a major tourist attraction.

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  • IKEA Will Open First PUP Store In China

    IKEA Will Open First PUP Store In China

    Ikea’s first pick-up and order point in China is currently being built in Wenzhou and is expected to officially open at the beginning of this summer.

    Ikea PUP store is a new model established by the company in 2015. With an area of about 1,800 square meters, the Ikea Wenzhou PUP store will display about 2,500 kinds of products. Meanwhile, local consumers can order most of Ikea’s products at the order point. It is reportedly a small-sized Ikea and the extension of the Ikea Ningbo store.

    Consumers can first experience Ikea products in the display zones and choose to buy the products directly from Wenzhou PUP store or place an order to the Ikea Ningbo store in eastern China. The ordered products will then be delivered to the Wenzhou order point or to consumers’ homes. In addition, the Wenzhou PUP store will have professional staff to provide home solution planning and purchase services. However, no food and beverage area is available at the PUP store.

    A representative from Ikea China said that the establishment of the Wenzhou order point will make consumers’ shopping experience more convenient. Meanwhile, it will lay a foundation for the future expansion of Ikea’s online businesses. Ikea started the operation of this new PUP model from 2015. So far, it has launched such stores in London, Toronto, and Phuket.

    Ikea’s financial report for 2015 revealed that the company’s total sales for 2015 were EUR31.9 billion, a year-on-year increase of 11.2%. Its sales increase was mainly contributed by store sales, especially new stores integrating e-commerce functions.

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  • Central Group to buy Zalora’s businesses in Thailand and Vietnam

    Central Group to buy Zalora’s businesses in Thailand and Vietnam

    Central Group is set to buy Zalora’s businesses in Thailand and Vietnam, according to reports.

    Zalora is a fashion-focused e-commerce site.

    Central Group’s assets, which include multiple shopping malls and national department store chains, are worth close to $10 billion and it employs some 70,000 people.

    The deal to buy the country businesses from Zalora will cost Central Group around $10 million each, reported TechCrunch.

    Sources close to Zalora suggest that the company is selling the businesses in an effort to streamline its costs and move towards becoming profitable.

    Even though Zalora was only started four years ago, the company claims 10 million people have downloaded its mobile apps and the company makes 1.4 million transactions per year across 10 countries in Asia-Pacific.

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  • Singapore Pavilion on Alibaba’s Tmall helps access China market

    Singapore Pavilion on Alibaba’s Tmall helps access China market

    Local food manufacturers looking to expand into China will now have an easier time with the help of a new initiative by IE Singapore and the Singapore Food Manufacturers’ Association (SFMA).

    Dubbed “Singapore Pavilion”, it is an online store on Alibaba’s Tmall, a major Chinese website for business-to-consumer online retail.

    The initiative will “provide companies with a plug-and-play model, so they can export their products to China more quickly and easily”, said Ms Liane Ong, IE Singapore’s China group director.

    The trade agency said it sees e-commerce as an “important retail channel for Singapore companies to access the huge China market”.

    Ms Ong added that the Singapore brand commands a premium in China, amid rising affluence of Chinese consumers and food safety concerns.

    Despite this, companies wanting to export to China have always faced obstacles, with issues such as product registration and marketing to consumers being key problems, according to Mr Chong Ka Wee, chief executive of Kino Biotech, which owns proprietary brand Kinohimitsu.

    Kino Biotech is one of 45 firms to have signed up under Singapore Pavilion to sell its products and that has helped it save time and cut costs.

    “Normally, for product registration, you would have to go through processes like changing your labelling to adhere to the local regulations,” Mr Chong said. “All these processes can take up to 15 months.

    “Selling through a cross-border e-commerce platform, the product registration process can be simplified and shortened to just one month. The best part is that you can use the existing product labelling and original packaging.”

    Mr Thomas Pek, president of SFMA, said that under the initiative, companies would have to pay an initial deposit of $10,000, and then just $300 a month.

    A single company trying to get online space in Tmall would usually have to pay around $300,000 per year.

    For Mr Chong, an added benefit of joining Singapore Pavilion is getting to raise awareness of the firm’s products as part of a stronger Singapore brand along with those in the industry, and the feedback from Chinese consumers will be valuable in deciding how to expand in China.

    “We may be competitors in Singapore but we can form an alliance overseas as part of the Singapore brand and capture market share together.”

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  • Was Las Vegas Sands’ First Quarter as Bad as Advertised?

    Was Las Vegas Sands’ First Quarter as Bad as Advertised?

    Success or failure is often in the eye of the beholder, and in the case of Las Vegas Sands that sentiment holds very true today. On Wednesday after the market closed, the company reported first-quarter revenue of $2.72 billion and earnings of $320.2 million, or $0.40 per share. Hold-adjusted EBITDA, which is a proxy for cash flow from resorts, was a whopping $1.03 billion in just one quarter. But for the market, that wasn’t enough.

    Analysts had been expecting revenue of $2.88 billion and earnings of $0.63 per share on an adjusted basis (compared to the $0.45 reported), so the stock was down sharply in trading Thursday morning. But are things really as bad as they appear?

    What you need to know about Las Vegas Sands in Macau
    Before getting into the detailed numbers, it’s important to point out that Macau’s overall gaming revenue declined 13.3% in the first quarter. That’s the bar against which every company’s results should be measured.

    You can see below that three out of Las Vegas Sands’ four resorts in Macau actually performed well in the quarter, compared to the Macau market as a whole, with only Sands Macau underperforming it. As the only property the company has on the Macau Peninsula, where Wynn Resorts has already said it will have weak numbers, even that’s not a surprise.

    Q1 2016 Revenue Q1 2016 EBITDA
    The Venetian Macau $749.0 million

    (4.9%)

    		 $267.8 million

    (0.8%)
    Sands Cotai Central $530.3 million

    (7.3%)

    		 $163.5 million

    4.9%
    Sands Macau $175.1 million

    (22.3%)

    		 $31.0 million

    (46%)
    Four Seasons Macau $148.3 million

    (8.1%)

    		 $48.2 million

    8.3%

    SOURCE: LAS VEGAS SANDS EARNINGS REPORT.

    Good luck helped improve results for some of the resorts, particularly Sands Cotai Central, but Las Vegas Sands is still gaining share in Macau even after adjusting for luck.

    Marina Bay Sands

    MARINA BAY SANDS

    Singapore is a different story
    At Marina Bay Sands in Singapore, which is actually Las Vegas Sands’ most profitable resort, results were a little weaker. Revenue fell 23.1% to $603.1 million and adjusted EBITDA fell 33.8% to $274.9 million (still a huge number for one resort). But that doesn’t tell the whole story.

    Casino revenue, which accounts for a vast majority of the resort’s revenue, fell 28.3% in the quarter. But VIP gaming volume only fell 4.5% and mass-market volume only fell 9.2%. What led to the weak results was a very low hold percentage in VIP, meaning bad luck for the casino. Without that bad luck, revenue and EBITDA still would have fallen, but not by much.

    Las Vegas continues to steadily grow
    In Las Vegas, revenue rose 2.3% to $384.9 million and EBITDA jumped 17.3% to $86.9 million. This is consistent with competitors like Wynn Resorts, which said it expects a small amount of growth in revenue at the midpoint of its first quarter preliminary  results.

    Las Vegas isn’t going to be a huge growth market for Las Vegas Sands, but slow and steady will win the race.

    What determines long-term success
    When you look at Las Vegas Sands’ numbers in the context of the Macau market, they look a lot better than when you compare them to Wall Street analysts’ guesses about what the numbers would be. And it’s far more important to gain share in Macau long-term than to meet Wall Street’s expectations.

    What investors really need to watch over the next few quarters is the impact of new competition. Wynn Palace will open near the end of the second quarter and MGM Cotai will open sometime next year, competing with the resorts I listed above, and the soon-to-open Parisian for Las Vegas Sands. It’s possible that LVS’s market share might start to slip in a big way as new resorts enter the Cotai market that the company currently dominates.

    Until that competition comes, I see a lot more positives in Las Vegas Sands’ fundamentals than warning signs. And with the stock down in early trading, this could be a great buying opportunity for investors with a long time horizon.

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  • Mobiles sold in India must have panic button from 2017

    Mobiles sold in India must have panic button from 2017

    India’s telecoms ministry will mandate that all mobile phones sold in the country from 2017 must include a ‘panic button’ providing easy access to emergency services.

    As part of the new norms phones sold from 2018 will also have to include GPS navigation systems.

    While it is not yet clear what form the panic button system will take, it is likely to allow customers to call emergency services by pressing or holding a single button or pressing the power button several times in a row.

    The regulation also applies to feature phones, and will likely be achieved by holding down a button on the keypad.

    The move forms part of a wider campaign to help ensure the safety of women in the wake of growing reports of violence including rape and molestation. Women’s safety has been a political priority since the high-profile fatal gang rape of a 23 year old student on a Delhi bus in 2012.

    While India currently lacks a central number for calling emergency services, the government is aiming to introduce one this year.

    Manufacturers selling devices in India – including international smartphone giants like Apple and Samsung – will need to be compliant with the new regulations from next year.

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  • DBS introduces a mobile-only bank in India

    DBS introduces a mobile-only bank in India

    Singapore’s DBS Bank has launched what it says is India’s first mobile-only bank. Dubbed digibank, the mobile app functions as an entirely paperless, signatureless and branchless bank for India’s residents.

    The initiative aims to break away from conventional banking norms such as form filling and other cumbersome processes.

    Account-opening can be done easily and effortlessly at an extensive network of outlets run by DBS’ partners, including over 500 cafes across India. No paperwork will be involved and instead, customer authentication is done purely using the Aadhaar card, a biometrics-enabled ID which has been issued to over 1 billion Indians.

    Other digibank features include 24/7 customer service provided by a real-time, AI-driven virtual assistant, which understands natural language and is incorporated with the ability to anticipate and answer some 10,000 customer questions.

    This AI feature was made possible due to DBS’s partnership with US-based fintech Kasisto. The latter is a spin-off from SRI International which created the technology behind Apple’s Siri.

    In-built into digibank is a budget optimizer that helps customers do their budgeting, track expenses and analyze purchasing trends. The function is equipped to understand customer behavior and preferences, synthesize data, and provide recommendations.

    The budget optimizer also studies customers’ spending patterns and prompts them if they are overspending. Conversely, if a customer’s savings regularly exceed his or her expenditure, digibank will provide suggestions on how to make one’s money work harder.

    Dynamic inbuilt security, which is safer than OTP, is employed in digibank. Most bank customers are used to receiving One-Time Passwords (OTPs) via SMS, and then typing codes into pages to authorize their mobile banking transactions. digibank has an embedded soft token security, avoiding the need to wait for SMSs to arrive and providing even stronger security for transaction authorization.

    The new offering also gives account-holders earn 7% interest from the first rupee, one of the highest in the market with no minimum balance requirements. Customers receive a physical debit card which can be used across all Visa-enabled online and POS transactions, as well as overseas. Free cash withdrawals will be available at more than 200,000 ATMs nationwide.

    Said DBS CEO Piyush Gupta, “India’s banking system is at the cusp of massive change, and as a bank committed to shaping the future of banking, we are excited to roll out a revolutionary, mobile-only bank. With digital, we are able to create a completely different customer experience. What’s more, digibank’s efficiencies and lower costs enable us to pass on significant benefits to customers in the form of greater customer value.”

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  • Indonesia’s H3I taps Nokia for core network upgrade

    Indonesia’s H3I taps Nokia for core network upgrade

    Hutchison 3 Indonesia (H3I) has contracted Nokia to expand its core network to meet growing mobile data demands in the market.

    Under the agreement, Nokia will supply H3I with packet core technology in cities including Surabaya, Semarang, Solo and Yogyakarta – the most densely populated cities in the country.

    Nokia will also provide network planning, optimization, implementation and care services, as well as its Flexi convergent mediation device and its NetAct operations support system. The contract is also aimed at laying the groundwork for future network upgrades to meet emerging demands.

    H3I has been seeing data traffic double around every nine months as a result of rapid smartphone and 3G data adoption in Indonesia’s growing economy.

    Mobile is playing a leading role in providing internet connectivity to Indonesians. As of the start of 2016 there were over 320 million mobile subscribers across Indonesia, while fixed broadband penetration remained under 2%.

    “We are pleased to have Nokia’s services and technology expertise at our side as we evolve our core network to meet the speed and quality needs of a growing number of connected consumers and business users in Indonesia,” H3I president director Randeep Singh Sekhon said.

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