Retail News CRM

Tag: Singapore

  • Costa Coffee exits Singapore after closing last store

    Costa Coffee exits Singapore after closing last store

    Just days after Costa Coffee announced it was to be bought by Coca-Cola, UK cafe chain Costa Coffee has confirmed it is exiting Singapore.

    During the last 13 weeks Costa Coffee Singapore has closed six stores in the city and its two remaining outlets will close imminently: Holland Village (September 7) and VivoCity on Sunday week.

    Costa Coffee launched in Singapore in 2012, and has a presence in other Asian markets including Cambodia and Vietnam (where it has one store at Danang Airport).

    A spokesman for Costa Coffee Singapore said: “We are committed to remaining within the South-east Asia region and have ambitious plans to grow the Costa brand.” He said the decision to exit Singapore was made early this year.

    An unnamed employee of Costa Coffee Singapore said that high rents were behind the decision to close the stores,

    However, Esther Ho, director of the School of Business Management at Nanyang Polytechnic, said international coffee chains were struggling in Singapore because they were not focused enough on “experiences” that helped to justify premium prices.

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  • Singapore Myanmar Investco calls off Jones The Grocer franchise JV

    Singapore Myanmar Investco calls off Jones The Grocer franchise JV

    The planned Jones the Grocer Myanmar expansion has been cancelled.

    Singaporean Myanmar Investco investment and management firm has called off a partnership with restaurant chain Jones the Grocer.

    The company, which specialises in investments focused on the high-growth emerging economy of Myanmar, announced without further explanation that the crucial “initial development location” upon which the partnership was based was no longer available.

    The joint venture company formed as part of the agreement with local operator Pinnacle Myanmar will be dissolved.

    Jones the Grocer, a cafe and delicatessen concept, was founded in Sydney, Australia, in 1996. Now owned by JTG Holdings, of which LVMH-linked investment company L Capital Asia has a minority stake, it operates stores in Singapore, Thailand, Qatar, Bahrain and the UAE.

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  • Breakfast at Tiffany’s in Singapore pop-up store

    Breakfast at Tiffany’s in Singapore pop-up store

    Singapore locals can now have breakfast at Tiffany’s with a new pop-up for the iconic New York jeweller of the same name opening at ION Orchard mall this month.

    The Audrey Hepburn-linked jeweller has taken over the Tiong Bahru Bakery located on Eng Hoon Street and will serve clients breakfast treats such as pastries and fresh coffee from the bakery all day.

    The bakery’s counter and seating area, as well as menus and signage has been decked out in the signature Tiffany’s blue just for the occasion. There is also a second pop-up, a smaller Tiffany blue coffee cart, inside the mall located right outside the jeweller’s store.

    The week long pop-up marks the launch of Tiffany & Co.’s ‘Paper Flowers’ collection, the first from the jeweller’s new creative director Reed Krakoff. The collection is fronted by the actress Elle Fanning.

    Inspired by paper flowers, the collection includes rings, necklaces and earrings, each design blooming in a flower motif to look like a paper flower.

    Prices range from S$4,100 for a pendant to S$565,000 for a necklace.

    The pop-ups can be found at Tiong Bahru Bakery, where items will be sold all-day long, and outside the Tiffany & Co.’s boutique at ION Orchard from 10am to 2pm.

    The Tiffany & Co.’s ‘Paper Flowers’ pop-up event runs from August 27 to September 3.

    Thereafter, the new ‘Paper Flowers’ collection is available at all Singapore stores and counters including ION Orchard, Ngee Ann City, Marina Bay Sands and Changi Airport.

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  • Epicentre Singapore suffers epic loss

    Epicentre Singapore suffers epic loss

    Singapore Apple reseller Epicentre Holdings has posted a S$7.1 million loss for the last year after all but cutting ties with the tech giant.

    Epicentre announced in June it would sell its four stores and e-commerce site to a rival reseller, after the opening of the Apple-owned flagship store on Orchard Road decimated its sales, with a second flagship already under construction in the city. At the time it said it would retain its Apple retailing business in Malaysia, however since then the company has apparently lost its official Apple reseller status, leading to an $11 million decline in revenue from continuing operations in that market.

    The company received just $516,275 for the Singapore Apple reseller business from Elush, parent of the rival iStudio chain, but Elush took over store lease liabilities.

    Epicentre says it will refocus the business on Japan IPL Holdings, a hair removal and skin rejuvenation salon in which the company bought a 51 per cent stake in June last year. That business was profitable contributing $3.6 million in revenue and $3.4 million in gross profit for the year. It is also planning to acquire a property development and hotel management business, allowing it to diversify away from retail into potentially more lucrative businesses.

    Epicentre was founded in 2002 and at one point operated 10 outlets in Singapore, Malaysia and China.

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  • Emperor Watch & Jewellery profit jumps high

    Emperor Watch & Jewellery profit jumps high

    Emperor Watch & Jewellery cites “strong momentum in luxury consumption” as the reason for a massive profit boost in the first half of this year.

    Total sales surged 34.3 per cent to HK$2.454 billion (US$312.6 million), as inbound tourism arrivals from the mainland recovered and Hong Kong retail sales rose.

    Revenue from its core, home market Hong Kong was up 42.8 per cent to $1.908 billion, accounting for 77.8 per cent of total sales.

    “The improvement in consumption sentiment has supported robust demand for watches,” the company said in an announcement. Hence, revenue of the watch segment, the group’s largest revenue contributor, rose 32.1 per cent to $1.942 billion, accounting for 79.1 per cent of total revenue. Revenue from the jewellery segment increased by 43.6 per cent to $512.5 million.

    Gross profit grew 39 per cent to $677.3 million, with gross profit margin rising from 26.7 per cent to 27.6 per cent, due to stronger demand for watches.

    Group net profit more than quadrupled year on year to HK$157.2 million.

    “Given the favourable fundamentals of Hong Kong luxury watch sector, we are cautiously optimistic about our long-term business prospects albeit market volatility,” said Emperor Watch & Jewellery CEO and chairperson Cindy Yeung. “We remain committed to respond proactively to the market dynamics and leverage on our core competencies.” As at June 30, the group operated 84 stores – four more than at the end of last year – in Hong Kong, Macau, Mainland China and Singapore.

    After a successful launch in Singapore in 2013, the group now plans to expand into Malaysia. Yeung said the company will also continue to eye further expansion opportunities globally.

  • Lazada offers credit lines to sellers in Singapore

    Lazada offers credit lines to sellers in Singapore

    It’s been almost two and a half years since Alibaba initially invested in Lazada, and the Chinese e-commerce giant has now invested at least $4 billion total in the company, including a $2 billion infusion this past April. At that point, Alibaba saw great potential in a region of the world where online sales represented only 3% of all retail sales.

    Partnering with Finaxar on a seller financing program shows how Lazada and its majority owner are continuing to build up this Southeast Asia marketplace to take advantage of that growth opportunity. If the strength of an online marketplace lies in the number and variety of sellers, brands and products that can be found there, it makes sense for the operator of that marketplace to support firms in growing their businesses.

    Lazada is not the first player in the space to offer financing. For example, just last month, eBay partnered with Square Capital on a program to offer eBay sellers access to more funds for working capital. Just a few weeks before that announcement, Payability unveiled a program to give sellers who participate in multiple different online marketplaces faster access to needed financing.

    Sellers in online marketplaces often may be too busy to think about their own growth road maps, and they may lack large enough sums to pursue growth even if they do have a roadmap. Seller financing, whether direct loans, credit lines or in some other form, can give them an opportunity to invest more in their own inventory growth, marketing and operations.

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  • Singapore tourist spends less

    Singapore tourist spends less

    Singapore tourist spending has dipped by half a percent, despite a 7.3 per cent boost in arrivals.

    According to the Singapore Tourism Board, about 4.6 million visitors arrived in the city state in the first quarter of this year – but they spent less on shopping and accommodation. Their total collective spend was about S$6.7 billion.

    According to the government data, tourist spending on shopping declined 9 per cent, with accommodation spending down 13 per cent and food and beverage down by 16 per cent.

    Instead of spending in shops, hotels and eateries, tourists splurged on sightseeing, gambling and entertainment, collectively up by 6 per cent.

    China, Indonesia and India were Singapore’s largest source of visitors and spending during the quarter.

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  • Uniqlo plan to double its store in SEA

    Uniqlo plan to double its store in SEA

    Japanese apparel giant Fast Retailing is eyeing massive expansion in Asia-Pacific.

    The Uniqlo Southeast Asia and Oceania store network is set to double by 2022 to about 400 stores, Fast Retailing’s group senior VP Satoshi Hatase said in an interview.

    The company plans an emphasis on stand-alone suburban stores as it expands its Southeast Asian footprint, seeking to move beyond its traditional shopping mall locations.

    “We opened our first roadside store in Asean in Thailand in March, and it has been a huge success,” he said, adding that stand-alone stores in suburban locations were the key to Uniqlo’s original growth in Japan.

    Regionally, Uniqlo has now reached a level of recognition where “the timing is right” for suburban stores, he said.

    Fast Retailing executives in Thailand, Malaysia and the Philippines are talking with leasing agents to identify suitable sites for such stores.

    In Southeast Asian markets, middle- and high-income consumers are the ones which will fuel the Japanese company’s growth.

    “Lower-income people cannot buy Uniqlo [yet],” Hatase said. But in 10 years, “a significant number of Asean people will be able to”.

    Fast Retailing has previously said it aimed to triple its sales in the region to 300 billion yen (US$2.7 billion) in the year to the end of August 2022. Last year’s regional sales were 100 billion.

    Fast Retailing already has stores in Australia, Malaysia, Singapore, Indonesia and the Philippines. Its next target in the region is Vietnam.

    “We want to have stores in all countries [in the region],” Hatase said, especially Vietnam, Laos and Myanmar.

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  • India’s Hidesign plans Asian expansion

    India’s Hidesign plans Asian expansion

    Indian leather retailer Hidesign plans to open flagship stores at Singapore’s Changi airport and in Indonesia as it eyes an Asia-wide footprint.

    At home, Hidesign plans 12 new stores in the next two months in cities including Goa, Kolkata, Indore, Jaipur, Varanasi and Lucknow.

    The New Delhi-based company, which has been operating for 40 years, has also recently opened in Sarajevo, Bosnia adding to a global network which includes South Africa, Kenya, Nepal, Bhutan, Russia and the Czech Republic. It is also planning boutiques in the UAE, Saudi Arabia, Lebanon and Kuwait later this year.

    Chairman Dilip Kapur says the company wants to become a more viable brand internationally.

    “Our immediate focus is to expand our luxury range Atelier Hidesign – made from ostrich and deer leather – starting at ₹30,000 (US$428) by adding new colours and designs to the existing women’s range and launching men’s collection.”

    Hidesign expects turnover to grow by about 30 per cent year.

    “Our growth is led by new stores as well as e-commerce platforms where consumers from several big and small cities now have access to Hidesign. Discounted products online are also one reason that consumers are buying Hidesign online,” Kapur said.

    Hidesign has 84 standalone stores in India and shops in 14 international and domestic Indian airport stores.

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  • Laura Ashley sales and profit decline, announces sale of Singapore

    Laura Ashley sales and profit decline, announces sale of Singapore

    Malaysian-headquartered apparel and homewares retailer Laura Ashley is selling its commercial property in Singapore against declining sales – but it remains positive about its regional prospects.

    The firm’s full year results announced a fall in profits from £8.4 million (US$10.8 million) last year to £5.6 million ($7.2 million) this year. Total sales for the group also declined to £257.2 million ($332 million) compared to £277 million ($357 million) in 2017. Conversely, online sales increased to make up 25 per cent of total retail revenue.

    Company chairman Tan Sri Dr Khoo Kay Peng said: “As set out at the time of the interim results, the trading environment for the first half of the year was challenging and the board expected these difficult trading conditions to continue into the second half of the year. This proved to be the case and, given the softer trading environment for the year ended June 30, 2018, we are disappointed to report a fall in profits.”

    The company’s Singapore properties will be purchased by SB Investment for a cash consideration of SGD54.5 million (US$39 million), conditional on shareholder approval.

    Peng commented: “Although the proposed sale has led to an impairment charge for the group, on completion of the disposal, group net debt will be significantly reduced and cash flow will be strengthened.”

    Despite the sale, expansion into the Asian market continues to be Laura Ashley’s strategy for the region.

  • BreadTalk high expectation on its tea brands

    BreadTalk high expectation on its tea brands

    Bakery franchise BreadTalk Group has brought two Shenzhen-based specialty tea brands – Nayuki and TaiGai – into Singapore.

    BreadTalk will operate and manage both brands in its joint venture with Shenzhen Pindao Food & Beverage Management. The agreement marks both tea brands’ first overseas stores, which will open this year. They enter a market in which tea drinks are an increasingly popular beverage product.

    Both the Shenzhen-based tea brands have been successful in China. TaiGai operates 60 stores on the Chinese mainland, while Nayuki has 100 new stores planned in China by end of this year – it made national news when it opened three stores within 33 days, earning it the label “veloci-tea”.

    Their signature offerings feature healthy tea options using mainly fresh fruits and premium-quality teas. While Nayuki is known for its “soft-euro bakes” cake products, TaiGai is best known for its signature fruit-blended milk cheese crowns, which it terms “fruity milky kisses”.

  • % Arabica announces Singapore launch

    % Arabica announces Singapore launch

    Kyoto-headquartered coffee chain % Arabica Coffee is to open its first store in Singapore.

    The company has revealed the location on Instagram: 56 Arab Street. With a fit-out yet to be completed, the store may not open until the end of the year.

    The company has also confirmed it is currently fitting out its first store in Indonesia, with others destined for Malaysia and India.

    With its slogan “See the world through coffee”, % Arabica Coffee has built a strong following via social media. In Asia it has three stores in Japan, three in Hong Kong, one in the Philippines and two in China. It is also in Germany and several Middle East markets, with plans for France, Morocco and Canada.

    % Arabica Coffee was founded in 2014 by Japan-born Kenneth Shoji who grew a love for the beverage while studying in California.

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  • Police seized counterfeit goods at Sim Lim Square

    Police seized counterfeit goods at Sim Lim Square

    Singaporean police have found $1.03 million worth of fake goods at Sim Lim Square.

    The counterfeit products were seized from four retail outlets in the high-profile shopping centre.

    Some 6000 pieces of trademark-infringing items including laptop power adaptors, batteries, LCD screens, power supply units, cables and earpieces were seized in the raid and three men were arrested.

    According to Criminal Investigation Department, selling or distributing goods with falsely applied trademarks can attract fines of up to $100,000, and jail terms of up to five years.

    “Police take a serious view of intellectual property right (IPR) infringements and will not hesitate to take action against perpetrators who show blatant disregard for our IPR laws and at the expense of legitimate businesses,” said Florence Chua, director and deputy commissioner of police (investigations and intelligence).

  • Ezbuy Pakistan enjoys blooming sales

    Ezbuy Pakistan enjoys blooming sales

    Singapore online retailer Ezbuy has expanded, opening Ezbuy Pakistan.

    And already local media are tipping the site to be twice the size of Pakistan’s existing online retailer Daraz.pk, offering 3 million products, ranging from apparel through to electronics.

    Ezbuy Pakistan will offer products from local and overseas suppliers, with overseas orders shipped direct in much the same way Alibaba’s Aliexpress serves regional customers.

    “Our main agenda is to provide great value quality products to Pakistanis at their doorstep,” said co-founder and chief strategy officer at ezbuy.com, Vincent Xue Bin.

    “We would have three platforms; first, ezbuy cross-border and local products; second, Haute Shop fashion products, and a third, B2B serves businesses,” he said in a local media interview.

    “China is manufacturing good quality products at great value rates compared to other countries including Pakistan and we can deliver it to the Pakistani people, schools, universities, hospitals with minimum delivery charges. Our trust with the Pakistani buyers is our main asset.”

    Ezbuy Pakistan is a joint venture between the Singapore operator and a group of Pakistani investors, led by Kamran Shaukat, who says the response to the site since it went live on August 1 has been “overwhelming”.

    Another advantage Shaukat points out for Pakistani suppliers selling on the site is that the platform opens doors to customers abroad. Ezbuy currently operates in Singapore, Malaysia, Thailand, Indonesia, and Taiwan, but products are shipped worldwide.

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  • Metro Singapore retail sales decline

    Metro Singapore retail sales decline

    Metro Holdings’ Singapore retail business posted a 7.6 per cent decline in sales during the first quarter of this year amidst “difficult trading conditions”.

    Metro has three Metro-branded department stores in the city and another 10 department stores in Indonesia.

    The company said the retail business as a whole posted a decline in profit due to lower Singapore sales. Its Indonesian stores achieved “marginal growth”, the company said in its results filing.

    Overall, Metro Holdings, whose primary business is property development in China, Singapore, Indonesia and the UK, achieved a net post-tax profit of S$20.3 million (US$14.7 million) for the quarter, down nearly 20 per cent in the same period last year, when it earned $25 million. However, this was largely due to the absence of a significant $8.3 million gain on asset disposals in the comparable quarter.

    CEO Lawrence Chiang Kok Sung said the group will remain “disciplined and focused” in its investment approach to seek out potential investment opportunities in the region to drive sustainable growth.