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Tag: Singapore

  • Marina Bay Sands launches exclusive digital offer

    Marina Bay Sands launches exclusive digital offer

    The Shoppes at Marina Bay Sands has launched a digital platform allowing shoppers to browse and reserve online exclusive lines not available in stores outside its mall.

    The new O2O initiative not only helps the mall promote its exclusivity and premium luxury positioning, it drives foot traffic offline into the mall.

    Shoppers can reserve the Shoppes-exclusive items – like the Kwanpen Men’s Boutique Crocodile leather briefcase pictured above – for 48 hours before heading to the physical boutiques to purchase the goods.

    The Shoppes team says the online service is another initiative to showcase the mall’s unmatched collection of luxury offerings. Shoppers who use the free service are also in for treats and seasonal privileges upon purchasing in-store, including attractive shopping rewards, complimentary day parking, as well as be the first ones to receive firsthand updates on the newest limited edition products debuting at The Shoppes.

    John Postle, VP of retail with Marina Bay Sands, said: “We are always looking for ways to engage our shoppers while leveraging existing digital platforms to showcase product offerings that set us apart. Through this service, we want to bring convenience to our customers and make them feel special when they arrive at their destination, knowing that their item is waiting for them.”

    For its launch, the website will feature a selection of luxury bags from international brands including Bally, Brioni, Kwanpen Men’s Boutique, Roberto Cavalli, Salon by Surrender, Salvatore Ferragamo and Zilli.

    To celebrate the launch of the service, shoppers will receive a S$100 shopping voucher on top of complimentary parking, upon purchase of their reserved item from now until August 31.

  • Marina Bay Sands delivers Scoops of Hope

    Marina Bay Sands delivers Scoops of Hope

    Marina Bay Sands’ family of celebrity chef restaurants have joined hands to craft exclusive gelato flavours for Scoops of Hope, a new addition to this year’s Sands for Singapore Charity Festival.

    From 31 July to 9 August, the public can savour eight delectable flavours at the Scoops of Hope pop-up gelato station at Marina Bay Sands, while giving back to the community at the same time. All proceeds will go towards The Straits Times School Pocket Money Fund, which lends a hand to children from low-income families.

    Marina Bay Sands CEO and president George Tanasijevich, said, as home to nine outstanding celebrity chef restaurants, Marina Bay Sands’ Scoops of Hope project is an excellent way to harness its combined culinary talent to benefit the less privileged.

    “We invite the public to join us in this.”

    The gelato flavours also play a special tribute to Singapore during this national celebratory period. Cut by Wolfgang Puck is contributing Gula Melaka gelato, an ingredient commonly used in local traditional desserts. Adrift by David Myers is creating Masala Teh Tarik gelato, a spin on the popular milk tea beverage. Waku Ghin by Tetsuya Wakuda will be rolling out Coconut with White Miso gelato, reminiscent of the famous local dessert Chendol, a personal favourite of Chef Tetsuya.

    A special flavour has also been created to commemorate the 170th anniversary of The Straits Times, Singapore’s oldest English-language daily. Created by executive chef of Marina Bay Sands, Christopher Christie, the multi-colour ST gelato comprises creamy White Chocolate with Raspberry, topped with crunchy Blue Sprinkles, incorporating the corporate colours of the newspaper as it crosses its milestone this month.

    Already, the first 170 scoops of the ST gelato have been bought by a private donor of the The Straits Times School Pocket Money Fund, which is also celebrating its 15th anniversary this year. The scoops of gelato will be redeemed by beneficiaries and their accompanying caregivers from 31 July. Another corporate donor of ST School Pocket Money Fund – Ascendas Funds Management (S) Limited – has also donated S$50,000, in support of the Scoops of Hope initiative.

    The Straits Times School Pocket Money Fund is a community project initiated by The Straits Times to provide pocket money to children from low-income families to help them through school. The Fund supports over 10,000 children and youth each year. Since the project started in 2000, the Fund has disbursed close to $42 million and helped over 128,000 cases of children and youth in providing them with monthly school pocket money.

    The Scoops of Hope project is also made possible with support from Carpigiani Gelato University and Allied Foodservice Equipment Pte Ltd. Carpigiani Gelato University, which has a mission to develop the art and science of gelato production, offered expertise and training in gelato making, while Allied provided the requisite equipment.

    From 31 July, gelato lovers can visit the pop-up store at The Shoppes Canal Level, B2 (Opposite Cold Storage) from 11am to 9pm. The gelato is priced at S$4.50 for a single scoop, S$8 for a double scoop and S$12 for a triple scoop.

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  • ‘Team Singapore one for all’ $15m tourism spend

    ‘Team Singapore one for all’ $15m tourism spend

    Singapore Changi Airport, Singapore Airlines and the Singapore Tourism Board are to invest S$20m ($14.8m) on a coordinated effort to encourage more visitors to engage in leisure, business and MICE activities.

    All three parties have agreed a two-year partnership aimed at enriching Singapore’s appeal to more visitors through an enhanced and coordinated approach, involving the country’s national airline, its leading airport and the destination as a whole.

    The 15 ‘visitor markets’ that are initially being targeted with this new ‘one for all’ approach include Australia; China; Germany, Hong Kong; India; Indonesia; Japan; Korea; New Zealand; the Philippines; Taiwan; Thailand; Vietnam; the US; and the UK.

    In a joint statement, the trio say that they hope to refine the Singapore experience to leisure visitors coming to and through Singapore and Changi Airport, along with intensified direct marketing efforts to consumers and through trade partnerships.

    In addition, the partnership is also investing some of its money to increase marketing investment aimed at business travellers and MICE (Meetings, Incentives, Conventions and Exhibitions).

    Singapore Airlines CEO, Goh Choon Phong said: “This partnership demonstrates our commitment to further developing our home base as a travel hub and promoting Singapore as a destination of choice. We are pleased to continue working closely with STB and CAG and draw on our respective strengths, to promote sustainable growth of inbound travel to and through Singapore.”

    Lee Seow Hiang, CEO of the Changi Airport Group added: “One of the key initiatives in this collaboration is developing and enhancing joint programmes that will contribute towards strengthening the global mindshare and perceptions of both Singapore and Changi Airport.

    “We look forward to working together to leverage our collective strengths and insights and to amplify our efforts to promote the Singapore experience.”

    Adding his comments, Lionel Yeo, CEO of the Singapore Tourism Board said: “Our airline and airport are an integral part of the Singapore experience. The new product offerings demonstrate SIA, CAG and STB’s commitment to provide today’s discerning travellers with a more seamless and in-depth experience.

    “To constantly refresh and add value to the visitor experience, it is essential for the industry to rally together; STB looks forward to more partnerships with the industry.”

    The three partners says that one of the ‘key highlights’ of this new initiative is the introduction of the Stopover Premium package which is an upgraded version of the Singapore Stopover Holiday. They say this is the latest in the three partners’ ongoing efforts to create more distinctively targeted experiences for travellers with different needs to enjoy Singapore more fully as a destination.

    This is being aimed at both premium leisure and business travellers and includes stays in selected five-star hotels with breakfast and Wi-Fi, priority hotel check-in services and private transfers (for ‘Club’ room stays).

    Other exclusive ‘privileges’ include spa discounts or shopping vouchers and access to a variety of premium leisure experiences across the island (first and business class passengers only).

    The partnership is also offering a ‘refreshed’ and enhanced Free Singapore Tour, aimed at taking transit passengers on a free guided tour of Singapore’s heritage attractions and city skyline.

    The new programme now boasts longer itineraries, more iconic landmark sights, photo stops and additional tour timings. The Singapore Tour has proved hugely popular over nearly three decades, with more than one million visitors taking advantage of the offering since it was first introduced 28 years ago in 1987.

    It currently includes several attractions (see below) including Little India, Chinatown, the Colonial District, the main business district and many other attraction.

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  • Singaporean retailers thrive on online market

    Singaporean retailers thrive on online market

    A study by eBay shows that Singapore’s tech savvy retail exporters, who use the company’s online market place, sell to an average 41 international markets.

    eBay defines retail exporters as those sellers on its site who garner US$10,000 in sales to global customers (that is buyers outside of Singapore).

    According to an eBay spokesman, Singaporean retail exporters have been experiencing solid growth on the back of a revitalised US dollar. In South-east Asia, Singapore is ranked second in terms of reach behind Thailand. Interestingly, Singapore’s ranking is five destinations higher than US retail exporters.

    Jason Lee, director, eBay South-east Asia, noted that the US is the top trade corridor for Singaporean retail exporters.

    “An exciting trend for Singapore businesses seeking new revenue streams is the speed in which entrepreneurs are able to become a retail exporter, with 22 per cent of Singaporean retail exporters on eBay hitting the US$10,000 sales mark in the past year alone,” he added.

    The top three categories that Singaporean retail exporters sell on eBay are jewellery and watches, cell phones and accessories and clothes, shoes and accessories.

     

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  • Aeropostale to enter India, Indonesia

    Aeropostale to enter India, Indonesia

    US mall-based youth fashion discounter Aeropostale has announced new partnerships in India and Indonesia.

    The company will open stores in India through a licensing agreement with Arvind Lifestyle Brands Limited, and in Indonesia through a licensing agreement with PT Mitra Adiperkasa TBK (MAP).

    Julian R. Geiger, Aeropostale CEO, said India and Indonesia are two of the most populated countries in the world and his company sees significant opportunities by taking the Aeropostale brand to them both.

    “Following the successful launch of our brand in the Philippines and Singapore, we are excited to capitalise on the strong growth prospects in both India and Indonesia. We are totally comfortable partnering with two of the largest and strongest retailers in their respectful regions, Arvind Lifestyle Brands Limited and MAP.”

    Aeropostale’s expansion plans in India include the opening of 50 standalone stores, 150 concessions and eCommerce operations across the country over the five years, from March 2016.

    The company expects to open 10 to 12 standalone stores in Indonesia over the next five years, with its first store opening in Jakarta in Fall 2016.

    Continued Geiger: “We anticipate ending the year with over 300 locations across 17 countries. Our aggressive international growth underscores the strength and recognition of the Aeropostale brand, and we look forward to announcing new global licensing partnerships throughout the year.”

    Aeropostale  principally targets males and females aged 14 to 17 and four to 12 year-olds through its P.S. from Aeropostale stores and website.

    Arvind Lifestyle Brands has licensing relationships with many international brands including Gap, TCP, Gant, Nautica, Arrow, Izod, US Polo Association, Elle, Ed Hardy, Hanes, Cherokee and Geoffrey Beene.

    PT Mitra Adiperkasa TBK  is a leading lifestyle retailer in Indonesia with over 1800 retail stores and a diversified portfolio that includes Starbucks, Zara, Marks & Spencer, Sogo, Seibu, Debenhams, Oshkosh B’ Gosh and Reebok.

  • Uniqlo ‘modest wear range’ targets Muslims

    Uniqlo ‘modest wear range’ targets Muslims

    A new Uniqlo modest wear range designed in partnership with UK designer and blogger Hana Tajima has gone on sale in Malaysia and Singapore.

    The Uniqlo X Hana Tajima Collection is launched today, July 3, at Uniqlo’s 313@Somerset store on Singapore’s Orchard Rd, and online at www.uniqlo.com/sg.

    A promotional campaign is fronted by Malaysian singer Yuna and the range is expected to be launched in Asian markets with large Muslim populations, such as Malaysia and Indonesia.

    Uniqlo says in line with its ‘LifeWear concept’, the collection is designed to meet the needs of women who value comfortable and relaxed wear. This inaugural collection takes inspiration from an international approach in appreciation of diverse culture and style.

    “Although Uniqlo X Hana Tajima caters to ladies who embrace modest fashion, this collection has been carefully designed to suit contemporary tastes and is versatile to complement a fashionista’s wardrobe easily,” the company said in a statement.

    The collection features pants (SG$49.90), skirts ($49.90), rayon blouses ($49.90) and long dresses ($49.90-$59.90) with a comfortable, relaxed fit which Uniqlo says makes them appropriate for an office and perfect as casual outfits.

    “Our conservative customers will certainly delight at the variety of stylish hijab headscarves ($24.90-$29.90), as well as inner AIRism hijab headscarves ($4.90) and headbands ($14.90). AIRism is a Uniqlo patented material that is thin, light and absorbs moisture for extraordinary comfort especially in tropical climates.

    Taku Morikawa, CEO of Uniqlo Singapore, said the Hana Tajima collection illustrates Uniqlo’s ambition of making fashionable, high quality products for all to wear, while enhancing their lifestyle at the same time.

    “We worked with Hana to determine what would be internationally appealing while keeping to the concept of modest wear. We are thrilled with the results of this unique collaboration which produced a desirable collection that does not sacrifice style for utmost comfort.”

    Hana Tajima, who oversaw the design of every piece in this collection, said: “We want to create a collection that not only appeals to modern ladies who prefer to dress modestly, but also an international audience who desire clothes that fit comfortably and look contemporary. My collection is specially designed to allow effortless mix and match for the today’s women to express their own style.”

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  • Manpower issues harm Sasa Singapore

    Manpower issues harm Sasa Singapore

    Sasa Singapore says government restrictions on staff hiring are adversely affecting its business in the city state.

    As a result, the company plans to rationalise its store network and exit some leases early.

    The Hong Kong-headquarter retailer says that during the year to March 31, turnover in Singapore decreased by 2.6 per cent in local currency to HK$243.7 million. Same store sales dropped by 5.9 per cent in local currency.

    “The challenge of filling vacancies for frontline staff and Singapore’s acute manpower constraints adversely affected our store productivity,” the company said in its stock exchange filing in Hong Kong.

    “Moreover, persistent high rental costs and dilution of sales due to the excessive increase in overall Singapore retail space contributed to the losses.”

    In the year ahead, Sasa says it will close inefficient stores, and open stores in new malls with good potential.

    “To cope with the persistent constraints in manpower, we will enhance staff product knowledge and monitor staff productivity. The group will also work on staff retention to minimise the loss of experienced sales staff and convert more job scopes into automation so that employees can concentrate on analytical and quality enhancement.”

    Sasa says its Singapore sales decline was mainly due to slower domestic income growth, resulting in weaker retail sentiment.

    “Tourism was also affected by the tragedy of the missing Malaysian Airlines passenger plane, with the top two tourist originating countries of Indonesia and China both seeing shrinkage in arrivals during the year.”

    In Malaysia, turnover increased 6.1 per cent in local currency to HK$340.3 million. Same store sales decreased 0.2 per cent.

    “Our retail sales and profit growth were impacted by changes in the management team, which adversely affected store productivity and our performance during the transitional period,” the company said.

    Malaysia sales were also affected by the Malaysian Airlines tragedy, resulting in a drop in tourism numbers.

    “We continued to expand our store network to provide enhanced service to our customers and to increase our competitiveness.”

    In Taiwan, Sasa’s turnover grew 5.7 per cent in local currency to HK$289.2 million. Same store sales grew by 1.6 per cent.

    “Sales were boosted by the enhanced house brand product mix and introduction of lower priced products and promotions, which drove traffic and sales through cross-selling. Our strategic store expansion plan began to bear fruit and we were able to capture the growth potential of increasing numbers of Mainland Chinese visitors,” the company reported.

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  • Sanrio Partners with Universal Parks & Resorts for New Hello Kitty® Retail Store Concept

    Sanrio Partners with Universal Parks & Resorts for New Hello Kitty® Retail Store Concept

    Sanrio, the global lifestyle brand best known for beloved pop icon Hello Kitty, and Universal Parks & Resorts have announced their partnership to develop Hello Kitty interactive retail experiences
    scheduled to open later this year at Universal Orlando Resort and in the future at Universal Studios Hollywood.

    This will mark Hello Kitty‘s official retail debut at theme parks in North America and offer specialty merchandise including stationery, home goods, apparel, accessories and collectibles. The majority of merchandise will be devoted to Hello Kitty; Sanrio properties Chococat®, My Melody®, Badtz-Maru®, Purin™ and Keroppi® will also have a presence. Hello Kitty confectionery and specialty co-branded Hello Kitty Universal park-exclusive products will also be available.

    The Hello Kitty stores at Universal Studios will also offer enhanced interactive retail experiences. Customers can shop for custom designed merchandise, enjoy photo opportunities with Sanrio properties, create souvenir versions of Hello Kitty‘s signature bow, and even meet Hello Kitty herself.

    “Our partnership with Universal brings Sanrio’s experiential entertainment presence to a new level,” said Janet Hsu, President and COO of Sanrio, Inc. “We look forward to this introduction into Universal theme parks to offer new connection points to Sanrio fans of all ages.”

    Sanrio’s partnership with Universal Parks & Resorts highlights the brand’s continued expansion into lifestyle entertainment. Recent projects include the successfully unprecedented ‘Hello Kitty Con’ fan convention and ‘Hello! Exploring the Supercute World of Hello Kitty’, a record-breaking museum exhibition at the Japanese American National Museum in Los Angeles. Hello Kitty’s Supercute Friendship Festival, a live entertainment show and interactive fan festival that has reinvented the concept of a live character show, is currently touring select cities in the U.S. and Canada. Sanrio’s unique approach to lifestyle entertainment has proven to be a highly effective way of connecting with their legions of fans of all ages across the country.

    About Sanrio
     Sanrio is the global lifestyle brand best known for pop icon Hello Kitty, who recently celebrated her 40th Anniversary.  Home to many endearing characters including Chococat, My Melody, Badtz-Maru and Keroppi, Sanrio was founded on the ‘small gift, big smile’ philosophy – that a small gift can bring happiness and friendship to people of all ages. Since 1960, this philosophy has served as the inspiration for the broad spectrum of unique products and experiences.  Today, more than 50,000 Sanrio-branded items are available in over 130 countries and upwards of 15,000 U.S. retail locations including department, specialty, national chain stores and over 80 Sanrio boutiques. For more information please visit www.sanrio.com and www.facebook.com/hellokitty.

    About Universal Parks & Resorts
     Universal Parks & Resorts, a unit of Comcast NBCUniversal, offers guests around the globe today’s most relevant and popular entertainment experiences. With three-time Academy Award winner Steven Spielberg as creative consultant, its theme parks are known for immersive experiences that feature some of the world’s most thrilling and technologically advanced film- and television-based attractions. Comcast NBCUniversal is a global media and technology company that owns and operates a valuable portfolio of news, sports and entertainment networks; Universal Pictures, a premier motion picture company; significant television production operations; a leading television stations group; and world-renowned theme parks.

    Comcast NBCUniversal wholly owns Universal Studios Hollywood, which includes Universal CityWalk Hollywood. It also owns Universal Orlando Resort, a world-class destination resort featuring two theme parks (Universal Studios Florida and Universal’s Islands of Adventure), four resort hotels, and Universal CityWalk Orlando.  Comcast NBCUniversal also has license agreements with Universal Studios Japan in Osaka, Japan and Universal Studios Singapore at Resorts World Sentosa, Singapore.  In addition, Comcast NBCUniversal has recently announced plans for a theme park in Beijing and an indoor theme park to be developed as part of the Galactica Park project in Moscow.

  • Strong Visitor Figures for Regional Duty Free and Travel Retail Event

    Strong Visitor Figures for Regional Duty Free and Travel Retail Event

    TFWA Asia Pacific Exhibition & Conference 2015, the 20th event for the duty free & travel retail industry in Asia Pacific, closed on 14th May in Singapore after a very successful week.

    With occupied exhibition space topping previous years at 9,118 m2 – up 9% on 2014 – and 292 exhibiting companies present (+12%), of which 73 were new to the show, there was a huge variety of products on display for the benefit of visiting buyers and agents.

    Visitor numbers were considered satisfactory by organisers TFWA in a year which has been challenging for the duty free and travel retail industry, with aviation accidents, a new approach to gift giving and luxury consumption among the all-important Chinese travellers, financial instability and political tension in several countries and the resulting slowdown in the growth of air passenger traffic.

    A total of 2,655 trade visitors attended the show, equivalent to last year, from 1,053 companies (+3%) of which more than a third were “key buyers” – duty free & travel retail operators and landlords from airports, airlines, ferry and cruise companies, cross-border and downtown duty free stores.

    “I was very impressed by the quality of the stands, the assortment of products on display and the energy around the show,” said Erik Juul-Mortensen, President TFWA. “This year has not been easy for the industry in this region and, in light of that, we are really very satisfied with the number of companies present and the quality of the visitors.”

    Duty free & travel retail sales in the Asia Pacific region in 2014 totalled US$23.6 billion, up 5.5% on the previous year, according to provisional figures from independent analysts Generation Research, which ranks the region top in the global industry with 38% of total sales. The second largest region is Europe, followed by Americas, Middle East and Africa.

    Forthcoming events organised by TFWA include TFWA World Exhibition & Conference from 18th to 23rdOctober 2015 in the Palais des Festivals, Cannes and the Middle East & Africa Duty Free Association Conference from 22nd to 24thNovember 2015 at the King Hussein Bin Talal Convention Centre, Dead Sea, Jordan. Details of these events can be found at https://www.tfwa.com.

     

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  • Zooming in on market niches lets Maybank flourish

    Zooming in on market niches lets Maybank flourish

    Navigating Singapore’s crowded banking landscape is not easy, and Maybank’s retail banking unit says it needs to be nimble by zooming in on market niches.

    The bank last month launched a Maybank Save Up programme tailored for young workers in Singapore after noticing that many are increasingly keen on financial planning.

    And, noting that young children are often neglected by lenders, it launched last September the Maybank Family Plus programme to encourage parents to help kids save.

    Maybank is also focusing on long-term relationships and on catering to customers’ needs at every stage of their lives.

    “I think (Singapore) is probably one of the most highly- banked markets, even for retail,” said Mr Choong Wai Hong, the bank’s head of community financial services. “But that said, I find the Singaporean consumers, the account holders, they are quite savvy.”

    In an interview with The Straits Times on Thursday, he said consumers are often willing to snap up new products and services. “Their sensitivity to change, to go for a product, is quite high. So if you can find the right market niche for them, the willingness to move is quite high”.

    What Maybank does in Singapore is closely-watched by rival lenders as it is one of the very few foreign banks with a large retail presence here.

    Its three entities in Singapore – Maybank, Maybank Kim Eng brokerage and Etiqa Insurance – employ 2,400 staff.

    Singapore’s central bank last month named Maybank one of the inaugural seven “domestic systemically important banks” in the Republic.

    The seven each has a significant impact on the financial system’s stability and proper functioning of the broader economy, the Monetary Authority of Singapore said.

    The three domestic lenders in the list are DBS Bank, OCBC Bank and United Overseas Bank. And apart from Maybank, the other foreign banks are Citibank, Standard Chartered and HSBC.

    Maybank has 22 full-service branches in Singapore – the largest for a foreign bank here, but nowhere near the hundreds of branches operated by the three local lenders.

    It is sometimes known as the “time deposit bank”, owing to its competitive retail deposit rates. Mr Choong said Maybank has 10 per cent to 11 per cent share of the time deposit market in Singapore.

    Its other strength is in the vehicle loan market where it has a 22 per cent market share.

    The Maybank group in Singapore last week reported profit before tax for the first quarter of $93.75 million, down from $110.9 million a year earlier.

    Asked about its retail lending profile, Mr Choong said the major segments are about 45 per cent in mortgages, 18 per cent in auto loans, 22 per cent in retail small and medium enterprises and commercial loans. Other consumer loans make up the other 15 per cent.

    Maybank, he said, has an advantage that other foreign banks here might not have – the group offers the full spectrum of services including retail banking, Maybank Kim Eng brokerage, Etiqa Insurance and Maybank Private Wealth.

     

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  • 320 Under Singapore expands into Malaysia

    320 Under Singapore expands into Malaysia

    Singapore nitro ice cream cafe 320 Under has opened its first worldwide retailer, in Kuala Lumpur’s 1 Utama purchasing centre.

    320 Under has three cafes working in Singapore – in Geylang, Tampines and Tanjong Katong Rd.

    The idea makes use of liquid nitrogen to create recent ice cream, sorbet and yogurt desserts to buyer order, mixing theatre and flavour into an experiential eating vacation spot. The top product is described as “clean and freezing chilly till the final chew”.

    The 320 Under retailer is situated on the primary flooring of the enormous 1 Utama complicated in Petaling Jaya, Selangor.

    The operators say buyer response to the brand new idea has been “overwhelming” with the model’s signature Thai coconut ice cream bought out on Saturday and Sunday, its first weekend of buying and selling.

  • Singapore to remove distinction between international and domestic banking

    Singapore to remove distinction between international and domestic banking

    The Monetary Authority of Singapore (MAS) plans to change accounting rules that split domestic and offshore banking into separate ‘units’. 03 Jul 2015

    Since 1968, banks have had to separate operations into domestic banking units (DBSs) and Asian current units (ACUs). Domestic operations, which are predominantly denominated in Singapore dollars, are accounted for through a bank’s DBU, while offshore operations, which are entirely denominated in foreign currency, are accounted for through the ACU.

    However, global regulatory developments over the past five years have created a situation where the split system is no longer useful, Singapore’s minister of finance Tharman Shanmugaratnam said.

    The initial aim of the divide was to safeguard domestic financial stability, Tharman said.

    “For example, MAS imposed liquidity requirements on banks’ Singapore dollar liabilities – that is, only within the DBU. In addition, DBU activities were subject to large exposure and equity investment limits,” he said.

    The divide also made it easier to offer incentives to encourage offshore banking activities out of Singapore, Tharman said, but focusing incentives in the ACU.

    “The DBU- ACU divide served us well for decades, but has been losing its relevance,” Tharman said.

    “Since 2004, our development incentives have no longer been based on the domestic versus offshore distinction, and the divide between domestic and offshore banking has in practice become increasingly porous,” he said.

    In addition, global regulatory changes have meant that banks’ offshore activities are now subject to rules that are broadly similar to those governing DBUs in Singapore. These rules have increased the amount and quality of capital and the liquidity buffers that banks need, Tharman said.

    “These global regulatory reforms have put all banks on a sounder footing. It has also reduced the relevance of MAS rules that distinguish between offshore and domestic banking activities of foreign banks, since home regulators will now be requiring their banks to meet enhanced standards on a group-wide basis,” he said.

    Changes to MAS’s own regulations have also made the divide less relevant, Tharman said.

    All banks in Singapore will have to meet liquidity requirements across the entirety of their operations by January 2016, while banks that are designated as ‘domestic systematically important banks’ will be subject to extra measures on both domestic and offshore business, he said.

    In addition, Tharman said, “where a foreign bank branch has significant retail presence in Singapore, it will also be required to locally incorporate its retail operations. The subsidiary will be subject to the same suite of regulation as the local banks, and the same supervisory regime aimed at minimising risks to local depositors”.

    MAS will therefore remove the divide from banking regulations, and details will be released in a consultation paper by August, Tharman said.

    “There is no rush. We will implement the changes in close consultation with the banking community, and phase them in over time,” he said.

  • Singapore on-line trend retailer groups up with Qlik to launch in-store digital buying answer

    Singapore on-line trend retailer groups up with Qlik to launch in-store digital buying answer

    Visible analytics answer supplier Qlik stated on Wednesday that it has teamed up with Singapore on-line trend retailer Inverted Edge and Deloitte Digital, a design and improvement company to launch an in-store digital buying answer which supplies clients with a customized interactive digital purchasing expertise in retailer.

    Aside from housing high quality modern luxurious attire, the in-store answer features a regularly altering showcase of photographs and tales from clients, shared on social media, concerning the garments they put on and their associated tales. As a wearer provides a brand new garment or story, it’ll seem on the visible show, inspiring others and including to the thrill of discovering and sharing new seems to be, bridging trend and on a regular basis life from posts shared throughout social media platforms.

    At Inverted Edge we are proponents of ‘fashion that matters,’ or sometimes we call it ‘Slow Fashion’,” said Inverted Edge chief executive officer Debra Langley. “We believe that when you buy something you love, you should wear it and wear it in multiple places and in different ways and across multiple seasons. It’s not disposable, it doesn’t get thrown out after two months; it becomes something that has meaning. “As a garment is worn as part of a lifestyle, it takes on a life and emotional quotient all of its own, developing a story between the wearer and the items purchased. “We want to develop something that captures these relationships, and from a business standpoint, understand what fuels our shoppers’ purchasing decisions,” she added.

    Inverted Edge needed to create a significant expertise throughout a number of channels, notably in retailer, which displays this perspective, to vary the best way individuals store. They needed to seize tales which might be naturally created when individuals purchase trend gadgets that aren’t throw away quick items.

    Constructed on Qlik Sense and HTML5 mashups, Inverted Edge’s in-store digital answer faucets visualization and storytelling options in addition to easy, net commonplace APIs to ship an interactive and personalised digital expertise for patrons. With the uniquely responsive design, it scales merely and naturally from giant in-store touchscreen shows, to non-public units corresponding to telephones and tablets.

    The framework permits Inverted Edge to simply handle and research buying knowledge to determine key elements that drive clients’ selections to buy top quality gadgets which are designed to be worn for greater than a few seasons. This permits the corporate to find what it’s their clients are searching for and tailor their providers to buyer wants.

    “By reworking dry materials comparable to buying knowledge and buyer analytics into partaking, informative digital tales and conversations, Qlik is offering Inverted Edge with the power to deal with actual and vital issues that style retailers face in model new methods. Particularly, we’re enabling them to design recent technique of partaking with the tales we inform about ourselves, and the garments we put on and aspire to personal. It is a captivating strategy, and an ideal partnership for Qlik,” stated Donald Farmer, Qlik’s US-based Vice President of Innovation and Design.

    The digital expertise will later be replicated at Manifesto, Inverted Edge e-commerce associate’s new idea retailer carrying worldwide modern manufacturers in Singapore’s Capitol Piazza improvement. Specializing in integrating each on-line and offline initiatives, the 2 retailers are aligned on their want to create a brand new and totally different retail shopper expertise over the subsequent six months.

  • Denmark’s Infinite Jewellery make Asian debut

    Denmark’s Infinite Jewellery make Asian debut

    Denmark’s Countless Jewellery has made its Asian debut, opening its first retailer in Taiwan.

    The opening marks Infinite Jewellery’s fourth continent and 23rd worldwide market. Earlier in June it opened its first retailer in Estonia.

    Its merchandise at the moment are out there in additional than 3500 shops worldwide.

    A grand opening occasion within the Taipei retailer was attended by invited friends from China, Hong Kong, Malaysia and Singapore – maybe giving an perception into the model’s subsequent Asian goal markets.

    Countless Jewellery founder Jesper Nielsen stated the opening week buzz surrounding the brand new Taipei retailer proves its designs and model really have international attraction.

    “Each single day we’ve seen a line of consumers inside and out of doors the shop, and regardless that our native administration anticipated this, it’s been a extremely constructive expertise for myself and the European group.”

    Infinite Jewellery plans 15 shops in Taiwan in “prime places in main cities”.

    CEO of Nice China area, Michael Thomsen, stated that given Infinite Jewellery is totally new to the market, it’s going to take time to construct the model consciousness there.

    “By opening with the attendance of principally all media within the area – in addition to a number of the major celebrities – we now have already come a great distance. I anticipate we’ll attain US$5 million in gross sales within the first yr, which shall be an excellent begin for our Asian enterprise.”

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  • Lippo Malls to purchase two Indonesian centres

    Lippo Malls to purchase two Indonesian centres

    Singapore-headquartered Lippo Malls Indonesia Retail Belief is to purchase two purchasing centres in  Indonesia.

    The properties are Palembang Icon and Lippo Plaza Batu, collectively value $83.33 million (or Rp1.06 trillion).

    The Batu Metropolis mall is a small centre with 12,324 sqm internet lettable space however consists of the suitable to construct a further 6500 sqm of area on the rooftop. Batu Metropolis is in Malang province in East Java with a inhabitants of 190,000.

    Palembang Icon is a five-storey 35,797 sqm retail mall outfitted with a sports activities centre, situated in Palembang Metropolis in South Sumatera.

    LMTR says the retail malls will probably be purchased at costs lower than unbiased valuations they usually have secure tenants.

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