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Tag: Japan

  • Uniqlo Belgium to launch in Antwerp

    Uniqlo Belgium is to open its first store – in Antwerp, on October 2.

    The opening will mark a further expansion of Uniqlo parent Fast Retailing’s European footprint as it tries to achieve its goal of becoming the world’s largest apparel retailer by 2020.

    The new Antwerp store will have a total sales floor area of about 1320 sqm over two levels and a mezzanine floor. It will be a “large-scale Uniqlo store” featuring men’s, women’s, and kids’ clothing. In addition to the 2015 Fall/Winter collection, customers will also find the collaboration line created jointly with apparel brand Lemaire, led by Christophe Lemaire and Sarah-Linh Tran.

    “Our first store in Antwerp, an important and influential fashion city, marks our arrival in the Benelux region,” said Takao Kuwahara, Fast Retailing Group senior VP and Uniqlo Europe COO. “Uniqlo has so far built a presence in London, Paris, Moscow and Berlin, and I am pleased that the time has come for us to expand on our success in Europe by opening a first store in Belgium. We are very excited to introduce our brand and our products to customers across Benelux.”

    Uniqlo, (an abbreviation for ‘Unique Clothing Warehouse’) was established in Japan in 1984 and now boasts more than 1600 stores across 16 countries. Belgium will be its 17th. In Europe, the company operates 26 stores in four countries, having launched in the UK in 2001, France in 2007, Russia in 2010, and Germany in 2014.

    To coincide with the store’s debut, Uniqlo has developed a marketing campaign centred around ‘Six Faces of Antwerp’.

    The six are Bent Van Looy, Helena Eeckeleers, (pictured above), Felix Denayer, Joke De Coninck, Mark Colle, and Francine Martens.

    Spanning across different parts of society, including musicians, sportsmen, craftspersons, models and entrepreneurs, each person in the campaign has a special connection and relevance to the scenery of Antwerp. They will showcase how Uniqlo’s LifeWear products fits seamlessly into the daily lives of every person, regardless of age, personal background or style.

    Bent Van Looy is a singer, musician, artist, style icon, and TV personality. As the frontman of Das Pop and the drummer of Soulwax, he travels regularly around the world. In 2013, he released ‘Round the Bend’, his first solo album. He is currently based in Paris but returns regularly to Antwerp, where he grew up and still has a strong connection with.

    Helena Eeckeleers combines her marketing studies at the Karel de Grote-Hogeschool with a modeling career. She is passionate about fashion and loves to spend time in the south of Antwerp.

    Felix Denayer is a professional field hockey player who won the ‘Golden Stick’ for Best Belgian Hockey player twice.

    Joke De Coninck is a barista who spends most of her time working in Caffenation, a renowned coffee bar in Antwerp.

    Mark Colle is one of the most sought-after florists in the world and the number one choice for haute couture houses.

    Francine Martens worked for 50 years at bakery Goossens, the smallest but most authentic bakery in the center of Antwerp where people queue all day long. Francine retired a few years ago, but is still very much linked to the bakery.

  • Japanese edtech startup acquired by US startup amid online tutoring boom

    Japanese edtech startup acquired by US startup amid online tutoring boom

    American edtech startup EnglishCentral earlier this week announced the acquisition of a Japanese startup offering similar online tutoring for English learners. Langrich will be acquired in a share-swap agreement that sees the Tokyo-based startup’s investors – KLab Ventures and Hitomedia – become minority shareholders in EnglishCentral. According to a KLab spokesperson, it marks the first time that a Japanese startup has been acquired by a larger American one.

    Founded in 2010, Langrich uses English tutors in the Philippines to provide English instruction via Skype. Like its main competitors, Rarejob and DMM, lessons are one-on-one and focus on conversation skills. Langrich users will now benefit from a video lesson archive for web and mobile, as well as EnglishCentral’s speech recognition technology for studying vocabulary and pronunciation.

    “We will keep the Langrich brand as our consumer brand in Japan,” Alan Schwartz, EnglishCentral’s CEO. “EnglishCentral will remain the name of the company and the name of the platform that we provide to our global partners, including many leading online learning companies in Korea, China, and Brazil.”

    EnglishCentral, headquartered in Arlington, Massachusetts, boasts more than 100,000 paying users per month. The service is available in more than 100 countries and at over 400 universities across the globe. Perhaps EnglishCentral’s biggest differentiator in the crowded edtech space is its money-back guarantee – the startup refunds 100 percent of a student’s lesson fees if they don’t level up after three months.

    Schwartz says that EnglishCentral will retail all of Langrich’s current employees – a total of 260 including teachers. “We’re also adding dozens of teachers a month, and we will not limit teacher hiring to the Philippines going forward,” he adds.

    The Japanese juku – cram school – industry is valued at roughly US$10 billion. Eikaiwa – conversational English lessons – take a big chunk of that market. With strong internet infrastructure and a population that’s increasingly fond of smartphones, many of those lessons are moving online. That could hurt brick-and-mortar schools, which have already faltered, since online learning is more cost effective for learners. This shift to online has created, arguably, one of Japan’s hottest startup verticals.

    “After the Nova implosion (once Japan’s largest physical English conversation school, Nova went bankrupt in 2007), the whole market in Japan stalled, but things have changed in last several years,” Schwartz explains. “Rarejob is now public and you can see from their financials they are growing at close to 50 percent in terms of registered users. DMM we believe is growing even faster. They are the main competitors in the online market in Japan that have traction. We grew 90 percent last year in terms of revenue.”

    Further evidence of Japan’s online tutoring boom could be seen at Tech in Asia Tokyo’s Arena pitch battle last week, where domestic edtech startup Mana.bo took the grand prize.

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  • Seiko Moscow boutique opens

    Seiko Moscow boutique opens

    Japanese watchmaker Seiko has opened its first boutique in Russia – 50 years after it first started exporting watches to Russian.

    The Seiko Moscow boutique opened at the St. Nickolas complex on Nikolskaya St, a high-end shopping district in the capital city.

    At the heart of the 80sqm boutique are Seiko’s luxury brands: Grand Seiko, Credor and Galante. The Grand Seiko selection at the boutique is one of the widest outside of Japan. A large selection of Credor and Galante, brands which until now have been sold mainly in Japan is also offered for the first time in Russia.

    The boutique also carries many exclusive and limited-edition models such as the Credor masterpiece “Eichi II”, a hand-crafted watch which has attracted wide praise among connoisseurs of luxury watchmaking, and sells for RUB3,990,000 (including VAT). In addition, Seiko’s latest technologies are found in a variety of Astron and Prospex watches.

    Takashi Aizawa, director and executive VP of Seiko Watch Corporation, said at a reception: “Seiko was registered as a trademark in Russia in 1965. We are delighted to open this boutique in this important anniversary year. This new boutique is one of several that are opening in the world’s leading cities. Last year we opened one in New York, and this year we added Frankfurt and Tokyo.

    “Our aim is to allow visitors a unique, exciting and intriguing opportunity to explore the world of Seiko through our history and our finest watches.”

    Darya Klishina, one of Russia’s leading athletes and Seiko’s ambassador since 2012, was present for the opening ceremony.

    A dedicated website will open soon where information about new models and special events at the boutique will be announced.

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  • Lawson, Three F in partnership talks

    Lawson, Three F in partnership talks

    Japanese convenience store rivals Lawson and Three F say they are “discussing options” for a capital and business alliance.

    The move was announced in a statement which was short on detail.

    Lawson, a subsidiary of Mitsubishi Corporation, is Japan’s second largest c-store operator behind 7-Eleven with a network of more than 11,500 stores in Japan, Indonesia, China and Thailand. Three F Co, headquartered in Yokohama, operates only in Japan where it has about 560 stores in Tokyo, Chiba, Saitama and Kanagawa.

    In the statement, the companies said an alliance would help boost their convenience store operations in an extremely competitive environment. Japan is a mature market, which is main reason its convenience store players are seeking growth offshore.

    While both companies will maintain independent management and protect their individual corporate brands and culture, they would conduct joint product development, procurement and promotional campaigns, and also share information that could boost management efficiency.

    “Both companies are determined to discuss ideas frankly and openly, with the aim of creating a concrete, workable alliance agreement. Further developments will be announced once they are finalised,” the statement said.

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  • Online security ‘paramount’ for shoppers

    Online security ‘paramount’ for shoppers

    A sense of security is paramount for nearly one quarter of shoppers when evaluating whether to purchase goods from a retailer online, according to a new survey from Worldpay, a payments provider.

    Assuring customers they are in safe hands throughout the entire payment experience should be a priority for retailers, according to 3500 online shoppers polled globally.

    Similarly, for one in four online shoppers, seeing payment authentication and digital certificate logos displayed prominently on a retail site’s homepage is the single most reassuring element in the purchasing process. Forty-six per cent of consumers globally admit this would help address their concerns.

    Transparency around online security is particularly important in China, where 70 per cent of shoppers said they feel more secure shopping when payment authentication and certificate logos are clearly displayed, indicating that this simple measure will go a long way in addressing the misgivings of online customers.

    Shoppers also want security transparency when retailers store personal and payment details. Thirty-one per cent of shoppers worldwide say they don’t want a retail website to store their payment details, and South Koreans and Australians are most averse to the idea with over 50 per cent saying they don’t want this information stored online. In China and Japan, 65 per cent of shoppers expect reassurance that their details will be kept safe by the retailer and want a clear explanation of how this will be done.

    Stuart Thornton, VP of business development in APAC with Worldpay, said: “Nagging doubts about the security of their payment details can add up over the multiple stages of the purchasing journey for shoppers and stop them from ever clicking ‘buy’, even if they really want a product. When selling online, retailers need to step in and reassure customers that their information is in safe hands, from the second they start browsing a site to the moment they receive an email confirming their purchase”.

    At checkout, shoppers expect the ability to use their preferred payment method and want the process to be simple and intuitive. Sixty-five per cent globally have abandoned their purchase at the checkout stage as a result of not being able to pay how they wish.

    Nearly 60 per cent of shoppers worldwide would drop out of a purchase if their preferred payment method was displayed on a retail site’s homepage but wasn’t available at checkout. Forty per cent of shoppers globally admit they would not take the time to look for their preferred payment method at checkout if it was not easy to find. This figure is even higher in Japan, where 62 per cent of shoppers say they wouldn’t search for their preferred payment method if it wasn’t already clearly indicated on the website.

    Retailers must also manage consumer expectations by clearly indicating what they can expect at each stage of the payments journey, particularly when redirecting them to a third-party website. Ninety-four per cent of shoppers globally say this is important, and one-fifth would instantly drop a transaction if ushered to a third-party site without warning. In Japan, nearly 30 per cent of shoppers would drop out if unexpectedly redirected to a third-party site to enter additional details.

    “Purchasing products online demands a certain level of trust between retailers and shoppers, and making the process simple and transparent is absolutely essential,” said Thornton.

    “Retailers will struggle to inspire confidence in their customers if they cannot deliver on shoppers’ expectations and give them peace of mind throughout the online shopping journey”.

    The need for retailers to act as a source of reassurance for shoppers is equally strong when it comes to handling errors or providing customer support. Nearly two-thirds of online shoppers (64 per cent) want a clear and immediate explanation of exactly what went wrong. When it comes to additional support, 27 per cent want to be able to call customer support, while 24 per cent want the option to email a support representative.

    Clear error messages also head off any potential confusion as to whether a transaction has been processed. Ninety-six per cent of shoppers say it is important they receive an email confirming that their order has been processed and their payment accepted.

    Adds Thornton: “If there is one thing to take away from these findings it is that the online payments journey is inextricably linked to the user experience. If retailers cannot reassure customers that their transaction will be quick, secure, and managed to the highest standard of professionalism throughout the payment journey they will struggle to keep shoppers engaged”.

    The research was carried out in partnership with KAE Marketing Intelligence, which conducted a desktop analysis of 350 top retail sites and surveyed 3500 online shoppers in 14 countries across North America, South America, EMEA, and APAC.

  • Kumamon arrives in Thailand

    Kumamon arrives in Thailand

    The first official theme stores of Japanese bear character Kumamon have opened in Thailand’s capital city, Bangkok.

    Kumamon is a mascot created by the government of Kumamoto Prefecture in Japan. It was created in 2010 for a campaign called to draw tourists to the region after the Kyushu Shinkansen line opened. Now it has grown into an internationally-recognised character, especially in Southeast Asia where Japanese and Korean cartoon and animated characters, and fashion trends, are quickly adopted.

    The first Kumamon store opened on the third floor of Siam Paragon shopping centre, at B-Trends in late July. That was followed by a more recent opening at Studio B Trend in the Emporium shopping centre.

    The Thai rights to Kumamon have been acquired by ICC International, who invited Kumamon’s creators to visit Thailand during a recent trade fair.

    ICC says it plans to open more themed stores inside premium department stores in Bangkok and in other Thai provinces.

  • Hermes Japan sales boom

    Hermes Japan sales boom

    Hermes Japan has driven the luxury handbag and apparel brand to a 20 per cent increase in first half profit.

    For many successive quarters, Japanese have been maintaining tight control of their spending – but this year life has returned to the retail sector – and the luxury market especially. And cashed up Chinese – who once travelled across the border into Hong Kong for their high fashion indulgences – are now heading to Japan instead.

    Hermes International says the Japanese sales increases has proved more than enough to make up for China’s economic slowdown, where sales have slipped for most luxury brands this calendar year.

    Paris-headquartered Hermes says its global operating income increased to US$842 million on sales up 21 per cent to US$2.58 billion.

    Hermes says its Japanese sales climbed 20 per cent in the six months to June 30 at constant exchange rates. Across the rest of Asia, sales rose just seven per cent; in Hong Kong they dipped by an unspecified amount. That market was “difficult”, the company said.

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  • RedWhite Apparel expands abroad

    RedWhite Apparel expands abroad

    Singapore-born sportswear brand RedWhite Apparel is expanding into two new Asian markets.

    RedWhite Apparel makes clothing for cyclists, high quality gear for those undertaking ultra-long distance rides.

    The company has announced the appointment of CobbleSports in South Korea, which will be managing online sales of the brand’s products, distributing to independent retailers and executing a marketing program.

    And in Japan RedWhite Apparel has appointed Funks Trading to oversee retail and wholesale distribution.

    Founded just last year with only one product – a $150 ‘bib short’ manufactured in Italy – the brand is achieving success beyond expectation in Asia and is now eyeing an entry into the US market. It has achieved distribution in five stores in Thailand and is stocked in London by UK boutique Always Riding.

    The brand’s founder is Yuvaraman Viswanathan, whose previous job was as a designer with Dyson in Singapore.

    Launched in August 2014 initially through retailers, the company now retails direct online and is already shipping goods internationally. About 70 per cent of sales are into the US.

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  • Chinese shoppers keep Japan’s tills ringing

    Chinese shoppers keep Japan’s tills ringing

    According to the English-language Japan news site RocketNews 24, a few weeks ago two families got into a fight at a large retail outlet in Kobe over disposable diapers. Both families had come to the store when it opened in order to buy as many diapers as they could, only to discover that the store had already sold out. Apparently these two families knew each other from previous diaper-buying binges and harbored mutual resentments that turned physical. A store employee called the police, who broke up the fight. Neither party filed a complaint or disclosed what the argument was about.

    RocketNews speculates that the two families resell the diapers in China, since both have members who are Chinese nationals. Japanese diapers are particularly popular in China, and, in fact, this particular brand — Merries, made by Kao — is sold in China. Nevertheless, there’s obviously enough demand to support a lucrative resale market.

    It’s not as if the Chinese don’t make and sell their own disposable diapers, but when it comes to their children, consumers will pay a premium for Japanese products because they don’t trust domestic makers. This sensibility has been growing since 2008, when locally made baby formula caused the deaths of six children and sent thousands to the hospital after somebody adulterated it with melamine to make it seem as if the protein content was higher.

    It is illegal to import Japanese formula made in certain prefectures because of radiation fears, but apparently there’s substantial black-market trade in the product. Last month, 425 kg of smuggled formula made in Gunma Prefecture was discovered by authorities in Hunan province with an estimated retail value of ¥800,000.

    It’s often said that despite the diplomatic frictions that exist between Japan and China, they are dependent on each other economically and, as far as Japan’s dependence goes, it is very much influenced by Chinese consumers’ trust of Japanese products, which runs pretty deep.

    Some economists thought that China’s stock market plunge and the resulting government-approved devaluation of the yuan would hurt sales of Japanese goods both in China and in Japan, where Chinese tourists seem to be supporting the Japanese economy. But according to Luo Yiwen, the president of home electronics retailer Laox, speaking at an Aug. 13 news conference, the stock and currency issues aren’t having any negative effect on sales at his store’s duty-free shop, which caters mainly to Chinese visitors. As it stands, sales for January to June at the shop have more than doubled since the same period in 2014 to ¥45 billion, with profits increasing nearly eightyfold to ¥4.6 billion. Laox received 1.49 million Chinese customers last year, four times the number for the previous year, and “much more than we expected,” he said. He predicts not only that the devaluation of the yuan will not hurt sales, but that they’ll go up even more. He projects a net profit this year of ¥8.3 billion on sales of ¥90 billion.

    The two reasons for the strong Chinese tourist market are the lower yen and fewer visa restrictions for Chinese tourists. The Nihon Keizai Shimbun cites a third reason: more cheap flights between China and Japan thanks to the proliferation of low-cost carriers. The economic value of Chinese tourism in Japan bottomed out in 2011 at ¥813 billion due to the March 11 disaster, but rebounded to ¥1.8 trillion the next year. In 2014 the economic value was ¥2.3 trillion.

    In that year, 2.4 million Chinese came to Japan, which is actually less than the number of visitors from Taiwan, which was 2.8 million. The difference is that per person, the Chinese spent more: ¥231,000 compared to ¥125,000 for the Taiwanese and ¥147,000 for visitors from Hong Kong, who are counted separately from mainlanders.

    In fact, Chinese account for one-third of all the tourist money spent in Japan, and this figure is rising. The amount of money Chinese visitors spent increased by 83 percent from 2013 to 2014. More to the point, 55 percent of the money Chinese spend in Japan is for shopping. For all tourists, the average spent on shopping is 35 percent. In contrast, Chinese spend less on accommodation than visitors from other countries, which suggests they are more concerned with buying stuff than sightseeing.

    Also, according to a Tourism Agency survey cited in the Nikkei, it isn’t just rich Chinese who are spending. More middle-class Chinese are coming and buying things. Broken down by category, the agency says that 76 percent of Chinese buy “confections,” 63 percent cosmetics and perfume, 55 percent food, liquor and cigarettes, and 52 percent drugs and toiletries. Only 37 percent buy appliances, but when they buy them, they buy a lot. The average spent by all foreign tourists on electronics is ¥65,000. Chinese on average spend ¥88,000.

    Chinese tourists, in fact, seem to be single-handedly keeping Japanese department stores in business. Although airport duty-free shops are the main venue for Chinese purchases followed by “shopping centers,” department stores that offer tariff-free sales to foreigners are a strong third and, according to the Nikkei, the reason is that they know the designer brands they buy in department stores are “authentic,” meaning not knock-offs. (For what it’s worth, both real designer goods and their fake counterparts tend to be made in China.) And if it seems unwise to purchase such goods in department stores, which tend to charge more, they’re likely still cheaper than those bought in China, which may be subject to tariffs.

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  • FamilyMart, Uny may put off business integration accord

    FamilyMart, Uny may put off business integration accord

    Retailers FamilyMart Co. and Uny Group Holdings Co. are mulling putting off the conclusion of a basic accord on their planned business integration to September or later, it was learned on Thursday.

    This is because Uny’s work to draw up measures to shore up its slumping general merchandise store operations has been delayed, informed sources said. The two firms originally planned to reach a basic accord this month.

    Still, there is no change in their goal of realizing the integration in September 2016 after obtaining approval at their respective general shareholder meetings in May the same year, according to the sources.

    FamilyMart, a major convenience store operator, and Uny said in March this year that they had started negotiations on integrating their operations.

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  • Super Delivery concept launches in Japan

    Super Delivery concept launches in Japan

    An eCommerce venture relaunched in Japan this week claims to be the world’s largest wholesale website.

    Super Delivery, launched domestically by Raccoon Co back in 2002, offers apparel and general merchandise produced or developed in Japan for supply to 134 countries. This week it opened to the world.

    It has launched with some 400 manufacturers displaying more than 100,000 items for sale on the website. More than 930 shops and companies are  registered with the eCommerce marketplace as buyers.

    Among products being sold on the portal are numerous traditional Japanese handicrafts. Echizen Shikki Kyodo Kumiai (Echizen lacquerware cooperative association) in Sabae, Fukui Prefecture, which deals with lacquerware products that have a history of more than 1500 years, will sell  over 1000 items, mainly bowls and dishes.

    Those who use the Super Delivery service can confirm the wholesale prices of products after they register themselves with the website as members, and can pay for products they buy by credit card or electronic money transfer.

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  • Israel’s Teva Naot expands in Japan

    Israel’s Teva Naot expands in Japan

    Israeli sandal maker and retailer Teva Naot is gaining a cult following in Japan.

    The footwear brand has just opened its fifth “high class boutique” in Japan, and plans even more stores as it wins the hearts and wallets of Japanese.

    The company already has three stores in Tokyo and one in Nara in the Kansai region of Japan’s south. The new store will be in Tokyo.

    CEO, Michael Iluz,says its shoes have become extremely popular among Japan’s business and celebrity class.

    Teva Naot shoes are handmade from high quality materials and positioned at the premium end of the market. It has designed a range of 20 sandals specifically for the Japanese market to reflect local tastes, fit and trends. The stores are designed to evoke a ‘high class, luxury’ shopping experience.

    The Israeli newspaper Maariv reports the company sold more than $3.6 million worth of shoes in Japan this financial year and expects sales to reach as high as $5 million in 2016.

    Teva Naot has also met with success in South Korea.

  • Clarks steps up in Asia

    Clarks steps up in Asia

    British footwear brand Clarks says it sees Asia Pacific growth as a “a key strategic focus” for the company.

    The 190 year old, £1.5 billion business, plans to open 100 stores in the region in the next 12 months.

    “As we celebrate a significant birthday, we are as nimble and entrepreneurial as ever and poised for growth,” said Nancy Huang, president of Clarks Asia Pacific.

    “We see great future potential for further expansion and are excited about the possibilities.”

    Clarks, which operates through retail, wholesale, franchise and online channels has a presence in 130 markets worldwide and has been in Asia for 20 years.

    It has a strong footprint in China with 600 points of sale and hundreds of stores across Asia including the markets of India, Japan, Singapore, Malaysia and Indonesia.

    Huang says Clarks’ strong British heritage and reputation for craftsmanship has widely appealed to Asia’s rising middle class. In recent years, the company has invested heavily in building infrastructure, people resources and capabilities in Asia Pacific to support a rapidly expanding set of markets.

    The company will also invest “heavily” in reinvigorating key existing stores in China, Japan and Singapore.

    C&J Clark Limited, owners of the Clarks brand, the privately owned footwear business, was founded in Street, Somerset in the UK by the Clark family in 1825. Still based in Street, the Clarks Group designs, develops and sells a wide range of footwear and accessories for men, women and children. The Clarks brand is renowned worldwide for quality and style with comfort.

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  • Rakuten launches express delivery

    Rakuten launches express delivery

    Japan’s leading eCommerce portal Rakuten has launched Rakubin – a new rapid delivery service which promises goods in as little as 20 minutes – 2 hours a day.

    The new service has made its debut in the Tokyo suburbs of Shibuya, Setagaya, Minato and Meguro. It applies to a limited range of 450 items – largely convenience or drug-store core lines, such as noodles, cafe products, confectionery and coffee; detergent, toilet paper and diapers.

    In the Rakubin app, users can check the estimated time of delivery before placing their order.

    After the order has been completed, a delivery interval of 15 minutes will be displayed, allowing users to effectively make use of the time before the arrival of the order. The delivery cost for one order is 390 yen (including tax) when users receive the goods beside the delivery vehicle at the specified location, and 770 yen (including tax) when the goods are delivered directly to users by a member of the delivery staff.

    Fulfilment is undertaken by a fleet of delivery vans which carry stock of the items and circle the areas, awaiting despatch to delivery addresses.

    Rakuten says it will expand the service to include a longer list of products, and a broader geographical area once the concept is bedded down and refined.

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  • Bleak result for Isetan Singapore

    Bleak result for Isetan Singapore

    Japanese department store operator Isetan has reported mounting losses in Singapore as sales fall and rents rise.

    Group sales for the three months to June 30 were $71.467 million, a decrease of $10.819 million or 13.15 per cent over the same quarter a year ago. Isetan said the decrease was largely due to the closure of its Isetan Orchard store at the end of March to prepare the store space for subletting, and a slowdown in sales in all of its stores (except Isetan Jurong East) “due to an environment of slower economic growth and stiff competition amongst retailers”.

    In the second quarter the company incurred a loss after tax of $5.847 million, compared to a loss of $1.214 million in 2014.

    Higher rent at Isetan Scotts, affected both the store’s result and was the main reason for the overall increase in the rent outgoings.

    “At Isetan Orchard, the process of finding tenants and converting the space for renting out is ongoing,” the company said in a statement.

    “In this respect, there was no rental income from this store during Q2.”

    “At Isetan Jurong East, although the store is experiencing sales growth, it is not contributing to profits yet. The general slowdown in sales was also a drag on the results of the Group for Q2.”

    Its other stores are at Katong, Tampines and Serangoon Central.

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