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Tag: bangkok

  • Tokyu department store leaves Thailand

    Tokyu department store leaves Thailand

    Japanese department-store chain Tokyu is to exit Thailand, the third Japanese retailer to withdraw from the country this year.

    Tokyu aims to close its last store at Bangkok’s MBK shopping center next January, ending 35 years of trading in the city. The retailer closed its second, newer store at Paradise Park last year.

    The department store has been struggling in the shopping center competition due to the launch of a series of new developments in Bangkok. However, the tourism depression resulting from Covid-19 proved a fatal blow to the company, forcing it to retreat home.

    The closure came suddenly, with the management of MBK saying just two weeks ago that the store would undergo a renovation after the lease agreement was extended for another nine years.

    Tokyu’s withdrawal follows the departure of Japan’s upmarket department store Isetan in September. That company pulled out of Thailand after 28 years of trading there, saying it was unable to continue to compete with other retailers.

    With Tokyu leaving Thailand, Takashimaya will become the only Japanese department-store chain left in the country.

    Another Japanese retailer, FamilyMart effectively withdrew this year after selling its stake to local partner Central Retail, effectively becoming a franchisor.

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  • Line Launches Social Banking Platform in Thailand

    Line Launches Social Banking Platform in Thailand

    Thailand is the first market where Line has integrated banking services on its main mobile platform. Japan-based Line, which operates one of Thailand’s most popular social media platforms, has rolled out banking services in the kingdom in partnership with Kasikornbank.

    The Line BK service allows users to customers to transfer money, open savings accounts, apply for loans, and make payments directly from the messaging platform. It also promises high-interest rates for saving accounts and a range of banking services, including personal loans for freelancers and individuals without fixed incomes, according to an announcement on Tuesday.

    The company said it plans to expand banking services into other countries, including Japan, Taiwan, and Indonesia.

    The Line messaging app launched in 2011 and since then has grown into a diverse, global ecosystem that includes AI technology, fintech and more.

    In Thailand, LINE introduced its messenger service in 2012, and quickly grew into the country’s leading social media platform.

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  • DHL Supply Chain partners with Shopee to provide world-class delivery services for the exciting ‘Shopee 10.10 Brands Festival’

    DHL Supply Chain partners with Shopee to provide world-class delivery services for the exciting ‘Shopee 10.10 Brands Festival’

    DHL Supply Chain Thailand, the global market leader in contract logistics solutions, is partnering with ‘Shopee’, the leading e-commerce platform in Southeast Asia and Taiwan, to support  ‘Shopee 10.10 Brands Festival’. In anticipation of the expected spikes in online sales, DHL Supply Chain will extend its logistics support to include the transportation of large and bulky items directly to its customers.

    Kevin Burrell, CEO DHL Supply Chain Thailand Cluster said, “Our partnership with Shopee extends beyond logistics. We see ourselves as a strategic partner who can provide a full range of end-to-end services from warehousing to handling and delivering white goods. With DHL’s innovative technology that is integrated throughout our warehouse and transport services, I am convinced that we are best placed to manage the increased volume with ease and demonstrate our value in ensuring that all of Shopee’s customers receive the best shopping experience.”

    E-commerce is fast becoming a popular choice for savvy shoppers in Thailand, who expect to receive their purchases in pristine conditions and on time. The total value of Thailand’s business-to-consumer sector is valued at about USD 5.5 billion this year up by about 14% as compared to 2019. In reports by App Annie, Shopee continued to rank first in the ‘Shopping’ category by downloads in Southeast Asia in Q2 2020, and was among the top three worldwide in the same category.

    Eric Bui, Head of Operations, Shopee (Thailand) said, “With online shopping growing day by day in Thailand, it is our priority to consistently provide a seamless shopping experience for our users, from the moment they go online, to the purchase, and then delivery. That is why we teamed up with a world-class expert. DHL’s wealth of experience and innovative systems exceeded our expectations from day one, ensuring that we continue to maintain our good reputation with our users. With the previous Shopee double date campaigns, we encountered a spike in demand but DHL was able to meet our customers’ expectations, which made the campaign a resounding success. They will once again be an important partner for us during the Shopee 10.10 Brand Festival.”

    DHL Supply Chain utilizes its expertise to ensure products sold on Shopee are delivered to customers effortlessly. In particular, leading brands on Shopee Mall, which carry many types of products including large and bulky items will benefit from this partnership given that DHL excels in the transportation of such items which require extra care and precision.

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  • Shopee launching premium portal Shopee launches Shopee Premium, an exclusive destination for premium brands to connect with digital-first shoppers

    Shopee launching premium portal Shopee launches Shopee Premium, an exclusive destination for premium brands to connect with digital-first shoppers

    Shopee’s press release said the Mall offers 100 percent authenticity guarantee, free shipping and 15 days return on all products, with an additional wave of unbeatable deals and promotions during the grand launch.

    Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, has officially launched ‘Shopee Mall’, a new dedicated portal featuring thousands of products sold by leading brands and Shopee’s top sellers, revealed the press statement.

    The Mall will give users direct access to a variety of prominent brands such as Loreal, Unilever, Huawei, Nestle, Phillips and many more. All products on Shopee Mall come with 15 Days Return Policy, 100 percent Authenticity Guarantee, and Free Shipping nationwide.

    Terence Pang, chief operating officer of Shopee said that following the tremendous growth of Shopee Thailand in the recent years, it has taken a major step to officially launch Shopee Mall as a way to cement our position as the one-stop-shopping platform of choice in the market, and also to expand and diversify our product assortment to cater to users all across Thailand.

    “Moving forward, Shopee will continue to establish more strategic partnerships with leading brands, and to work closely with them to further provide an unprecedented choice of products and services to enhance users’ overall shopping experience, and to drive forward the growth of Thailand’s e-commerce industry.”

    The Mall was conceptualized to solve shoppers’ concerns about product authenticity, which is a major concern among buyers when shopping online. The newly launched portal caters to the demands of Thai shoppers where they can shop for their favorite brands and products from the brand owners themselves.

    Additionally, with more Thai brands embracing e-commerce, Shopee Mall provides a platform for traditional brands and retailers to tap on to expand their digital presence, according to the statement.

    This reflects Shopee’s commitment to constantly innovating and enhancing its platform, features, and services to adapt to the rapidly-changing e-commerce scene and consequently, the needs of users.

    To identify the product listings, shoppers can look out for the distinctive red ‘Mall’ label while browsing. Shopee ensures a premium online shopping experience with the following benefits:

    15 Days Return Policy: Shoppers can enjoy hassle-free returns within 15 days at zero cost for all Shopee Mall products.

    100% Authenticity Guarantee: Serves to eliminate buyer concerns about product authenticity. Any shopper who receives a counterfeit product when purchasing from Shopee Mall is entitled to a 200% refund.

    Free Shipping nationwide: Shoppers can enjoy greater cost savings with free shipping nationwide on every order, subject to a minimum spend of 200 baht.

    Get ready for a series of super deals and promotions during Shopee Mall Grand Launch

    During Shopee Mall Grand Launch campaign happening from 5 to 11 March, users can look forward to endless irresistible deals including multiple daily flash sales, discounts of up to 80% off, surprise voucher codes and up to 12% Shopee coins cashback across all product categories on Shopee.

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  • Thai Airways to open flight simulators to public

    Thai Airways to open flight simulators to public

    Thai Airways is opening up its Boeing and Airbus flight simulators to the public this October in its latest bid to boost business amid the drop in travel demand due to the coronavirus crisis.

    As part of the airline’s “Thai Flying Experience and Beyond” project, customers will get to enter a mock cockpit of an A380, B777-300ER, B747-400, and a B737-400 aircraft.

    “Pilots and co-pilots will accommodate customers throughout the entire session,” reads a statement from the carrier.

    According to Thai Airways, customers can choose from the following three packages:

    • Basic Package (30 minutes) 12,000 Baht for two users
    • Deluxe Package (60 minutes) 24,000 Baht for two users
    • Ultimate Package (90 minutes) 36,000 Baht for three users

    The flight simulator project is the airline’s latest effort to generate revenue amid the Covid-19 pandemic as flights continue to remain grounded, and the airline looks to restructure 245 billion baht ($7.83 billion) worth of debt.

    Earlier this month, the national airline converted the cafeteria of its headquarters in Bangkok into a plane-themed restaurant.

  • Central Retail to merge Central with Robinson

    Central Retail to merge Central with Robinson

    Thailand’s Central Retail group plans to merge its two department-store businesses – Central and Robinsons.

    According to CRC, the merger is part of the company’s strategy to be the first omnichannel department store in Thailand. However, the company will continue to operate Central and Robinson as independent banners.

    “The business synergy will give the combined department stores a significant acceleration to become more customer-centric, as well as to strengthen the company’s omnichannel competencies,” said Nicolo Galante, president of Central Retail.

    “Through this new chapter of our business, we want to ensure that we continue to grow and create a winning company for the long term,” Nicolo said.

    Robinson department stores focus on apparel and beauty with 74 stores across the country. Central department stores are generally larger and have a more comprehensive product category-spanning multiple categories.

    It appears from information supplied by the company that the greatest impact of the merger plan will be in the fashion and apparel categories, streamlining offers.

    CRC also said it plans to open between two and five new stores annually.

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  • Thailand’s Central Group acquires OfficeMate

    Thailand’s Central Group acquires OfficeMate

    Central Retail (CRC) is to buy out COL Public Company, the parent company of Thai retail chains OfficeMate, B2S, and Meb E-Books.

    The deal with COL, which is estimated at US$390 million, will add the three brands to CRC’s existing retail portfolio and “strengthen Central Retail’s hardlines group” the company said in a statement. The move is part of the group’s strategy to expand its range of retail product categories, formats, and channels domestically and globally.

    COL is one of Southeast Asia’s largest office supplies, books, entertainment media, lifestyle products, and e-books retail business. The company’s board on Monday approved the terms of the takeover proposal which will now be put to a shareholders’ meeting. Once endorsed the company will be delisted from the Thai stock exchange.

    The company was incorporated in February 1994 by the Ounjai Family which had more than 40 years of experience in selling stationery and office equipment.

    “We are supremely confident that this plan to buy out the business and all the shares of COL will be mutually beneficial,” said Yo Phkasub, CEO of Central Retail. “It will enable both businesses to grow sustainably, and upgrade Thai retail for long-term national economic growth.”

    According to Central Retail, the deal will help the company to expand its customer base into new groups, particularly B2B and the younger customer segment. On the other hand, COL will enjoy greater exposure for its products through CRC’s omnichannel platform.

    The acquisition of 640 million COL shares is still subject to regulatory approval and expected to complete within the first quarter of next year, according to Yo.

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  • Siam Piwat opens Ecotopia, Asia’s first eco-lifestyle destination

    Siam Piwat opens Ecotopia, Asia’s first eco-lifestyle destination

    Siam Piwat has unveiled Ecotopia in Bangkok, which it claims to be Asia’s first eco-lifestyle destination.

    Located at Siam Discovery, the store occupies 2000sqm and features more than 300 brands of eco-friendly and health-oriented products. Ecotopia houses eight different zones.

    A Hygienic zone offers a selection of household products made from natural and biodegradable materials, while the Zero Waste zone is a refiller where customers can take their own containers to refill everyday products or food items.

    Air-purifying plants and gardening tools can be found in a Green zone, while a Healthy zone offers organic food and a Beautiful zone a selection of chemical-free skincare and personal-care products.

    The Up-cycled zone displays products with renewed value through recycling, while a Stylish Zone features fashion items made from organic cotton and fabric scraps, and a clothing swap corner where pre-owned clothes can be exchanged for new garments.

    Finally, a Kind Zone highlights local handicrafts made from natural materials that help generate incomes for local communities.

    At Ecotopia, visitors can join regular eco-friendly workshops to learn how to turn waste into creative art or develop organic gardening skills.

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  • Isetan ends Bangkok era

    Isetan ends Bangkok era

    Japanese department store Isetan has closed its Bangkok outlet after 28 years of operation in Thailand.

    The complex launched in CentralWorld shopping center during the early days of Southeast Asia’s economic growth when many consumers in the region were having their first taste of wealth. The store was also a favorite haunt of Japanese residents in the city who found a slice of the home there.

    Isetan announced the closure on its Facebook account with a poignant message that attracted thanks and well-wishes from saddened customers and friends of the store. It did not disclose whether operator Mitsukoshi Group intends to reopen the store in a new location, but this is considered unlikely.

    The department store announced it would not renew the lease of its CentralWorld lease in March. At the time it was known that the store was suffering from competition with other retailers, its sales have fallen to 70 percent of the peak level in 1997.

    According to mall owner Central Pattana Plc, the 27,000sqm retail space is to undergo renovation as an “urban lifestyle destination”.

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  • Thailand’s CP All to launch 7-Eleven in Laos

    Thailand’s CP All to launch 7-Eleven in Laos

    Thailand’s CP Group is taking the 7-Eleven convenience-store chain into Laos after winning franchise rights for the country.

    The first 7-Eleven store in Laos will be opened in the capital city, Vientiane in 2022.

    “With its remarkable success in Thailand, I can think of no one better than CP All to bring the 7-Eleven brand to consumers in Laos,” said Joe DePinto, CEO at 7-Eleven. “This relationship promises to bring additional jobs and economic opportunities throughout the region.”

    Under the agreement, CP Group’s subsidiary CP All will oversee store construction and start to modernize the small-retail environment, according to the company. The 7-Eleven Laos network will offer international products, beverages, snacks, and consumables fresh foods with recipes developed for regional tastes.

    CP All now holds franchise rights for 7-Eleven in three Southeast Asian countries, with Laos following Thailand and Cambodia. Laos will be the 7-Eleven’s 20th international market.

    CP Group signed a master franchise agreement to operate the chain in Cambodia last year. In July, the company received reports of an unauthorized party representing itself as 7-Eleven’s master franchisee in the country and attempting to sell outlets.

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  • KBank Completes First Transaction Reference to New Thai Overnight Repurchase Rate

    KBank Completes First Transaction Reference to New Thai Overnight Repurchase Rate

    Murex, the global leader in trading, risk and processing solutions for capital markets, powered an overnight indexed swap derivatives transaction for KBank based on THOR, the new Thai reference rate. KBank successfully completed the first such transaction referencing THOR on August 31. 

    The interest rate swap transaction based on THOR represents a critical inaugural step—it sets the stage for new markets for THOR-linked derivatives and cash products.  

    KBank, also known as KASIKORNBANK, executed the transaction after bespoke THOR mechanisms and configuration facilitated by Murex, a long-term technology partner to the Thai bank. KBank is Thailand’s largest lender by assets and has 70 years of experience in the country.  

    “This is a remarkable moment and an important milestone for KBank history and the local financial community to create a robust interest rate derivatives market based on THOR,” said KBank Capital Markets Business Division Head Thiti Tantikulanan. “The KBank team is excited to have been a part of this transaction. Our close collaboration with various stakeholders in Thailand, including the Bank of Thailand and the Murex teams, will contribute to the development of a liquid derivatives market based on the new benchmark rate after the LIBOR discontinuation at the end of 2021.” 

    In 2019, the Bank of Thailand, with inputs from the Thai Bankers’ Association and the Association of International Banks, established a Steering Committee on Commercial Banks’ Preparedness on LIBOR Discontinuation.  

    KBank was an active part of the committee, whose tasks included proposing the replacement rate for the Thai Baht Interest Rate Fixing contract (THBFIX), which LIBOR cessation puts at risk. That replacement rate is THOR, which was finalized in April. 

    “We’re very proud to have been an advising financial institution to the Thai central bank in this critical initiative,” said Thiti Tantikulanan. “To have completed the first transaction using this rate is a great feather in our cap. It is also an important milestone for THOR.” 

    Murex was thrilled to deliver the core technology to KBank, according to Guy Otayek, CEO of Murex APAC. 

    “Collaborating with KBank has always resulted in innovative solutions,” said Guy Otayek.  “Though we’ve been working with them for many years—KBank has more than 500 active users of MX.3—this transition project represents a longstanding commitment to bringing innovative solutions in Thailand and Southeast Asia. This first transaction powered by MX.3 is another great illustration of our unique expertise to help our client community transition away from LIBOR on data, analytics, operations and accounting, and provide them with the mechanisms to easily adopt new RFRs. This first transaction proves that Murex is the right partner to serve the capital markets here in Thailand.” 

  • Thai retailers downsizing, refocusing e-commerce

    Thai retailers downsizing, refocusing e-commerce

    Thai F&B and experiential retailers are likely to open fewer stores or downsize in scale for the remainder of the year following an unprecedented hit to the industry brought on by the coronavirus pandemic.

    The sobering view of Thai retail’s prospects for the remaining months of this year came out of a new CBRE research report conducted in May, finding a high degree of uncertainty for the foreseeable future.

    “What we have been seeing in the past three months are brand-new challenges that took everyone by surprise,” said CBRE Thailand head of advisory & transaction services – retail Jariya Thumtrongkitkul.

    “For around two years, we have been saying that those who cannot adapt quickly enough to the shifting retail landscape will not survive, but this is on another level. Retailers have to change their business operations not only to match the drastic drop in footfall but to accommodate a new way of shopping.”

    According to the Bank of Thailand, figures from the May retail sales index show a year on year drop of 34 percent, much of which is attributable to a decline in the sale of vehicles and fuel. While final figures are as yet unavailable, a general drop is expected in the sales number for both food and non-food retailers in the territory for the period in question.

    Adaptive strategies from both landlords and retailers have attempted to restore a healthy business outlook, including flexible rental terms and various sales and marketing strategies such as longer grand sales events and frequent mall activities.

    The CBRE report suggests that eventually, resizing existing rental space will emerge as an increasingly important approach for tenants to become more cost-effective. It expects that e-commerce penetration will no longer be optional but a must for Thai businesses to survive.

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  • Visa launches “Team Shop Chat Thai” lucky draw campaign to help power Thailand’s economic recovery

    Visa launches “Team Shop Chat Thai” lucky draw campaign to help power Thailand’s economic recovery

    Visa, the world’s leader in digital payments, today announced the launch of “Team Shop Chat Thai” lucky draw campaign offering rewards to Visa cardholders.  The campaign is a collaborative effort led by Visa, along with its bank and merchant partners, to stimulate local economic activities and support Thailand’s economic recovery.

    Under the campaign, Thai shoppers stand a chance to win prizes worth up to 2,000 baht when spending a minimum of 1,000 baht per receipt on their Visa cards, including credit, debit or prepaid.

    Prizes include a 2,000 baht hotel stay, Thai Smile air tickets to the value of 2,000 baht, and 1,000 baht worth of entry tickets to tourist destinations in Bangkok, Pattaya, Chiang Mai and Phuket.  The total prize pool will see 2,000 prizes to be given away worth a total of 3,000,000 baht.  The campaign runs from today to 30 September 2020.

    Visa has recently announced its cooperation with the Tourism Authority of Thailand (TAT) to expand the acceptance of digital payment locations in Bangkok and five major tourist cities across the nation in a bid provide local businesses with a more hygienic digital payment option and help recapture consumer confidence. Visa has also collaborated with Thailand’s leading FinTech companies to make it easier and faster for Thai social commerce sellers, including individual sellers and small businesses on social media platforms, to accept Visa card payments.

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  • Lu Partners Thai Bank to Grow Digital Wealth Management

    Lu Partners Thai Bank to Grow Digital Wealth Management

    The Singapore-based subsidiary of leading Chinese retail fintech Lufax has announced a strategic partnership to meet rising demands for digital financial services in Thailand.

    Lu will work with Kasikornbank to jointly build a digital wealth management platform, which will be jointly operated and managed by both parties, to serve retail investors in Thailand, the company announced in a statement on Monday.

    The world is about to enter another wave of digital disruption as big players like commercial banks morph into fintech organizations. It is imperative that we quickly adjust ourselves and strengthen our capabilities to seek new business opportunities, Kattiya Indaravijaya, Kasikornbank CEO, said about the partnership.

    Established in 1945, Kasikornbank is the fourth-largest commercial bank in Thailand, with 17.3 million customers, including 12.7 million online users. The bank has been actively promoting the digitization process in recent years, and is committed to providing a full range of financial services through digital platforms to its customers.

    Lu International, Lufax’s first international arm, was set up in Singapore in 2017. Since then, it has grown its operations and market reach, which now spans several markets in Asia, with over 380,000 registered customers.

    The company said it plans to capitalize on growth opportunities for financial services in up-and-coming economies throughout and beyond Southeast Asia.

    «We will continue to grow our capabilities in Southeast Asia, extending our footprint in the region to meet the needs of our customers and support the business growth of our partners,» Kit Wong, Lu International CEO, said.

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  • Ikea Thailand and Greyhound collaborate on designer homewares range

    Ikea Thailand and Greyhound collaborate on designer homewares range

    Ikea Thailand has launched a limited collection with local retailer Greyhound Original, which operates fashion shops and restaurants in Southeast Asia.

    Called “Sammankoppla”, which means interconnect or unify, the Ikea x Greyhound collection offers furniture and home accessories for small-space living.

    “Since multi-function and creativity is key in order to enable both a small-space living solution and an expressive design piece, we turned to Greyhound Original,” says Michael Nikolic, creative leader at Ikea Sweden.

    Designed by two Thai fashion designers from Greyhound,  Bhanu Inkawat, and Vitchukorn Chokedeetaweeanan, the Sammankoppla collection features bold patterns found in traditional Thai weaving.

    “Incorporating recycled materials that have their own history adds to this, with sustainability and creative re-purposing processes being key to the Sammankoppla collection,” said Clotilde Passalacqua, interior design manager at Ikea UK and Ireland.

    The Ikea x Greyhound collection includes a geometric cushion, a reusable carrier bag with “a unique twist on Ikea’s Frakta bag” and jug-shaped light.

    Launched in 1980 with a tagline “Basic with a twist”, Greyhound has marked its footprint in overseas markets including Hong Kong, Shanghai and London.

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