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Tag: Retail

  • Chinese couples spend big in Korea

    Chinese couples spend big in Korea

    Korea is becoming a major destination for young Chinese couples looking to splurge on expensive items for their upcoming marriages.

    Chen Yi, 34, and Chai Xuefang, 30, who recently visited Seoul from Shandong province, China, are typical of the growing number of couples who are sparing no expense to make their big day special.

    The two bought two Vacheron Constantin wristwatches worth 100 million won ($84,350) each at the Hyundai Department Store in Apgujeong, southern Seoul. They also bought a two-carat diamond ring for 60 million won.

    “A lots of Koreans are preparing for their weddings at Cheongdam-dong [near Apgujeong in the posh Gangnam District],” said soon-to-be-wed Chai. “We plan to get wedding consulting [here in Seoul] exclusively for Chinese people.”

    Another Chinese couple, Yang Xiaoliang, 30, and his fiance Xu Jingjing, 27, last month bought a 10 million won Thom Browne suit for men and two Rolex wristwatches for the couple worth 150 million won each at the same Hyundai Department Store in Apgujeong. They purchased the items ahead of a wedding photo shoot at a studio in Cheongdam-dong.

    The Korean retail and hotel industry is taking notice of the growing number of Chinese couples who are spending big in Seoul to prepare for their weddings.

    They have become major customers who are spending large on high-end wedding gifts, including jewelry, wristwatches and designer suits and dresses. Majors stores are already catering to the growing demand.

    Hyundai Department Store’s Apgujeong branch plans to provide a wedding consulting program exclusively for Chinese couples, and have already enhanced other services for young Chinese customers. Since last month, they have provided a free delivery service where electronic appliances and furniture purchased by Chinese couples can be dropped off at their front door in China. The service has a limit of 30 kilograms (66 pounds) per person.

    Lotte Duty Free recently started a service where items purchased at its shops can be delivered from the Chinese airport to their homes.

    “We get a lot of inquires from Chinese tourists who come to Gangnam [District] to get wedding consulting,” said Lee Hyun-sook, a foreigner-exclusive concierge at Hyundai Department Store. “They shop after asking every detail, such as which brand Koreans most prefer for their own wedding gifts.”

    China Union Pay credit card purchases made by Chinese on imported brands such as Tiffany’s and Cartier soared 91.3 percent in the first eight months of this year compared to the same period last year at Hyundai Department Store. Purchases on furniture, electronic appliances and household goods saw a huge growth of 134.1
    percent.

    Shinsegae Group is widening its marketing strategy to attract soon-to-wed Chinese couples in its department stores and other major affiliates, including its discount store E-Mart and its hotel business Westin Chosun.

    Shinsegae Group invited two couples from Shenyang and Tianjin to Seoul, where they will get a wedding photo taken at the Cheongnam-dong studio that took wedding pictures for famous Korean actresses Jun Ji-hyun. They will also get the chance to experience a traditional Korean wedding ceremony at the Westin Chosun Hotel and shopping at E-Mart and the retail group’s other outlets. The cost is 15 million won per person.

    “We plan to secure the lead in grabbing Chinese couples visiting Korea to get wedding services during the most popular wedding seasons for the Chinese, which starts this month and leads up to the end of the year,” said Shinsegae CEO Jang Jae-young.

    Wedding gifts, including high-end wristwatches, jewelry and designer bags, accounted for 60 percent of all sales made by Chinese tourists at Shinsegae Department Store during China’s May Day, from April 25 to May 3.

    Hotels are also recognizing the growing trend.

    Plaza Hotel last month introduced a wedding package where a hopeful groom can make a proposal at the hotel’s restaurant.

    The package includes a studio wedding photo shoot that comes with makeup from a company that many Korean female celebrities like Han Ye-seul and Han Hyo-joo frequently use. The price tag on the three-day package is 7 million won including flight tickets.

    Lotte Hotel is offering a package targeted at Chinese customers that includes not only the wedding photo and makeup but also a proposal ceremony and spa. The cost for the three-day program is 11.8 million won.

     

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  • Alibaba feels China pain as it trims sales forecasts

    Alibaba feels China pain as it trims sales forecasts

    E-commerce giant Alibaba has succumbed to the crisis gripping the Chinese economy a year after the company became the world’s biggest float.

    Founder and former English teacher Jack Ma became an overnight billionaire when Alibaba launched on the New York Stock Exchange in September 2014, as the firm raised a record-breaking $25 billion (£16.3 billion) in a float valuing the company at $186 billion.

    Alibaba is the biggest player in the Chinese e-commerce market — where spending is set to hit $1 trillion by 2019 — accounting for 80% of online sales in China.

    The firm is also among the top picks of UK retail investors, according to fund manager Hargreaves Lansdown.

    But the company admitted today that a weakening Chinese economy has taken its toll on business, as it slashed forecasts for the total value of transactions it expects to take place in the current quarter.

    This will now be “mid-single digits lower” than the giant’s initial estimates for the quarter.

    Alibaba’s head of investor relations, Jane Penner, said consumers were still willing and able to spend but that the company had been seeing a “negative impact of the magnitude of the spending”. Average order values are also lower, Penner added.

    What is Alibaba?

    The latest fears over the e-commerce giant come a month after it reported its slowest growth in transactions for more than three years.

    Shares in the company are now below their $68 float price after a near-5% slump overnight to $60.91. The stock has halved since the end of May, when Alibaba’s shares hit $119 — valuing the company at a staggering $300 billion.

    The latest bad news out of China comes hard on the heels of a dramatic slump in imports — fuelling fears of a hard landing for the world’s second biggest economy — and a month of turmoil in global stock markets following Beijing’s sudden devaluation of the yuan.

    China also cut its official growth estimates for 2015 this week. China has also cut interest rates five times since November and intervened directly to stem plunging stock markets.

    Rathbones investment director Jane Sydenham said: “Investors are beginning to adjust to what was initially quite a shock in terms of the renminbi devaluation, share repurchases — normally those kind of activities on the part of central banks signal something really quite serious.

    “It’s taken some time for investors to adjust to the fact that clearly, growth is slowing, perhaps more than we’d thought.”

    Despite the gloom from Alibaba, shares rallied in China for the second day running on hopes of more government stimulus.

    Asian markets rose on Wednesday

    Shanghai’s main market gained 2.3% after the finance ministry set out plans to boost infrastructure spending and speed up reform of its tax system to support the economy.

    Japan’s Nikkei also saw its biggest single gain in seven years — rising 7.7% — as markers rallied on comments from prime minister Shinzo Abe raising hopes of a corporate tax cut and a new trans-Pacific trade deal.

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  • GSS shoppers spent $2b using MasterCard this year

    GSS shoppers spent $2b using MasterCard this year

    Despite slowing tourism growth and competition from online re- tailers, shoppers shelled out a five-year high of $2.12 billion using their MasterCard cards at the Great Singapore Sale (GSS) this year.

    The amount spent during the eight-week event, held from May 30 to July 26, was a 2.2 per cent increase from last year, the credit card company said on Monday.

    The number of transactions made during the sale between its cardholders and Singapore merchants also rose by 7.3 per cent to hit more than 14.5 million.

    The growth was fuelled mainly by tourists, who spent 15.3 per cent more and used their cards 21.8 per cent more than they did last year.

    This was despite falling tourist numbers. According to Singapore Tourism Board figures, visitor arrivals from January to June this year were 7.26 million, down 3.4 per cent from the same period last year.

    In contrast, Singapore-based cardholders spent slightly less than they did last year – $1.41 billion, down from last year’s $1.46 billion – although transaction numbers grew 2.6 per cent to 10.5 million.

    Nonetheless, these cardholders made up two-thirds of the amount spent in all by MasterCard users.

    Singapore Polytechnic senior retail lecturer Sarah Lim said the sale, now in its 22nd year, may have lost its shine among Singaporeans.

    “Some retailers hold sales throughout the year. So to locals, GSS may not be something special,” she said. “But to tourists, the GSS is quite established and is something they look forward to, so their objective is to spend when they are here.”

    The top five countries where most of the shoppers came from remained the same as those last year. Australia, Malaysia and China retained the top three positions, while Indonesia overtook Japan to take the fourth spot.

    Of the five, those from Indonesia spent the most at department stores, while the rest splurged at restaurants and eating places.

    Local online merchants were not left out, with Singapore-based cardholders spending $303.5 million online during the sales period, a 5.6 per cent increase from last year.

    Rakuten, which held a one-week sales campaign during the GSS, saw revenue rise by over 350 per cent, while site traffic was up by nearly 90 per cent. “Rakuten is definitely keen to participate in next year’s Great Singapore Sale,” said Mr Masaya Ueno, general manager of Rakuten Singapore online shopping.

    The growth in spending shows that the annual GSS remains attractive to tourists, said MasterCard Singapore group head and general manager Deborah Heng, adding: “What’s interesting is that, this year, we are seeing dining places emerge consistently as a top spend category for visitors, an indication that fine dining may be growing in appeal for travellers to Singapore.”

    Said Ms Jannie Chan, president of the Singapore Retailers Association, which organises the GSS: “With its well-established branding, the GSS has remained an essential pillar in driving spending and generating a positive impact on our economy.”

    Filipino accountant Charmaine Garcia, 37, who visits Singapore twice a year, said she looks forward to the GSS for its good deals. “I like to shop for shoes, clothes and bags and, during the sale, there are discounts not just on the old stock, but on the newer range of items, too.”

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  • Macy’s to shutter 5% of its stores in early 2016

    Macy’s to shutter 5% of its stores in early 2016

    Macy’s says it will close 35 to 40 stores in early 2016, or as much as 5 per cent of its namesake department stores.Macy’s said Tuesday it hasn’t selected all of the stores that will be closed yet. It expects the locations will have about $300 million in combined revenue. The company says employees who work at the closing stores may be offered positions at nearby locations, and workers who are laid off will be offered severance benefits.

    The Cincinnati-based company says it closes a few underperforming stores every year. The company runs 770 Macy’s stores and has closed 52 locations over the last five years while opening 12.

    Macy’s and other retailers are looking for new ways to boost their sales as middle-class customers try to keep their spending down, looking for deals and doing more of their shopping online. The company is preparing to open six lower-priced Macy’s Backstage stores later this year and intends to open more of them in 2016.

    Over the last few quarters Macy’s has been hurt by the strong U.S. dollar, which has cut into spending by tourists, as well as a labour dispute that slowed down ports on the West Coast. The company reported $28.11 billion in revenue in 2014, up less than 1 per cent from the year before.

    Macy’s is also getting ready to test selling goods online in China through a joint venture with a retailer based in Hong Kong.

    Macy’s Inc. also runs the Bloomingdale’s chain, and earlier this year it bought upscale beauty retailer Bluemercury. It has a total of 885 locations.

    On Tuesday the company said it will experiment with selling consumer electronics, as it will open Best Buy shops inside 10 of its stores in November. Those departments will be staffed by Best Buy employees.

  • Warning bell for the end of Hong Kong’s 12-year property rally is ringing louder

    Warning bell for the end of Hong Kong’s 12-year property rally is ringing louder

    The warning bell signalling the end of Hong Kong’s 12-year property rally is ringing louder with more experts predicting that the stock market rout and economic uncertainties at home and abroad will accelerate a price correction.

    Analysts widely expect home prices could fall as much as 10 per cent this year. Hong Kong home prices have risen 9.8 per cent since January after soaring more than 360 per cent from 2003.

    “The worrying factor is Hong Kong’s economy, especially the retail market. Some retailers will be forced to close their business or cut staff if the coming Christmas holidays fail to lift sales. It will certainly affect the home buying desire,” said Alvin Cheung Chi-wai, an associate director at Prudential Brokerage.

    He notes the increasing number of transactions recently sold for below market price in the secondary residential market.

    “It is a reverse trend. Previously, flats in the secondary market kept setting records. Today, vendors have to lower their asking prices on rising expectations home prices are going to fall,” said Cheung, who expects home prices could decline 10 per cent next year.

    His forecast comes in the wake of JP Morgan predicting flat values could drop 5 to 10 per cent a year over the next three years.

    The number of flats in the secondary residential market changing hands at steeper discounts is also on the rise. Such cases were seen from blue-chip housing estates in Taikoo Shing to mass-market homes in Castle Peak Road in the New Territories.

    One case in point was a 714 sq ft unit in Taikoo Shing – the most actively traded housing estate in Quarry Bay – which sold on Sunday for HK$12 million, or HK$16,807 per square foot, 6 per cent below prevailing transaction prices, agents said.

    A 572 sq ft unit at Belvedere Garden in Castle Peak Road sold for HK$4.98 million, or HK$8,706 per square foot, according to Louie Lui, a senior manager at Centaline’s Belvedere Garden branch.

    “It is the lowest price in terms of per square foot in the past 12 months,” he said.

    Buying sentiment may further be hit after UBS lowered its year-end target for the stock market’s Hang Seng Index to 19,775 points. The blue-chip index closed 3.28 per cent higher at 21,259.04 points yesterday.

    “Now, as we have seen a combination of the three pillars of Hong Kong’s economy weakening (tourism and re-export) or showing signs of weakness (property), along with decelerating economic growth in China, we believe our ‘black-sky’ scenario could be a better portrayal of the challenges in the current environment,” UBS said.

    Eva Lee, a property analyst with UBS, said stock market turbulence would certainly affect buying confidence.

    “But it is not a key factor to trigger a price correction. The property market outlook still hinges on the performance of our economy,” she said. The brokerage house forecasts home values will fall 5 to 10 per cent this year.

    Morgan Stanley said home prices would decline 5 per cent from the current level to the end of this year and remain flat next year.

    Joseph Tsang, the managing director of property consultancy JLL’s Hong Kong office, believes the worst-case scenario for the mass-market home sector would be a decline of 5 per cent next year because demand remains solid.

    “Development cost for mass residential projects is HK$12,000 to HK$13,000 per square foot. I believe downside risk for unit pricing not exceeding HK$15,000 per square foot will be limited,” he said.

    On September 5, Kowloon Development’s special financing scheme helped to boost the sale of its Upper East development in Hung Hom. It sold 328 units or 89 per cent of the total over the weekend.

    The developer launched the first batch of 368 flats at prices as low as HK$3 million. Buyers will only require as little as a 5 per cent deposit through its scheme of providing second mortgages of up to 35 per cent on top of the bank’s 60 per cent.

    Tsang said the luxury residential sector, particularly for flats worth HK$20 million to HK$100 million, could have room for a 10 per cent downward adjustment once interest rates rose.

    He said individual owners offering flats at discounts had not developed into a trend.

    “There are always some owners who offload their flats at low prices for some personal reasons. But most vendors still have strong holding power and refuse to sell at a low price,” he said.

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  • Germany’s Metro, China’s Alibaba in e-commerce tie-up

    Germany’s Metro, China’s Alibaba in e-commerce tie-up

    German retail giant Metro said today it is teaming up with Chinese online retailer Alibaba to tap the potential of the booming e-commerce market in China.

    Metro, which operates more than 80 Cash and Carry wholesale stores in China “is now expanding its channels” by opening an online shop in China offering Metro’s own brands, as well as supplier brands from Germany, it said in a statement.

    “In the first phase, over 100 products in the categories of dairy, canned foods, coffee, and chocolate from Metro Cash & Carry Germany as well as cosmetics goods from Real are to be offered online,” the statement said.

    The product assortment would subsequently be expanded to include more food items from Metro Cash & Carry and non-food from its Real supermarket brand.

    “E-commerce is one of our strategic growth drivers in China,” said chief executive Olaf Koch.

    “Opening the flagship store again shows our clear confidence in the Chinese market. This platform enables us to deliver more quality imported goods and German brands to the Chinese customers,” he said.

    Metro and Alibaba said they would also explore possible cooperation in other areas, such as supply chain and market data.

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  • GM China sets year to date retail sales record

    GM China sets year to date retail sales record

    General Motors and its joint ventures booked record retail sales of 2,197,192 vehicles in China during the first eight months of the year, which was up 2.3% year on year. The increase, the automaker said, was driven by successful new product launches and an improved mix of SUVs and MPVs.

    In August, domestic sales by GM and its joint ventures declined 4.8% to 248,815 vehicles, owing to softness in the overall vehicle market.

    GM China president Matt Tsien said: “Recently launched models such as the Buick Excelle GT and Cadillac ATS-L have been well received by consumers and produced solid sales growth.”

    Increased demand for several SUV and MPV models helped offset the market slowdown in August. The Buick Envision and Baojun 560 led the sales growth during the month, rising 161.7%, while sales of the Baojun 730 MPV more than doubled.

    Buick enjoyed its best sales ever in China in the first eight months of the year. Sales rose 5.4% year on year to 581,544 units, led by the Excelle GT and Envision. In August alone, Excelle GT volume jumped 77.6%.

    Cadillac also set a record in the first eight months of the year with sales rising 12% year on year to 49,186 units. Sales of the ATS and ATS-L reached a new high for the period.

    Chevrolet sales declined 7.4% to 391,677 units year over year between January and August. However, sales of the Trax urban SUV surged 146.2% to a record for the eight-month period.

    Baojun sales jumped 282.5% to 223,367 units, an all-time high from January to August. The Baojun 560 SUV exceeded expectations in its first six weeks on the market.

    Wuling sales declined 8.1% to 948,643 units in the January-August timeframe due to continued contraction of the mini-commercial vehicle market.

  • Myanmar National Airlines connects to Sabre

    Myanmar National Airlines connects to Sabre

    Myanmar National Airlines will now distribute its fares via Sabre

    Myanmar National Airlines‘ expansion strategy has taken another step forward, with the signing of a new distribution deal with Sabre.

    The Yangon-based airline started distributing its fares to travel agents last month via the Amadeus GDS, and it will now be able to access even more travel agents with the Sabre GDS deal. Effective immediately, the carrier’s fares and inventory will be made available to more than 100,000 Sabre-connected travel agents across the Asia Pacific region.

    “This agreement will help us to stimulate demand within the most important retail sales channel for Myanmar, supporting our ambitious expansion plans,” said Captain Than Tun, CEO of Myanmar National Airlines.

    “Shopping for flights to our 26 corporate and leisure domestic destinations becomes easy and more transparent, while we also promote our new international routes which have just started with Singapore.”

    In recent months Myanmar National Airlines has started taking delivery of a new fleet of modern aircraft, and also launched its first international services to Singapore. It now plans to add four more international destinations within the Asia Pacific region by early 2016.

    “Myanmar has become a strategic growth market in Southeast Asia for both tourism and trade. This agreement with Myanmar National Airlines provides travel agents across the region with access to the full domestic network, while the flag carrier enjoys a boost in ticket sales,” said Hans Belle, Sabre Travel Network’s vice president of supplier commerce & strategic partnerships for Asia Pacific.

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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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  • Jean Louis David opens in Hong Kong

    Jean Louis David opens in Hong Kong

    French hair stylist chain Jean Louis David has more than 1200 salons worldwide – and now it has landed in Hong Kong.

    Jean Louis David Hong Kong  has opened a salon at 12F New World Tower 2 in Queens Rd, Central – and a retail store on the ground floor of Manning House, a few doors down the street.

    The stunning salon fit out was designed to “perfectly embody” the brand’s philosophy of “hyper service” the company says on its website.

    “This means we want to engage all your five senses as you walk through our elegant space and take your seat in any of our three styling areas.”

    The salon has three separate areas: Urban for those wanting a quick touch-up; International for longer, lingering pampering;  and Private Suites.

    The salon was designed by Jean Louis David creative director Lorena Severi and Italian designer Nevio Capuzzo of the design firm Bottega Veneta.

    “All our fittings were crafted in Italy’s famous furniture manufacturing region located near the ancient city of Venice.

    “Our emphasis on design, comfort and spotless hygiene might make you feel like you’ve entered a day spa when you first walk in. The eye will be delighted by the simple elegance and clean lines of our designer furnishing,” the company explains.

    “The spotless white of our design is offset by the blaze of beautiful flower arrangements, while the scent of fragrance greets the nose. Music bathes the ear in a variety of styles, while your taste buds will be stimulated by drinks and snacks of your choice throughout your stay with us.”

  • Aeon Hanoi sets opening date

    Aeon Hanoi sets opening date

    Aeon Hanoi will open its doors on October 28.

    The Japanese-based multinational shopping centre operate and retailer Aeon says the new centre will host 180 retail stores including its supermarket and department store anchors and a mix of local and Japanese brands.

    Aeon Hanoi will be Aeon’s third store in Vietnam, following its debut in Ho Chi Minh City two years ago, and a second mall in Dong Nai, an industrial city near Ho Chi Minh City. The company has already announced a fourth to be built in Ho Chi Minh City, scheduled to open in 2016.

    The Hanoi mall will cover 9.6 hectares in the suburb of Long Bien.

    Besides its focus on fashion and specialty stores, the centre will host restaurants and a foodcourt serving cuisine from Vietnam, Japan, Thailand and Korea on the third floor.

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  • Sizzlin’ Steak heads to Vietnam

    Sizzlin’ Steak heads to Vietnam

    Filipino corporate restaurateur Max’s Group is to launch its Sizzlin’ Steak concept in Vietnam.

    Max’s Group is the largest casual dining restaurant company in the Philippines. It owns Yellow Cab Pizza, which it recently launched in the UAE.

    Sizzlin’ Steak is an eight year old Japanese steak barbecue concept, serving steak and other meats cooked on hot plates at low price points. Barbecue style dining concepts are popular amongst Vietnamese.

    Max’s is entering Vietnam in partnership with L Concepts, a subsidiary of the Longfort Group, which focuses on developing unique dining concepts and brands in Southeast Asia.

    According to documents filed with the stock exchange in Manila, L Concepts will open a minimum of 10 Sizzlin’ Steak restaurants in Vietnam within five years. Max’s currently has 10 in metro Manila and is considering a pilot store in the US.

    Max’s Group president and CEO Robert Trota says the company plans to add at least 200 stores to its overseas network by 2020.

    “We envision to rollout our key brands outside the Philippines with strategic franchise operators. As new markets are established and momentum builds in the next few years, we expect the international portion of our business to be a significant contributor to system-wide sales and to our bottom line,” he said.

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  • SM Group, Disney seal strategic deal

    SM Group, Disney seal strategic deal

    SM Group is to collaborate with The Walt Disney Company Southeast Asia to bring Disney brands closer to Filipinos through mall, retail, entertainment and amusement opportunities.

    The two companies say they aim to bring Disney, Marvel, Pixar and Star Wars brands to life through “unique Disney experiences at SM’s many leisure and entertainment properties”.

    Fans can look forward to a host of innovative offerings including Disney branded events, promotions and other unique experiences themed around fan-favorite Disney brands and characters.

    “We are thrilled to be associated with the iconic Walt Disney Company,” said Edgar Tejerero, president of SM Lifestyle Entertainment.

    “Henry Sy Sr envisioned and purposed a second home for Filipinos across the nation where they can create memorable bonding activities with their families through amusement facilities, retail centers, and food establishments, all found in one mall. Sixty-five years later, and with 52 malls across the Philippines, it had just been high time that SM forged an official collaboration with the best family entertainment company in the world,” Tejerero said.

    Rob Gilby, MD of The Walt Disney Company Southeast Asia, said Disney makes millions of Filipinos laugh and smile with its stories and characters every day.

    “We have worked with the various arms of SM group over the years and today we are delighted to announce our collaboration on a comprehensive plan to create magical moments and memories that will last a lifetime for fans across the Philippines.”

    SM says it has synergised the efforts of all its subsidiaries – including SM Supermalls, SM Markets, The SM Store, Toy Kingdom, and its lifestyle and entertainment arm, SM Lifestyle Entertainment – to produce a complete and one-of-a-kind Disney experience for its patrons: from the moment they enter the mall to watch a movie, to the time they purchase their favourite snack and Disney merchandise. Patrons can also take their SM Cinema and Disney experience with them home, or wherever they go, through the newly launched Blink app.

    As a precursor to an already successful association, Disney and SM have worked together to bring multiple experiential events to the Filipino families such as the recent Avengers Experience in SM North Edsa, where guests were treated to life-size characters, Avenger-themed games, and a ‘meet and greet’ with Captain America, Thor and Black Widow.

    To officially jump start their partnership, SM and Disney will be launching a “Star Wars Galactic Christmas” to welcome the latest instalment of the movie, “Star Wars: The Force Awakens.” The exhibit will include life-size figurines of characters from the movie, interactive games, and official merchandise from the SM Store and Toy Kingdom.

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  • China Nepstar turns from loss to profit

    China Nepstar turns from loss to profit

    NYSE-listed pharmaceutical retailer China Nepstar Chain Drugstore says increased staff training and promotional activity fuelled a 12.9 per cent rise in sales in the latest quarter.

    In the three months to June 30, China Nepstar achieved US$125 million in sales, with same store sale up 16.7 per cent year on year. The company reported a net income of $1.4 million compared to a net loss of $2.5 million last year.

    CEO Rebecca Zhang said the same-store-sales growth had accelerated during the quarter due to higher store traffic as a result of effective promotions on pharmaceutical products and professional store service training.

    “While we focus on productivity at the store level, we also managed to achieve better operational efficiency by reducing our general and administrative expenses and constantly optimising our store management,” she said.

    During the second quarter of 2015, the company opened 38 stores and closed 59. As of June 30, it had 1948 directly operated stores in total.

    China Nepstar had a portfolio of 2155 private label products at the end of June 30, which now account for 14.7 per cent of its revenue and 22 per cent of gross profit.

    “As we gradually achieve recovery in growth on profit, we will focus on accelerating our organic revenue growth by fine-tuning our store management system and improving our store image to customers,” Zhang said of the business’ outlook.

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  • Tiffany China sales soar

    Tiffany China sales soar

    Jeweller Tiffany & Co says its 30 China stores posted record double-digit sales growth in the second quarter.

    China is the world’s second largest luxury market and accounts for 10 per cent of the US company’s global store network.

    And despite the Chinese economy’s much-publicised slowdown, demand remains high for in fashion brands like Tiffany and Apple.

    Tiffany said in its quarterly earnings report it has no plans to adjust its China strategy despite the devaluing currency and stock market decline.

    Tiffany China will open an unspecified number of new stores in the year ahead and has previously said it is looking at tier 2 cities in addition to building its presence in traditional luxury market hubs of Shanghai and Beijing.

    The company says it expects strong growth in the quarter ahead.