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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.”

  • Record fall in retail sales in Indonesia

    Record fall in retail sales in Indonesia

    Retail sales in Indonesia have seen the sharpest drop in 12 years, according to a report, based on information from the nation’s central bank.

    Territory-wide sales fell 20.6 percent year on year during May, representing the largest contraction in the category since November 2008. The drop was steeper than figures for April, which showed a decline of 16.9 percent.

    According to the data, buyers shopping for clothing and recreational items showed the greatest reduction in spending since that manifested in last month’s figures in May.

    There remains a little prospect for relief in the immediate future, with the bank’s survey predicting last month’s figures to reveal a 14.4-per-cent drop.

  • 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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  • South Korean retail sales up after Covid-19

    South Korean retail sales up after Covid-19

    South Korean retail sales rose by 2 percent during May, largely due to increased online shopping, according to the new Ministry of Trade figures.

    The year-on-year increase was strongly influenced by purchases of food and sanitary items online due to the effect of social-distancing requirements related to the coronavirus pandemic.

    The ministry polled 26 major retailers in both online and offline categories to collect the data, which showed combined sales of US$9.65 billion last month, an increase of over $9.506 billion during the same period last year.

    Online platforms saw a 13.5-per-cent revenue rise during the period, with online sales of food increasing almost 39 percent, and daily items and furniture going up 22.7 percent. Offline shopping – with the exception of convenience stores – continued to show a decline, with a 6.1-per-cent drop in sales.

    Year-on-year sales figures for last year showed an increase of 4.8 percent over 2018.

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  • Digitalization key to helping Asian retailers emerge from Covid-19

    Digitalization key to helping Asian retailers emerge from Covid-19

    Retail business leaders in Southeast Asia see digitalization as the driving tool in returning to growth in the post-Covid-19 era according to a study by Ernst & Young.

    The responses reflect a slew of physical store closures as online platforms are increasingly becoming the key sales avenue for retailers during the pandemic.

    Bit, while digitalization is a very visible option in current times, an online strategy alone may be insufficient for retailers to stay profitable or successful in the long run, warns Ernst & Young ASEAN consumer products & retail sector leader Olivier Gergele.

    “We are seeing a fundamental shift in the retail industry that demands a rethinking of business and operating models.”

    According to the survey, 59 percent of retailers intend to digitalize their business within the next year, while 23 percent are looking at restructuring their businesses; 11 percent are seeking an exit due to non-performance, and 3 percent are intending to merge with another retailer.

    The majority of respondents (57 percent) saw improving topline performance through online sales and market listings as a clear and immediate priority, while 40 percent of those surveyed admitted to facing resource constraints. 61 percent of retailers surveyed are turning to work capital optimization to improve cash flow.

    “This crisis is fast-evolving consumer’s preferences, behaviors and values,” said Gergele. “Online retail penetration is expected to grow at an accelerating pace, and the industry’s economics will shift with e-commerce gaining a fair share of the profit pool.”

    The results of the survey suggested retailers in the region should focus on five key areas during the upcoming period: driving an omnichannel strategy; driving supply chain resilience; expanding offerings; engaging in timely M&A; and driving agility.

    “From what we have seen in previous crises, retailers that embrace change are more likely to emerge as leading businesses while those who persist in conducting business-as-usual may fall behind,” said Gergele.

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  • Singapore retail sales down with 33 percent in April

    Singapore retail sales down with 33 percent in April

    Singapore retail sales – excluding motor vehicles – plummeted 32.8 percent in April as Covid-19-related lockdowns saw non-essential retailers closing their physical stores.

    Including motor vehicles in the data, the fall was 40.5 percent.

    Significantly, online sales accounted for a record 17.8 percent of total retailing, with 70.6 percent of sales in the computer and telecommunications category occurring online in April and 50.4 percent of furniture and household equipment. However, just 7.7 percent of the total sales of supermarkets were conducted online.

    According to Statistics Singapore, the worst-affected retail sector overall was department stores where sales fell by 87.8 percent. Sales in watch and jewelry stores fell by 84.6 percent.

    On the plus side, sales by supermarkets & hypermarkets soared 74.6 percent, partly driven by people staying at home to work or study during the Circuit Breaker lockdown and partly due to the move from eating out to preparing food at home. Minimarts & convenience stores boosted their sales by 10.7 percent.

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  • Liverpool FC opens E-commerce platform in Japan

    Liverpool FC opens E-commerce platform in Japan

    Liverpool FC has partnered with soccer shop Kamo to launch its first online store in Japan.

    The Liverpool FC online store offers a wide range of replica kits and the brand’s authentic merchandise, apparel and fashion accessories, including the exclusive Hello Kitty x LFC Collection.

    “As a key player in the football and sports-retail industry, we know this store has been a long time coming for Liverpool FC fans here,” said Ken Kamo, president of Kamo.

    “We’re looking forward to working together to bring supporters here closer to the club they love.”

    Launched in 1968 as a small football shop, Kamo operates 23 brick-and-mortar stores and an e-commerce site, offering a selection of sport brands including Puma, New Balance and Adidas.

    Senior VP at Liverpool Football Club Mike Cox, said: “I’ve been able to see first-hand how passionate our fanbase is here and as one of the world’s premier shopping destinations, it’s an exciting opportunity for the club to connect with supporters in the region.”

  • Indian retailers in mall revolting

    Indian retailers in mall revolting

    Indian retailers with stores in shopping malls are threatening to close shop if landlords do not meet demands for waivers and new rental agreements.

    Retailers representing 350 brands are seeking relief from tough rental commitments in the likely face of 12 months of low business driven by the Covid-19 crisis, proposing new arrangements such as revenue-sharing models. The brands have sent an ultimatum to malls including DLF, Ambience, Nexus, Pacific, Phoenix Group, Oberoi, and Mantri following the failure of some retailers to revise rental agreements.

    “We cannot survive without collaboration,” said Future Retail MD Rakesh Biyani in a Times of India report. “If not, there will be further job losses in the sector.”

    Of all Indian retailers, those that could be hardest hit by continuing patterns of buying this year are likely to be apparel and fashion.

    “Retailers and brands have to additionally deal with massive accumulation of inventories, unprecedented disruption in manufacturing and supply chain, and the huge shift of customers to e-commerce, among other things,” read the retailers’ ultimatum.

    Indian mall footfall is expected by some industry observers to continue to be affected by the Covid-19 pandemic well after the outbreak resolves, with consumer behavior potentially permanently gravitating towards online shopping.

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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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  • Flipkart loses bid to sell food online

    Flipkart loses bid to sell food online

    Amazon-owned Flipkart has been blocked from entering the food-retail business by Indian regulators who had deliberated for almost a year on an application.

    Subsidiary Flipkart FarmerMart had applied to sell foodstuffs grown or manufactured in India online via its marketplace and on apps. However the company was told by the Department for Promotion of Industry and Internal Trade (DPIIT) marketplace, it cannot add food to its platform as a foreign-owned retailer.

    Foreign direct investment in retail has long been a controversial issue in India and only in the last several years have multinational retail giants been allowed to enter the market, usually with strict requirements for a proportion of goods they sell to have been manufactured in India.

    The government has recently tried to tighten laws to ensure companies like Amazon only act as third-party marketplaces, allowing local companies to sell on its platforms, rather than develop their own inventories and become retailers in their own right.

    Flipkart had, however, been hoping to form supplier alliances with farmers and growers to create its own brands – rather than import all of the products it would sell.

    Establishing such strong supply agreements would also potentially have helped Flipkart expand into the brick-and-mortar retail market.

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  • Macau retail sales down with 45 percent in first quarter

    Macau retail sales down with 45 percent in first quarter

    Macau retail sales plunged 45.1 percent in the first quarter of this year to around US$1.41 billion according to the territory’s Statistics and Census Service.

    The huge fall followed the effective closure of the border with Mainland China and the resulting the absence of people venturing to Macau for gambling, shopping and conventions due to the Covid-19 crisis.

    The worst-hit Macau retail category was watches and jewelry, down by 57.5 percent, with department-store sales down by 56.4 percent.

    Adult apparel sales fell by 52.9 percent and leather goods by 51 percent.

    The only retail category to increase sales during the quarter was supermarkets, which surged 14 percent, reflecting the trend towards people preparing food and eating at home to ensure social distancing.

    According to the service, the value of Macau retail sales during the March quarter dropped by 45.8 percent compared with the preceding three months.

    When gathering retail sales data the Macau government polls businesses on their expectation of trade for the future. After March’s experience, 80 percent of retailers said they expected a decrease in sales during the current June quarter and 13.3 percent expected sales to remain stable. Just 6.2 percent expected an increase.

  • Hong Kong retail at a life or death state

    Hong Kong retail at a life or death state

    Hong Kong’s retail industry is facing “a crucial, life-and-death moment of survival” according to the city’s main retail body the HKRMA, which has sent an open letter to chief executive Carrie Lam seeking government support.

    “Since the social unrest from June last year until the recent coronavirus pandemic, the retail industry has taken a hit for nearly a year,” Hong Kong Retail Management Association chair Annie Yau Tse told Lam in the letter.

    “The operating environment has become increasingly difficult,” she wrote, and even though the government has repeatedly offered relief measures to address immediate urgencies, the situation is still dire.

    Tse said HKRMA research projects 16,000 retail stores will close across the territory this year. That follows 14 months of negative sales growth, a brief respite, then a 40-per-cent-plus plunge during the Covid-19 crisis in February and March.

    “The industry is facing the biggest crisis in its history. Monthly rent is a retailer’s largest expense and the association has relentlessly called on landlords to reduce the rent in these difficult times.”

    While real-estate developers and individual landlords have shown support of varying degrees, the majority of the rent-reduction methods, scope and term do little to alleviate the losses already incurred “and neither is it enough to support a retailer’s continued operations,” she said.

    “In addition, recent responses and attitudes of landlords have become more indifferent and tougher than before.”

    Tse called on Lam to take action to force a suspension of rental payments for at least nine months, citing countries including Great Britain, Australia, and Singapore where laws were implemented during the Covid-19 crisis to ensure landlords take temporary action to help retail tenants recover. Restricting landlords from taking legal measures or taking back store premises for at least nine months would allow retailers to continue to trade and to recover, she advocated.

    “Hong Kong is the world’s most expensive place to rent. The income of many industries, especially those tourist-related, has contracted significantly, but store owners still face extremely expensive rent.”

    Tse also called for broader economic policies from the territory’s government to maintain a sustainable business environment.

    “Although HK’s economy has always been market-leading, the current economy is weak. Investments, consumption and exports have fallen sharply, the worst ever rate recorded in history.

    “Even if the global pandemic comes to an end, it is expected Hong Kong’s economy will still need at least half a year to gradually step out of the abyss.”

    The association believes that if high rents cannot be resolved in a timely manner, even with government funds and related relief measures, mass closures and layoffs are inevitable.

    “In the end, it will not only be a waste of government resources but also create an irreversible situation in the economy”.

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  • Covid-19 virus outbreak will speed up the reshaping of global retail trends

    Covid-19 virus outbreak will speed up the reshaping of global retail trends

    “Customers today care less about the breadth of assortment and more about availability.”

    Covid-19 has accelerated key underlying global retail trends that were already reshaping the industry according to a new report by KPMG.

    The research finds that retail markets globally are changing and the industry is continuing to evolve while facing massive challenges from Covid-19 crisis. However, far from stopping or slowing change in the industry, the pandemic has sped them up.

    In its report Global Retail Trends 2020, KPMG’s retail sector experts identified four key trends which will continue to impact operators:

    • An evolving retail business model, with online platforms becoming the shopping malls of tomorrow.
    • An increasing desire to explain a ‘sense of purpose’ to consumers.
    • A rethink of the costs of doing business.
    • A stronger focus on customer choices.

    KPMG’s retail sector group predicts just two types of retailers will survive: those offering a limited yet curated selection and those offering unlimited selection.

    The report also concludes that retail leaders will think more clearly about their investments into three key areas: customer loyalty programs, customer data, and technologies aimed at making the shopping experience easier, safer and more efficient.

    “In the post-Covid-19 environment, consumers will place greater emphasis on both convenience and safety,” explains Jessie Qian, partner, head of consumer and retail at KPMG in China.

    “During the lock-down, we have seen brands and shopping centers using WeChat Mini-programs, online social groups and live streaming videos to reach consumers through new channels without the need for foot traffic.

    “Customer data has now become both an important and a valuable asset,” says Qian. “Brands and retailers will aim to use customer data to improve business efficiency and increasingly provide more targeted and personalized services.”

    She says that while many physical stores will return to growth when the Covid-19 crisis passes, consumers’ experience shopping online through necessity will impact shopping behavior in the future.

    KPMG’s report on global retail trends predicts that during the year ahead, ongoing challenges with supply, demand, and business continuity will force many retail groups to rethink their business models. This should spark “a new wave of innovation and competition in the industry”.

    For retailers, cementing customer relationships may be the key to maintaining commercial viability in a post-pandemic world.

    “For most retailers, that means leaning strongly into online sales, proving that speaking to customers and understanding their needs has become just as important as the bottom line,” says Qian.

    Alice Yip, partner, head of consumer and industrial markets, Hong Kong, at KPMG China, says Covid-19 has been a catalyst for change in Hong Kong’s retail sector, impacting different retail formats by varying degrees.

    “Retailers relying on traditional brick-and-mortar stores have taken a considerable hit, while online shops are increasing their trading volumes and attracting new customers. When preparing for a post-Covid-19 environment, Hong Kong retailers will need to revisit their business models to better connect sourcing, logistics, customer interaction, and product sales both online and offline.

    “The aggressive cost-containment strategies implemented in the midst of Covid-19 have shown retailers that they will need to go further if they hope to return their business to profitable growth. Retailers will increasingly need to leverage data and analytics to identify their most profitable stores, configurations and products, and based on this, make important decisions,” she says.

    “The Covid-19 pandemic has shifted customer expectations. Customers today care less about the breadth of assortment and more about availability.”

    That sentiment was echoed by Anson Bailey, partner, head of consumer and retail in Asia Pacific at KPMG:

    “As we see changing consumer behavior, business models are evolving with the rise of platforms in Hong Kong and retailers need to move quickly as the technology is accelerating and the speed of change is relentless,” he says.

    “Consumers have greater expectations from those online experiences in terms of unlimited selections, instant delivery, transparent pricing and more flexible payments. We are therefore going to see a greater focus and investment dollars on those e-commerce platforms.”

    The group predicts that in the light of new global retail trends, retailers will focus on improving transparency, and on helping society respond and recover from the current health crisis.

    They also expect leading retailers will move from having a purposeful brand promise to using their purpose as a guiding growth principle and “a decision-making lens”.

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  • Shoe retailer Clarks to cull management ranks worldwide

    Shoe retailer Clarks to cull management ranks worldwide

    Clarks, the UK-based shoe retailer, will cull the ranks of its corporate staff by a net 700 people worldwide, including in Asia during the next 18 months.

    In all, 900 jobs will be lost, the first 160 of which were announced in the UK this week. However by the end of the restructuring process, about 200 new roles will have been created.

    Stung by falling sales even before the Covid-19 crisis, Clarks last month announced an unspecified number of store closures in the UK in a move to right-size the business for a post-pandemic era.

    The job cuts and store closures are all part of a turnaround strategy dubbed Made to Last, unveiled at the end of last year and intended to reposition the 195-year-old company to trade into its third century of trading.

    CEO Giorgio Presca described some of the decisions as “difficult” but said the opportunities they would open up are exciting.

    “We thank all affected staff for their contribution to our business and they leave their roles with our heartfelt respect and support.”

    Most Clarks stores globally have been closed for weeks during the Covid-19 pandemic, however, those in China and parts of Europe are progressively reopening.

    Besides the behind-the-scenes restructure of the group, management are overseeing a refocusing of the brand to reflect its heritage and underline its relevance in today’s market.

    The turnaround strategy also includes exploiting the brand’s potential and leveraging its heritage and consumer relevance in today’s market. That includes embracing sustainability, quality, design and product innovation.

    “We are a business that walks its own path, and we are evolving to put our brand and consumers at the heart of everything we do,” said Presca.

    “This will ensure that our organization is made to last, empowering our people to contribute to a great future for the company.”

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