Retail News CRM

Tag: retailing

  • Vietnam Internet economy to expand 31 pct

    Vietnam Internet economy to expand 31 pct

    Vietnam’s Internet economy is expected to grow by 31 percent this year to $21 billion this year despite little or no contribution from the online travel market.

    It is set to reach $57 billion by 2025 after growing at 29 percent a year, according to the e-Conomy Southeast Asia 2021 report by Google, Temasek and Bain & Co.

    This means Vietnam will draw level with Malaysia this year and exceed it by 2025.

    It is now only below Indonesia ($70 billion) and Thailand ($30 billion) among the six major economies in Southeast Asia.

    It added eight million new digital consumers between the start of the pandemic and the first half of this year, 55 percent of them from non-metro areas.

    “Stickiness of adoption remains high as digital consumption has become a way of life,” the report said, pointing out that 97 percent of the new consumers are still online.

    The value of the online travel sector is set to plunge by 45 percent this year, but other sectors are headed for double-digit growth, led by e-commerce at 53 percent.

    Digital merchants are becoming tech-savvy and likely to become even more so in the future.

    Thirty percent of them said they would not have survived the pandemic if not for digital platforms.

    Digital financial services are also becoming critical enablers, with 99 percent of digital merchants now accepting digital payments.

    The country saw deal values in the Internet economy quadruple year-on-year in the first half of the year to nearly $1.37 billion from 89 deals.

    “Vietnam remains a very attractive innovation hub with more incubators, accelerators, and innovation labs than most other markets in the region,” the report said.

    The latest deal saw a group of investors led by insurance company AIA invest $258 million in e-commerce company Tiki.

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  • iPhone 13 sees record sales in Vietnam

    iPhone 13 sees record sales in Vietnam

    Tens of thousands of iPhone 13 phones have been sold in Vietnam within days of its launch, with numbers exceeding those of Apple’s previous offerings.

    FPT Shop sold nearly 5,000 phones for nearly VND200 billion ($8.79 million) on the first day of sales on Oct. 22, breaking previous iPhone records, Nguyen The Kha, director of the chain’s mobile telecommunications division, said.

    Last year it sold 4,500 iPhone 12s on the first day.

    CellphoneS sold nearly 3,000 iPhone 13s compared to around 1,000 last year.

    Minh Tuan Mobile, which began selling Apple products for the first time this year, sold 1,000 iPhone in two days.

    Industry insiders said the large number of incentives that Apple is offering users this year is causing more buyers to go to authorized stores instead of buying them from sellers who pick up the devices in other countries and sell them in Vietnam.

    “Apple almost did not seem to care about the Vietnam market before,” a seller in HCMC’s District 1 said. “But now it offers a lot of support and commission to distributors and incentives to buyers, which makes the unauthorized market less appealing.”

    Another factor is that the iPhone 13 arrived in Vietnam one month earlier than the iPhone 12 last year, which came on Nov. 26.

    ShopDunk, a distributor of Apple products, said it opened five new Mono Stores (exclusively selling Apple products) on the first day of iPhone 13 sales.

    It also saw the number of pre-orders triple to 15,000.

    A spokesperson for Minh Tuan Mobile said only 50 percent of orders could be met so far, and others have to wait.

    iPhone 13 mini, the smallest and cheapest in the iPhone 13 lineup, is being sold in Vietnam at around VND18.4 million.

    The remaining models cost VND21.5-VND31.9 million.

  • Scotch & Soda plans new stores in capital cities

    Scotch & Soda plans new stores in capital cities

    Originally a wholesale brand, Amsterdam-based Scotch & Soda is pursuing a broad-based physical expansion that spans across Europe, Asia-Pacific, North America and the Middle East. Scotch & Soda, in March this year, debuted a new brand identity and logo, which will be present in its new locations.

    Ahead of the upcoming holiday season, Scotch & Soda is also expanding its lifestyle categories, including by introducing three new styles of bags and pursuing a deeper presence in fragrance with home, travel sizes and gift sets. Notably, the brand is prioritizing its own channels for the new bags, with those styles available exclusively online, as well as at franchise and directly operated stores, for the first season.

    The company is also opening its first digital store on Tmall in China, which comes after it launched in the country in July. Scotch & Soda has plans to open stores in “key Chinese cities” in the near future, and CEO Frederick Lukoff sees the country as one of the critical markets for the brand.

    “We are very proud to announce that Scotch & Soda is accelerating its growth strategy. It is indeed a very exciting time for our company despite the challenges caused by the COVID-19 pandemic in the retail industry,” Lukoff said. “We are pursuing the expansion of our retail network at a global level, strengthening our footprint in markets where we are already present, as well as entering key markets such as China, that we see as full of potential to reach new customers and introduce them to our brand.”

    When Scotch & Soda was acquired by private equity firm Sun Capital Partners in 2011, it was far more of a wholesale brand. The company had approximately 30 company-owned and franchised retail stores, in comparison to 7,000 partnership accounts. Scotch & Soda still boasts some 7,000 wholesale doors, but it now has 235 freestanding stores globally.

    By expanding its own fleet of stores, Scotch & Soda is taking a similar strategy to many other wholesale brands looking to make higher margins by selling more DTC. Well-known retailers like Nike and Adidas are pivoting a higher percentage of sales to the model, while cutting back on wholesale partners, to drive future growth.

  • Imports dominate popular categories on e-commerce platforms

    Imports dominate popular categories on e-commerce platforms

    Only 17 percent of the most popular goods on e-commerce platforms since last year have been Vietnamese, a market research firm said.

    Malaysian market research firm iPrice Group said in a report that 83 percent of the 1,200 most sought-after items were imported.

    The rates for Vietnamese products ranged between 25 percent for Sendo and 13 percent for Shopee Vietnam.

    The overall rate dropped to 14 percent in the first half of this year.

    Sendo and Tiki are Vietnamese-owned businesses.

    “Vietnamese enterprises have not paid due attention to e-commerce yet,” Sendo chairman Nguyen Dac Viet Dung said.

    “After two years of working with the Ministry of Industry and Trade to bring Vietnamese goods to e-commerce platforms, we have attracted many traditional retailers”.

    Vietnamese goods dominated the groceries category, with demand surging because of Covid-19 lockdowns.

    Agricultural specialties are becoming increasingly on the two local platforms.

    Vietnam’s e-commerce market has seen an average annual growth rate of 25-30 percent in the last five years, according to Vietnam E-commerce Association (VECOM).

    Should the growth rate be maintained, Vietnam would rank third in e-commerce market size in Southeast Asia by 2025, behind Indonesia and Thailand.

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  • Payments Platform 2C2P Partners Atome to Grow BNPL Reach

    Payments Platform 2C2P Partners Atome to Grow BNPL Reach

    The regional partnership will support thousands of merchants across Southeast Asia, as competition in the Buy Now Pay Later (BNPL) space heats up.

    Global payments platform 2C2P is partnering Buy Now Pay Later (BNPL) brand Atome, which will allow its network of online and offline merchants across the region to offer BNPL as an alternative payment method to their customers.

    Merchants using 2C2P’s platform in Singapore and Malaysia will be able to offer their customers the option to pay using Atome, either online or in-store, which allows them to make payments over three months with zero interest, service fees or annual fees.

    Headquartered in Singapore, Atome has a presence across Southeast Asia, India and Greater China. The platform was launched in 2019, and currently partners over 5,000 online and offline retailers in nine markets.

    Its partnership with 2C2P is expected to roll out in other markets such as Thailand, Philippines and Indonesia in the near future, the announcement said.

    BNPL payment methods have seen surge in popularity, particularly among millennials and Gen Z consumers. Merchants are also tapping on its growth to increase customer conversion, average order size and repeat sales.

    The market is estimated to grow to $33.6 billion by 2027, with Asia being the fastest-growing regions due to increasing rates of mobile Internet penetration, according to a 2020 study by Coherent.

    Earlier this month, U.S. fintech giant PayPal announced a mostly cash deal to acquire Japan BNPL platform Paidy for ¥300 billion (about $2.7 billion). Square, run by Twitter CEO Jack Dorsey bought Australian BNPL platform Afterpay for $29 billion last month.

  • H&M plans showing its first Home concept store in Paris

    H&M plans showing its first Home concept store in Paris

    The Swedish giant is about to open an XXL store in Paris. Officially inaugurated on Thursday September 9, 2021, this H&M Home store is to open in the famous Madeleine area. Here is what we know about this spot already.

    Good news for home décor fans looking for bargains. H&M is opening this Fall 2021 a new store dedicated to home. Called H&M Home, this first 100% home décor store in France by the Swedish giant is to take over the Madeleine district – already housing the first IKEA store in Paris.

    It is at 14 boulevard des Capucines, a stone’s throw from Olympia, and not far from their flagship the concept-store is about to welcome Parisians and tourists looking for bargains to transform their indoors. This new spot, covering 724sqm, will feature different styles, also available in the H&M Home collection and collaborations with other brands.

    In addition to decoration for each room, you can find storage units, accessories, bedding, indoor clothing, crockery, toys for children, and even furniture to fit on small surfaces. This will be the occasion for small budgets to change their décor for a lesser cost.

    So, when will this new H&M concept store dedicated to indoor decoration open in Paris? The official opening is scheduled on Thursday September 9, 2021 with a special weekend including exclusive guest brands to enjoy on-site, and a never-before-seen digital experience.

    After the opening of an Ikea Décoration in Paris 1st arrondissement, and before the inauguration of Maxi Bazar in the 13th, stores dedicated to decoration are very trendy in town!

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  • Japan’s retail sales extend gains but Covid-19 challenges persist

    Japan’s retail sales extend gains but Covid-19 challenges persist

    Japan’s retail sales rose for a fifth straight month in July, beating expectations as the consumer sector continued its recovery, although a coronavirus resurgence has cast doubts over the spending outlook.

    A surge in Delta variant cases this month forced the government to widen state of emergency restrictions, which are now threatening to hurt consumer spending and derail a fragile economic recovery.

    Retail sales advanced 2.4% in July from the same month a year earlier, government data showed on Monday, slightly faster than economists’ median forecast for a 2.1% rise in a Reuters poll. It followed a 0.1% increase in June.

    “The recent strength in retail sales is unlikely to last,” Marcel Thieliant, Senior Japan Economist at Capital Economics, said in a note.

    “The severe Delta wave now hitting the country coupled with an ever-expanding list of prefectures under states of emergency resulted in a renewed weakening in consumption this quarter,” Thieliant said.

    The better-than-expected rise in retail sales in July came as authorities struggled to get a defiant public to heed stay-at-home restrictions in major cities like Tokyo, which hosted the Olympics during the month.

    The trade ministry data found strong demand for a variety of items such as cars, clothing, general merchandise, and food while fuel was helped by higher petrol prices.

    Small retail establishments like convenience stores and drug stores saw the biggest sales growth from a year earlier.

    However, growth was also flattered by the comparison with last year’s steep slide, when consumer demand was hurt by the coronavirus pandemic.

    Compared with the previous month, retail sales gained a seasonally adjusted 1.1% as consumption continued the surprising growth seen in the second quarter, helped by the Tokyo Olympics.

    The world’s third-largest economy grew at a better-than-expected rate in the April-June quarter, thanks largely to private consumption, which makes up more than half of the country’s gross domestic product.

    But rebounding consumer activity poses a challenge to policymakers as the more contagious Delta variant of COVID-19 upends the nation’s healthcare system, with state of emergency curbs now covering nearly 80% of Japan’s population.

    “People’s mobility has been decreasing, and consumption may peak out in August,” said Atsushi Takeda, chief economist at Itochu Economic Research Institute, noting that the downward trend could drag until September.

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  • Macau retail sales surge after Covid-19 lockdown

    Macau retail sales surge after Covid-19 lockdown

    The value of Macao’s retail sales for the second quarter of 2021 totaled 20.70 billion patacas (about 2.58 billion U.S. dollars), up 200 percent year on year, the special administrative region’s statistic department said on Tuesday.

    The latest report from the Statistics and Census Service (DSEC) showed that among the major retail trade activities, sales values of watches, clocks and jewelry, leather goods, and communication equipment witnessed a notable year-on-year growth of 957.9 percent, 504.0 percent, and 460.4 percent respectively, whereas sales value of supermarkets dropped by 11.3 percent.

    As regards the sales volume index, the indices of watches, clocks and jewelry, leather goods, and communication equipment registered a significant rise, while the index of supermarkets decreased.

    For the first half-year of 2021, the value of retail sales reached 39.46 billion patacas, an uplift of 118.4 percent year on year. Besides, the sales volume index jumped by 130.4 percent.

    The value of retail sales in the second quarter of 2021 rose by 10.3 percent as compared with the revised figure of 18.76 billion patacas in the first quarter. Sales values of department stores and watches, clocks, and jewelry increased markedly, whereas sales values of communication equipment declined.

    Moreover, the sales volume index grew by 9.9 percent quarter on quarter.

    In respect of retailers’ comments, 40.9 percent of the retailers expected the sales volume to stay stable year on year in the third quarter of 2021, 42.9 percent anticipated a decrease, and 16.2 percent forecast an increase. Meanwhile, 78.0 percent of the retailers predicted that the retail prices would remain steady year on year in the third quarter, 15.3 percent foresaw a decrease and 6.7 percent expected an increase.

    As compared with the second quarter of 2021, about 44.7 percent of the retailers envisaged sluggish business in the third quarter, whereas retailers expecting stable performance and those anticipating a favorable outlook together accounted for 55.3 percent of the total.

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  • China reopens border gate with Vietnam

    China reopens border gate with Vietnam

    China has reopened one of its border gates in Guangxi with Vietnam after closing it for several days due to Covid-19 fears.

    Trade resumed Wednesday at Tan Thanh Border Gate in the northern province of Lang Son after customs officials of both countries agreed on Covid-19 safety measures.

    There are over 1,000 trucks stuck at the gate and another major gate in the same province, Huu Nghi, said Nong Hai Thang, director of border gate management in Lang Son.

    “Trucks need to wait two days to pass the gate.”

    The delay is caused by China imposing more stringent examinations on vehicles and products to prevent Covid-19 contagion.

    There are 12 big and small border gates in Lang Son.

    Vietnam has recorded nearly 290,000 Covid-19 cases since the end of April.

    China was Vietnam’s second-largest export market in the first seven months with a value of $28.7 billion, up 24 percent year-on-year, according to the General Statistics Office.

  • French retailer Carrefour to launch $1.9bn sale of Taiwan business

    French retailer Carrefour to launch $1.9bn sale of Taiwan business

    French retailer Carrefour is planning to launch a sale of its Taiwan business, which is valued at around US$1.9 billion in the coming weeks, three people with knowledge of the matter have told Reuters.

    The supermarket chain operator has hired Morgan Stanley to run the sale, which is expected to kick off after the summer, said the people, who declined to be identified as the information is confidential.

    Carrefour has approached a number of potential buyers, including private equity firms, to gauge their interest, the people said.

    The company did not immediately respond to a request for comment. Morgan Stanley declined to comment.

    Europe’s largest retailer said in June it had started considering possible consolidation, divestitures or tie-ups of its foreign subsidiaries, but denied it had decided to sell any assets.

    Carrefour acquired food retailer Wellcome Taiwan from Asia’s Dairy Farm in December, making it the number two player in Taiwan’s convenience stores market. The transaction, with an enterprise value of $113.6 million covers the purchase of 224 stores as well as a warehouse.

    Carrefour reported $1.48 billion in Taiwan net sales in the first half, up 13 percent year on year at constant exchange rates. The company said the newly acquired Wellcome stores strongly outperformed.

    While it has expanded in Taiwan in recent years, Carrefour retreated from the highly competitive Chinese market in 2019 by selling 80 percent of its loss-making operations to electronics retailer Suning.

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  • Singapore retail sales still running below pre-Covid times

    Singapore retail sales still running below pre-Covid times

    Singapore retail sales (excluding motor vehicles) increased 61.7 percent in May, but the figure was skewed significantly by the low base of the previous year when Covid-related movement orders effectively shut the offline retail sector down for a whole month.

    Of the total estimated retail sales in May of about SG$2.8 billion, excluding motor vehicles, online sales accounted for about 16.1 percent.

    The largest online categories were computer and telecommunications equipment where e-commerce accounted for 54.4 percent of total sales; furniture and household equipment (30.7 percent) and supermarkets and hypermarkets (12.1 percent).

    May’s overall sales increase followed a 39.2-per-cent rise in April – however, Statistics Singapore says sales continue to track at lower levels than before the outbreak of Covid.

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  • StanChart Names Chief Information Officer for Retail Banking

    StanChart Names Chief Information Officer for Retail Banking

    She takes over Paul Macpherson, Chief Information Officer, CPBB since 2018, who will be leaving to pursue opportunities outside the bank.

    Standard Chartered has appointed Anshu Sharma Raja as chief information officer, Consumer, Private & Business Banking (CPBB), the bank announced on Friday.

    Raja joined the bank in 2018 as managing director, global head of Retail Banking Technology and head of Global Business Services and Technology & Innovation Centers, based in Bengaluru, India. She previously worked for Vodaphone, AIG, Goldman Sachs, and consulted with investment banks for technology solutions, according to her LinkedIn profile.

    Raja is based in Singapore and reports to Michael Gorriz, group chief information officer.

    Our ambitious growth plans for our affluent, mass and wealth management business rely on a modern, cloud-based architecture that delivers superior client products and experiences digitally, Gorriz said in the announcement.

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  • HSBC Agrees to French Retail Bank Sale

    HSBC Agrees to French Retail Bank Sale

    HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group, furthering the British lender’s non-Asia retreat.

    HSBC has agreed to sell its French retail bank to the Paris-based banking group in a deal that includes 244 branches, 3,900 staff alongside 21.5 billion euros ($25.5 billion) in customer loans and 18.9 billion euros in deposits, according to a statement.

    If agreed by employees of both firms, as per French law, the deal could be signed off by the second half of this year and completed by 2023.

    According to HSBC, the sale prices will be a nominal 1 euro which will result in a loss of around $2.3 billion. At the time of deal completion, the bank expects net asset value to total $2 billion and it agrees to make up any shortfall should that valuation decline.

    The signing of an [memorandum of understanding] for the potential sale of our French retail banking business represents a significant step in progressing the actions we announced during our strategic update earlier this year, said HSBC group chief executive Noel Quinn.

    It will enable us to dramatically simplify our business in Continental Europe and allow us to accelerate the transformation of our European wholesale banking franchise.

    According to My Money CEO Eric Shehadeh, the firm aims for the newly acquired bank to return to profitability three years after taking control with commitments not to cut jobs until 2024 or 2025.

    The acquisition, if successful, will further add to U.S. private equity firm Cerberus’ portfolio of European banking stakes which includes ownership at Deutsche Bank and Commerzbank.

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  • Singapore Reconsiders Economic Reopening

    Singapore Reconsiders Economic Reopening

    A growing cluster of infections threatens to derail Singapore’s economic reopening, while expats in the country are growing restless from being cooped up on the island with no end in sight.

    Singapore’s Multi-Ministry Task Force is closely monitoring the growing number of community cases, particularly the expanding cluster of cases that now numbers 56, which originated from a neighborhood market.

    Day by day, we are seeing the number of unlinked cases – the cryptic cases in the community – is likely to be rising too. Given these developments, we are evaluating the timing and scope of the next stage of reopening, Finance Minister Lawrence Wong said in a video recording posted on Facebook and Instagram on Wednesday.

    The country is set for further relaxation of «heightened alert» restrictions from Monday, following a month of heightened Covid-19 related restrictions, during which community cases fell sharply, a and a week-long first stage of reopening.

    Singapore’s borders have been effectively shut for more than a year now, and many expats are getting restless, particularly as the U.S. and Europe return to normalcy.

    Many feel the country is too slow in reopening its borders, and may depart in the next six months if vaccinations and travel re-opening do not go as planned. Currently, returning residents face three weeks of quarantine – if they are allowed back into the country.

    Singapore said any ease in travel curbs will depend on the pace of vaccinations, which it has targeted for half of its population bu the end of August and 75 percent by October. Currently, about 35 percent of the population is vaccinated.

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  • Temples inspire design of Uniqlo’s latest Tokyo retail store

    Temples inspire design of Uniqlo’s latest Tokyo retail store

    Uniqlo opened the doors of its newest large-format store on Friday, in the historic and culturally significant neighborhood of Asakusa. The store follows the concept of “our neighborhood” and aims to support the area’s local businesses, residents, and artisans.

    With a selling area of more than 21,000 square feet, Uniqlo Asakusa also boasts one of the longest continuous store windows of any Uniqlo store. It is located in the heart of Asakusa, which prior to the COVID-19 pandemic was bustling with international tourists on any day of the week. The area is known for its historic pedestrian lanes lined with souvenir stores and leading up to Senso-ji, Tokyo’s oldest Buddhist temple and one of its most significant. It is also a district that hosts the workshops and stores of many traditional craftspeople, some of whom Uniqlo featured in various ways inside the store.

    The double-level main entrance to the store is dominated by a giant paper and wooden lantern, which was created by a local workshop and hand-painted with the Uniqlo logo. At nearly six feet per side, it was both the largest lantern the shop had ever created, as well as the first cubic one. In addition, signage used throughout the store was inspired by “senjafuda” votive strips that are a common sight at temples and shrines across Japan.

    Uniqlo also collaborated with local businesses on various products to mark the opening of the store. For example, small ceramic plates designed with traditional snack-maker Asakusa Tokiwado will be available for sale in limited quantities, while original teacups will be given to the first 3,000 customers to spend 5,000 yen or more during the opening weekend. There are also original UTme! stamps that are only available at the Asakusa store to use in customizing T-shirts and tote bags.

    Throughout the store, Uniqlo has highlighted products from local shops, from stationery to skateboards, encouraging customers to explore the neighborhood in order to purchase such items and discover others. Other features of the store include a larger than usual space where customers can try on and order tailor-made items, areas highlighting sustainability and fitting rooms that feature artworks by a local artist, and photographs of Asakusa from the past and present.