Overseas spending by Chinese consumers has seen a 60 percent increase in the past three years.
A recent survey by UnionPay International, a unit of China UnionPay Co Ltd, examined the habits of Chinese consumers in 140 countries and areas of the world. The study showed that the compound annual growth rate of spending on dining was over 65 percent in the past year, and the CAGR of entertainment spending more than 60 percent. The CAGR of hotel spending was about 40 percent in the last three years.
In ageing Japan, retailers are waking up to a hot new demographic: foreign visitors.
Driven by government tourism promotions and lately a weaker yen, the number of inbound travellers has quietly doubled in the past decade to top 10 million for the first time last year. In 2013, they spent USD14 billion on everything from powdered green tea to Prada handbags, to rare, red-coral rings.
Vipshop, a Chinese online retailer that sells quality branded items at discount, on Wednesday reported better-than-expected results for the first quarter ended on 31 March 2014. Total net revenues surged 125.9 percent over the prior year period to USD701.9 million, primarily driven by growth in the number of active customers and total orders. Active customers grew 129.3 percent from 2.8 million to 7.4 million and total orders rose to 20.2 million from 8.8 million last year.
The retail revolution in the Sydney and Melbourne central business districts has only just begun, according to commercial real estate agents.
Already the biggest and most popular chains are established and more are on their way, with the only impediment for vast and swift expansion finding the right stores and locations. But even that is not as hard as it was only a few years ago. And even the local retailers, who are the main targets, are welcoming the new arrivals as they are bringing back much-needed foot traffic.
Marks & Spencer is pursuing an aggressive international growth strategy and is set to open 250 new stores in three years.
The plan is to grow its food business and increase franchise operations with the end goal of growing its international revenues by 25 percent and international profits by 40 percent.
“We are focusing on flagship stores to deliver brand presence and stand-out. We also see great opportunities in fresh food and lingerie and beauty concepts," Marc Bolland, M&S’s Chief Executive.
Omni-channel retailers in Australia who enable consumers to shop across their bricks and mortar, online and mobile stores are winning the war against pure-play online retailers.
Online sales at Australian omni-channel retailers such as David Jones, Myer, Woolworths and Coles rose 22 percent over the last 12 months, according to Commonwealth Bank credit card data, while sales growth at pure-play online retailers slowed to just 13 percent.
The Mall Group expects first-quarter sales to drop slightly from an earlier forecast because of poor consumer sentiment caused by political tensions.
Chamnarn Maytaprechakul, the group's executive vice-president, said the decline stems mainly from the prolonged Pathumwan and Ratchaprasong rallies, which hurt business at nearby Siam Paragon, the group's biggest sales driver.
Supermarkets and SportsMalls are the only two categories showing strong demand, as food is a necessity and the number of health-conscious people continues to rise in good times and bad.
EC Harris, the leading global built asset consultancy, has joined forces with inProjects, one of Asia’s foremost project management firms. The addition of inProjects strengthens EC Harris’s presence in Asia and creates the region’s leading programme and project management delivery organisation.
Hong Kong-based casualwear retailer Bossini on Tuesday said revenue for the six months ended on 31 December 2013 dropped 5 percent to HKD1.27b (USD163.7m) from HKD1.33 billion in the same period of previous year, even though its Hong Kong and mainland China retail operations reported double-digit increase in same-store sales. Gross profit dropped 1 percent from HKD636 million to HKD628m.
Hong Kong's biggest cosmetics chain Sa Sa International posted strong growth in revenue for the third quarter of financial year 2013–14.
The beauty retailer said on Thursday group turnover rose 14.8 percent from a year earlier to HKD2.52 billion (USD325 million) in the three months ended on 31 December 2013. Same store sales at its Hong Kong and Macau operations surged 15.8 percent. The number of transactions and average sales per transaction in Hong Kong and Macau grew 15.4 percent and 3.1 percent respectively.