Tag: target

  • Uniqlo Canada takes it slowly

    Uniqlo Canada takes it slowly

    After the Japanese apparel retailer decided to open its first shop in Canada, Uniqlo Canada COO Yasuhiro Hayashi visited Toronto every month for nearly a year.

    During each visit he would spend the week taking notes on what people were wearing.

    “I didn’t expect that everyone was so unique and multicultural,” says Hayashi, who previously helped launch Uniqlo in Singapore and Indonesia. “That was very surprising in a very positive way. We don’t have a specific target customer – that’s our uniqueness. We say we are made for all.”

    Finally, the company is opening its first store in Canada on Friday, a 28,000-sqft (27,989 sqm) space in the Toronto Eaton Centre, between fast-fashion rival H&M and the newly arrived luxury retailer Nordstrom. A second store opening is planned at Yorkdale Shopping Centre in north Toronto on October 20.

    Even with more than 1000 stores worldwide, Hayashi says Uniqlo may not have the same name recognition in Canada as some of its international rivals before they entered the country. It is a challenges that needs to be overcome if it wants to continue expanding in Canada, but Hayashi says there is no rush.

    “We want to be very cautious,” he says. “Of course, I don’t want to give a name, but some other brands have had ambitious plans that didn’t work out. We want to make sure we serve the customers well and fine-tune the merchandise mix as well.”

    US retailer Target last year abruptly announced it was shutting down all its 133 Canadian stores only two years after arriving. Since then, several international retailers such as Muji, Nordstrom and Saks Fifth Avenue have taken a slower approach to opening locations in Canada.

    Hayashi says Uniqlo’s Toronto stores will largely be the same as its other locations, with a few nuanced differences for Canadian shoppers. Customers can expect more than usual plaid and flannel shirts. Most sizing will be for a North American fit, but there will also be some smaller sizes to reflect Toronto’s multicultural population.

    Uniqlo will also sell house slippers, commonplace in its stores in Asia.

  • StanChart targets China

    StanChart targets China

    The regional head of retail banking for Greater China and North Asia at Standard Chartered (2888), Mary Huen Wai-yi, said Hong Kong will be used as a hub to attract high net worth customers from the mainland to bring growth in retail banking income in the next three to five years.

    Huen told Sing Tao Daily, sister paper to The Standard, the size of the local retail banking income pool stood at about US$10 billion (HK$78 billion), while that of the mainland is 10 times that in Hong Kong. In the face of the large market, she said, high net worth individuals in the mainland are the bank’s target in its wealth management services.

    Since Standard Chartered’s announcement of restructuring last year, retail banking has become the group’s leading business.

    After opening the a wealth management center at the Forum in Central, Huen said another one will be set up at Sheng Shui this year.

    Expanding toward the north is a common strategy shared by many of the bank’s counterparts. “Retail banking is a huge income pool in the mainland,” said Huen, “and it is still at an early development stage, which gives us plenty of opportunities.”

    Digitalization, Huen said, is another means by the bank to draw customers.

    While digital tellers is a big trend in Hong Kong, Standard Chartered said it will take a step further to introduce Retail Workbench, where the bank’s staff will use iPads as a sales-and-service tool to issue credit cards and approve loans. But Huen said that digitization will not replace any of its 80 bank branches in Hong Kong.

    The bank partnered with Asia Miles to put out a credit card last week, and Huen said the bank will have similar plans with Samsung in Korea.

    Retail banking in the Greater China region accounts for one third of the group’s global business in the sector last year, seeing also a single-digit growth in income against the backdrop of an overall loss posted by the group.

    STAFF REPORTER