Business

India's ecommerce groups target online grocery shoppers

Source: 
CNBC

With operations in six of India's biggest cities – and starting in two more in the coming months – Big Basket is the biggest player in India's most promising yet challenging ecommerce category: grocery retailing.

Globally, buying groceries online has not boomed, except in the UK. But in India, most consumers are still at the mercy of small mom-and-pop shops with limited or erratic supplies, while corporate grocery retailing has been stunted by expensive real estate and restrictions on foreign direct investment.

Hong Kong retailers shut shops as Chinese tourists stay away

Source: 
Jakarta Globe

Some of Hong Kong's biggest retailers have closed stores and frozen expansion plans in the past year in response to a drop in the number and spending power of their main customers, mainland Chinese tourists, a Reuters review of corporate filings shows. Six out of the 10 retailers reviewed are listed on the Hang Seng consumer goods sub index and their corporate filings show that, on average, Chinese tourists account for the majority of annual sales.

Italian luxury CEO still believes in China

Source: 
CNBC

Despite a drop in luxury spending by Chinese consumers, the chief executive of luxury goods maker Ferragamo told CNBC Friday that the world's second largest economy was still the main source of growth for the sector.

Hugo Boss the latest luxury brand to feel the sting of China's spending slowdown

Source: 
red luxury

Hugo Boss is the latest luxury brand to feel the effects of the slowdown in China.

The company announced that net profit fell 7 percent to EUR75.6 million (USD86.1m), well below analysts' forecast of EUR82 million, reports the London Evening Standard.

In China, first-quarter sales fell 3 percent. Last year, menswear sales in China, its most important category, fell 10 percent, according to Reuters.

IKEA in shopping mall push

Source: 
Bangkok Post

IKEA, the world's biggest furniture retailer, plans to spend up to EUR3 billion (USD3.2 billion) on new shopping centres over the next 5-7 years, aiming to cash in on the popularity of its stores by collecting rent from retailers keen to set up nearby.

The Swedish company formed IKEA Centres last year to group its existing out-of-town shopping malls and retail parks, and further develop a real estate business out of its core retail chain that sells cheap, mainly self-assembly furniture.

Toys "R" Us Australia accumulates USD344m in losses

Source: 
The Sydney Morning Herald Online

Toys "R" Us, the self-described "world's first toy supermarket", has racked up accumulated losses of almost AUD450 million (USD343.9m) since arriving in Australia.

The US-based toy and baby products retailer has operated in Australia for more than two decades. It has more than 30 stores, 11 Babies "R" Us Superstores, online operations and about 1600 employees.

Researchers IBISWorld said it had lost market power over the past five years, but was the second-biggest player in the AUD850 million toy and game retailing industry.
 

Indonesia's 1st Aeon Mall to open in May

Source: 
Jakarta Globe

Shopping mall developer Aeon Mall Indonesia and real-estate giant Sinar Mas Land, have joined forces to open Indonesia's first Aeon Mall on 30 May, a company executive revealed on Wednesday.

The announcement confirms a report detailing the endeavour in GlobeAsia last October, which also quoted Sinar Mas Land director Ishak Chandra in estimating that the project would cost between USD150 million and USD200 million.

Hong Kong retail rents drop as Chinese shoppers stop

Source: 
CNBC

A drop in Chinese tourist numbers is driving down shop rentals in Hong Kong, with vacancies increasing in the same prime areas that just three years ago pipped New York's Fifth Avenue to become the world's most expensive retail real estate.

Spooked by months of cross-border tensions and pro-democracy protests, tour groups visiting Hong Kong from China plunged about 80 percent this month, dealing a blow to the retailers that had built their businesses around these mainland visitors' once insatiable demand.

Stores lure the internet generation in Thailand

Source: 
Bangkok Post

Hypermarkets, department stores, shopping centres and convenience stores in Thailand are all aggressively moving further into online services.

Their goal is to spur shopping from young consumers who have high spending power.

This month, Future Park Rangsit, Tesco Lotus, Central Group and Charoen Pokphand (CP) Group simultaneously launched online business strategies to boost their sales and attract the young generation to become their new customers. Moreover, their operation costs may fall and sales increase despite having no more retail space.
 

For HK, a chill sets in as rich China tourists shop elsewhere

Source: 
CNBC

Chinese tourists are rapidly deserting Hong Kong, leaving retailers who built businesses around once insatiable demand from mainland neighbours with bigger but emptier stores and squeezing the whole city's visitor-dependent economy.

With cross-border tensions exacerbated by pro-democracy Hong Kong protests, tour groups visiting Hong Kong from China plunged about 80 percent in early March. A Beijing crackdown on conspicuous spending by mainlanders also shows no signs of letting up, sending tourists further afield.

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