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  • India’s GirnarSoft set to fight Rocket and iCarAsia for Indonesia’s auto classifieds space

    India’s GirnarSoft set to fight Rocket and iCarAsia for Indonesia’s auto classifieds space

    A combination of low interest rates, a growing middle class, and the absence of strict regulations on car ownership has led tech companies to take a keen interest in the Indonesian market. Rocket Internet’s car classifieds site Carmudi has been operating in Jakarta for nearly one year now, although it’s currenly only seeing around 300,000 visits per month. iCarAsia’s Indonesian portal Mobil123 is doing a little better with around740,000 monthly visits, as per SimilarWeb.

    According to the Indonesian Automotive Manufacturers Association, there were 1,208,019 new car sales last year in the archipelago. This is a slight dip from the year before, which saw 1,229,916. Local financial portal Indonesia-Investments credits the drop to a weakening Rupiah against the US dollar, coupled with inflation, and an economy that may be losing steam. For consumer-to-consumer car classifieds sites, however, the drop in new car sales may actually be a negligible factor. If fewer people are strolling into Astra Motor dealerships on the weekends to pick up new coups, odds are they’re looking into used vehicle alternatives.

    Regardless of what caused the dip, India’s GirnarSoft, which ownsCarDekho, still sees Indonesia as a green opportunity, having recently launched CarBay in Jakarta.

    GirnarSoft was valued at US$300 million when it raised series B fundingthis past January. The company is backed by investors like Sequoia Capital, Hong Kong-based Hillhouse Capital, and Tybourne Capital. CarDekho is GirnarSoft’s largest venture, and claims to be the number one auto portal in India with around 3 million monthly visits.

    carbay id

    Testing the waters without classifieds

    Indonesia’s CarBay is not a classifieds site yet. Instead, it’s just a content provider and resource for folks who are interested in making a purchase but still doing their homework. On the site, users can hunt for vehicles they want to know more about, filtering via price, brand, fuel efficiency, model, number of passengers, and more. Essentially, CarBay acts as a decision-making aid, and lets users easily find various dealers in Indonesia.

    CarBay also lets users do instant side-by-side comparisons of up to four different vehicles at a time. The comparisons are quite thorough, and include everything from engine stats and safety features to luxury options and performance specs.

    At the moment, it’s unclear how CarBay plans to monetize outside of charging its partner dealerships for content on its portal. It’s likely that the firm is simply trying to test local waters by building up its user base before plowing full-steam ahead with a classifieds play. If CarDekho’s business model is any indicator, CarBay will probably go head-to-head with the likes of Rocket Internet’s Carmudi and iCarAsia’s Mobile123.

    A slowing but still favorable car market

    CarBay claims vehicle sales in Indonesia have been rising at a steady 11 percent compound annual growth rate. This figure is probably referring to new and used cars alike. The company cites the nation’s annual GDP growth as one of its most encouraging stats.

    Indeed, the archipelago has been experiencing economic growth of roughly six percent annually. However, the economy only advanced by 4.71 percent this past year, which was the slowest expansion since the third quarter of 2009. Car sales are one of the key indicators by which to measure local consumers’ purchasing power as well as the general state of the economy. As of May, only 443,328 new cars had been sold in the archipelago thus far in 2015.

    “Indonesia is at a good stage of economic development and online products like CarBay will set new benchmarks for organized car buying and selling in the country,” Amit Jain, CEO and co-founder of GirnarSoft said in a release. “Our rapid growth has been due a great web and mobile product, which we feel will do well in Indonesia too.”

    carbay id 1

    From what can be seen on the site, it looks like CarBay has no intention of getting into motorcycles, a segment which dominates the nation’s personal vehicle market.GirnarSoft is one of several Indian firms to have recently come to Jakarta looking for greenfield tech startup opportunities. Earlier this week, Tech in Asia spoke with a venture capital firm called Aavishkaar, which recently locked in US$45 million to invest in Indonesia and other emerging markets. Indian tech companies setting sail for Jakarta could be an interesting trend to keep an eye on for Q3.

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  • Who will dominate Korea’s mobile payment market?

    Who will dominate Korea’s mobile payment market?

    South Korean heavyweights ranging from Internet to retail to tech companies are all paying keen attention to preoccupy the mobile payment system market, which hasn’t yet taken off.

    Since Daum Kakao first ignited the competition by rolling out its mobile payment Kakao Pay last year with its 4 million subscribers. Korea’s largest portal operator Naver unveiled Naver Pay this July, by joining hands with 50,000 partner stores.

    Retail giants are also following suit. Lotte and Shinsegae are currently developing L Pay and SSG Pay respectively in order for consumers to more conveniently buy goods with retail technologies. They plan to let customers to save all the information of credit cards, gift cards, cash and coupons on smartphones to easily pay for things. Membership points will be accumulated on smartphone apps.

    Smartphone conglomerates are no exceptions here. Korea’s largest smartphone maker Samsung Electronics is set to unveil its new mobile payment system Samsung Pay in September. It is expected to be embedded in its latest smartphones like Galaxy S6 and Galaxy S6 Edge. As the tech giant recently acquired Boston startup LoopPay, which has magnetic secure technology, Samsung Pay will be compatible with existing magnetic card readers. This way, stores do not have to change their readers separately to use the service.

    In the smartphone market, Samsung has to compete with its global rivals Apple and Google. American search giant Google unveiled Android Pay at its I/O Conference 2015 late in April at San Francisco. Samsung’s arch rival Apple unveiled Apple Pay last October, and is now in discussion with China’s biggest e-commerce company Alibaba in a bid to make forays into the China’s market.

    Market watchers say the mobile payment system, which heralds the opening of the Fintech market – a combination of finance and technology – will have a great impact on the local financial market. Commercial banks have so far been in charge of small sum transaction but it is likely to be shifted to non-financial institutions if the mobile payment service takes off.

    Daum Kakao’s Kakao Pay, which is the first mobile payment service in Korea, already saw more than 4 million subscribers last month. Though it still does not have a great impact on the market with a limited number of partner stores, analysts say they have secured a meaningful number of clients.

    Korea’s financial watchdog said when the number of Kakao Pay’s subscribers reach 2 million, it will have a significant meaning as a financial transaction tool. Currently, no official figure of daily transaction has been unveiled.

    The local mobile payment market is expected to continue to grow, according to market observers. In a nation dubbed as IT powerhouse, many users still find it difficult to buy goods online as they have to install various programs such as Active X and keyboard security programs. Also, they have to type in their credit card information or personal information every time they pay.

    However, the emergence of the mobile payment system is removing all the hassles and only requires simple authentications such as smartphone numbers or password.

    According to research firm Gartner, the local mobile payment service market came to around 3.8 trillion won in the fourth quarter of last year, up 65 percent during the same period of the previous year. The global mobile payment service market also continued to grow around 30 to 40 percent annually for the past years. It would reach around 721 trillion won by 2017.

    “There is not yet a dominant player in the local mobile payment service market. Thus, fierce competition among tech firms hoping to preoccupy the market is expected in the second half of this year,” according to a market observer.

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  • China cuts retail oil prices

    China cuts retail oil prices

    The prices of gasoline and diesel in China will respectively be cut by 110 yuan and 105 yuan (18 U.S. dollars) per tonne, the National Development and Reform Commission (NDRC), China’s top economic planner, said in a statement Monday.

    The adjustment will come into effect Tuesday. The benchmark retail price of gasoline will drop by 0.08 yuan per liter and that of diesel by 0.09 yuan.

    Prices of refined oil products in China are adjusted when international crude prices translate into a change of more than 50 yuan per tonne for 10 working days.

    Crude prices fell last week, weighed on concerns of oversupply after the Organization of the Petroleum Exporting Countries (OPEC) decided to keep its daily output at 30 million barrels for the next six months.

    The NDRC has reduced oil prices for four times and raised them five times this year, tracking changes in international crude oil prices.

  • Retail Sales Hit Hard by MERS

    Retail Sales Hit Hard by MERS

    The ripple effect of the Middle East respiratory syndrome (MERS) is spreading throughout Korea’s retail industry, including department stores, discount stores, restaurants, and cosmetic shops.

    Amid rising concerns about possible infection by the MERS virus, an increasing number of consumers are avoiding crowded places, dealing a blow against the sales of offline stores, including department stores.

    As the MERS crisis prolongs, the number of foreign tourists, including Chinese ones, declines, giving a negative impact on the cosmetics industry. According to industry sources on June 5, Lotte Department Store suffered an 8.4-percent decline in sales during the period from June 1 to 4, compared to a year ago.

    Shinsegae Department Store also suffered a 3.7-percent decline in sales during the same period. E-Mart, the largest discount store in Korea, recorded a 7.8-percent plunge in sales during the period. In particular, its outlet in Dongtan and Pyeongtaek, in southern Gyeonggi Province where the highest number of MERS cases were reported, suffered a 19.7-percent and a 16.2-percent plunge in sales during the period.

  • B2B Marketplace Bizzy.co.id Launches in Indonesia With $2.5 Million Investment

    B2B Marketplace Bizzy.co.id Launches in Indonesia With $2.5 Million Investment

    Ardent Capital today announced the launch of one of Indonesia’s first B2B ecommerce marketplaces with a $2.5 million commitment to Bizzy.co.id, amidst a growing investor gold rush to ecommerce ventures in the country.

    Bizzy will solve a pain point with procuring inventory, supplies and services from other businesses. The platform carries thousands of products from hundreds of merchants in business supplies, electronics, cleaning, pantry and services.

    “Globally B2B ecommerce has gained massive traction. In Korea we’re talking 91 percent penetration, while in Indonesia this type of ecommerce is in its infancy so the opportunity is huge. Just 11 percent of all startup endeavours in Indonesia are dedicated to B2B,” said Adrian Vanzyl, CEO of investor Ardent Capital.

    Disrupting the Traditional B2B Climate

    Bizzy CEO and co-founder Peter Goldsworthy spent the past eight years building businesses in Indonesia and saw a lack of innovation in business supplies and services.

    “I was constantly frustrated with ordering supplies and services. In particular I felt the entire process of sourcing, approval and shipping could easily be improved upon,” Peter said.

    Through market research Bizzy discovered that many distributors and principal brands were having difficulties reaching and servicing their direct B2B customers.

    “Merchants were struggling to meet the needs of businesses. What we were seeing was that the way businesses shop was much more complex than how an individual would and this was causing problems at both ends of the transaction,” Peter explained.

    Bizzy helps merchants make the shift to online and meet the logistical demands of B2B business customers, by integrating multiple shipments from multiple vendors, known as ‘crossdocking’, through the fulfilment center of partner aCommerce.

    Enticing Millennials

    The demographics of those making B2B purchasing decisions has shifted rapidly. In a Google- and Millward Brown Digital-partnered B2B marketplace report this year, data showed that between 2012 and 2014 the age of those doing B2B research increased 70 percent in the 18- to 34-year-old age group. The data also showed that by 2014 this millennial age group was also accounting for 46 percent of B2B purchasing decisions.

    “Millennials are now the key decision-makers for company sourcing. This changing of the guard means they expect the same information available for personal purchases when they search for business solutions. Bizzy addresses that need,” Peter added.

    Bizzy will actively support not just tech startups but charities, hospitals and universities by offering wholesale pricing through a complimentary year of ‘Bizzy Wholesale’ membership, entitling them to wholesale purchase rates irrespective of purchase quantity.

    With customers like Tiket.com, Traveloka, Halomoney and Grabtaxi already onboard, Bizzy is generating the buzz to make 2015 the year of B2B.

    Snapshot: Penetration of B2B Ecommerce in Asia

    In the US, B2B ecommerce represents a $1 trillion opportunity, while in mature Asian markets B2B ecommerce already accounts for a large and growing share of total online transactions:

    • In China B2B ecommerce is estimated to have a potential value of $2.1 trillion by 2020
    • In South Korea 91 percent of online transactions are B2B
    • In Thailand B2B represents more than 50 percent of all online transaction value, yet by startup founder type, captures less than 20 percent of all founders who launch businesses
    • In Indonesia the current split between B2B and B2C revenue is just 11 percent
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  • Qantas still positive about Jetstar’s Asian growth plans

    Qantas still positive about Jetstar’s Asian growth plans

    Jetstar’s Asian division reported an underlying loss before interest and tax of $33 million in the first half of the financial year.

    Qantas Airways has no plans of abandoning its investment in Jetstar’s Asian arms despite disappointing returns to date because the growth potential is so big, says Qantas chief executive Alan Joyce.

    All of the airline’s other divisions are expected to report returns exceeding their cost of capital this financial year, amid forecasts the carrier could report an underlying pre-tax profit approaching $1 billion. But Jetstar’s Asian division, including businesses in Singapore, Japan, Vietnam and Hong Kong, reported an underlying loss before interest and tax of $33 million in the first half of the financial year.

    “What we are investing in Asia for the group, it is a very small amount of capital,” Mr Joyce said on Sunday on the sidelines of the International Air Transport Association annual meeting in Miami. “It is done in a very capital-light way. So for the group to get its cost of capital, this year as an example, [Jetstar in Asia] won’t return its cost of capital but the overall group will. For us these are low capital cost investments for huge growth potential.””For us these are low capital cost investments for huge growth potential.”: Qantas boss Alan Joyce.

    Mr Joyce noted the Asian market is the fastest-growing aviation market in the world, and said he believed it would eventually become the most profitable aviation market in the world. Qantas has invested in Jetstar’s Asian arms through joint ventures with local shareholders.

    Jetstar Group chief executive Jayne Hrdlicka said Singapore-based Jetstar Asia an Vietnam-based Jetstar Pacific are expected to be profitable in the second half of the financial year.

    “Significant capacity has come out of the [Singapore] market post the FY14 results,” she said. “Everybody did it tough with too much capacity coming into the market. So that has rationalised. A little bit of it is starting to come back in because the Singapore dollar is so strong. But we are very confident that the outlook will improve.

    In the meantime, Jetstar Japan remains loss-making and Jetstar Hong Kong has yet to receive long-delayed government approvals to begin flying and it has sold all but one of its original nine aircraft.

    Ms Hrdlicka admitted Jetstar had misjudged the ease of gaining regulatory approvals in Hong Kong.

    “Our expectations were not lined up with the reality of the way this government is making decisions in Hong Kong,” she said.

    But she said fellow Jetstar Hong Kong shareholders China Eastern and Shun Tak Holdings were more “patient and longminded”, especially now that the Hong Kong government has committed to a third runway at the busy Hong Kong International Airport.

    “The other aspect that is brewing confidence in our shareholders is the Hong Kong economy needs the tourism flows into Hong Kong,” she said. “Chinese tourism is significantly down. For some retail sectors in Hong Kong, they are off by 30 per cent. So that flow of customers who need low fares to make Hong Kong affordable, to have the Hong Kong experience is really important to the Hong Kong economy and supports the Hong Kong people.”

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  • Zooming in on market niches lets Maybank flourish

    Zooming in on market niches lets Maybank flourish

    Navigating Singapore’s crowded banking landscape is not easy, and Maybank’s retail banking unit says it needs to be nimble by zooming in on market niches.

    The bank last month launched a Maybank Save Up programme tailored for young workers in Singapore after noticing that many are increasingly keen on financial planning.

    And, noting that young children are often neglected by lenders, it launched last September the Maybank Family Plus programme to encourage parents to help kids save.

    Maybank is also focusing on long-term relationships and on catering to customers’ needs at every stage of their lives.

    “I think (Singapore) is probably one of the most highly- banked markets, even for retail,” said Mr Choong Wai Hong, the bank’s head of community financial services. “But that said, I find the Singaporean consumers, the account holders, they are quite savvy.”

    In an interview with The Straits Times on Thursday, he said consumers are often willing to snap up new products and services. “Their sensitivity to change, to go for a product, is quite high. So if you can find the right market niche for them, the willingness to move is quite high”.

    What Maybank does in Singapore is closely-watched by rival lenders as it is one of the very few foreign banks with a large retail presence here.

    Its three entities in Singapore – Maybank, Maybank Kim Eng brokerage and Etiqa Insurance – employ 2,400 staff.

    Singapore’s central bank last month named Maybank one of the inaugural seven “domestic systemically important banks” in the Republic.

    The seven each has a significant impact on the financial system’s stability and proper functioning of the broader economy, the Monetary Authority of Singapore said.

    The three domestic lenders in the list are DBS Bank, OCBC Bank and United Overseas Bank. And apart from Maybank, the other foreign banks are Citibank, Standard Chartered and HSBC.

    Maybank has 22 full-service branches in Singapore – the largest for a foreign bank here, but nowhere near the hundreds of branches operated by the three local lenders.

    It is sometimes known as the “time deposit bank”, owing to its competitive retail deposit rates. Mr Choong said Maybank has 10 per cent to 11 per cent share of the time deposit market in Singapore.

    Its other strength is in the vehicle loan market where it has a 22 per cent market share.

    The Maybank group in Singapore last week reported profit before tax for the first quarter of $93.75 million, down from $110.9 million a year earlier.

    Asked about its retail lending profile, Mr Choong said the major segments are about 45 per cent in mortgages, 18 per cent in auto loans, 22 per cent in retail small and medium enterprises and commercial loans. Other consumer loans make up the other 15 per cent.

    Maybank, he said, has an advantage that other foreign banks here might not have – the group offers the full spectrum of services including retail banking, Maybank Kim Eng brokerage, Etiqa Insurance and Maybank Private Wealth.

     

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  • Chow Tai Fook Quarterly Retail Sales Fall 6% on Hong Kong, Macau

    Chow Tai Fook Quarterly Retail Sales Fall 6% on Hong Kong, Macau

    Same-store sales fell by 7 percent in mainland China, and were down 24 percent in Hong Kong and Macau in the fiscal first quarter ending June, the jeweler said in a statement Thursday.

    Hong Kong-based Chow Tai Fook has been hurt by China’s slowing economic and a government-led austerity campaign, which prompted shoppers to cut back on luxury purchases. The jeweler saw net income plunge 25 percent for its fiscal year ending March as stores in mainland China, Hong Kong and Macau suffered.

    The jeweler had cut prices for some of its diamond-set products by as much as 30 percent in June, in a bid to reduce inventories bloated by weaker-than-expected sales in the city.

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  • Metro Gaisano develops waterfront township in Cebu

    Metro Gaisano develops waterfront township in Cebu

    Metro Gaisano’s real estate company Taft Properties and Asia’s premier real estate developer and investment group Hongkong Land partnered to develop the first waterfront township in Mandaue City, Cebu.

    Although the real estate developer did not say when it will be finished and how much it is earmarked for the project, Metro Gaisano said the waterfront township will occupy a 20-hectare prime property right along the Mactan Channel.

    “This partnership will help jumpstart Mandaue City’s transformation into a dynamic lifestyle hub,” Jack Gaisano, Chairman of Taft Properties, said in a statement.

    “With Taft Properties’ local expertise and Hongkong Land’s international experience, this alliance will bring in new standards in design and construction while being in keeping with the local culture and tastes.” Gaisano added.

    A portion of the township will be allotted for open spaces such as a central linear park, al-fresco establishments and a waterfront promenade.

    Hongkong Land and Taft Properties Executives (L to R) Finn R. Carew, Alan R. Cruz, Tan Wee Hsien, Jack S. Gaisano and Christopher G. Narciso. Photo from Metro Gaisano

    “We are committed to creating an environmentally and economically sustainable community. The development will create jobs, and provide a significant stimulus to Cebu’s economy,” Tan Wee Hsien, Hongkong Land head of Residential Property for South Asia, said

    Hongkong Land owns and manages almost 800,000 square meters of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.

    Hongkong Land is also developing a number of largely residential projects, in cities across Greater China and Southeast Asia. Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore.

    Metro Gaisano’s retail arm Metro Retail has a network of 44 stores comprised of department stores, hypermarkets and supermarkets. Half of its store network is in Cebu.

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  • Hollys Espresso set for Vietnam debut

    Hollys Espresso set for Vietnam debut

    Hollys Espresso, the Korean cafe chain with a particular Parisian decor, will open its first outlet in Vietnam on July 9.

    The flagship retailer can be situated in Ho Chi Minh Metropolis and would be the first of three to be buying and selling in Vietnam by the yr’s finish.

    Hollys Espresso’s native franchise associate is TNC Holdings, which just lately gained the native franchise rights for Chilly Stone Creamery ice cream cafe chain.

    Director of franchising with TNC, Vercy Luu, informed Inside Retail Asia the primary two Chilly Stone Creamery shops will open this calendar yr. As beforehand reported, TNC plans 30 Chilly Stone shops in Vietnam, the primary in Ho Chi Minh Metropolis.

    TNC additionally has the Incito Espresso franchise and operates 5 cafes in Ho Chi Minh Metropolis and Vietnam’s capital Hanoi.

    And it operates two Mizuchi Japanese scorching pot eating places in Hanoi, with plans to open 5 in Ho Chi Minh Metropolis over the subsequent six months.

    TNC has a imaginative and prescient to be one of many prime 10 shopper and retail corporations in Vietnam, grossing US$1 billion by 2020.

    “Chilly Stone Creamery is a premium American ice cream idea and the product will probably be very inviting to the Vietnamese individuals,” Phan Duc Binh, CEO of TNC, stated on the time of the awarding of the Chilly Stone rights.

    TNC specialises in branding, distribution and manufacturing of fast paced shopper items, together with drinks, particularly espresso and tea, and private care merchandise. TNC additionally owns retail manufacturers and franchises, together with comfort shops, supermarkets and F&B chains.

  • Rome to host World Retail Congress 2015

    Rome to host World Retail Congress 2015

    Now in its ninth yr, the World Retail Congress is the important assembly place for senior retail executives.

    After consultations with senior retailers around the globe, the World Retail Congress 2015 introduces many new modifications and initiatives, not the least of which is a brand new location and host metropolis, Rome. The Cavalieri Lodge is a very excellent venue for the 2015 World Retail Congress.

    Created in response to demand for a platform for retailers from all all over the world to debate the important thing points affecting the retail business, the Congress has succeeded in bringing collectively a few of the best possible audio system to assist that course of.

    The World Retail Congress program seeks to not solely mirror however to additionally lead the senior retail agenda. This has by no means been extra necessary than it’s right now because the business undergoes monumental change.

    This yr’s theme summarises the most important problem dealing with all retailers: “Retail transformation as we speak, tomorrow and past”.

    The Congress has put collectively a line-up of main retailers, newer start-ups and disruptors and exterior specialists to offer inspiration. This system will launch a number of unique analysis stories commissioned by the World Retail Congress and steered by main retailers.

    CEOs will have the ability to meet for personal dialogue periods however to additionally profit from conferences with the highest keynote audio system and in addition be a part of a specifically ready management workshop led by Oxford College’s Enterprise Faculty.

    Throughout the three days, delegates will even take pleasure in enterprise streams and workshops which might be extra interactive and intimate to make sure most output.

    And the Congress closes there shall be a Gala dinner open to all delegates and their companions to take pleasure in a really particular night in one in every of Rome’s prime places. The dinner may even reveal the winners of the 2015 World Retail Awards.

    The World Retail Congress 2015 shall be held in Rome from September Eight-10.

    What does the longer term maintain for what you are promoting?

    Over three days the Congress will dive deeper into particular subjects according to the overarching theme of transformation. These embrace:

    The worldwide agenda and retail: Main economists, authorities figures, NGOs, associations and commerce our bodies will take part to offer a future wanting perspective on political, social and environmental actions the world over and their potential impression on the business.

    Management and organisational construction: A variety of key periods will handle how retailers are defining the ‘board of the longer term’ and modernising their enterprise tradition. As well as, a specifically commissioned MBA CEO management workshop led by Oxford College’s Säid Enterprise Faculty will present perception and analysis to help CEOs in managing inner transformation.

    Sustainable Enterprise Fashions: Reworking to create a sustainable progress technique is the order of the day and this system consists of quite a few discussions and debates on this essential theme. With the give attention to worthwhile, sustainable enterprise improvement periods will assess influential elements together with the supplier-retailer relationship and the battle towards promotional ‘fever’.

    Worldwide Enlargement: Periods designed and led by those that have years of expertise on this space will present insightful dialogue on the ‘The place?’ ‘When?’ And ‘How?’ questions; in addition, regional market specialists can be available to offer in depth information on key nations in query.

    Buyer Centric Retailing: An essential a part of retail transformation features a concentrate on getting a single, actual time view of the client to construct a long-term loyal following. To help retailers in this objective, periods will concentrate on offering predictions on shopper behaviour, in addition to exploring how retailers can recapture buyer loyalty, construct belief and develop an efficient communication technique.

    Imaginative and prescient 2020: Uniting main retailers, know-how powerhouses, futurologists, teachers and

    business specialists, key periods will give attention to presenting a imaginative and prescient of retail sooner or later contemplating predictions for particular retail sectors in addition to an image of how digital, in-store, communication and operational capabilities will develop to assist retailers higher serve their corporations.

    Be a part of the Retail Elite

    The World Retail Awards are a chance in your success and achievements to be recognised as the easiest within the international retail business.

    Though these awards happen on a worldwide stage, it’s innovation, nice concepts and confirmed success that we’re rewarding, not the dimensions or location of what you are promoting. For the previous 9 years the Congress has acquired and rewarded retailers, international, nationwide and native, nice and small. 2015 can be no totally different with seven extensive ranging classes providing all retailers the distinctive alternative to be recognised by their friends for the standard of their work and the influence of their concepts.

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  • 320 Under Singapore expands into Malaysia

    320 Under Singapore expands into Malaysia

    Singapore nitro ice cream cafe 320 Under has opened its first worldwide retailer, in Kuala Lumpur’s 1 Utama purchasing centre.

    320 Under has three cafes working in Singapore – in Geylang, Tampines and Tanjong Katong Rd.

    The idea makes use of liquid nitrogen to create recent ice cream, sorbet and yogurt desserts to buyer order, mixing theatre and flavour into an experiential eating vacation spot. The top product is described as “clean and freezing chilly till the final chew”.

    The 320 Under retailer is situated on the primary flooring of the enormous 1 Utama complicated in Petaling Jaya, Selangor.

    The operators say buyer response to the brand new idea has been “overwhelming” with the model’s signature Thai coconut ice cream bought out on Saturday and Sunday, its first weekend of buying and selling.

  • H&M stays mum on new model

    H&M stays mum on new model

    Sweden’s H&M has revealed it’s engaged on a brand new retail model – nevertheless it gained’t say what it’s for now.

    CEO Karl-Johan Persson has stated in an interview the brand new retail idea can be utterly totally different to H&M and its sister manufacturers, which embrace Monki, Cos and Low cost Monday.

    Persson hinted the brand new idea could also be unveiled in 2017.

    Cos is positioned as a excessive road model slightly pricier than H&M, concentrating on an older demographic and a bit of extra minimalist in design.

    Monki is aimed toward teenagers and younger ladies with daring, mischievous retailer designs and story telling decor.

    Low cost Monday is primarily a denim model, whereas Weekday positions itself providing Scandinavian type.

    Persson says the aim of secondary manufacturers is to permit H&M to check ideas and tendencies at totally different worth factors.

    Nils Vinge, from H&M’s investor relations division says the corporate has a improvement staff solely targeted on new ideas however acknowledged to media there are “some concrete issues” being thought-about presently.

    Archrival retail model Zara, a part of Spain’s Inditex, has expanded out of style into homewares with a rising community of Zara Residence shops. So it’s conceivable that H&M’s subsequent model won’t be

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  • Tomei diversifies into cosmetics

    Tomei diversifies into cosmetics

    He says both skincare and gold products are in the retail business segment and … and retailer currently operates 70 jewellery retail shops in Malaysia.

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  • Perennial moves into China healthcare

    Perennial moves into China healthcare

    Perennial Real Estate Holdings is diversifying from real-estate business in China by riding on the country’s growing healthcare industry.

    On Thursday, mainboard-listed Perennial entered into a joint venture with Guangdong Boai Medical Group to develop and manage hospital and medical service businesses in the massive market.

    The real-estate developer, which has its headquarters in Singapore, will acquire a 40 per cent stake in the joint venture for 286.7 million yuan (S$62 million). Guangdong Boai Medical Group, a unit of one of China’s largest private hospital and medical services operators, China Boai Medical Group, will hold the remaining 60 per cent stake.

    Perennial chief executive Pua Seck Guan told the media yesterday that the collaboration would see both groups combining their skills and expertise to develop and manage between 30 and 50 hospitals in the next five to seven years.

    Boai, which owns 120 hospitals in China, is well established in the medical field, while Perennial has a portfolio of large-scale integrated developments in Chengdu, Xi’an, Beijing, Zhuhai and Shengyang.

    Mr Pua said: “China is trying to revamp its healthcare business. Last year, it allowed foreigners to own 100 per cent of the medical businesses in some of the provinces.”

    The Chinese government has noted the growing demand in healthcare and has allowed doctors from public hospitals to work in private hospitals, he added.

    With spending in medical services set to surge from US$357 billion (S$481.4 billion) in 2011 to US$1 trillion by 2020, Perennial saw a chance to diversify into healthcare, said Mr Pua. The joint venture with Boai would set the stage for Perennial’s strategic expansion.

    The joint venture will acquire its first operational medical business, Modern Hospital Guangzhou, a leading tumour and cancer hospitals in Guangzhou, from Boai.

    The collaboration will focus on eight core medical fields, comprising oncology, fertility, plastic surgery, aesthetic medicine, orthopaedics, paediatrics, and ear, nose, throat and eye speciality medicine.

    The others are dentistry and cardiology and cardiovascular surgery.

    To meet demand for healthcare services, Perennial Dongzhan Mall, part of the Chengdu East High-Speed Railway Integrated Development, now being built, will be repositioned from a retail mall to a medical and retail integrated hub.

    Dr Wong Weng Hong, who has over 20 years’ experience in setting up, acquiring and managing medical assets here and in China, will develop and scale up Perennial’s new engine of growth, said Mr Pua.

    Perennial’s assets here include Chijmes, TripleOne Somerset, Capitol Singapore and AXA Tower. In China, it has integrated developments with mainly retail, residential, office and hotel components.

    To meet demand for healthcare services, Perennial Dongzhan Mall, part of the Chengdu East High-Speed Railway Integrated Development, now being built, will be repositioned from a retail mall to a medical and retail integrated hub. The development will be renamed Perennial International Health and Medical Hub.

    Mr Pua said: “Within a travel distance of two hours, we can cover a population of 100 million… When a patient comes, they usually bring two to three relatives. Where do they stay? In our projects… we have service apartments and hotels. So it is a good synergy.”

    To meet demand for healthcare services, Perennial Dongzhan Mall, part of the Chengdu East High-Speed Railway Integrated Development, now being built, will be repositioned from a retail mall to a medical and retail integrated hub.