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Tag: Singapore

  • CapitaLand to manage SingPost Centre

    CapitaLand to manage SingPost Centre

    CapitaLand, through its wholly owned shopping-mall business CapitaLand Mall Asia, has signed its first third-party shopping centre-management contract in Singapore to run the new SingPost Centre.

    Described as a world-first, Singapore Post is currently building the 25,000 sqm shopping centre which will allow online and offline retailers to showcase their products, side by side.

    The SingPost mall marks the third management contract CapitaLand has inked in about six months, the other two being in China.

    With this contract, CapitaLand’s network in Singapore will increase to 20 malls with a combined gross floor area (GFA), excluding parking, of about 14.2 million sqft (1.3 million sqm).

    CapitaLand Mall Asia CEO Jason Leow says the signing of its first third-party mall management contract in Singapore – also its third across Asia in quick succession – shows the scalability of the group’s asset-light expansion strategy to grow assets under management.

    SingPost Centre is in the eastern part of Singapore, where CapitaLand owns and manages three malls – Tampines Mall in Tampines Regional Centre, Bedok Mall in the rejuvenated Bedok Town Centre and Jewel Changi Airport, scheduled to open in early 2019.

    Five-storey mall

    Under the contract, CapitaLand will oversee the pre-opening and retail management for the five-storey SingPost Centre mall, which has 269,000 sqft of GFA, excluding parking, and a net lettable area of about 175,000 sqft.

    “With CapitaLand as our mall manager, we will be able to optimise the returns from this property while we focus our attention on our core business of postal services and e-commerce logistics,” says SingPost covering group CEO Mervyn Lim.
    Targeted to open in the second half of this year, SingPost Centre will house the new General Post Office, which combines traditional counter service with technology-enabled innovations such as PopStations.

    Other tenants at SingPost Centre include Golden Village, Kopitiam, NTUC FairPrice, retail brands, family entertainment outlets and enrichment centres.

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  • DHL eCommerce Enables Singapore e-Commerce Retailers to Reach Out to the US Market

    DHL eCommerce Enables Singapore e-Commerce Retailers to Reach Out to the US Market

    DHL eCommerce, a division of the world’s leading logistics company Deutsche Post DHL Group, has launched a new commercial international shipping product facilitating Singapore-based e-tailers, online merchants, manufacturers, and traditional ‘brick and mortar’ retailers to ship their products to consumers in the U.S. using the reliable DHL network in a simple and cost-effective manner.

    Parcel International Direct U.S. is geared towards the burgeoning e-commerce market and seeks to respond to the growing appetite for cross-border e-commerce in the Americas region, allowing businesses to ship products up to 6.5 kg to their customers across the U.S.DHL Logo

     

    With 71% of retailers and 76% of manufacturers expecting the share of cross-border revenue to grow in the future[1], Parcel International Direct U.S. aims to enable Singaporean retailers to grow their business in the U.S. market with ease.

    The cross-border market is the newest blue chip of the digital retail industry and shows great promise, projected to grow at a rate of 25% annually between 2015 and 2020. This growth will bring the value of the market from USD300 Billion in 2015 to 900 billion in 2020 — almost triple in a matter of half a decade.[2]

    The product offers simple and cost-effective international shipping option with end-to-end tracking and a competitive transit time of 4-6 business days. Through IT integration, the DHL eCommerce Web Portal enables e-tailers to seamlessly integrate their orders into the DHL network by preparing orders for shipping individually or in bulk, track and generate reports all from a single portal. This product follows the company’s launch of Parcel International Direct Australia in October 2016.

    “DHL eCommerce aims to provide best-in-class e-commerce logistics for both merchants and end consumers through high quality, cost-efficient logistics solutions as well as a positive delivery experience. We want to enable local businesses to reach their international consumers with ease and allow them to fully leverage the massive potential that e-commerce brings,” said Sham Alexandra, Managing Director, DHL eCommerce Singapore. “Through Parcel International Direct U.S., we enable retailers in Singapore to expand beyond borders and reach out to the huge consumer market potential in the U.S.”

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  • UOB AM Goes For Tech Growth

    UOB AM Goes For Tech Growth

    Singapore’s UOB Asset Management has partnered with a prominent U.S fund manager to tap into the current enthusiasm around all things tech.

    UOB Asset Management (UOBAM) has partnered US-based T. Rowe Price International Ltd. (T. Rowe Price) to offer retail investors in Singapore the opportunity to tap the long-term growth prospects arising from technology and innovation.

    Under the partnership, UOBAM will invest in T. Rowe Price’s Global Technology Equity Strategy (the Strategy) through the United Global Technology Fund. This is the first time retail investors in Singapore would be able to invest in T. Rowe Price’s highly-rated technology portfolio.

    Exponential Growth

    In the ten years between February 2007 and February 2017, the Strategy has seen annualised returns of 15.39 per cent versus the benchmark MSCI All Country World Index Information Technology’s 9.08 per cent over the same period.

    «The role of technology has grown exponentially over the past decades to become an essential part of global economies and industries. I am pleased to bring on board T. Rowe Price, an accomplished partner with extensive experience in investing in the technology sector,» said Thio Boon Kiat, CEO, UOBAM.

    T. Rowe Price has been managing dedicated technology portfolios since 2000. As at 31 December 2016, the Strategy has $5.6 billion of assets under management.

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  • Lazada brings Alibaba’s biggest bazaar to Singaporean shoppers

    Lazada brings Alibaba’s biggest bazaar to Singaporean shoppers

    China’s Alibaba Group has teamed up with online retailer Lazada to bring popular shopping site Taobao to Singapore, in a move to deepen the reach of the Chinese e-commerce giant into Asia ahead of US rival Amazon.

    Last year, Alibaba made headlines with a US$1 billion (S$1.4 billion) deal for control of Lazada, giving the Chinese retailer greater access to South-east Asia and closer to a goal of shedding its home-market reliance.

    The dedicated online store, Taobao Collection, went live this week, and links shoppers in Singapore directly to Taobao through Lazada’s website (taobao.lazada.sg).

    The collection targets shoppers in Singapore who want to shop directly from Taobao and are more comfortable with a local connection.

    Some 400,000 items, from electronics to home products, will be specially curated for the Singapore market, Mr Alexis Lanternier, CEO of Lazada Singapore told TODAY.

    The customised range is selected based on top selling products and customer reviews, from the existing line-up of about 1.5 billion offerings on the Taobao website, he said.

    The idea, according to Mr Lanternier, is to address some of the challenges that shoppers here face while shopping from Taobao, such as lowering shipping fees. By doing away with external agents, Taobao Collection is able to offer a flat delivery rate of S$2.99 per order.

    “Lazada is aiming at solving difficulties that currently exist when shopping from Taobao, enabling an effortless way for them to shop. The site will be translated into English (from Chinese) and shoppers don’t have to worry about shipping, payment methods and returns. Shoppers can also track their orders end-to-end on Lazada and can shop exactly as they would on Lazada Singapore,” Mr Lanternier said.

    Taobao’s entry into Singapore, according to industry players, is likely to have far-reaching implications even as it expands the playing field for e-commerce and creates a more dynamic landscape for retailers.

    “It will definitely require online retailers to continuously think on their feet to come up with new and fresh offerings, in order to keep their customers engaged. To ultimately drive Singapore’s weakening retail sector, online and offline retailers should synergise with — instead of cannibalise — each other,” said Mr Hyun Wook Cho, Qoo10 Singapore country manager.

    With more than 2.5 million registered users in Singapore, however, Qoo10 remains confident of its future prospects as an online shopping platform for Singaporeans, as it offers affordable products and understands the local market.

    “Singaporeans are highly savvy online shoppers who no longer only go for attractive prices, but also look for value-added services to have enjoyable shopping experiences,” Mr Cho added, highlighting the company’s interactive Live10 app which serves as a community chatroom where users can broadcast live demos or shopping tips to their followers.

    Meanwhile, avid shoppers in Singapore welcomed Alibaba’s move to bring its largest shopping platform much closer.

    “We now hope to have access to Taobao products much faster and expect them to be cheaper with no agents in between. Earlier, it used to take almost a month to get the products,” said 19-year-old Siglap resident Mr Nguyen Duc Thanh who buys electronic products for himself and others from Taobao at least once a month.

    “I would want to shop more now that Taobao is easily accessible through Lazada. I have always wanted to do so but given the language and other issues (related to agents), I was hesitant,” said Dakota resident Mr Andrew Fang, 30, who is keen on buying more home products.
    According to Qoo10’s Mr Cho, e-commerce players who successfully create lasting experiences that resonate with their user bases will be the ones to survive today’s increasingly competitive landscape.

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  • Singtel, Telkomsel enter mobile money alliance

    Singtel, Telkomsel enter mobile money alliance

    Singapore’s Singtel and Indonesia’s Telkomsel have teamed up to launch a real-time mobile remittance service to Indonesia.

    The new service is being offered by SingCash under the Singtel Dash brand. It will allow customers in Singapore to send money to the state-owned PT Pos Indonesia’s 4,500 cash-out points across the nation.

    The initiative marks the first collaboration between Singtel and Telkomsel on a mobile money initiative.

    The agreement is expected to be expanded in the future to cover more cash pick-up points, and to support mobile remittance directly to Telkomsel’s TCash mobile wallet from Singtel mobile wallets.

    According to the Embassy of the Republic of Indonesia in Singapore, there are 200,000 Indonesians living and working in Singapore, and outward remittance from Singapore to Indonesia totals more than $409 million per year.

    “Telkomsel’s partnership in Singtel’s remittance service is one effort to support our government in promoting financial inclusion for Indonesian people, especially the unbanked segment,” Telkomsel CEO Ririek Adriansyah said.

    “Foreign remittance enables them to improve their quality of life as well as provide an opportunity to begin saving for the future. We believe every little effort to promote financial inclusion will also accelerate the growth of Indonesia’s economy.”

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  • Singapore operators to switch off 2G from Sunday

    Singapore operators to switch off 2G from Sunday

    Singapore’s mobile operators will commence the process of switching off their 2G networks on Sunday as part of a scheduled sunsetting of the aging networking technology.

    Operators M1, Singtel and StarHub plan to conduct the switch-off in stages, and complete the process by April 18Singapore’s mobile operators will commence the process of switching off their 2G networks on Sunday as part of a scheduled sunsetting of the aging networking technology.

    Operators M1, Singtel and StarHub plan to conduct the switch-off in stages, and complete the process by April 18.

    As part of an agreement with regulator the Infocomm Media Development Authority (IMDA), operators are giving 2G users the ability to retain their numbers and subscription plans on 3G and 4G networks at no additional cost or requirement to re-contract.

    The IMDA has urged the nation’s remaining 2G-only users to switch to a 3G or 4G handset by this time.

    The regulator is holding information sessions for seniors wishing to learn how to use smartphones as part of the transition process, and has also worked with the operators to ensure that handset models costing below S$50 ($36) are available for the holdouts.

    The IMDA banned the sale of all 2G-only devices from January as part of the switch-off process, which is aimed at allowing 2G spectrum to be re-allocated for advanced mobile services.

    Singtel’s wholly-owned Australian subsidiary Optus is meanwhile following its parent in switching off 2G. Optus announced it will commence a staggered shutdown process from April 3, starting in the states of the Northern Territory and Western Australia..

    As part of an agreement with regulator the Infocomm Media Development Authority (IMDA), operators are giving 2G users the ability to retain their numbers and subscription plans on 3G and 4G networks at no additional cost or requirement to re-contract.

    The IMDA has urged the nation’s remaining 2G-only users to switch to a 3G or 4G handset by this time.

    The regulator is holding information sessions for seniors wishing to learn how to use smartphones as part of the transition process, and has also worked with the operators to ensure that handset models costing below S$50 ($36) are available for the holdouts.

    The IMDA banned the sale of all 2G-only devices from January as part of the switch-off process, which is aimed at allowing 2G spectrum to be re-allocated for advanced mobile services.

    Singtel’s wholly-owned Australian subsidiary Optus is meanwhile following its parent in switching off 2G. Optus announced it will commence a staggered shutdown process from April 3, starting in the states of the Northern Territory and Western Australia.

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  • Diamond group De Beers buys out retail partner LVMH

    Diamond group De Beers buys out retail partner LVMH

    Anglo American’s diamond specialist De Beers has bought the 50 percent stake held by French luxury goods group LVM in De Beers Diamond Jewellers for an undisclosed sum, taking full ownership of the retail operation.

    Analysts said the joint venture no longer fitted LVMH’s strategy, while Anglo American, which has long dominated global rough diamond sales, has been developing its presence on the high-margin diamond retail market.

    LVMH had no comment. De Beers said in a statement that fully integrating De Beers Diamond Jewellers would enable the group to enhance value.

    Anglo American, which along with other mining companies has largely recovered from a deep commodities downturn in 2015, has put diamonds, along with copper and platinum, at the heart of its portfolio.

    One of the advantages of diamonds is that they are a counter-cyclical luxury product that can generate profits even when bulk industrial commodities are in a downturn.

    De Beers Diamond Jewellers’ retail network comprises 32 stores in 17 countries. This includes a growing business in greater China, an established presence in London and Paris, and a new flagship location in New York.

    In addition, De Beers’ Forevermark high-end diamond brand has expanded into 2,000 outlets globally and it says it expects the growth to continue this year.

    Analysts said LVMH had finally ended a joint venture that dated back to when the group did not have any branded jewelry of its own.

    “The situation is very different today, as they own one of the megabrands in this space: Bulgari,” Luca Solca, analyst at Exane BNP Paribas, said.

    “It seems appropriate therefore to turn the page on this and relegate it to the ‘experiments that didn’t work’ pile.”

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  • StarHub opens Hubtricity innovation center

    StarHub opens Hubtricity innovation center

    Singapore’s StartHub has opened a new innovation center and converged operations cockpit named Hubtricity, aimed at accelerating Singapore’s transformation into a Smart Nation.

    The 58,000 square feet facility will act as a foundation to foster service innovation and co-creation with partners and customers.

    The centerpiece at Hubtricity is the converged command cockpit, where StarHub with real-time data can monitor how its fixed, mobile and pay TV networks and services are performing and understand how customers are using and responding to its service offerings through call center metrics and social media analytics.

    Tan Tong Hai, CEO of StarHub said Hubtricity is derived from three words Hubbing – the convergence of technology and services; Tri – the three core networks that power Hubbing; and City – where it is about the consumers.

    “Hubtricity not only showcases our extensive connectivity and deep competency in data analytics and cyber security, but is also a co-working space for partners and start-up companies to create solutions for a Smart Nation,” said Tan.

    “Currently, we are working with both local and global partners to build platforms, such as smart home, intelligent vehicles, connected buildings, virtual reality and smart retail, to meet the future needs of our customers,” added Tan.

    As a home-grown company, StarHub supports the nurturing of local talent and is keen to help drive the local tech startup ecosystem. Hubtricity aims to bring local technopreneurs together, who can create ideas and test out their solutions, catalyzing greater collaboration and innovation from Singapore.

    Kiren Kumar, assistant managing director at Singapore Economic Development Board, said that with Hubtricity, StarHub is investing in capabilities that will enable it to innovate and develop new digital products, services and solutions with partners across industries.

    “Hubtricity will add to Singapore’s position as the Digital Capital of Asia and will create exciting jobs in Singapore in areas such as cyber security and social media analytics,” said Kumar.

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  • GoToMalls.com expands to Indonesia

    GoToMalls.com expands to Indonesia

    Singapore-based company DominoPos has launched its proximity marketing and digital media platform GoToMalls.com in Indonesia.

    Offering a geo-located, profile-based smart directory of malls and stores in Indonesia, the website aims to revive offline transactions, “bringing the community’s spirit back to the malls through digital media support”.

    CEO Bruno Zysman says the platform helps offline retail brands publish their own call-to-action campaigns, and promote products or services on a digital platform to their target audience. It lists up to 375 malls and shopping complexes, along with 19,000 stores.

    To ease its entry into the Indonesian market, the site has partnered with telecommunications company PT Indosat, also known as Indosat Ooredoo, and ride-hailing app Grab.

    GoToMalls launched in Singapore in February and plans to expand further internationally.

  • Lazada launching website to sell Taobao products to Singapore shoppers

    Lazada launching website to sell Taobao products to Singapore shoppers

    Alibaba’s bringing its teeming Taobao internet marketplace to Singapore.

    Alibaba Group Holding and Lazada Group are teaming up to sell select Taobao products direct to shoppers in the affluent island-state, striking their first partnership since the Chinese company took control of Southeast Asia’s largest e-commerce operator a year ago.

    Lazada is launching a dedicated website that links directly to Alibaba’s largest shopping platform, said Alexis Lanternier, chief executive officer of Lazada Singapore. To start with, the new site will add 400,000 Taobao products that aren’t available now to an existing lineup of about 5 million products, he said.

    In linking Taobao with Lazada, the two are trying to ease a process that’s gained momentum in recent years. Bargain hunters in Singapore already buy directly from Alibaba’s Chinese marketplace, an eBay-like online bazaar where small merchants and individuals hawk items from electronics to bed-sheets. Its items often go for a fraction of retail prices in Singapore, the world’s most expensive city according to the Economist Intelligence Unit.

    Many people however buy through agents who help with English translations, payments and deliveries – for a fee. That’s led to problems with returns, Lanternier said. Scams may be another issue: Taobao re-joined the Notorious Markets list last year, a name-and-shame pool of global markets the US Trade Representative considers rife with counterfeits.

    Taobao can be difficult to police because it’s an open marketplace, but Lazada will take swift action to protect consumers if it’s notified of fakes, Lanternier said.

    “We want to solve those difficulties, enabling an effortless way for them to shop,” Lanternier said, sharing the new initiative for the first time. “Now it’s all translated into English and you don’t have to worry about shipping options, payment method, returning. You are going to be able to track your order end-to-end.”

    The move is another small step abroad for Alibaba, which has ambitions to expand beyond a slowing Chinese home market. The company and Lazada are now preparing to deepen their operations in the fast-growing region, anticipating Amazon.com’s entry this year.

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  • Lotte Department Stores take in online retailers

    Lotte Department Stores take in online retailers

    Online retailers in Korea are set to open 13 outlets at Lotte Department Store branches in the next three months.

    “Online brands are continuously expanding into offline stores to raise their brand value and to receive real-time feedback from consumers,” says Lotte Department Store.

    Statistics Korea says online sales of apparel and fashion-related items have grown each year by double digits from 6.2 trillion won (US$5.48 billion) to 10.2 trillion won between 2013 and last year.

    As these brands gain traction against traditional fashion houses, they start opening brick-and-mortar outlets as well, first as showrooms then as stores, says the Korea Herald. This helps them to tap into consumers who prefer to see products before they buy.

    A report from Open Survey last year shows that 53 per cent of consumers want to buy their clothes at offline stores.
    Lotte Department Store’s first offline store was for Style Nanda in 2012. Now about 100 online brands have offline outlets at Lotte’s department stores. Opening soon at Lotte are such brands as Imvely, Migun Style and Sappun.

    Some Korean brands, such as Liphop and Style Nanda, have even expanded to offline stores overseas in countries like China and Singapore.

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  • Subscribe to Food launches in Singapore

    Subscribe to Food launches in Singapore

    Just launched in Singapore, Subscribe to Food is an e-commerce subscription service that offers food and wine products for consumers.

    Upon launch, the service acquired e-commerce start-ups The Frank Food Company and WineMasons.

    Philip Raff, who is also executive director of Velocity Property Group, out of Australia, led the investment group and acquisition of the two companies.

    “We believe that through e-commerce, modern logistics via our partner Yojee, and a commitment to a subscription model, even city folks can access premium, fresh, small-batch food and wine,” says Raff. “It’s all about cutting out the middleman and paying a decent price that takes into account the effort and expertise that goes into food production.”

    Subscribe to Food first acquired The Frank Food Company, which focusses on supporting regional farmers practising sustainability, fair-trade and organics, mainly in Indonesia. Its co-founders, brothers Liam and Duncan McCance, took up roles as CEO and food/content director respectively.

    WineMasons was set up by Matt Allanson and Josh Sims and has focussed on Australian small-batch wine producers, with a Singapore subscription commerce offering.

    After Subscribe to Food moves its newly acquired businesses to a shared e-commerce and logistics platform, it plans to launch a third brand focussed on premium beef from farmers in Tasmania.

  • Keppel boosts Saigon Centre stake

    Keppel boosts Saigon Centre stake

    Singapore-headquartered Keppel Corp has paid VND 845.9 billion (S$53.5 million) to boost its stake in Ho Chi Minh City’s Saigon Centre beyond 50 per cent.

    Saigon Centre, a mixed-use development incorporating a shopping centre anchored by Takashimaya department store, apartments and office space, is a joint venture between Keppel and local company Watco. The first stage, a small shopping mall beneath an 11-story tower, opened in 1996. Last year the expanded 55,000 sqm mall opened, and construction continues on a second tower of approximately 40 stories above it.

    The mall is trading well, 100 per cent leased, with several Japanese retailers, including Owndays, making their debut in the market. Chanel is constructing what is expected to be a make-up studio on the ground level in a prime space previously used for events and pop-ups.

    Keppel now owns 53.5 per cent of the Keppel Land Watco I, II and II companies and 76.2 per cent of Keppel Land Watco IV and V.

    “Keppel Land is committed to grow its commercial portfolio in key Asian cities. Vietnam, one of our key growth markets, continues to attract foreign direct investments which will drive positive demand in the property market from homes to offices and mixed-use developments,” said Keppel Land CEO Ang Wee Gee in a statement.

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  • Miniso Singapore plans 20 more stores

    Miniso Singapore plans to open 20 more stores by the end of this year, taking its network in the city to 46.

    In an interview with The New Paper, Miniso Singapore director Alex Zhang said locals were responding well to its eclectic offer of homewares, electronics, bags and household items.

    And he is confident the brick-and-mortar model will continue to serve the brand well, despite growing volumes being sold online.

    “From what we observed, Singaporeans still enjoy the experience of shopping in malls. People here still love seeing the designs and products in person before buying them.”

    Miniso Singapore opened its first store in December 2015 and now has 26 operating across the city. The brand was founded in China, opening its first Japanese store in 2013. Despite its Chinese base – it has 1000 stores trading in the mainland already – it tries to position itself as a Japanese brand, a sort of discount version of Muji. That strategy has attracted criticism in the past.

    Miniso has also opened stores in Hong Kong, Australia, Vietnam, Russia and Turkey.