Business

China's Sun Art beats Wal-Mart with political savvy

Source: 
CNBC

Sun Art Retail Group Ltd overtook rivals such as Wal-Mart Stores Inc to become the number one hypermarket operator in China by supporting the local economy and counting on consumer loyalty to Chinese brands, said a major shareholder.

By contrast, foreign competitors in China lack the same political savvy, the cachet that comes with being seen as a Chinese firm as well as knowledge of the local market, Samuel Yin, chairman of Taiwan's Ruentex Group, one of Sun Art's two main owners, told Reuters in his first interview with overseas media on Monday.

Thailand's Siam Center plans glitzy reopening

Source: 
Bangkok Post

Siam Piwat Co will allocate THB600 million (USD19.7 million) for marketing this year, six times last year's budget. Part of the money will be used to reopen its Siam Center in a grand manner, with Thai guests rubbing shoulders with Hollywood stars and pop divas.

Mayuree Chaipromprasith, the executive vice-president for business promotion, said THB100 million (USD3.2 million) will be spent on the grand opening of the new Siam Center on Wednesday and Friday this week and the rest used for other activities throughout the year.  

Five new trends of Chinese consumers

Source: 
Forbes.com

As 2012 comes to an end, pundits and analysts alike are making predictions for 2013. Many things could happen in 2013, but one thing is almost certain: China will be the largest e-commerce market in the world. Already, the country has the largest population of online shoppers. In June 2012, people who shopped online in China reached 210 million, compared 179 million in the US.

Foreign firms seek retail therapy in Australia

Source: 
CNBC

Australia is being invaded by a swathe of foreign retailers, piling pressure on a local industry already battered by weak consumer spending and ruthless internet competition.

HK's Chow Tai Fook banks on e-commerce, 12m marriages per year

Source: 
CNBC

Chow Tai Fook Jewellery Group Ltd, the world's biggest jewellery retailer by market value, said on Thursday it is targeting e-commerce as a pillar of future growth after online sales tripled in the first half.

The Hong Kong-listed company, despite posting a disappointing slump in six-month profit, was also upbeat about a near-term pick-up in China's luxury spending and the prospect of strong longer-term demand due to increasing wealth and spending power in smaller cities.

Starbucks to roll out 800 new stores, add over 18000 employees in China for next 3 years

Source: 
The Wall Street Journal Online

After nearly 14 years of working to persuade China to buy into its foreign coffee culture, Starbucks Corp. is aiming to become more Chinese as it plans a rapid expansion in the country.

Belinda Wong, president of Starbucks China, said in an interview that Starbucks aims to roll out 800 new stores in the next three years to add to its existing fleet of 700. Over that period it will increase the number of employees to more than 30,000 from the current 12,000.

Thailand's CPF readies new retail formats

Source: 
Bangkok Post

Thailand's Charoen Pokphand Foods Plc (CPF), having established a strong manufacturing base, is now developing new retail formats to reduce dependence on hypermarkets such as Big C and Tesco Lotus.

CPF on Wednesday officially introduced CP Food World, its first food court, in Siriraj Hospital. The format is the company's third after CP Fresh Marts near housing developments and CP Food Markets in office buildings and petrol stations.

Retailers adjust to new pace in China

Source: 
The Wall Street Journal Online

The slowdown of the Chinese economy is forcing Western retailers to rethink their once rampant expansion in the country while making big shifts in their strategies.

Shree Ganesh to open 50 new stores across India next fiscal

Source: 
Business Standard

With jewellery consumption growing in spite of the persistently high gold prices, Shree Ganesh Jewellery House Limited (SGJHL), an India-based jewellery maker has decided to invest around INR500 crore (INR5 billion, USD94.5 million) towards retail expansion in the next fiscal.

The company aims to increase its retail presence from the existing about 10 exclusive showrooms located across India to 50 more such stores by 2013-14.

Asia-Pacific poised to become largest luxury goods market

Asia-Pacific overtook Europe to become the largest regional luxury goods market in 2010. The trend continued in 2011, with record growth of over 20 percent overshadowing the more mature markets of Europe and the Americas, new research from Mintel showed.

The study on the international luxury goods market  found that Asia-Pacific accounted for 36 percent of the global luxury consumer goods market, followed by Europe (35 percent), Americas (26 percent and the other regions, including the Middle East, Africa, and India (4 percent) in 2010.

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