Business
Fast Retailing to unify wages worldwide
As part of its efforts to recruit skilled workers and expand its global business by offering higher wages, the operator of the Uniqlo clothing chain will unify its payment system for its employees and executives worldwide, company officials said on Tuesday.
Employees of Fast Retailing Co. around the world in the same grade will receive equivalent pay, reflective of price levels in each country, to allow them to maintain a comparatively equal standard of living.
S Korea consumers hit economic brakes, add to exports slowdown
Burdened with high debt and facing uncertain prospects, South Korean consumers are tightening their purse strings, dampening hopes that they will lift the economy as exports – the country's traditional growth driver – splutter.
Some economists say sluggish consumer spending may mean that policymakers will have to do more later this year to support the economy despite a government stimulus package unveiled this month and two central bank rate cuts last year.
Sogo owners to spin off parts of property empire
Lifestyle International, which operates the Sogo department store in Hong Kong and Jiuguang department stores in mainland China, aims to spin off part of its property investments on the Hong Kong stock exchange by June.
Market sources said the firm aimed to raise between HKD200 million and HKD300 million by way of introduction instead of an initial public offering. That means shares would be issued either to Lifestyle shareholders or private investors.
Investors put Colorado on the block
Australia's largest footwear retailer, Colorado, is up for sale less than two years after it came out of receivership.
The retailer, which also specialises casual wear, is majority-owned by two private equity firms, Anchorage Capital Partners and Ice Canyon. The two investors wound up with the business having converted their debt to ownership in shares. Lenders, the National Australia Bank, Rabobank and Nomura are also shareholders.
Foreign retailers, traffic fuel superblock developments in Jakarta
The influx of foreign retailers have been credited with encouraging the growth of major building projects in Indonesia, with complexes that combine retail, office and residential space in a single building proving popular in the Greater Jakarta region.
"Malls and residential buildings are facilities that support the city," said Setyo Maharso, chairman of industry group Indonesian Real Estate (REI), adding that so-called superblocks were a response to road congestion and would fuel lifestyle changes among the city's residents.
HK remains springboard to Mainland China market for retailers, says report
Hong Kong remains a springboard to the Mainland China market and it will continue to lure international brands, a new report said on Wednesday.
According to the latest research report of real estate consultancy Cushman & Wakefield, Retail MarketBeat, Hong Kong's retail market saw moderate growth in early 2013 subsequent to a year of weakened, unstable sales growth last year.
Study: China developers see online sales as threat to physical retail malls
The continuing growth of online retail sales and its corresponding threat to physical retail malls appears to be the standout ‘nightmare’ for senior real estate developers in China, a new study showed. Lack of good market, demographics and consumer spend research to aid planning retail development in Tier II and III and other lower city locations, closely follow.
Asia fuels Burberry to better Q4 results
UK luxury group Burberry calmed fears about slowing demand in China with better-than-expected fourth quarter results as it sold more of its most expensive items.
Burberry said demand from affluent Asian customers for its more expensive handbags and coats helped boost sales. It said "aspirational" shoppers were spending less, but its most affluent customers were spending more and its staff were helping to push more expensive items.
American Eagle names Kitty Yung Asia-Pacific President
US specialty retailer American Eagle Outfitters (AEO), Inc. named Kitty Yung Executive Vice President/President of Asia-Pacific on 10 April.
Before joining AEO, Yung was Asia-Pacific President at Guess Inc., with responsibility across the region, including China, India, South East Asia and Australia/New Zealand. While at Guess Inc., she grew the business to over 200 stores in Greater China.
No end to the tyranny of shop landlords in Australia
Since the bursting of the retail bubble, with consumers returning to more sustainable spending levels, many of the larger tenants in Australia with some bargaining power have been successful in renegotiating the more rapacious agreements. Solly Lew's Premier Investments is an example, as Glenda Kwek reported last month.
Premier said store rental negotiations were central to its profitability drive.
Premier chief executive Mark McInnes, formerly of David Jones, warned that more store closures were possible if landlords demanded rents that were unsustainable.
