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  • Lush calls out Hong Kong landlords after flagship closing

    Lush calls out Hong Kong landlords after flagship closing

    Lush has taken a positive approach to its future in Hong Kong following the closure of its Central flagship store at the end of last month.

    But it has criticized the city’s landlords generally for failing to share the burden of a decimated retail market in the wake of the pandemic. The beauty products company said the decision to close the five-story flagship store, and its first spa in Asia at the end of its lease took “much consideration”.

    Lush said that all of its other stores in Hong Kong and Macau will continue to trade as usual.

    The Soho Square store’s closure reflected the challenges of dealing with reduced footfall during the Covid-19 crisis, the impact of “previous conditions” and a lack of early response from landlords and the government to help struggling businesses.

    “The pandemic has challenged many businesses around the world. Unfortunately, the measures to help in Hong Kong have been very late. Up until the end of January we had received little support from landlords or the government. However, the measure on salaries is very much needed and we are grateful for this.

    “Even though we are saying goodbye to Lush Soho Square Shop & Spa, we want to highlight the achievement of the team in the past five years and thank them for all their hard work. We have loved bringing the spa experience to customers in Hong Kong and we hope they have enjoyed every moment.”

    Elsewhere in Hong Kong, Lush has been engaging with landlords across the two territories because rent accounts for the majority of costs to businesses of all types.

    “We know it is also difficult for our landlords and as property owners, they also have a vested interest in the future of the retail industry,” Lush said in its email. “We would like to thank our partners who have to date been open to constructive discussion and particularly for those that have given discounts of 50 percent and above.

    “But this isn’t the time for one party to take all and one party left with all the burden. We believe there is collective social responsibility, and landlords and retailers should work collaboratively together to ensure retail survives in Hong Kong, which will benefit the local people and economy that in turn supports property owners that need rental tenants.

    “Some landlords gave us a slight discount on rent in February and March, following negotiations with us. However, this is not reflective of the reality we are facing. We have been in continual negotiations of the rent relief and payment plan with the landlords, and we are confident of keeping things under control with our strategic property plans, and where governments have offered pay schemes and guarantees we are making use of these to ensure staff payroll is protected as much as possible whilst there is little money flowing into the business.”

    Meanwhile, over the past few months, the company has worked to have a positive impact on the local communities during the pandemic.

    Underpinning the message of washing hands to keep the virus at bay, Lush donated more than 8 tonnes of soap to healthcare workers, non-profit organizations and minority groups.

    “We strongly believe that this is the time we have to help each other locally to overcome the unpredictable challenges so that we can support a positive future together.

    “We look to the future with optimism and sincere gratitude to our incredible staff and community. We are doing our best to make decisions and operate the only way we know how: honestly and transparently.”

    Lush founder Mark Constantine said the pandemic may bring many long-lasting changes to the way people live their lives.

    “Lush needs to adapt to these changes, stay agile and relevant, whilst holding true to our principles of being a business that is kind and caring. We will need the help of everyone as we enter this next phase.”

  • Little respite likely as Hong Kong retail rents slump to 2003 levels

    Little respite likely as Hong Kong retail rents slump to 2003 levels

    As Hong Kong retail rents slump to levels not seen since 2003, retailers who appeal to domestic shoppers are beginning to have a stronger presence in the market.

    According to retail real estate professionals with property company Savills, brands in categories such as lifestyle products, health-related goods, and affordable family-friendly chains are taking the opportunity to lease space in commercial districts across the city. They are taking over from retailers who appealed primarily to inbound tourists from Mainland China and elsewhere, before social unrest and the Covid-19 led to a record 11-month run of double-digit declines in retail sales in the city.

    Jewelry and watch sales plummeted by more than 69 percent during the first five months of this year.

    Savills senior director, research & consultancy, Simon Smith, says that while prime street-shop and shopping-mall rents seem to have found a floor since their 2013 peak, this may only be temporary.

    “Rising vacancy levels continue to plague the market with mid-range fashion retailers joining luxury retailers in rationalizing store numbers, but rents appear to have stabilized for now.”

    With many luxury and mid-range brands struggling to break even with the desertion of tourists, they are right-sizing their networks and closing underperforming stores.

    “The market has endured a prolonged correction since 2013 but with rents now close to 2003 levels, landlords and tenants are beginning to embrace the new reality and accept new business models and a more creative approach to trade and tenant mix,” adds Nick Bradstreet, MD, and head of retail leasing.

    According to Savills’ research, the quarter-on-quarter decline in Hong Kong retail rents in the three months to June was about 1.7 percent in prime street front sites and 0.8 percent in shopping centers.

    Retailers including Valentino, Tiffany & Co, Coach and Prada have already given up prime sites on Tsim Sha Tsui’s Canton Road and Causeway Bay’s Russell Street, two of the city’s most expensive commercial strips. Victoria’s Secret has closed its multi-story flagship nearby and MCM’s largest store, in Central, has also been shuttered.

    More mid-market retailers including Swatch, SaSa, Lush and Gap have also rationalized their store networks.

    But in their place, new brands are taking the opportunity to increase their street presence, typically brands targeting local consumers rather than mainland daytrippers and tourists.

    “Local consumers are more focused on their “whole of life” needs, prioritizing health and well-being, caring about their family and community, and valuing the local culture and sustainability,” says Savills in its quarterly review of Hong Kong retail rents.

    Examples include Muji and Lululemon, which have both opened their largest stores yet in the city, at Telford Plaza and Harbour City respectively, and UK women’s activewear label Sweaty Betty, is opening its second Hong Kong store, at Causeway Bay this month. Japanese grocer Don Don Donki is opening two more stores, at Causeway Bay and Central, later this year.

    Bradstreet and Smith say shopping-mall footfalls across Hong Kong showed signs of recovery during May and June as locals began venturing out again after Covid-19-related social-distancing measures were eased. A degree of pent-up demand may have helped the trend.

    But rebounding local spending won’t be enough to help brands reliant on tourists, with Savills predicting vacancies on prime streets in traditional tourist districts will soon rise. Topshop, Gap and Adidas are all tipped as unlikely to renew their leases on Central spaces.

    “The post-Covid outlook for Hong Kong’s retail industry remains very challenging,” concludes Savills. “Some structural changes in demand profile and market fundamentals are underway and both retailers and landlords need to adapt and constantly reinvent to stay relevant.

    “A slower-than-expected recovery in the tourism market means that a more balanced approach to local consumers and mainland tourists is warranted moving forwards but the shopping preferences of locals and tourists are of course quite different.”

  • Singapore retail sales collapsed during May due to store closing

    Singapore retail sales collapsed during May due to store closing

    Singapore retail sales plummeted 52.1 percent in May as Covid-19 lockdowns shuttered malls and the majority of retail stores across the city-state.

    May’s year-on-year decline followed a 40.3 percent drop in April and represented the biggest drop since statistics were first collected in 1986.

    After removing motor vehicles from the data, the decline was only a slightly less dramatic 45.2 percent, compared with 32.5 percent in April.

    The closure of stores across the city caused a dramatic rise in online sales which accounted for 24.5 percent of the US$1.29 billion total turnovers.

    According to Statistics Singapore, 94.3 percent of sales of computer and telecommunications equipment in May were conducted online, 93.6 percent of furniture and household goods, and 9.6 percent supermarket sales.

    Every retail category recorded a sales decline except supermarkets, hypermarkets, and convenience stores. Supermarket and hypermarket turnover soared 56.1 percent and convenience stores by 9.1 percent.

    Sales of watches and jewelry, by department stores and apparel, fell by between 89.1 percent and 96.9 percent.

    As with traditional retail, the Circuit Breaker measures introduced to curb the spread of Covid-19 resulted in huge declines in the food & beverage sector as well. A 50.1-per-cent decline in May represented a tiny improvement from April’s 52.7 percent, with vendors able to supply only delivery or takeaway.

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  • No surprise as retail sales in Hong Kong down again

    No surprise as retail sales in Hong Kong down again

    Retail sales in Hong Kong have plunged by more than one-third over the first four months of this year.

    Census and Statistics Department figures show a 36.1-per-cent decline, which follows an adjusted 42.1-per-cent fall in March.

    Those two months represent the beginning of the real impact of the Covid-19 pandemic which has seen the border with Mainland China effectively closed down and starving the territory’s retailers of traditional sales to inbound tourists.

    A government spokesman said that April’s decline, while narrower than that of March, was still “huge”.

    “While the epidemic has abated in Hong Kong, the business environment for retail trade remains challenging, as Covid-19 has brought inbound tourism to a standstill, and as austere labor market conditions and various uncertainties continue to weigh on consumer sentiment.”

    Retailers received little relief in May as when local social-distancing measures were relaxed, social unrest recommenced, leading to stores being shut in the popular Causeway Bay district, with some, including I.T Group-owned premises, vandalized. Retail sales in Hong Kong are unlikely to show any lasting recovery until much later this year when the border reopens and international travel resumes.

    Broken down by category, the April data made for grim reading. Watches, clocks and jewelry sales were down a massive 76.6 percent on April last year. Apparel sales slumped 63.6 percent, cosmetics and medicines were down 62.9 percent and footwear and accessories fell by 55.6 percent.

    Optical shop sales fell by 43.2 percent, sales of books, stationery and newspapers fell by 39.9 percent, of Chinese drugs and herbs by 35.3 percent and of electrical goods and electronics by 21.7 percent.

    Department-store sales were down by 18 percent, and of food, liquor and tobacco by 14 percent.

    Just two categories posted growth: supermarket sales up by 14.4 percent and furniture and fittings by 1.6 percent.

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  • South Korean duty-free retailers closing downtown stores

    South Korean duty-free retailers closing downtown stores

    South Korean duty-free retailers are temporarily shuttering metropolitan stores in response to a significant decline in tourist numbers caused by the coronavirus epidemic.

    Numerous outlets at prime tourist destination Jeju Island will be closed this month. A Lotte Duty-Free store that has already been operating under reduced hours since February will close pending the resolution of the crisis. Hotel Shilla’s store, which has suspended trading on weekends and holidays throughout the outbreak, will cease trading for a fixed one-month period.

    Jeju Island tourism has faltered significantly in recent months under heavily-reduced international flights, with a 99.2 percent drop in foreign tourist numbers year-on-year during April.

    The South Korean duty-free retailers shuttering stores also include Shinsegae Duty-Free’s locations in Gangnam and Busan will close on Sundays and Mondays from this month on, while airport duty-free stores under all local operators are largely closed for business at this time.

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  • Coronavirus lockdown to slash Malaysian retail sales

    Coronavirus lockdown to slash Malaysian retail sales

    The six-week-long coronavirus lockdown is expected to slash Malaysian retail sales by 60.7 percent this month as non-essential stores are forced to close.

    Retail Group Malaysia, which calculates data on behalf of the Malaysia Retailers Association, estimates that retail sales for the full year will drop by 5.5 percent, should the government’s Movement Control Order be lifted at the end of this month. It has already been extended from March 18 until April 28

    RGM’s MD Tan Hai Hsin told The Edge that the majority of the nation’s retailers are recording zero sales this month. “This has never happened before in history”.

    While online sales have surged in Malaysia since the coronavirus struck the nation, and consumers are spending more on food and groceries, categories like jewelry, furniture and luxury goods have been decimated.

    Last year, Malaysian retail sales grew by 3.7 percent to RM107.5 billion (US$24.8 billion), but RGM is now forecasting RM101.6 billion ($23.45 billion) for the full year, a figure which must take into account a rebound once the lockdown order is lifted.

    The MRA estimates 209,000 stores have been forced to close during the lockdown and 90 percent of stalls and markets have been affected, which previously accounted for 63 percent of the nation’s total retail sales. The remaining 126,000 stores classified as essential include supermarkets, hypermarkets, convenience stores and pharmacies.

    Meanwhile, RGM has estimated that operating costs, including staff and store overheads, are likely to reach RM20.48 billion (US$4.7 billion) during the lockdown which retailers will have to carry in the absence of sales.

    It is, as yet, unclear the volume of online sales during the period and whether these will help mitigate in part the sales decline of any non-essential retailers.

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  • Digital Payments in China Surge

    Digital Payments in China Surge

    China’s digital payment market grew to $8.4 trillion in the last quarter of 2019 and there are signs of still robust momentum in the months following the outbreak.

    By transaction volumes, Alipay retained the top rank with 55.1 percent followed by Tencent’s two platforms – WeChatPay and QQ Wallet – at 38.9 percent, according to a report (Mandarin only) by independent research firm iResearch.

    The remaining 6 percent where split between 1qianbao (1.4%), JD Pay (0.9%), UMPay (0.6%), 99bill (0.6%), Yeepay (0.5%), China UMS (0.3%), Sunin Pay (0.2%) and others (1.5%).

    59.8 trillion yuan ($8.4 trillion) in total digital payment representing a year-on-year increase of 13.4%

    Even in the midst of an ongoing coronavirus outbreak, the Chinese digital payment market signaled strength, the report underlined.

    Beijing-based grocery startup Meicai attracted 800,000 new users in one week on an online platform that connects farmers with consumers and restaurants. Between March 18 and 22, Alipay registered average daily purchase of nearly 1.1 million cups of milk tea via branding programs.

  • India’s Flipkart applies for food-retailing licence

    India’s Flipkart applies for food-retailing licence

    Indian e-commerce platform Flipkart has filed for approval from regulatory authorities to conduct food retail in the territory.

    According to a Times of India report, The Walmart-owned business has made the application with the Department for Promotion of Industry and Internal Trade with the expectation of a decision within three months.

    The firm registered an online grocery business in October last year under the brand name Flipkart FarmerMart. According to reported figures, the firm will make an investment of ₹2,500 crore (US$338,000) in the venture.

    Initial plans will see the firm delivering customer purchases via local “kirana” stores partnering with the Flipkart business.

    The firm will “focus on deep agri-supply chain investment, especially at the farm gate level and will encourage demand-driven sowing, which will help farmers produce right fruits and vegetables and get paid as per market price”.

    Flipkart competitor Amazon has held a food retail license in India since 2017.

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  • Malaysian retailers hit by coronavirus

    Malaysian retailers hit by coronavirus

    Malaysian retailers operating in tourist zones have seen sales plunge in the wake of the coronavirus outbreak.

    Locally headquartered leathergoods retailer Bonia says sales have fallen by as much as 77 percent in one location and were down overall as fewer Chinese traveled to Malaysia and locals avoided crowded locations to reduce their exposure to the virus.

    Besides its own brand, Bonia also operates stores under the Braun Buffel, Sembonia, Renoma and Valentino Rudy banners.

    Aa Bonia spokesperson said sales had dropped 30 percent overall in the first 17 days of February, the peak, so far, of the virus outbreak.

    “Our Genting Highlands outlet has been tremendously affected,” he said. “The key factor is Covid-19, which has made tourist numbers decline, while local consumers are shying away from crowded malls during their weekend outings.”

    Sales at the Genting Highlands store were down 77 percent and at the Pavilion shopping center in Kuala Lumpur by 35 percent, year on year.

    Stores in Johor Bahru and Penang have also been hit.

    Another retailer, Corn In a Cup, has experienced a drop in sales of between 15 and 40 percent, with the worst-affected store the one at Zoo Negara, where daily sales usually run from 200 to 300.

    “We have been operating at the zoo for over 10 years,” he told The Edge. “Never before in history have we only sold one cup of corn in a day.”

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  • Asia will account for 45 per cent of global retail sales next year

    Asia will account for 45 per cent of global retail sales next year

    The world’s retail market is expected to slow down next year, but Asia will account for 45 percent of global retail sales, according to a new report from economic and business research group The Economist Intelligence Unit.

    In terms of volume, sales growth will slow compared to this year, but in US-dollar terms growth will accelerate. This divergence will reflect differing regional trends in demand, pricing and exchange rates, with developing markets outpacing developed ones.

    “It’s a mixed picture for global retail sales in 2020,” said The Economist Intelligence Unit consumer goods analyst Shveta Sharma. “Although there will be areas of opportunity, particularly in Asia, there are several threats to the industry.

    “The US-China trade war, Brexit and the protests in Hong Kong will all take a toll, while some retailers will also struggle to keep up with the continued shift online. We expect more store closures and job cuts.”

    Online retail will continue to undermine the competitiveness of brick and mortar stores next year, she said. Growth will be driven by social media apps such as TikTok and Instagram, as well as better digital payment systems. Retailers and consumer goods producers will need to adapt quickly to changing local conditions, shifting suppliers and closing stores as demand patterns change.

    The EU, however, is leading a backlash, scrutinizing the marketing tactics of online players as well as their efforts to avoid taxes. The scale of job cuts will also prompt more scrutiny in the US, in the run-up to November’s presidential election.

    The group’s full report on global retail sales is available for download here.

  • Amazon opens on Pinduoduo pop up store

    Amazon opens on Pinduoduo pop up store

    Global online retailer Amazon is set to launch a Pinduoduo pop-up store.

    According to reporting in Reuters, the Pinduoduo pop-up store will run until the end of the year with around 1000 selected overseas products.

    Amazon recently closed its Chinese marketplace for domestic sellers and is shifting focus to products sold in the Chinese market by overseas producers, as well as offering its cloud server services.

    The decision to host its pop-up on Pinduoduo reflects the platform’s popularity with rural Chinese residents over the more established Alibaba and JD services.

    “The Amazon Pinduoduo pop-up store provides customers with a curated selection of about 1000 overseas products, with competitive prices, an authenticity guarantee and convenient shipping,” said an Amazon spokesperson.

    “We look forward to enabling customers to enjoy cross-border shopping through this store, in addition to more deals and tens of millions of products available on [amazon].cn.”

  • Sands Shoppes Macao honours its top selling retailers

    Sands Shoppes Macao honours its top selling retailers

    Sands Shoppes Macao held its fifth Sands Retail Awards this week, at the Four Seasons Hotel.

    The awards honor retailers who achieved outstanding performance this year across 13 categories including best store performance, best loyalty program, best window display, best store design, and best customer service, along with a rising star.

    “While the Sands Retail Awards recognize the best of the best, all our retailers across Sands Shoppes Macao set incredibly high industry standards,” said David Sylvester, executive VP of global retail at Las Vegas Sands Corp.

    “There is huge competition for these coveted awards and the retailers who make it through have demonstrated total commitment to ensuring visitors to our shopping malls enjoy their experience here.”

    Sands Shoppes Macao Retail Awards Winners are:

    Best Store Performance – Luxury: Louis Vuitton (Shoppes at Four Seasons)

    Best Store Performance – Luxury Watch & Jewellery: Rolex (Shoppes at Venetian, Shoppes at Cotai Central, Shoppes at Parisian)

    Best Store Performance – High Street Fashion: MSGM (Shoppes at Parisian)

    Best Store Performance – High Street Watch & Jewellery: Swarovski (Shoppes at Cotai Central)

    Best Store Performance – Beauty: Temptation (Shoppes at Parisian)

    Best Store Performance – General Retail: Mannings (Shoppes at Venetian)

    Best Store Performance – Food & Beverage: Lei Garden (Shoppes at Venetian)

    Best Loyalty Program Performance – Highest Point Redemption: Fortress (Shoppes at Venetian)

    Best Loyalty Program Performance – Highest Number of Transactions: Tai Hing Restaurant (Shoppes at Venetian)

    Best Window Display: Versace (Shoppes at Four Seasons)

    Best Store Design: Apple (Shoppes at Cotai Central)

    Best Customer Service: Victoria’s Secret (Shoppes at Venetian)

    Rising Star: Sandro (Shoppes at Venetian)

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  • Noni B Group looks at rebranding

    Noni B Group looks at rebranding

    Fashion retailer Noni B Group enjoyed the benefit of its first year of trading as a significant multi-brand retail group during FY19 and is seeking to push further into this direction: floating a name change to Mosaic Brands Ltd.

    According to Noni B Group chairman Richard Facioni, this change is another significant milestone for the group, and reflects the synergistic and complementary collection of brands that are now part of its portfolio.

    Noni B Group currently operates the Millers, W.Lane, Noni B, Rivers, Katies, Autograph, Rockmans, Crossroads and BeMe brands.

    While the five former-Specialty Fashion Group brands acquired in July 2018 made a collective positive earnings contribution to the group, ongoing costs relating to the acquisition, as well as restructuring, hit the group’s bottom line for FY19.

    Noni B Group announced on Tuesday net profit had fallen 52 per cent to $8.2 million from $17.3 million the year prior, while EBITDA rose 22 per cent to $45.5 million, and revenue grew to $881.9 million, from $372.4 million the year prior – a 136 per cent increase.

    “This result, at a time of considerable change within the business and an uncertain economic climate globally and domestically is a significant achievement,” Facinoni said.

    “When we announced the acquisition of the Specialty brands, we conservatively expected them to break-even on an EBITDA basis in FY2019, returning to profit in FY2020.

    “We achieved anticipated synergies and merger benefits ahead of schedule and identified additional efficiencies, resulting in the five brands, collectively, making a positive earnings contribution for the year.”

    Noni B Group managing director Scott Evans said that he was pleased with the result, and that lessons learned through operating nine separate brands across an expanded footprint had enhanced the group’s understanding of its customer’s product preferences, shopping habits, and behaviours.

    “These insights have guided our decisions across the group to improve all aspects of our customers’ journey,” Evans said.

    “In summary, we are a very different company than a year ago. The changes we have made have created a stronger and more profitable business which is financially stable, generates cash and provides a solid platform for future expansions.”

    “We are excited about the potential to be unlocked by greater analysis of our group’s data, store expansion and online strategies.”

    Evans expects the group’s omni channel strategy will be a pillar for growth moving forward.

    Online sales grew to 9.8 per cent of total group sales in FY19 from 4 per cent in FY18, having reached comparable sales growth of 21 per cent – which the acquired brands saw sales growth of 15 per cent, up from 9 per cent in FY18.

    This result has prompted further investment in the online space – with Noni B Group looking to expand the online team, add further digital marketing channels and improve its customer experience.

    For FY20, Noni B Group is expecting underlying EBITDA to reach $75 million – in line with market consensus.

    Shareholders will be able to vote on the potential name change at the group’s AGM in November.

  • Korea’s largest retailers forced to think about delivery services

    Korea’s largest retailers forced to think about delivery services

    South Korea’s largest retailers are having to invest in logistics to cope with rising online spending and personalized delivery services.

    South Korean online shopping malls Coupang and Market Kurly have led the paradigm shift in the delivery industry after introducing the early morning delivery service, which has led many to adjust to the new and more convenient ways to purchase goods.

    Large brick-and-mortar retailers can no longer wait for the customers to visit their store.

    Homeplus, a South Korean hypermarket chain operator, said this week it has opened two fulfillment centers, located in Anyang and Suwon, Gyeonggi Province to provide better online delivery services.

    In a 6600sqm logistics center, pickers collect products in a tray to ship them for online orders. A Digital Picking System informs the picker on which tray to use, where the product is located, and the final results of the picking process.

    Homeplus plans to improve 140 stores across the country with enhanced capabilities for online shopping and delivery by 2021.

    SSG.com, Shinsegae Group’s online marketplace, currently runs NE.O, logistics centers for online shopping located in Yongin and Gimpo. NE.O will open its third center in Gimpo later this year.

    SSG.com is also in charge of receiving orders at E-mart’s picking and packing centers as part of a two-track strategy.

    Lotte Mart plans to expand its logistics centers for online shopping to meet the rising demand from the online community.

    Lotte’s signature delivery service is same-day nighttime delivery service. If a customer places an order before 8pm, the product will be delivered before midnight on the same day.

    As such, large offline retailers are now in competition over expanding logistics centers for online shopping, which may turn out to be the only way to outlive the ‘delivery war.’

    But for South Korea’s largest retailers, building separate logistics centers for online shopping may also provide stores with a wider leeway since offline malls are subject to various restrictions, including mandatory business holidays.

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  • E-Mart posts first-ever loss ; restructuring lures

    E-Mart posts first-ever loss ; restructuring lures

    Korean discount chain operator E-Mart has posted its first-ever net loss, amid growing competition from online shopping rivals and e-commerce giants.

    The company’s quarterly results showed a net loss of KRW26.6 billion (US$24.7 million) between April and June, its first negative result since it was spun off from Shinsegae Group in 2011. The loss stands in comparison to a net profit of KRW94.8 billion ($77.7 million) during the same period last year.

    The company says it plans to raise 1 trillion won (US$820 million) by selling assets and will buy back stocks worth some 100 billion won to boost shareholder value.

    E-Mart says it expects its losses will to continue into the next financial period.

    “Online archrivals, such as Coupang Inc and other major e-commerce operators are forecast to expand their food category later in the year,” said Hana Financial Investment expert Park Jong-dae, “which could further weigh down E-Mart.”