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Tag: Singapore

  • UNIQLO Singapore Rewards Shoppers with New ‘Scan to Win’ Game

    UNIQLO Singapore Rewards Shoppers with New ‘Scan to Win’ Game

    UNIQLO Singapore announces the launch of ‘Scan to Win’, a gamewhich offersnew and existing users of the ‘UNIQLO SG’ mobile app the opportunity to win UNIQLO couponswith every $20nett spend in-store. It is available at all physical UNIQLO stores in Singapore.

    Each ‘UNIQLO SG’ mobile app userwill be givena unique Member ID barcode, which they are to present at the cashier counter whenever they make a purchase in-store. With every $20 nett spend, they are entitled to 1 chancein winning UNIQLO couponsworth $2, $5 or $10, which are valid for use on their next purchase.

    In celebration of the‘Scan to Win’ launch, UNIQLO Singapore will also be giving away a UNIQLO gift card worth $250in March and April! The winnersof themonthly grand prize will be announced atthe start of April and May 2018 respectively, via the UNIQLO SG app.

    Step-by-Step Guide:

    • Download or update your ‘UNIQLO SG’ app. ‘UNIQLO SG’ is available for download onthe App Store and Google Play.
    • Present your unique Member ID barcode as you makeyourpayment at the cashier counter. The barcode is accessible via the app.
    • Every $20 nett spend entitles you to 1 chance. Spend more to earnahigher number of chances in winning UNIQLO coupons, which are valuedat $2, $5 or $10.
    • The app will notify you of the number of chances which you’ve earnedthe next dayand you can start playing the ‘Scan to Win’ gameto stand to win UNIQLO coupons.
    • UNIQLO couponswhich you’vewon will be stored in theapp for up to 3 months.

  • Dairy Farm International’s plan after hitting bottom line

    Dairy Farm International’s plan after hitting bottom line

    Poor trading by Dairy Farm International’s Southeast Asian grocery business hit the company’s bottom line last year, with underlying profit falling 13 per cent.

    But every other one of the company’s divisions traded strongly throughout the year, according to the results just released.

    Full-year profit was US$403 million, after allowing for $64 million of costs relating to business restructuring. Sales by Dairy Farm’s wholly-owned subsidiaries totalled $11.3 billion, largely unchanged from 2016’s $11.2 billion. But total sales, including 100 per cent of associates and joint ventures, at $21.8 billion were up 7 per cent year on year, reflecting strong growth at both supermarket operator Yonghui and cafe-restaurant operator Maxim’s, which owns the Starbucks business in Hong Kong, Vietnam, Cambodia and now Singapore.

    “After a disappointing year… for our food businesses in Southeast Asia, actions are being taken to improve their long-term performance,” explained chairman Simon Keswick. “All of the group’s other formats and markets are trading well and growth opportunities are being pursued, in Mainland China and elsewhere.”

    In Dairy Farm’s food division, sales were down and profits were “significantly lower” than in 2016, primarily due to poor performances in the supermarket and hypermarket businesses in Malaysia, Singapore and Indonesia.

    “A number of underperforming stores are being closed and prices lowered to clear or write off discontinued and slow moving stock.

    “In Hong Kong, sales were more resilient, although profits were marginally down due to increasing rents and labour costs. Positive sales growth seen in the Philippines reflected the ongoing investments being made to improve the business,” said Keswick.

    Elsewhere in the company there was brighter news.

    The convenience store format (including 7-Eleven in Hong Kong and Singapore) produced increased sales and profit. “In part, this reflected a consumer shift to more convenient retail formats, as well as a positive reception to the service and range enhancements introduced for customers,” said Keswick.

    The convenience stores division reported $2 billion in sales, an increase of 4 per cent over the previous year – but operating profit surged 16 per cent to $85 million.

    In the health and beauty division, (led by Guardian and Mannings), sales and profit were higher, principally due to strong performances in Hong Kong, Macau and Indonesia, together with improvements in Mainland China.

    Keswick said this was led by an increasing focus on the beauty category and the continued development of the division’s house brands.

    The home furnishings division (Ikea in Hong Kong, Taiwan and Indonesia) recorded higher sales and trading profit, but the reported profit declined, mainly due to costs associated with the opening of the fourth Ikea Hong Kong store in October. Sales and profits increased in Taiwan and Indonesia and there was solid growth in the e-commerce business.

    Maxim’s enjoyed good sales growth and profit expansion during the year, in large part due to strong performances from its branded products, particularly mooncakes, and its business in Mainland China. The company also acquired the Starbucks Singapore business last year.

    The group’s 19.99 per cent-owned associate in Mainland China, Yonghui Superstores, opened a net 292 new stores last year, which underpinned a 19 per cent growth in revenue. Ongoing supply chain optimisation and shrinkage improvement resulted in improved margins, which together with better capital use, led to a 45 per cent growth in profit.

    Convenience focus

    Keswick said Dairy Farm International will focus on increasing its convenience store operations in the year ahead through expansion and enhancement of the store network. New smaller-store formats are being piloted in some markets.

    The group will also continue to develop its e-commerce presence, focusing on a number of initiatives in its home furnishings, food, and health and beauty operations introduced last year.

    Dairy Farm International added a net 633 stores last year. At year end, it had 7181 stores in operation in 11 countries and territories, including its interest in 779 Yonghui stores in mainland China and 1210 Maxim’s stores.

    Besides the Starbucks Singapore deal, Maxim’s also acquired the existing businesses and franchises of Genki Sushi in Singapore and Malaysia. It opened its first The Cheesecake Factory in Hong Kong in May, which Keswick said is trading well, and this year will introduce American casual restaurant format Shake Shack in Hong Kong and Macau.

    In the Philippines, Rustan became a wholly-owned subsidiary following the acquisition of the remaining 34 per cent interest from the group’s joint venture partner.

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  • RateX expansion plan after latest investment

    RateX expansion plan after latest investment

    Singapore-based payments startup RateX has raised S$3 million (US$2.3 million) in a pre-series A funding round.

    RateX is a free browser extension that automatically provides shoppers with the lowest exchange rate without transaction fee for overseas purchases through e-commerce platforms. It also allows users to automatically apply coupon codes upon checkout.

    RateX seamlessly integrates with such e-commerce platforms as AirAsia, Amazon, Expedia, Lazada, Singapore Airlines and TaoBao. It also works with payment processors Adyen and Alipay. It works as a browser add-on to Google Chrome and Firefox.

    RateX says its users have saved more than S$264,000 through lowered exchange rates and transaction fees, and $396,000 through discount coupons.

    “At a time when online commerce is booming, we want shoppers to pay less for their overseas purchases,” says RateX CEO/co-founder Jake Goh. “We are doing this by solving e-commerce and financial inefficiencies inherent in cross-border commerce. These include markups around transaction fees and foreign-exchange rates.”

    Research firm Frost & Sullivan says Southeast Asia is the world’s fastest-growing internet market. The gross merchandise value of e-commerce will rise to US$65.5 billion by 2021, up from $14.3 billion in 2016. Meanwhile, about 89 per cent of Singapore shoppers use websites beyond Singapore, with the average online shopper in Singapore spending around US$1066 each year on e-commerce transactions.in

    “Our users can now save up to 20 per cent on their purchases.” says Goh. “We are achieving this while bringing affiliate sales to our merchant partners – a win-win situation for all.”

    RateX is currently available for Singapore users on Firefox and Google Chrome desktop browsers. It has also just launched its mobile app (RateS).

    Its latest funding will be used to drive the launch of RateX’s mobile app in Singapore and Taiwan this month, as well as RateX’s expansion into Taiwan and Indonesia this year.

    Participating investors include Alpha JWC Ventures and Insignia Ventures Partners alongside other angel investors.

  • Singapore-based Electrify raises US$30 mln in ICO

    Singapore-based Electrify raises US$30 mln in ICO

    Singapore-based startup Electrify has raised US$30 million through an initial coin offering (ICO) as it seeks to expand its retail electricity marketplace business.

    The company, using blockchain technology, built a marketplace of retail electricity information, which can collect and display relevant retail electricity offers, a year ago.

    Consumers can purchase electricity using an electronic wallet through small independent power facilities such as resident rooftop solar panels and wind turbines, via a smart contract. The prices concerned are all transparent.

    The startup recently rolled out a virtual currency called ELEC, aiming to raise US$30 million. It hit the target in under 10 days.

    The amount raised by Electrify’s first ICO ranks third among Singapore ICO projects.

    Electrify was funded by individual and institutional investors, including noted early-stage venture capital firm Global Brain and Ethereum co-founder Wendall Davis.

    It will use the funding to expand in other markets such as Southeast Asia, Japan and Australia.

    Electrify claimed to have completed electricity transactions totaling around US$3.79 million in value. Singapore’s corporations saved electricity worth as much as US$554,000 since the launch of Electrify’s service, according to the firm.

    The Singaporean government is set to begin deregulating its electricity market in two phases, allowing individuals and corporations to purchase energy from any electricity retailer.

    In the first phase, 108,000 consumers and 9,500 businesses are expected to benefit from the move. If authorities are convinced of the effectiveness of the policy measure, the second phase will begin in June.

     

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  • Singapore’s Creative seeks inspiration from Angry Birds maker

    Singapore’s Creative seeks inspiration from Angry Birds maker

    Singapore’s Creative Technology intends to gain broad acceptance for its new audio technology before it tries to sell or license headsets and other equipment, taking a leaf from app developers such as Angry Birds’ maker Rovio that give products for free to gain market share.

    The sharp departure from its usual practice of selling high-end audio products at a premium comes as Creative attempts to assuage investor concerns about its ability to cash in on its latest innovation.

    Called Super X-Fi, the software allows cinema-quality sounds to be delivered through headsets. It has won rave reviews from analysts since it was first showcased at the CES 2018 consumer technology trade show in January.

    Creative’s stock, which has languished for years as the company faded from the scene, surged to a 10-year high earlier this week.

    Sim Wong Hoo, Creative Technology’s founder and CEO

    Speaking to analysts and media on Thursday, Creative founder and CEO Sim Wong Hoo said that by making available a free app for consumers, the company hopes to achieve 50 million downloads over the next two years, giving it clout in negotiations with consumer electronic firms that might want to license the technology.

    Angry Birds, the game that is popular with many smartphone users, managed the feat in half that time, he added.

    The strategy right now is to reach out to everybody, he said. “The viral app (generates) no revenue but it saves us all the marketing dollars. If you charge for the app, you’ll need to spend a lot on marketing,” he said.

    He added that unlike app developers, which sell enhancements to its free software, Creative can also sell hardware such as dongles that have the Super X Fi algorithms running on a separate processor to improve performance.

    Creative plans to launch a free app in the second quarter, and follow it up with a dongle that will retail for around $150 each. A Super X-Fi-powered wireless headphone is planned for the fourth quarter.

    According to Sim, Creative is prepared to adopt a business model for Super X-Fi that involves focusing on further developing the underlying technology and leaving licensees to develop various consumer products.

    Neo Wee Wu, a tech blogger, said Creative’s strategy of trying to capitalize on the technology through licensing makes sense as the company lacks broad consumer appeal.

    “Creative as a brand is not selling very well. It is seen as value for money rather than a name for high tech equipment,” he said.

    Creative most recently posted a net loss of $4.2 million for the second quarter ended December as revenues slipped 6% year-on-year to $20.9 million. In its heydays in the early 2000s, the company had annual revenue above $1 billion.

    The company was hugely successful in the ’90s thanks to its Sound Blaster family of add-on cards, which became an industry standard for devices that turned beeping and pinging PCs into stereo players.

    However, it lost its edge as stereo quality sound became a standard feature in PCs and new technology emerged.

    It was also a pioneer in pocket-sized digital music players, and its Zen players were once second only to Apple’s iPods in the global market.

    –Kevin Lim

  • Diptyque opens its new Singapore store

    Diptyque opens its new Singapore store

    Diptyque Singapore has opened its first store, a 423sqft (39sqm) space at Ngee Ann City.

    Previously, the French firm’s scented candles, perfumes, and face and bodycare range were available online or through smaller retailers and stores like Escentials and Tangs.

    It is only the second Diptyque boutique in Southeast Asia, the first being in Kuala Lumpur. It features brass furnishings and forest-green Indian marble, while its walls are bottle green. This echoes Singapore’s status as a garden city, as every Diptyque store is designed with the locality in mind.

    As the opening in Singapore coincides with the 50th anniversary of the brand’s first fragrance, L’Eau, two new scents have been released, Fleur de Peau and Tempo, both developed by perfumer Olivier Pescheux.

    A feature of the store is a gift-wrapping service.

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  • Microsoft Surface Family unveiled in Singapore

    Microsoft Surface Family unveiled in Singapore

    Microsoft Singapore has opened a Surface Store at the Harvey Norman Millenia Walk Flagship Superstore, featuring the full range of the technology.

    New devices include Surface Book 2, Surface Laptop and Surface Studio, which will join Surface Pro already available.

    The line-up will be available for commercial customers via Authorised Device Resellers including AsiaPac Distribution, JK Technology and UIC Asian Computer Services.

    “The new Surface Store is a commitment to deliver a one-stop experience for customers to experience the ultimate Windows devices,” says Microsoft Singapore Windows and devices business group lead Veronica Chiu.

    Shipping with Windows 10S, Surface Laptop starts up and runs faster with InstantOn and an OS optimised for sustained performance.

    A feature of the store is its Surface Concierge service which offers customer support regardless or where or when they bought their Surface device. Microsoft plans to add extra concierge services over time.

  • RedDoorz Raises $11m to Fund Expansion in Indonesia, SE Asia

    RedDoorz Raises $11m to Fund Expansion in Indonesia, SE Asia

    Singapore-based online hotel booking platform RedDoorz announced on Tuesday (06/03) that it has secured $11 million in funding from several global investment capital firms as part of efforts to strengthen and expand its business in Southeast Asia.

    The company, established in 2015, received funding from several sources, including United States-based Susquehanna International Group, the International Finance Corporation (the World Bank’s investment arm), the Asia Investment Fund, Singapore’s InnoVen Capital and Jungle Ventures, which has been involved in previous funding.

    New investors also include Hong Kong-based DeepSky Capital and Hendale Capital, and Singapore’s Feng He Group, among other participants.

    “With a solid team, right investors and good market targets, we are confident that we will be able to grow greatly in the region,” Reddoorz founder and chief executive Amit Saberwal said in a statement.

    He said Indonesia has great potential as the country with the largest number of internet users in the region, along with a growing online and e-commerce market, citing a joint study by Google and Singapore’s Temasek Holdings, released in May 2016.

    The study projected that regional online travel accommodation market will increase to nearly $90 billion by 2025, compared with $5.6 billion in 2015. Indonesia is expected to account for about a third of that projected growth.

    The company said it will use the fresh capital to acquire 100 new properties fully operates by RedDoorz, and 1,000 properties managed by the company’s partners across Southeast Asia, within the next 18 months.

    RedDoorz currently has 500 properties in the region and it has served more than 700,000 customers since its establishment.

    In Indonesia alone, the company offers about 3,000 rooms in 16 cities for rent on its platform. The company currently employs 160 staff in the archipelago.

    RedDoorz recently launched a 65-room fully leased and operated property, located between East Coast Road and East Coast Park in Singapore.

  • DFS to hold the seventh Masters Of Wines And Spirits to Singapore

    DFS to hold the seventh Masters Of Wines And Spirits to Singapore

    One of the most celebrated and revered events in the wine and spirits industry
    returns to Singapore this year, as DFS Group, the world’s leading luxury travel retailer, hosts its seventh Masters
    of Wines and Spirits event. On display will be more than 120 masterpieces from 60 of the world’s most legendary
    wine and spirits houses.

    For the first time, the event will take place across two days; on Saturday March 24 and Sunday March 25 at The
    Warehouse Hotel, a meticulously-restored heritage building on the banks of the Singapore River. Once again,
    Masters of Wines and Spirits captures the heritage and craftsmanship of selected brands and pays tribute to DFS’
    long-standing relationships with some of the world’s most exceptional wineries and distilleries.

    This year’s event will highlight the influence of the distillers’ countries of origin, their personalities and unique
    and varied approaches to craft. As the only event where customers can purchase bespoke, rare, limited edition,
    first edition, and world-class wines and spirits in one location, the seventh Masters of Wines and Spirits offers an
    exclusive and immersive brand experience for DFS’ guests.
    Masters of Wines and Spirits showcases a highly specialized and curated collection of products, many of which
    are DFS exclusives, celebrating the world’s finest industry expertise as well as the knowledge of DFS’ own
    merchants. New brands, as well as signature classics from legendary houses, will all be on display, reveling in
    rarity, heritage and innovation.

    “DFS is delighted to bring the seventh Masters of Wines and Spirits to Singapore, a fitting location for us to host
    our esteemed guests, connoisseurs and collectors to experience a range of the best globally sourced Cognacs,
    wines and whiskies,” said Sibylle Scherer, DFS President Merchandising and Consumer Marketing.
    “This year’s selection has been handpicked by our expert merchants at DFS to inspire and delight our customers.
    This really is a celebration of the diverse talents of the world’s most renowned distillers and winemakers, and a
    true adventure for the senses,” she said.

    “At DFS, we take great pride in bringing together our valued brand partners and loyal customers in an intimate
    and exclusive environment that encourages sharing and discovery,” said Brooke Supernaw, DFS Group’s Senior
    Vice President Wines, Spirits, Tobacco, Food and Gifts. “The 2018 Masters of Wines and Spirits collection sets a
    new bar for this dynamic category, comparing the nuances between traditional versus craft and providing an
    opportunity for our guests to enjoy the very best products from around the world.”

    Master Classes and Whisky Panel

    The 2018 Masters of Wines and Spirits event will feature two exceptional master classes to inspire and enrich
    guests, as well as a whisky panel discussion featuring four of the world’s leading experts.
    The first in this year’s Classes with the Masters is The Balvenie Master Class Workshop – Single Malt Whisky
    hosted by The Balvenie Malt Master, David C. Stewart MBE.

    Mr Stewart will discuss how craftsmanship is brought to life at The Balvenie and guide guests through the entire
    Chapter 3 set of the DCS Compendium, including a tasting of the oldest Balvenie expression ever released. The
    second Master Class, the Château Latour Master Class Workshop – Wine, hosted by Rufus Beazley, Sales and
    Marketing Manager for Château Latour Asia Pacific, will take visitors through a vertical tasting across decades of
    exceptional Château Latour products.

    Presented by The Whiskey House, The Whisky Panel will be moderated by DFS’ own Director of Spirits,
    Frederik Vanden Bulcke and will feature a panel discussion on whisky experts Stephanie MacLeod from John
    Dewar & Sons (Aultmore – Single Malt Whisky), Dr Kirstie McCallum from Bunnahabhain (Single Malt
    Whisky), Chole Wood from Bruichladdich (Single Malt Whisky) and David Croll from The Kyoto Distillery
    (Whisky and Gin).

    The Collection

    More than 30 Cognacs and whiskies include The Balvenie DCS Compendium Chapter 3: Secrets of the Stock
    Model, an eagerly anticipated release that pays tribute to Malt Master David C. Stewart MBE’s masterful skill,
    knowledge, and custodianship in managing The Balvenie’s precious aged stocks. The Model comprises five
    extremely rare single-cask single-malt bottling, ranging in age from 13 to 55 years.

    The Jean-Paul Camus 1945 Private Reserve, an exclusive blend for DFS Masters of Wines and Spirits, comes
    in a hand-carved crystal carafe with silver details that recreates a model designed in 1883 by the Cristalleries de
    Baccarat for Jules Grévy, President of the French Republic. The outstanding Louis XIII Le Jeroboam with T.T.
    Trunks Paris piece is a contemporary design that brings a radical new twist to trunk accessories. The aluminum
    and steel structure holds three small cases made of okume wood, each encased in natural milled buckskin with
    Alcantara trimmings.

    A rare cellar release from Japan is the Karuizawa 1960 Cask #5627. Possibly the oldest cask of Japanese whisky
    ever bottled, this 1960 single cask yielded just 41 bottles, achieving legendary status amongst connoisseurs and
    collectors.

    From the world of Scotch Single Malts, The Aultmore 31 Year Old Exceptional Cask (Cask no. 1635) is part
    of John Dewar & Sons Fine Scotch Whisky Emporium which showcases the rare releases of some of the finest
    and most delectable single cask and single malt expressions. Specially created for Masters of Wines and Spirits,
    Aultmore Cask no.1635 has the color of antique leather and on the nose, the Oloroso sherry adds weight and
    complexity, complimented by notes of vanilla, butterscotch, and Seville oranges. The Bruichladdich Special
    Release showcases three exceptional distillery releases from 1988, 1989 and 1990, presented as the oldest and
    rarest whiskies of Bruichladdich. Created and bottled on the remote Hebridean island home of Islay, there are
    only six bottles per edition. From the Bunnahabain distillery, built in 1881, and deriving its name from the
    Gaelic, Bunnahabhain (Bu-na-ha-venn), meaning “mouth of the river”, comes the Bunnahabhain 1980 Canasta
    Finish. With only 20 units available, this rare cellar release offers a rich oakiness balanced with sweet dried fruit,
    treacle toffee, black coffee, cocoa, roasted nuts, and a hint of coastal brininess.

    Also from Scotland is The Macallan Fine & Rare Master’s selection, specially created for Masters of Wines
    and Spirits, this unique collection features five fine and rare vintages in 70cl, complemented by savoring samples
    in 5cl miniatures. The Glenglassaugh Single Cask Collection 1972-1976 is an elegant, unique and rare selection
    of bottles, offering the whiskey connoisseur a lush, ripe Highland Single Malt Scotch whisky experience. A rare
    release from The Ladyburn distillery is the Ladyburn 1974, a single malt from William Grant & Sons’ treasured
    ancient reserves of maturing whisky.

    More than 30 prestige wines and champagnes are showcased in this year’s collection, including the Harlan
    Estate Double Magnum 100 Point Trifecta from the United States, a special collection created for DFS as an
    exclusive release of three vintages in double magnum format and representing three of the most highly regarded
    vintages produced by Harlan to date. From Australia comes the Penfolds G3, a unique wine entwining three
    vintages of an Australia icon, Penfolds Grange, spanning seven years. French wines in this year’s collection
    include The Pavillon Blanc du Chateau Margaux 2010 Double Magnum; the epitome of great Pavillon Blanc
    vintages. A fine and elegant wine, the 2010 has an exquisite richness and a perfect balance on the palate, thanks
    to higher than average acidity. Chateau Latour’s Vertical Magnum release provides a rare opportunity to
    collect six of the most exceptional vintages produced by Latour; the 1996, 2000, 2003, 2005, 2009 and 2010.
    With only one set being released of the Petrus Magnum Collection 2006, 2007 and 2011, one lucky wine lover
    will experience one of the famous wine labels in the world.

    After March 25, the Masters of Wines and Spirits curated collection will be available for travelers and shoppers
    at DFS, Singapore Changi Airport’s Wines and Spirits Duplexes at Terminals 2 and 3.

    DFS Masters of Wines and Spirits is part of the DFS Masters Series, a signature program of exhibitions that also
    includes the highly-anticipated 10th Masters of Time set to take place in Macau this December. The Masters
    Series is a showcase of the pinnacle of DFS’ leadership and innovation in curating and creating exceptional
    experiences across its five pillars of luxury: Wines and Spirits, Beauty and Fragrances, Watches and Jewelry,
    Fashion and Accessories, and Food and Gifts.

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  • More challenging situation for Esprit Holdings

    More challenging situation for Esprit Holdings

    Trading conditions have continued to be challenging for clothing company Esprit Holdings.

    With the industry changing rapidly, the company says it has had fewer customers in its brick-and-mortar retail stores as well as increased competition in the e-commerce channel. As a result, the group’s first-half performance to the end of December was below management expectations.

    Esprit says it has experienced a significant decline in its China business in recent years.

    While gross profit margin improved by 0.4 points, the group had a net loss of HK$954 million (US$121.8 million) for the half-year, following a net profit of $61 million for the same period a year earlier.

    First-half revenue was $8 billion, a year-on-year decline of 9.6 per cent.

    Esprit says rationalising its distribution footprint by closing unprofitable stores and non-performing wholesale spaces continues to be paramount. During the six months to the end of December, the group reduced total controlled space by 21,766sqm. This, with the 24,122sqm reduction in the previous six months, added up to a year-on-year reduction of 7.4 per cent.

    Revenue for the first quarter fell 7.4 per cent in local currency, while in the second quarter the decrease was 11.7 per cent, larger than expected primarily because of weak sales in its brick-and-mortar stores.

    Representing 12 per cent of total group revenue, Asia Pacific (mainly China, Australia and New Zealand, Singapore, Hong Kong, Taiwan, Malaysia and Macau) saw revenue fall 17 per cent to $966 million.

    In terms of distribution channels, retail contributed 82.4 per cent of the region’s revenue with the e-shop contributing 11 per cent.

    Asia Pacific represented 9.9 per cent of total group revenue, down by 18.4 per cent year on year, and down 20.3 per cent in the first quarter and 17.1 per cent in the second quarter.

    There was a 10.2 per cent reduction in net sales area under the company’s restructure of its store network. “Sales performance was visibly dragged by the underperformance of concession counters in department stores in China.”

    E-commerce accounted for 26 per cent of total group revenue, up from 24 per cent. The channel generated $2 billion in revenue, a 2.5 per cent dip.

    This is Esprit’s 50th-anniversary year, and it has been listed for half that time.

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  • Prime retail rents Singapore to stagnate at $35 per sqft

    Prime retail rents Singapore to stagnate at $35 per sqft

    Structural headwinds from e-commerce are blamed for retailers woes.

    Despite economic growth in Singapore, prime rents and yields, which reached $35 psf per month and 4.3% respectively, are expected to stay flat, Savills Investment Manager said.

    According to its 2018 outlook, despite a broader recovery in Singapore’s economy, the country’s increasing interest rate environment, elevated household debt and rising inflation mean consumers are likely to spend cautiously. “Structural headwinds from e-commerce, foreign labour restrictions and high operating costs are forcing retailers to re-examine their strategies and close underperforming stores, driving up vacancy rates. Occupier demand, however, should remain, especially for well-managed regional shopping centres near or integrated with subway stations,” the firm said.

    Savills IM noted that shopping centres in secondary locations and strata-titled shopping centres – where ownership is divided into individual units – will likely continue to suffer, underpinning further rental declines in 2018. “Be cautious of prime retail in Singapore, as leasing demand will be tempered by stagnant consumption growth, structural challenges from e-commerce and supply risks through 2019.”

    As a resolve, Savills IM said that retail market focus should be on neighbourhood regional shopping centres that are near major transportation nodes and are more defensive due to their non-discretionary trade.

    The retail rents problem is also present outside prime properties. The growth of online shopping led to rising vacancy rates and lower retail rents in the past few years. The vacancy rate of island-wide retail space has gradually risen from 4.5% in 4Q13 to 8.1% in Q2.

    The bleak rentals for Singapore’s retail sector are expected to remain weak until 2021. Retailers also face margin pressures from the combined challenges of weaker retail spending and labour costs.

    On a positive note, according to the Singapore Tourism Board, tourism growth helped boost retail sales in H1 2017.

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  • Fewer sales, but more profit for Bonia

    Fewer sales, but more profit for Bonia

    While Malaysian fashion retailer Bonia sold fewer handbags in its second quarter, it did manage to grow its net profit.

    It achieved a net profit of RM11.99 million (US$3 million) for the period, to the end of December, up 8 per cent. It attributes the upswing to lower running costs and improved gross profit margins.

    Quarterly revenue dropped 7 per cent to RM160.34 million, Bonia saying this had been anticipated because of the closure of counters as part of a rationalisation process.

    However, the lower revenue was offset by improved gross profit margins, up 5 per cent.

    Year-end sales and the festive season boosted revenue and operating profit to RM15.35 million.
    Business in Indonesia, Singapore and Vietnam was hit by weak consumer sentiment.

    Still, the quarterly growth was not enough to stem the fall on its half-year earnings, which saw net profit slide 31 per cent to RM13.3 million. Revenue contracted by 10 per cent to RM279.23 million.

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  • Shopee to offer Singaporean the China Marketplace

    Shopee to offer Singaporean the China Marketplace

    E-commerce platform Shopee Singapore has launched a China Marketplace.

    Users can access it via a dedicated entry point on Shopee’s home page.

    As well as offering a variety of products from China, the new marketplace offers inroads for sellers to tap into Shopee’s retail ecosystem in Singapore.

    In a survey of local online shoppers, Shopee found that more than 60 per cent of respondents shop for products from China at least once a month. Almost 90 per cent indicated they shop from China more today as compared to five years earlier, citing product variety, convenience and cost savings as key reasons. Also, a Paypal report says an estimated half a million Singaporeans spent about S$1.2 billion on cross-border shopping.

    For Shopee’s survey, 57 per cent of respondents said a pain point of cross-border shopping is high shipping fees, 39 per cent indicated language barrier, and 37 per cent listed poor user interface.

    “We believe Shopee’s China Marketplace is the perfect answer,” says Shopee Singapore chief commercial officer/country head Zhou Junjie. “Shoppers will also enjoy free shipping and no agent fees for purchases, as well as easy access to millions of translated listings.”

    China Marketplace features more than 1 million listings across such categories as women’s and children’s fashion, home and living, and kids’ apparel. Shoppers will also have direct access to China’s top sellers and leading lifestyle brands such as Xiaozhainv, Banfang Home, and Xi Home, which have gained significant popularity in Singapore over the past few years.

    “Shopee’s China Marketplace has provided us with a platform to expand our reach to Singapore, and a way to directly engage with an overseas customer base,” said a spokesman for Chinese fashion retail Xiao Zhai Nv. “With strong logistics and integrated payments support from Shopee, we can focus our attention on other aspects of the business, including curating the best product assortment suited for the Singaporean consumer, and enhancing overall customer experience through provision of strong customer support.”

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  • WhereIsWhere Launches to Help Singapore Brick-and-Mortar Businesses Attract Customers

    WhereIsWhere Launches to Help Singapore Brick-and-Mortar Businesses Attract Customers

    Singapore’s first free marketing platform helping offline retailers bring nearby customers to their stores, has launched. With just three clicks, users will be able to discover what to eat, shop and do based on two factors: where they are and when they search on WhereIsWhere’s mobile app. In its initial roll-out, WhereIsWhere targets retailers and mall operators: it is already working with Wisteria Mall, a community mall slated to open by the third quarter of this year, to help drive store traffic to its mall and over 100 of its tenant brands.

    Retail is a key industry for Singapore – approximately 22,000 establishments account for almost 1.4 percent of Singapore’s GDP and 3 percent of its total employment. Brick-and-mortar businesses, however, are losing their market share as consumers shift to e-commerce platforms. To help these retailers become more discoverable, WhereIsWhere has developed an effective and affordable marketing solution for targeting and converting nearby consumers.

    “Retailers today face real challenges and frustrations, from high rental prices to the constant fear of losing market share to e-commerce,” said Terence Mak, CEO and Founder at WhereIsWhere. “Brick-and-mortar businesses never really had a platform for differentiating offerings and driving in-store traffic. WhereIsWhere aims to level the retail industry playing field through effective and affordable targeting that enables consumers to better learn about great deals and happenings around them.”

    Driving mobile-first shoppers to offline stores

    With over 80 percent of Singaporeans using smartphones, WhereIsWhere allows offline businesses to cater to mobile-first consumers by enabling brands to push live updates and flash campaigns towards consumers nearby. For users, they can instantly find what to eat, shop and do based on search parameters.

    Businesses can register their listings and activities on WhereIsWhere for free. With WhereIsWhere’s interactive map, businesses can mark their exact location and easily drive nearby traffic to their storefronts. Businesses can also push unlimited marketing messages on WhereIsWhere’s self-servicing dashboard, which allows them to design and run campaigns across multiple outlet locations in real-time, for a fixed monthly fee of S$100 per outlet. In WhereIsWhere’s pre-launch phase, malls and merchants may even avail of a referral programme, which entitles them to free marketing campaign credits after successfully inviting partners such as merchants or mall developers on board.

    Wisteria Mall and Old Chang Kee tap WhereIsWhere to drive traffic

    Prior to its official launch, WhereIsWhere has expanded its merchant and mall network with the on-boarding of Wisteria Mall and Old Chang Kee, one of Singapore’s most recognised household brands.

    “We see lots of potential in this mobile application and intend to work closely with WhereIsWhere to drive higher shoppers’ traffic and sales conversion for all our 80 outlets across the island,” said William Lim, Managing Director at Old Chang Kee.

    Andrew Tan, Director of Wisteria Mall Management, also said: “As a community mall with limited advertising budget, Wisteria Mall, along with its tenants, will be happy to adopt this innovative, cost-effective medium to reach out to our target audience within the primary catchment area.”

    Built by retailers for retailers

    WhereIsWhere is founded by tech entrepreneur Terence Mak. Joining Terence at the helm are retail industry veterans Michael Leong and Patrick Lum, who bring with them over 70 years of combined retail experience across Singapore, Malaysia and Indonesia.

    “As consumers shift to online and mobile, brick-and-mortar players should leverage new solutions to deliver exceptional experiences for discerning consumers,” said Michael Leong, Industry Advisor at WhereIsWhere. “Think of a mobile map app, but for shopping deals, businesses and activities nearby consumers want – that’s how WhereIsWhere aims to revolutionise the Singapore retail scene and consumer shopping behaviour.”

    Interested retailers and mall operators who wish to drive store traffic through WhereIsWhere may register their stores, activities and listings on whereiswhere.com.

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  • Alibaba teams up with Singapore university on AI

    Alibaba teams up with Singapore university on AI

    Chinese tech giant has set up a joint research facility at Singapore’s Nanyang Technological University to develop artificial intelligence-based technologies in retail, transportation and healthcare

    Chinese e-commerce and technology giant Alibaba has partnered Singapore’s Nanyang Technological University (NTU) in a joint research facility aimed at harnessing artificial intelligence (AI) to solve societal issues such as Singapore’s ageing population.

    The first of its kind outside China, the Alibaba-NTU Singapore Joint Research Institute will bring together NTU’s AI capabilities, including efforts to develop an artificial companion for the elderly, and Alibaba’s expertise in natural language processing, machine learning and cloud computing.

    The multimillion-dollar partnership between Alibaba and NTU is expected to involve 50 scientists and engineers from both parties over five years. Besides addressing the needs of ageing societies, they will also develop AI technologies in areas such as retail, urban transport and healthcare.

    For example, NTU’s expertise in healthcare research and Alibaba’s knowhow in AI to diagnose and prevent diseases will be pooled to achieve breakthroughs in health-related AI. Both parties will also conduct research to improve urban mobility and reduce Singapore’s carbon footprint.

    Alibaba said its contribution to the research facility will come from a $15bn fund earmarked for its Damo research and development (R&D) programme, which includes establishing research labs across the globe, including one in Singapore.

    The joint research institute is located on the NTU campus, but it is open to researchers and academics worldwide. Alibaba will also build a crowdsourcing platform to connect researchers and industry practitioners in an AI-focused R&D community.

    Jeff Zhang, Alibaba’s chief technology officer, said the AI technology developed by the institute will first be rolled out in NTU, followed by other parts of Singapore and Southeast Asia at a later date.

    “By launching our first joint research institute in Singapore, we hope to work with talent in Singapore and researchers worldwide to explore technology innovation that can address common issues faced by the society at large,” said Zhang.Alibaba’s efforts to develop AI capabilities in Singapore follows the recent launch of Chinese facial recognition specialist Yitu’s regional headquarters in Singapore that will mainly serve as a sales, marketing and operations outfit for now.

    Yitu said plans are also in the pipeline to establish R&D capabilities in the city-state by the end of 2018.

    In May 2017, Singapore’s National Research Foundation said it would invest up to S$150m (US$107m) over five years in a programme called AI.SG to drive adoption of AI to solve business problems.

    To nurture a local AI community, AI.SG will also work with startups and corporate laboratories through new facilities that will provide software tools, anonymised datasets and high-performance computing resources.

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