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Tag: spending

  • Tom n Toms plans Myanmar expansion

    Tom n Toms plans Myanmar expansion

    South Korean Cafe chain Tom n Toms has started to launch outlets in Myanmar. Tom n Toms Myanmar has opened two locations in Yangon so far, at the international airport and the Kantharyar Centre, with a third planned for Yankin Township. Information from Myanmar International Business Alliance Company operation director Aung Sithu Khant revealed a fourth planned outlet at the Secretariat Building in Yangon.

    “Myanmar people and coffee brands have been friendly for a long time,” said Khant.

    “We opened these outlets hoping that Myanmar people can taste a high-quality coffee with reasonable price. Next month, strawberries from south Korea will be selling in Myanmar. We will introduce a menu connecting with strawberries.”

    Khant said the third outlet will be opened soon. Future Tom n Toms cafes are expected to open in Mandalay, Taunggyi, and the capital city, Nay Pyi Taw next year.

    “The main thing is the customer is always first. Therefore, we will pay special attention to coffee and other foodstuffs”.

  • Kiki Tea Taiwan launches product created by Michelin Chef

    Kiki Tea Taiwan launches product created by Michelin Chef

    Hong Kong’s new Taiwanese tea and bubbles sensation KiKi Tea is welcoming the Year of Pig with the inaugural launch of ‘Chinese New Year Puddings’ by three Michelin starred chef Albert Au Kwok-Keung. Exclusive recipes with finest ingredients by the starred Chinese chef are on special offer at KiKi Tea’s debut Hong Kong restaurant, KiKi Tea@Sun’s Bazaar in Pacific Place, as well as KiKi Tea SOGO Causeway Bay Pop-up, and online at from 1 January 2019.

    Chef Au, the Chinese Executive Chef for luxury restaurant group Lai Sun Dining has crafted two of Hong Kong’s most exceptional Chinese New Year Puddings in an exclusive collaboration with KiKi Tea, as the Taiwanese brand continues the runaway success of its popular sun-dried, handmade and additive-free KiKi Noodles.

    The signature puddings offer a choice of both sweet and savoury, perfect for gifting and wishing relatives and friends a fruitful new year. KiKi Taiwan Dried Longan and Brown Sugar Pudding (HK$108), marries traditional dried longan from Zhuqi and Chiayi in Taiwan, produced by an ancient roasting technique that reduces 3kg of the fresh fruit to 1kg dried, and is believed to nourish and clean blood – with Taiwan dark brown sugar, considered healthier than traditional cane sugar, free of artificial colouring, preservatives and fructose.

    The savoury KiKi Taiwan Dried Sakura Shrimp Turnip Pudding (HK$128) is crafted from a trio of prized Asian ingredients – delicate sun-dried sakura shrimp from Taiwan, turnip from Japan and preserved local lean Chinese sausage. For a spicy kick of Sichuan peppercorn and chilli, Chef Au recommends enjoying it with KiKi Sichuan Pepper Seasoning or KiKi Spicy Sauce.

    A set of both Chinese New Year Puddings is discounted to HK$228 from either KiKi Tea@Sun’s Bazaar, KiKi Tea SOGO Causeway Bay Pop-up or KiKi Fine Goods (Hong Kong) online at www.kikifg.com.hk during the two-month promotion from 1 January 2019 through Chinese New Year to 3 February 2019. With free delivery for ordering 21 puddings or more, the exclusive puddings are ideal for festive season gifting.

    A HK$5 KiKi Tea cash voucher is also complimentary, redeemable for a discount taste of the brand’s new bubbles, teas, desserts and Michelin-chef created KiKi Noodle dishes at KiKi Tea@Sun’s Bazaar or KiKi Tea SOGO Causeway Bay 2-month long pop-up – where popular favourites include SOGO special drink Brown Sugar Ginger Milk with Purple Sweet Potato Cream Mousse (HK$38), a smooth, flavourful and creamy mousse of steamed sweet potato puree using healthy, natural brown sugar from Taiwan with a warm and hearty ginger flavour. Moisturising drinks also include Almond Tea topped with Caramel & Nuts Cream Mousse (HK$35), Brown Sugar Ginger Tea with Red Dates (HK$34), Homemade Longan and Red Dates Tea (HK$32), and iced Almond Milk (HK$38).

    Chef Albert Au Kwok-Keung is celebrated as the world’s youngest three Michelin starred Chinese chef from helming The Eight restaurant in Macau, having launched his stellar career with his first Michelin star at Hong Kong’s ‘celebrity canteen’ Island Tang.

    Since launching in September 2018, KiKi Tea@Sun’s Bazaar has become an instant sensation, standing out from the  bubble craze crowd with Taiwanese tea and bubble specialties using quality, mostly natural ingredients including premium Taiwanese tea leaves, black sugar and cane sugar, along with authentic Taiwanese tea recipes – highlighting handmade pearls and pressed-to-order House Blend Teapresso. Specialties are brewed with top-of-the-range BKON technology for formulas producing unique tea and fruit infusions.

     

     

  • Honolulu Cafe debuts in Philippines

    Honolulu Cafe debuts in Philippines

    Hong Kong’s Honolulu Cafe has opened its first branch in Manila. Renowned for its signature egg tarts with 192 flakey pastry layers (no, we are not sure who counted them!), the cafe also serves its own house-blend of coffee. The new store opened last week, January 5, at the SM Aura shopping centre. Honolulu Cafe dates back to 1940 when it opened as an ice cream parlour. Nearly 80 years on, the company now has stores in Singapore, Malaysia and Taiwan as well.

    Besides egg tarts and coffee, the cafes serve Hong Kong-style stocking-strained milk tea, pastries, buns, Cantonese-style roast meat, and fried noodles. The new outlet is on the ground floor of the Bonifacio Global City shopping centre.

  • Starbucks to open two stores in Macau Airport

    Starbucks to open two stores in Macau Airport

    Starbucks has expressed interest in seeking further opportunities to expand within Macau.

  • 2Bme launches new store in Acropolis Mall India

    2Bme launches new store in Acropolis Mall India

    2Bme, the private label apparel line from RP-Sanjiv GoenkaGroup, recently launched their second exclusive brand outlet at Acropolis Mall, Kolkata. The 2000 sq. ft. store on 2nd floor at Acropolis Mall, Kolkata is the latest addition to the retail network of 2Bme after the launch of the first EBO in Quest Mall last year.

    The store showcases an exclusive western casual clothing line from 2Bme embodying the brand’s vision of providing ‘contemporary fashion for your every day needs’.

    On the occasion of the store expansion, a 2Bme spokesperson said, “We will look at opening 10-12 EBOs of 2Bme in prime malls of Kolkata, Delhi-NCR and Hyderabad. Recently we also signed on Ranbir Kapoor and Shraddha Kapoor as brand ambassadors and this  is helping us create an exclusive entity for our brand.”

    Store Design, TG & Future Plans

    With a minimalist yet chic design, the EBO has a contemporary
    look and feel giving a comfortable shopping experience each time a customer walks in.

    Targeted at the age group of 22-35, the brand has everyday casual wear in a very affordable price range between Rs. 499 – Rs. 1,999. The store offers a huge collection of western clothing line including – tops, graphic t-shirts, dresses, trousers, denims, shorts, joggers, and light weight sweaters for both men and women.

    “2Bme has around 15,000 styles and we have sold more than 3 million pieces so far. The brand has already crossed the mark of
    Rs 100 crore within one-and-a-half-years of its launch and it is likely to garner a turnover of Rs 300 crore in next three-four years,” the spokesperson said.

    At a later stage 2Bme will be also made available through large format MBO’s and e-commerce platforms.

  • China’s cheese tea bakery Nayuki opens in Singapore

    China’s cheese tea bakery Nayuki opens in Singapore

    The cheese tea bakery, which draws inspiration from the Japanese philosophy of ‘Kaizen’ (a dedication to continuous improvement), opened to Singapore shoppers on December 8. Marking its debut international store opening, Nayuki has teamed up in a joint venture with BreadTalk Group for its officially opening in Vivocity.

    Vivocity store has been designed to reflect Nayuki’s philosophy: sophisticated and comfortable with seating and premium ingredients such as fresh fruit and tealeaves.

    “When it comes to shop design, we work with different designers, artists and some influential KOLs [key opinion leaders],” Peng Xin, Nayuki’s co-founder said in an interview.

    Singaporeans can now enjoy Nayuki’s signature “fruit tea and soft euro bread pairing” concept featuring the famous Supreme Cheese Strawberry tea and Strawberry fresh cream bread combo.

    In addition to the café’s breads and teas, the outlet also stocks cold brew teas, as well as selling an exclusive edition of its award-winning Alisan Mountain Dew Tea.

    Founded in Shenzhen, Nayuki was launched in 2015 from an appreciation of tea-drinking culture, something that has been known to China for centuries.

    To keep the tradition alive among the younger generation, Nayuki seeks to make tea drinking appealing through a stylish and modern tea concept, and effectively retailing it to millennials.

    And it’s proven successful. With over 100 stores across China across some 13 citie, Nayuki has garnered a cult following with celebrities and international lifestyle brands alike opting to partner with it.

    China is the largest market for tea drinking globally, with 13% of the world’s consumption taking place in China, according to Euromonitor. However, teeing up with BreadTalk Group and entering Singapore is the next step forward in global expansion, according to Peng.

    “Singapore is an important market. We chose Singapore to learn how to meet international standards – and then we can go global,” said Peng.

    Founded in 2000, the BreadTalk Group Limited is a Singaporean multinational food and beverage corporation headquartered in Paya Lebar, Singapore.

     

  • Starbucks opens immersive coffee destination in New York

    Starbucks opens immersive coffee destination in New York

    “We designed the Roastery as the pinnacle experience around all-things-coffee, and there is nothing else like it in the world. With premium coffees, teas, mixology and the iconic Milanese Princi Bakery, it serves as a Starbucks brand amplifier and a platform for future innovation,” said Kevin Johnson, CEO, Starbucks. “Beverages such as Draft Nitro, Cold Foam and the recent launch of Juniper Latte all began at the Roastery and have since been introduced to Starbucks locations around the world. It is the ultimate Starbucks Experience and an unforgettable way to connect with our customers.”

    Starbucks has a long history in New York. In 1994, Starbucks chairman emeritus, Howard Schultz, who was born and raised in Canarsie, Brooklyn, opened the first Starbucks store in the city on Broadway and 87th Street on the Upper West Side. Nearly 25 years later, there are 350 Starbucks stores across the five boroughs in the city where Starbucks employs approximately 5,000 partners (employees). The Roastery employs nearly 300 people, including roasters, baristas, commessas and mixologists.

    “Like most people I first experienced Starbucks as a customer, where I would go to my store at 195 Broadway in the Financial District in New York City and order a tall latte which was the perfect way to start my day,” said Raul Adorno, Managing Director Reserve Roastery New York. “I look forward to welcoming my fellow New Yorkers and visitors from all around the world when we open the Roastery on Friday. You will be amazed.”

    At its core, Starbucks Reserve Roastery New York is a working coffee roastery, where every day Starbucks Master Roasters, who have trained for years in the craft of coffee roasting, will be small-batch roasting Starbucks rarest single-origin coffees and blends called Starbucks Reserve. Those coffees then get served fresh at the Roastery or shipped to select Starbucks stores around the world. That functional purpose, as well as the history of industry and manufacturing in the meatpacking district, is reflected in the design of the space.

    “New York is a hub to the world,” said Liz Muller, Chief Design Officer of Starbucks. “It’s an unbelievable place with such history. The meatpacking district has a fantastic history of industry, and the neighborhood has an electric energy; it is alive. We’ve designed a space where the excitement and dynamic activity of the neighborhood is mirrored in the Roastery. We want our customers to come in and feel very inspired.”

    Unique Food and Beverages

    Coffee Bars – There are two coffee bars at the Roastery, which in total offer seven brewing methods, including pour over, Chemex, coffee press, siphon, espresso, Clover and cold brewing.

    Upon entering the Roastery, visitors can visit the coffee bar on the main level, where baristas, called coffee masters, are crafting classic espresso beverages such as cappuccino, latte, cortado and specialty drinks such as whiskey barrel-aged cold brew, sparkling citrus espresso, nitro hopped apricot cold brew and rotating specials like the cardamom latte.

    Arriviamo Bar – For the first time in the U.S., Starbucks will debut the Arriviamo Bar inspired by the Italian tradition of aperitivo. This craft cocktail bar is located inside the Roastery where expert mixologists will serve cocktails and spiritfrees curated by award-winning mixologist Julia Momose featuring coffee and tea. Specialty cocktails include the Nocino Notte, made with cold brew coffee, barrel-aged gin and black truffle salt, and the Triomphe, made with Teavana/MC Darjeeling de Triomphe Tea, gin, dry Riesling, aquavit, passionfruit sparkling water and orange saffron bitters. The Arriviamo Bar will also serve a selection of beer, wine and classic cocktails

    Princi – Inside the Roastery is the Milanese boutique bakery Princi from founder Rocco Princi, with on-site baking of fresh breads, Pizzas, cornetti, focaccias, desserts and more.

  • 7-Eleven Malaysia eyes 200 new stores next year

    7-Eleven Malaysia eyes 200 new stores next year

    7-Eleven Malaysia Holdings Bhd is looking to expand the number of the convenience store chain outlets by at least 200 new stores next year. In 2017, 7-Eleven Malaysia opened 126 new stores. Berjaya Corp founder and executive chairman Tan Sri Vincent Tan Chee Yioun said 7-Eleven Malaysia is also looking at increasing the number of franchisees for stores in Malaysia, along with the expansion in the number of outlets.

    7-Eleven Malaysia is the largest standalone convenience store chain nationwide with more than 2,250 outlets across the country.

    Its wholly owned subsidiary 7-Eleven Malaysia Sdn Bhd today entered into a memorandum of agreement with Pertubuhan Tindakan Pejuang Wanita Dalam Sosial, Ekonomi, Rumahtangga Dan Ilmu (Tiangseri Malaysia) to provide an opportunity to those interested to be franchisees to enter the ecosystem.

    Tiangseri is commissioned to recruit and recommend up to 50 potential franchisees to 7-Eleven Malaysia in the next 12 months.

    This programme also bodes well with the company’s target of increasing the number of franchisees. The first store under the programme is expected to be opened next month.

    7-Eleven Malaysia CEO Colin Harvey said the franchising programme through Tiangseri will see both partners leveraging on each other’s unique strengths and experience in retail and grassroots franchise recruitment.

    “We are fully focused on this collaboration as we believe franchising is an integral part of our long-term corporate strategy of giving back to the local community that we operate in, as it will both provide and create important life and management skills in future entrepreneurs as well as providing more job opportunities to our local workforce.”

    Harvey noted there are many potential locations for expansion, for instance in Sabah and around the Klang Valley. Meanwhile, Tiangseri president Mastura said the collaboration has already started generating interest from interested parties.

    Tiangseri will also be aiding potential franchisees in securing funding at a preferential rate from agencies such as Perbadanan Usahawan Nasional Bhd and Majlis Amanah Rakyat, among others.

  • Cafe Leitz opens in Raffles Hotel Singapore

    Cafe Leitz opens in Raffles Hotel Singapore

    German photography brand Leica has reopened at Raffles Hotel with a line of wristwatches and a cafe. The opening debuts Leica’s Cafe Leitz in Singapore, based on its German flagship and serving a variety of coffees and petit fours. The store, launched on the site of the brand’s original Singapore location, features a new experiential retail concept that showcases Leica’s iconic cameras while drawing visitors towards its first line of digital watches in Southeast Asia.

    Leica enters the watchmaking industry alongside a pewter and silver collaboration jewellery line with Royal Selangor exclusive to Leica Store Raffles, featuring subtle references to the Leica camera. The store hosts a gallery space for classic Leica photography.

  • Vietnamese consumers among the most optimistic in the world

    Vietnamese consumers among the most optimistic in the world

    Vietnamese consumer confidence has reached a global high thanks to optimism over jobs and personal finances. The Vietnam Consumer Confidence Index has risen by nine points from the second quarter to reach an all-time high at 129 points in the third quarter of 2018, according to the Global Consumer Confidence Survey.

    The survey results have been released by research association The Conference Board in collaboration with global market research company Nielsen.

    The survey ranks the country in second place in the world in terms of consumer confidence, behind India at 130 points.

    While most Asian economies are vulnerable to the ongoing trade dispute between China and the U.S., Vietnam is a possible exception, as it may attract parts of the global value chain that currently run through China, the report said.

    The rise in the confidence index is also due to greater optimism about employment prospects, personal finances and the level of willingness to spend.

    Eight out of ten Vietnamese surveyed said that they were positive about their job prospects, up nine percentage points from the second quarter.

    Eighty-two percent of respondents expected their personal finances will be good or excellent over the next 12 months, up 6 percentage points from the second quarter.

    The majority of them, 63 percent, said that the next 12 months are a good time for them to buy the things that they want and need, 8 percentage points higher than the second quarter.

    Concerns about having a stable job and health (both at 40 percent) remained the top concerns among Vietnamese consumers. The national economy came in third at 27 percent, 5 percentage points higher than the previous quarter.

    Vietnamese consumers continue to take the lead globally when it comes to saving, the survey found. Seventy-two percent of respondents said that they would save their spare cash, up two percent from the second quarter.

    But Vietnamese people are also more willing to spend on big-ticket items. The percentage of people who would spend their spare cash on home improvements increased 10 percent from the second quarter to 48 percent.

    Over half of them, 53 percent, want to spend the money on new clothes, up 7 percentage points from the second quarter.

    Nguyen Huong Quynh, managing director of Nielsen Vietnam, said that when consumers faced multiple concerns, their purchasing decisions will be affected and businesses should always keep a close track on changes in the spending habits of consumers.

  • Luckin Coffee worth $2.2 billion in quite short time

    Luckin Coffee worth $2.2 billion in quite short time

    Fast-growing Chinese cafe chain Luckin Coffee has raised US$200 million in its latest funding round, effectively valuing the company at a stunning $2.2 billion. That’s up to $700 million more than its value was estimated just one month ago when the quest for funding was announced.

    Launched only in January, the company had already opened more than 1700 outlets in 21 Mainland China cities by last month. Its rapid growth is based on an inexpensive delivery service concept and online ordering system.

    An aggressive competitive strategy involves an IT-focused approach whereby all customers must purchase coffee via an app, with which they can then monitor brewing progress via livestream. Its pricing is considerably less than Starbucks.

    Luckin said the latest funding round was led by Singapore Government sovereign wealth fund GIC and China International Capital Corp. They were likely attracted by a mid-term plan for an IPO of the Luckin business in either Hong Kong or New York. GIC was a participant in a similar capital raising in July.

  • Party supplies sales surge in South Korea

    Party supplies sales surge in South Korea

    Demand for party supplies from South Korean retailers is soaring as a growing number of people prefer to host end-of-year celebrations at home instead of going out. According to E-Mart, wine and cake sales at six stores in Daegu last month soared 18.9 per cent and 16.1 per cent, respectively, year on year.

    Frozen foods sales jumped 16.3 per cent compared to last year.

    More South Koreans are choosing to cook at home using a variety of home meal products, as so-called ‘meokbang’ (eating shows) and ‘cookbang’ (cooking shows) are sweeping the country.

    Lotte Department Store’s Sangin Branch in Daegu also saw its kitchenware sales increase by more than 70 per cent compared to last year.

    Suppliers are coming up with various promotions to capture the attention of end-of-year party throwers.

    Lotte Department Store’s Daegu Branch is offering discounts of up to 60 per cent on dinnerware and is showcasing a variety of props to help decorate the perfect party.

    Lotte Department Store’s Sangin Branch is also holding a promotion event for Christmas-themed tableware.

  • Deliveroo is opening first restaurant in Hong Kong

    Deliveroo is opening first restaurant in Hong Kong

    A Deliveroo restaurant has opened in Hong Kong in a trial which, if successful, could see its own-branded eateries opened globally.

    Called Deliveroo Food Market, the outlet will serve as both a kitchen for delivering online orders, and a customer-facing storefront where diners can choose between 15 dining concepts.

    The 1500sqft kitchen which cost HK$7.5 million (US$960,000) to build, does not have seating for dine-in.

    “We find there is an opportunity to bring our online to offline model to our customers,” Brian Lo, Deliveroo GM said.

    With Hong Kong boasting some of the most expensive rental prices of any major international city, the pressure on restaurant operators to develop concepts which perform is very high.

    “This model works very well for them,” said Lo.

    The debut Deliveroo restaurant will open in Sai Ying Pun as an extension of the brand’s Editions program, where eateries share kitchen space to fulfil Deliveroo delivery orders.

    Five restaurant brands will share the Deliveroo restaurant space in Hong Kong, offering a combined 15 concepts: Chinese chain Crystal Jade, Pizza Express, Pololi Group, Beef & Liberty and Red Sauce Hospitality.

    Singapore-headquartered Crystal Jade is using the kitchen to launch Lao Er and Brother Kwok, two delivery-only virtual brands targeting younger consumers by offering a modern twist on traditional noodle and fried rice dishes.

    “This is a location we can have a closer touch with the residents nearby and understand their dining behaviour,” said Wincy Cheung, Crystal Jade’s assistant marketing & communications director. “It allows us to test our new brands. If we opened a physical store, we’d have to consider a lot of things. This delivery platform allows us to reach more customers at a location that we’re not already in,” she said.

    Another participant in the trial is Pizza Express which plans to test a new concept called The Pasta Project.

    “Deliveroo’s Food Market allows customer-facing trials of new concepts to launch in market much faster, just as we have done with The Pasta Project,” said Pizza Express MD of international, Liam Collette.

    He stressed that restaurants are not going to be eliminated by delivery and the company will continue to expand.

    Pololi Group will offer Shaka with American-style sushi rolls and Killer Golden Bird with fried chicken, while Beef & Liberty is debuting the vegetarian and vegan Leaves & Liberty concept, using Impossible Meat.

    Lo said virtual restaurant brands are already supporting the business of Deliveroo’s partner restaurants. Kai, which serves up customised poke bowls, and Blazed offering Hawaiian BBQ platters are both virtual brands launched by Pololi Limited at the first Deliveroo Editions site, a so-called ‘dark kitchen’ in Wan Chai cooking only for delivery orders, without a customer interface. Both brands have succeeded as a delivery concept, leading to brick-and-mortar stores.

    Sai Ying Pun appeal

    Deliveroo chose Sai Ying Pun as home for its first Food Market due to the neighbourhood’s fast-expanding food, drink and cafe scene, which is attracting local and expat foodies alike. Deliveroo is also working with partner restaurants to create new corporate-specific offerings for the growing number of businesses now moving into SYP and surrounding districts such as Kennedy Town and Sheung Wan.

    “Residential projects, business development and cultural sites are flourishing in the western districts of Hong Kong Island, and yet many popular restaurant brands have little presence in the area,” said Lo.

    “Sai Ying Pun is an exciting location for future growth and we are pleased to offer our partners restaurants more reach into this vibrant district and its surrounding areas. In the coming year, Deliveroo will be looking for more opportunities to expand into Kowloon and the New Territories to bring our Food Market concept to more customers across Hong Kong.”

    The Sai Ying Pun location is expected to employ up to 30 on-site staff in its kitchen and customer spaces.

    View the gallery below (5 images) :

  • Samsung is No. 1 in world for R&D spending

    Samsung is No. 1 in world for R&D spending

    Samsung Electronics was the No. 1 investor in R&D in the world this year, according a report from the European Commission. The annual R&D Investment Scoreboard report released by the commission analyzes R&D indicators of top companies in the world, based on their most recent accounts and annual reports. The 2018 report studied 2,500 companies worldwide from 46 countries.

    Samsung Electronics invested a total of 13.44 billion euros ($15.2 billion) in R&D this year, an 11.5 percent year-on-year increase compared to last year’s report, when it took third place on the list. This is the first time a Korean company has come in first since the European Commission first published the report in 2004.

    Tailing Samsung in second place was Alphabet, Google’s holding company. It spent a total of 13.39 billion euros. Volkswagen was ranked third at 13.14 billion euros. The list went on to include Microsoft, Huawei, Intel and Apple, all having spent between 9.7 billion and 12.3 billion euros.

    Samsung was the only Korean company within the top 50 R&D spenders worldwide. However, the report showed that, in terms of the ratio of R&D investment to sales – which the report dubbed “R&D intensity” – Samsung fell behind other major companies higher up the list.

    The local company’s R&D intensity was 7.2 percent – lower than second rank Alphabet’s 14.5 percent and Chinese IT company Huawei’s 14.7 percent. It was slightly higher than Apple, however, which had a ratio of 5.1 percent.

    The report also showed that, apart from Samsung, Korea was falling behind in R&D investment compared to neighboring countries Japan and China.

    The 2,500 companies studied for the report had invested a combined 736.4 billion euros, with 14 percent of that total coming from Japan-based companies and 10 percent from China. The top contributors were the United States at 37 percent and the European Union at 27 percent.

    A total of 70 companies from Korea were included in the study. LG Electronics was the only other one mentioned by name, coming in third place in the “Top 3 companies by R&D for the main industries: Other” category after Japan’s Panasonic and Sony.

  • October Singapore retail sales static

    October Singapore retail sales static

    October Singapore retail sales inched up by 0.5 per cent year on year, after excluding motor vehicle sales from the data.

    Month-on-month they fell by 2.1 per cent, reaching S$3.7 billion (US$2.69 billion).

    Online retail sales breached the 5 per cent threshold of total retail sales at 5.3 per cent for October.

    By category, sales by petrol stations soared the most, up 11.4 per cent year on year, however when the effects of price changes was removed from the data, the increase was a more moderate 1.5 per cent.

    Sales of medical goods and toiletries rose 3.4 per cent on the back of cosmetics, with furniture and homewares up 1.5 per cent.

    In contrast, sales in department stores and supermarkets decreased 3.6 per cent and 2.9 per cent respectively. Retailers of optical goods and books and recreational goods declined by 1.9 per cent and 1.8 per cent.

    Sales of food and beverage services rose 1.1 per cent, with food caterers recording a 5.6 per cent increase in turnover, other eating places (such as cafes) improving by 3.8 per cent, and fast-food outlets by 3.2 per cent.

    Restaurant turnover, however, was down 3 per cent.