Retail News CRM

Tag: Singapore

  • Gong Cha Korea to expand globally

    Gong Cha Korea to expand globally

    Bubble tea brand Gong Cha Korea is planning international expansion.

    Aided by the global passion for Hallyu, or the so-called Korean Wave, Gong Cha plans to open stores in the Middle East and Europe. It will also buy more than 1380 stores in 18 countries, including the US, Canada, Australia, New Zealand, China, Japan, Singapore, the Philippines, and Hong Kong.

    Currently, Gong Cha Korea operates only about 360 stores in its home market, which last year brought in KRW8 billion (US$7 million) profit – representing 11 per cent growth year-on-year.

    As most of Gong Cha’s customers are aged from 10 to their 30s, the company expects entering new foreign markets will be easier through creating synergies with Hallyu.

    The expansion will be facilitated by a share transaction with its parent company Royal Tea Taiwan in which the Korean business will progressively boost its ownership from 35 per cent to 70 per cent by January 2017.

    Royal Tea Taiwan was launched in 2006, and introduced to Korea by franchisee Kim Yeo-jin in 2012. Two years later, Japanese private equity fund Unison Capital bought 70 per cent of the Korean business.

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  • M1 nine-month profit falls 12.6%

    M1 nine-month profit falls 12.6%

    Singapore’s M1 has reported a 12.6% decline in net profit for the first nine months of the year, due to slowing service revenue and depreciation and amortization costs associated with the operator’s 4G network.

    Net profit fell to S$117.9 million ($84.7 million), while service revenue decreased 1.4% to S$604.5 million as a result of the ongoing impact of OTT substitution on traditional telecoms services revenue.

    Mobile data revenue grew by 6.2 percentage points year on year to account for 54.2% of service revenue, with average postpaid smartphone data usage growing to 3.4GB per month in the third quarter from 3.3GB a month a year earlier.

    Fixed service revenue for the nine-month period meanwhile increased 26.1% year-on-year to S$77.1 million, or 12.8% of service revenue. M1’s fiber customer base increased by 7,000 to 152,000.

    Looking ahead, M1 said barring unforeseen circumstances, the operator expects a similar percentage decline in net profit for the full year as reported for the first nine months.

    Announcing its results, M1 said its planned of Singapore’s first nationwide commercial NB-IoT network, announced n August, will help open up a new growth market for the operator.

    “The needs and behavior of our consumers and corporates are changing rapidly. We will continue to make network investments to provide our customers with a superior and all-encompassing experience while also tapping into new growth areas in data analytics, IoT and other solutions,” M1 CEO Karen Kooi said.

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  • McDonald’s social media blitz: 200 staff added to Tweet & Like

    McDonald’s social media blitz: 200 staff added to Tweet & Like

    Gearing up for a McDonald’s social media blitz, the fast food giant has recruited 200 staff from tech-savvy online companies.

    The new recruits have come from companies such as Amazon and PayPal and are stationed in the McDonald’s head office in Oakbrook Illinois, in Singapore and London.

    Their challenge is help the iconic burger brand catch up with rivals in using social media to monitor customer experiences, engage with customers and monitor what is trending online.

    Just two years ago, McDonald’s was not even following or responding to online comments on its brand or products – yet its name is mentioned every one to two seconds.

    “We seemed deaf and mute,” Paul Matson, director of social and digital engagement at McDonald’s US, said in an interview with the Wall Street Journal.

    Matson believes the expanded team will help win business from social media-addicted millennials – some 78 per cent of whom visited a McDonald’s restaurant at least once a month during the first quarter of 2016.

    Besides improved monitoring and communication, the company is using social media to test market products and concepts – replacing more traditional focus group research. The spin-off from that is increased exposure of the concepts, wider engagement and a far great sample base than focus groups allow.

  • ASEAN e-commerce market keeps booming

    ASEAN e-commerce market keeps booming

    The ASEAN region (The Association of Southeast Asian Nations) is emerging as one of the most promising e-commerce markets in the world to replace the saturated Chinese market.

    Following the establishment of the ASEAN Economic Community (AEC) at the end of 2015, e-commerce is providing huge opportunities for Korean retailers seeking new customers abroad.

    Most member states of ASEAN, including Indonesia, Thailand, Malaysia, Singapore, the Philippines and Vietnam, are experiencing an e-commerce boom.

    The Internet-based retail market has been relatively underdeveloped in Southeast Asia due to low Internet penetration and lack of customers with purchasing power.

    However, with the middle class growing and Internet penetration spreading, the number of online and mobile shoppers in the region is rising fast.

    Still, it is fragmented and Internet users account for only around 40 percent of the total population of Southeast Asia, indicating that the region has much room to grow.

    According to the 2016 report “E-Conomy SEA (Southeast Asia)” released jointly by Singapore’s sovereign fund Temasek and Google, the average annual growth rate of Internet users in the region is forecast to reach approximately 14 percent by 2020, well above 4 percent for China and 1 percent for the United States.

    Online shoppers, accordingly, are also on a sharp rise.

    According to Bain & Company, the number of digital consumers, or those aged over 16 and using e-commerce, reached 150 million in 2015. Of them, around 100 million or 75 percent actually purchased goods online.

    By nation, Indonesia ranked at the top with 51 million digital consumers, followed by Vietnam (31 million), the Philippines (28 million), Thailand (23 million), Malaysia (14 million) and Singapore (3 million).

    “Chinese and global Internet companies should look at Southeast Asian e-commerce as their next potential gold rush,” reported IT-specialized media TechCrunch in June, 2015.

    In particular, ASEAN’s e-commerce has a special feature that sets itself apart from other countries.

    For example, the online retail market in the U.S. and Korea first grew with expansion of PC-based shopping. However, Southeast Asia experienced the e-commerce boom with more consumers accessing Internet via smartphones.

    In 2015, e-commerce in the ASEAN is estimated at $5.5 billion (6.06 trillion won), and the amount is expected to rise to $8.78 billion by 2025, according to E-Conomy.

    The portion of e-commerce to retail sales in the region stood at only 0.8 percent in 2015 but is forecast to jump to 6.4 percent by 2025.

    Global players eye ASEAN

    Against this backdrop, global players are making fast forays into the ASEAN e-commerce market.

    In April, Alibaba, China’s largest e-commerce company, purchased a controlling stake in Southeast Asian online retailer Lazada Group for $1 billion, its largest overseas investment.

    Lazada was started by Germany’s Rocket Internet in 2012 with headquarters in Singapore. It is operating in Malaysia, Indonesia, the Philippines, Thailand and Vietnam. It is the number one e-commerce player in Philippines, Malaysia, Thailand and Vietnam.

    In June, U.S. retail giant Amazon also decided to invest $600 million to open an e-commerce platform in Indonesia, according to Daniel Tumiwa, chairman of the Ecommerce Association of Indonesia (IDEA).

    Japanese SoftBank and Silicon Valley venture capitalist Sequoia Capital acquired a $100 million stake in Tokopedia, the biggest startup investment in Indonesia. eBay, another U.S. e-commerce giant, currently owns Qoo10, the online shopping mall based in Singapore.

    Korean companies are also expanding their operations in the region to capitalize on the rising popularity of hallyu or the Korean Wave.

    On Sept. 20, CJ Korea Express, South Korea’s largest parcel delivery service company, signed an international delivery service contract with Lazada. Under the deal, CJ would deliver goods made in Korea purchased by customers via Lazada’s website.

    On the same day, KOTRA, Korea’s trade-investment promotion agency, joined hands with Qoo10 to start an online support program and help Korean small firms export their goods to Southeast Asia. Qoo10 has a total of 300 million online members in Singapore, nearly 60 percent of its population.

    SK Planet opened 11th Avenue, its online shopping mall, in Indonesia in 2014 and Malaysia in 2015.

    Korea is now focusing on expanding exports of consumer goods to ASEAN as it has faced limitations to increase external shipments of parts and intermediary products.

    “With more Korean firms entering the ASEAN e-commerce network, including Lazada, exports of Korean consumer goods, such as mobile phones, cosmetics, food and fashion items, are on a sharp rise,” Roh In-ho, KOTRA’s Asia Regional Director based in Singapore, said.

    For sustainable growth, Korean firms need to make more effort to come up with localized strategies that meet demands from local customers.

    “If diversifying marketing strategies, ASEAN e-commerce will offer good opportunities for small Korean exporters,” Roh said. “It is very important to develop designs and products that locals would like.”

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  • LIU JO Open at Paragon Mall in Singapore

    LIU JO Open at Paragon Mall in Singapore

    Italian fashion brand Liu Jo is pleased to announce the opening of its new boutique in the prestigious Paragon Mall in Singapore. It is also the key flagship boutique for South East Asia region.

    The impressive vast 3,305 square feet boutique marks an important milestone in Liu Jo’s fast-growing expansion in the Asia region and continues the new exciting Curiosity retail concept which aims to create an exclusive but warm and homely ambience for its shoppers. The new layout highlights precious metals in a modern, intriguing design, presenting a minimalist, sleek and sophisticated décor to give pride of place to its collections. Complemented with the recognisable Liu Jo brand codes and signature eclectic style, the new boutique presents a refreshed expression of the brand’s mission to celebrate feminine elegance and quality.

    Previously located at Wisma Atria Mall, loyal followers of the brand will be pleased to know that the new Paragon boutique boasts a larger retail space, and will house an extensive selection of the Italian brand’s ready-to-wear and accessories offering. Liu Jo Black Label Collection, Liu Jo White Label Collection, Liu Jo Blue Denim Collection, Liu Jo Gold Label Collection, Liu Jo Sport, Les Plumes de Liu Jo, Liu Jo Accessories, Liu Jo Shoes and the Liu Jo Eyewear and, Liu Jo Fragrances will be available at this flagship boutique.

    This new Paragon boutique is a key step to the development of the Italian company to increasing and strengthening its global market share. Singapore will play a strategic key role: it will be a key platform for further focus on the rapid growth of the South East Asia market.

    Presenting a new interpretation of accessible luxury shopping, this new boutique marks the continuation of the steady success and popularity the brand enjoys in Asia. The international fashion brand currently has presence in 50 countries and 3 different continents – Europe, Africa and Asia – through a distribution network including over 350 mono-brand points of sales and 5000 multi-brand points of sales world-wide.

  • DHL Express has inaugurated its South Asia Hub at Singapore Changi Airport

    DHL Express has inaugurated its South Asia Hub at Singapore Changi Airport

    The €85 million (US$85.5 million), 23,600-square-metre facility is located at the Changi Airfreight Centre and features the first fully automated express parcel sorting and processing system in South Asia.

    “Over the years, we’ve invested significantly to bolster our network and services in Asia Pacific,” said Ken Allen, CEO of DHL Express. “Our investment in the DHL South Asia Hub is the most recent in a series of global network investments made, and is the largest infrastructural investment made in Singapore to date. The country’s strategic location not only boosts our operational network capabilities, but also supports growing trade in the region aided by a stronger global economy.”

    According to DHL, the 24-hour facility is 33 percent larger than the previous hub. It is also six times faster, being capable of processing up to 24,000 shipments and documents per hour and handling more than 628 tonnes of cargo during the peak processing window.

    “The DHL South Asia Hub is a significant milestone in further enhancing our multi-hub strategy in the region,” said Ken Lee, CEO of DHL Express Asia Pacific. “With four hubs in Asia Pacific — Hong Kong, Shanghai, Singapore and Bangkok — this links over 70 DHL Express Gateways located throughout the region. Together, these facilities reinforce our customer commitment to provide the most efficient international express connectivity between key markets in the region. This will also allow us to add more network flights in and out of Singapore, such as the recent introduction of the Phnom Penh-Bangkok flight that adds to our existing Bangkok-Singapore service, as regional trade continues to grow.”

    Between 2012 and 2015, the average number of shipments per day grew by 50 percent for Oceania, 30 percent for South Asia and 25 percent for Southeast Asia, according to DHL.

  • Fast Retailing profit rebounds

    Fast Retailing profit rebounds

    While Fast Retailing profit fell in the full year, the Japanese apparel giant says its second-half profit rebounded sharply.

    Consolidated revenue rose 6.2 per cent to JP¥1.7864 trillion (US$17.19 trillion) while its operating profit fell 22.6 per cent to ¥127.2 billion.

    Factors underlying the sharp decline in profit include a ¥11 billion foreign-exchange loss, a ¥13.8 billion J Brand impairment loss, and ¥9.3 billion for impairment losses on Uniqlo Japan and Uniqlo US stores, plus retirement and store-closure losses.

    In the second half, from March to August, profit rebounded by 94.3 per cent year-on-year, attributed to a nascent recovery in sales at Uniqlo Japan and Uniqlo International, and concerted cost-cutting efforts.

    For Uniqlo Japan the second-half profit bounced back by 38 per cent. Revenue for the year was ¥799.8 billion, up 2.5 per cent, with profit dropping 12.6 per cent to ¥102.4 billion. Same-store sales rose 4.9 per cent in the second half compared to a 1.9 per cent decline in the preceding six months.

    For Uniqlo International, full-year revenue was up 8.6 per cent to ¥655.4 billion while profit fell 13.7 per cent to ¥37.4 billion. In the second half, however, profit rebounded to 15 times the previous year’s level, mainly because of sharp profit gains in Uniqlo Greater China (encompassing China, Hong Kong and Taiwan), Southeast Asia and Oceania, and Europe.

    For the group’s global brands, revenue rose 11.3 per cent while profit fell 34 per cent for J Brand, revenue rose 32.7 per cent and profit by 34.8 per cent for GU, profit was also up for Theory, while Comptoir des Cotonniers, J Brand and Princesse Tam.tam had losses.

    During the 12 months, Uniqlo International opened a series of stores, including its first global flagship store in Southeast Asia, the Uniqlo Orchard Central store in Singapore. As of August 31, the number of Uniqlo International stores had grown by 160 to 958.

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  • Timberland Asia launches online

    Timberland Asia launches online

    Footwear and apparel brand Timberland Asia has partnered SP eCommerce, a Singapore Post company, to launch its official eCommerce store for the Southeast Asian region.

    The Singapore-based online store uses SP eCommerce’s security, management, digital marketing, store operations and customer-care technology. Order fulfillment is being handled across Singapore through SingPost’s last-mile distribution network.

    This gives Timberland the ability to deliver a seamless shopping experience, with exclusive online promotions as well as its full retail catalog.

    “This is a natural next step for Timberland,” says Malaysia/Singapore GM Daisy Tan of Timberland owner VF Corporation. “Working with one partner for the entire shop-to-ship process lets us focus our attention on serving our customers and growing our business.”

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  • Sprooki platform to launch in Indonesia

    Sprooki platform to launch in Indonesia

    Shopper-engagement platform Sprooki will launch in Indonesia next month at the 125,000 sqm Supermal Karawaci retail precinct in western Jakarta.

    It will be integrated with the precinct’s touchpoints and mobile apps, allowing retailers to offer customers individualised content such as vouchers, special offers, event alerts and store information.

    Sprooki Michael Gethen and Claire Mula

    Sprooki Michael Gethen and Claire Mula

    Customers will be able to share content on social media including Facebook, which has more than 60 million users in Indonesia. Sprooki is available in both English and Bahasa languages.

    Based in Singapore, Sprooki uses customer location, profile and behaviour data to help retail outlets, shopping malls and department stores engage with their customers via smartphones and other devices.

    Supermal Karawaci is the largest shopping centre in Banten province, west of Jakarta, with more than 1000 stores, three cinemas and the largest Timezone arcade in Southeast Asia – complete with an indoor rollercoaster.

    Sprooki CEO/co-founder Michael Gethen says the deployment will help Supermal Karawaci’s retail tenants improve sales and give the mall unprecedented insight into shopper habits and behaviour.

    Sprooki

    “By implementing the Sprooki platform, our mall will be one of the first shopping precincts in Indonesia to incorporate a data-driven mobile platform to improve shopper experience,” says Supermal Karawaci marketing and leasing GM Pipih Tjandra.

    Sprooki’s mobile platform is already being used by Southeast Asian shopping malls such as a Lend Lease’s 313@Somserset in Singapore and Crescent Mall in Ho Chi Minh City, Vietnam, as well as thousands of retailers and major brands such as Coffee Bean and Tea Leaf, Forever 21, Gap, GNC, Marks & Spencer and Pie Face.

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  • Singtel expands MSS alliance with Akamai

    Singtel expands MSS alliance with Akamai

    Singtel announced it has expended its alliance with Akamai by becoming the world’s first telco provider to have its advanced security operations centre staff certified to deliver Akamai managed security services.

    The two companies teamed up last month to offer DDoS mitigation services based on Akamai’s Intelligent Platform to enterprises across APAC.

    Now this alliance has been expanded, with Singtel’s ASOC staff trained and certified to deliver professional managed and security services for Akamai’s web security portfolio in the region.

    Singtel is launching the capability for Singapore enterprises first before expanding it to other regional APAC markets.

    “This partnership augments our award-winning Managed Security Services by integrating our ASOC in Singapore with Akamai’s best-in-class cyber security solutions,” Singtel Group Enterprise managing director for cyber security William Woo said.

    “The partnership further strengthens our existing relationship with Akamai, taking it to a new level of collaboration to reinforce Singapore as a safe business hub, and the Asia Pacific as a region which is conducive for doing business.”

    Singtel operates a network of eight security operations centers across Asia, Europe and the US, including its advanced security operations center in Singapore.

  • Chicco Singapore opening concept store

    Chicco Singapore opening concept store

    Baby brand Chicco Singapore launches its first Southeast Asia concept store at Tanglin Mall this week.

    It is also the largest Chicco store in Asia, covering 4400 sqft (408 sqm), it offers products that cater to the varied needs of children for every stage of their development.

    In a bid to make the shopping experience easy, the Chicco concept store has a guided path with different product categories delineated by colour, icons and imagery.

    The 58-year-old brand offers tiered pricing to ensure products are accessible to all shoppers. Chicco also has a homogenous pricing model, so shoppers in Singapore have similar prices to its stores in Europe for the same products.

    chicco-store

    To understand more about the needs of children during their early stages of development, Chicco has its own R&D centre, known as Osservatorio Chicco. The brand also guarantees the safety of its products.

    Chicco was founded by Pietro Catelli in Como, Italy, in 1958 after the birth of his son Enrico, affectionately nicknamed Chicco. Twelve years earlier, Catelli had founded sales agency Artsana, which specialises in the production and distribution of products for venipuncture and medication.

    Chicco now has a presence in 120 countries.

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  • Watsons places products on Lazada Singapore

    Watsons places products on Lazada Singapore

    Healthcare and beauty chain Watsons has formed a partnership with eCommerce company Lazada Singapore.

    As a result of the collaboration, more than 500 Watsons products have been made available on Lazada.

    Formed in 2012, Lazada Singapore offers a wide range of products, from electronics and household goods to fashion apparel and sports equipment. Watsons has more than 100 stores throughout Singapore.

    “The partnership with Lazada is a timely extension to our digital strategy in the region,” says Watsons Singapore GM Dominic Wong.

    The alliance not only ensures convenience, but Lazada has also just introduced a free delivery option with no minimum spend.

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  • Asia dominates retail destination rankings

    Asia dominates retail destination rankings

    Asian cities dominate the latest retail destination rankings, with the Middle East taking most of the remaining spots.

    According to the latest edition of JLL’s Destination Retail report, which ranks markets for retailer expansion around the world, Asia is fuelling global growth, taking 12 of the top 20 spots. Six of those cities are in China – but Singapore, Hong Kong and Macau are not among them. Six months ago Hong Kong was second only to London – neither city makes the list now.

    This time around, the top two cities are Dubai and Shanghai, with Beijing ranking third. The other Asian cities in the top 20 are Bangkok, Chengdu, Kuala Lumpur, Jakarta, Manila, Tianjin, Shenyang, Shenzhen, Chongqing and Hangzhou. (The full list is below).

    Besides Dubai, Abu Dhabi, Kuwait, Jeddah and Riyadh make the list, meaning 85 per cent of the top 20 destinations are in just two regions.

    “The global retail landscape is expected to change significantly over the next 10 years, as a fast-growing middle class in emerging markets attracts retailers hungry for growth,” says David Zoba, chairman of JLL’s Global Retail Leasing Board.

    JLL says Shanghai has become a favourite of international brands looking to test the Chinese market and gain exposure. While established prime markets include West Nanjing Rd and Huaihai Rd, new submarkets targeting local residents are popping up along the many new metro lines leading out of the city, and the city’s retail network is growing and shifting.

    Beijing follows as the third-fastest-growing retail market with its swelling middle class and strong concentration of high-net-worth individuals. Properties such as China World Mall and the landmark project Taikoo Li continue to draw high-end shoppers, while malls like Beijing APM and Oriental Plaza dominate tourist-friendly shopping strip Wangfujing. The Chinese capital’s suburbs are also experiencing rapid growth as people choose to shop more locally rather than brave the traffic into the city centre.

    “Emerging markets can expose international retailers to greater levels of economic and geopolitical risks. One pertinent example is China’s anti-corruption campaign and the knock-on effects on the luxury market,” says James Hawkey, head of retail for China, JLL. “However, international retailers are increasingly comfortable dealing with these risks, and generally have their eyes on the long term prize of establishing a strong position in major world markets.”

    Added Zoba: “The search for growth is escalating the penetration of international brands across the world’s most attractive retail cities, especially in Asia. Retailers who succeed in acquiring the right space in the right place at the right time will benefit from successful, profitable growth, but they should be mindful that potential rewards go hand in hand with risk,” continues Mr Zoba.

    Retail rents in these emerging markets reflect legislation, market transparency, reputational risk, maturity, as well as growth potential, meaning that their levels are relatively low compared to more mature markets. Places like Ho Chi Minh City, Jakarta and Bangalore present an opportunity for retailers to establish their brands at rents of less than US$2000 per square metre per year with projected in-store sales increasing by 8 to10 per cent until 2019, based on Oxford Economics forecasts. However, as cities mature and the pace of new construction of retail centres slows, rents will gradually increase.

    JLL’s Destination Retail report 2016 examines the presence of 240 international retail brands across 140 retail cities, giving insights for international retail expansion. The 140 cities make up 36 percent of the world’s GDP, 13 per cent of the global population and 33 per cent of total consumer spending.

    Top 20 Global Growth Cities for Retail

    1              Dubai

    2              Shanghai

    3              Beijing

    4              Kuwait City

    5              Abu Dhabi

    6              Jeddah

    7              Riyadh

    8              Moscow

    9              Bangkok

    10           Chengdu

    11           Kuala Lumpur

    12           Jakarta

    13           Manila

    14           Istanbul

    15           Tianjin

    16           Shenyang

    17           Shenzhen

    18           Chongqing

    19           Mexico City

    20           Hangzhou

  • Testing times: Singapore’s retail scene shows four signs of weakness

    Testing times: Singapore’s retail scene shows four signs of weakness

    Rents in the Central region may fall 6-8% in Q4.

    The outlook for Singapore’s retail sector for the last three months of the year remains subdued, with weak retail rents made worse by retailers consolidating outlets to streamline cost.

    Average island-wide prime retail rents moderated in Q3 2016, with that of Orchard Road falling for the first time since Q2 2015 on the back of the tougher retail climate, reports Knight Frank (KF).

    The average gross rents for prime spaces was $31.20, which represents 2.2% decline YoY and 0.2% dip on a quarterly basis. Average Orchard Road prime rents, meanwhile, declined by 0.1% YoY and 0.5% QoQ.

    According to KF, average rents in the Central Region are envisaged to fall by 6.0% to 8.0% y-o-y by Q4 2016, while the more resilient prime rents to moderate downwards by up to 3.0% y-o-y in the same period.

    “The expected fall in rents takes into account not only the projected weakened demand from retailers, but also the likelihood of landlords readjusting the rental structures to help their tenants tide over down cycles of the market in order to maintain healthy occupancy status,” it said.

    An estimated 1,072,000 sq ft of net lettable major retail space is slated for completion in the whole of 2016. KF noted that out of this, 38.2% (409,000 sq ft) was ready in the first half of 2016, with the remaining 663,000 sq ft to be completed in H2 2016.

    “In addition to this is the cautious stance taken by retailers towards business expansion, and island-wide occupancy is likely to fall from 92.8% in Q4 2015 to between 90.0% and 92.0% in Q4 2016,” said KF.

    KF’s bearish outlook on Singapore’s retail sector is supported by the following indications of weak overall spending:

    1. Singapore’s consumer confidence entered the pessimistic range.

    According to the Mastercard Index of Consumer Confidence, Singapore saw a significant decline of 10.7 points in H1 2016 from H2 2015. The degree of decline lagged behind only Indonesia (-14.7 points) and Hong Kong (-12.4 points), of the 17 countries within the Asia Pacific region tracked by Mastercard.

    2. The overall Retail Sales Index (excluding motor vehicles)(seasonally adjusted, at constant prices) improved by 3.5% m-o-m in July 2016 compared to the preceding month. All retail trades saw improvement with the exception of Food & Beverages, which declined by 1.5% monthon-month (m-o-m) over the same period. However on a year-on-year (yo-y) basis, the overall retail sales (at constant prices) declined by 3.7% in July 2016, with Computer & Telecommunication Equipment (-18.7% y-oy), Watches & Jewellery (-16.6% y-o-y) and Food & Beverages (-9.7% yo-y) trades seeing the steepest falls.

    3. Employment in the wholesale and retail trade declined by 1.8% in H1 2016 compared to H2 2015. This could be attributed to the weaker retail sales and greater caution in manpower deployment by retailers.

    4. Total visitor arrivals for the period of January to July 2016 increased by 11.5%, compared to the same period last year, to reach 9.8 million. While visitors from China and Indonesia rose by 49.2% y-o-y and 6.8% y-o-y respectively in the first seven months of 2016 compared to the same period in 2015, visitors from Malaysia dropped by 1.6% y-o-y.

  • Guocoland secures temporary occupation permit for Guoco Tower

    Guocoland secures temporary occupation permit for Guoco Tower

    The property has already seen 80% commitment from tenants.

    Prospective tenants of Guoco Tower should be ready to move in anytime as Guocoland secures temporary occupation permit for the office and basement retail component of the building.

    In a statement, GuocoLand claimed the Grade A office tower has already seen a remarkable 80% commitment moving into October despite a highly competitive office leasing market. This has significantly spiked up from 10% at the beginning of the year.

    Guocoland Singapore Managing Director Cheng Hsing Yao said the 890,000 sq ft office tower has attracted demands from a broad range of industries. Some of the companies in the list of committed tenants include Agoda, Amadeus, ASICS, Danone, Straits Trading and Teva Pharmaceutical Industries.

    “Guoco Tower’s ‘liveable vertical city’ concept whereby workplace is integrated with lifestyle amenities makes it attractive to tenants who care for the welfare of their staff. In addition, the prime location, seamless access to the MRT station and its prestige as the tallest building in Singapore also appealed to tenants,” he said.

    Guoco Tower is inside the Tanjong Pagar Centre, an integrated commercial, retail, and lifestyle complex with 181 luxury apartments in Wallich Residence, the 222 room Sofitel Singapore City Centre hotel, and a 150,000 sq ft. Urban Park.

    The complex will commence its operations in phases from November this year.

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