Alibaba.com, the world's largest online business-to-business (B2B) marketplace, is planning a major expansion to increase its footprint in Thailand this year.
The move is part of the Chinese e-commerce giant's strategy to expand its presence abroad. The expansion will be in the form of partnerships with local e-marketing companies.
Bunnings' focus has shifted from freehold development back to leasehold, a move that allows it to take advantage of tighter yields for commercial assets while it ramps up its national conversion of small-format stores.
The Wesfarmers-owned hardware giant has spent AUD600 million to AUD700 million on its development pipeline this financial year, slightly less than the previous year, Bunnings property development manager Andrew Marks told Fairfax Media.
Japan's third largest online retailer Yahoo Japan Co jumped the most in two months in Tokyo trading after the company said it will team up with Chinese e-commerce giant Alibaba Group Holding to expand footprint into the world's second largest economy.
Daniel Zhang, Alibaba's chief executive officer, said they will launch "Japanese Pavilion" on the Tmall website with 100 brands and plans to increase the number to 600 in three years.
Japanese online retailer Rakuten said on Monday it bought a stake of less than 10 percent in Chinese online discount provider Fanli, as it continues a push into overseas markets.
Rakuten – one of Japan's biggest online retailers – is trying to use its stronghold in its domestic market to transform itself from a pure e-commerce firm into a one-stop-site for a global audience, along the lines of Amazon.com.
The considerable potential of Vietnam's domestic retail market is being actively promoted by large retailers looking to expand their businesses at a faster pace.
The Ministry of Industry and Trade said the modern retail model in Vietnam accounted for a quarter of the national retail value. Vietnam has 724 supermarkets, 132 shopping centres and hundreds of convenience stores. Most of these supermarkets and shopping centres are concentrated in large cities. Meanwhile, sale agents are mainly located in rural areas.
Bangkok has been ranked eighth among retail target markets in Asia-Pacific, with 19 new entrants opening stores last year, according to a report by property consultancy CB Richard Ellis (CBRE).
James Pitchon, head of research and consulting at CBRE Thailand, said Bangkok was one of the hotspots for retail development in Southeast Asia, with 1 million square metres of new retail space due this year.
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.
China and India are currently the darlings of global e-commerce, boasting the world's fastest-growing markets, but a third Asian market could join their ranks in the coming years.
The six major economies of the Association of Southeast Asian Nations (ASEAN) – Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam – are benefiting from strong fundamentals that will soon bring them into focus internationally, industry experts say.
Global luxury brands expanding in China are better off targeting the HENRYs – "high earners, not rich yet" – instead of the ultra-wealthy, as a slowing economy and a government that frowns on official excesses usher in an era of less showy spending.
UK online retailer ASOS's decision to cut prices in Australia to reverse declining sales has paid off, but overseas retailers hoping to maintain their share of the local e-commerce market will have to make tough decisions on pricing as the Australian dollar reaches six-year lows.