Taubman Asia officially announced the groundbreaking of the Hanam Union Square shopping center, a 4.5 million square feet GFA mall in Hanam City, Gyeonggi Province, South Korea.
Co-developing the site are Taubman Asia and Shinsegae Group, Korea’s leading luxury department store retailer.
David Jones and Myer face big challenges as they deal with lacklustre consumer demand in Australia, a shift in household spending away from merchandise to what the retailers call experiences – lattes instead of crockery, say, or a plane ticket instead of a new suitcase – and the expansion of internet retailing.
They are, however, making a pretty good fist of a task that many observers believed would be beyond them. The price gap between them and overseas online retailers is closing, and it seems it is doing so without creating a profit sinkhole.
Faced with ongoing weakness in the retail sector, David Jones is focussed on lifting online sales and improving margins and customer service.
The department store is also thinking outside the square – investigating the development of a high rise apartment building or office block above its flagship Sydney store.
David Jones made an underlying profit of AUD101.6 million (USD95.1m) in the 12 months to the end of July, up slightly from AUD101.1 million in the previous year.
Food, entertainment, hotels, apartments and even large-scale parcel collection points are to be significant features in the next phase of growth for a shopping centre.
AMP Capital Shopping Centres managing director Bryan Hynes says shopping centres of the next century will look more like mini cities.
Hynes is overseeing the AUD390 million (USD367.7m) redevelopment of the Macquarie Centre in Sydney's north-west and said shopping centres had to cater for everyone to remain relevant.
Geox, Italy's largest men's shoemaker and the world's second largest casual footwear brand, is accelerating its expansion in China after ending a five-year partnership with China's number one shoe retailer Belle.
The Italian shoemaker plans to speed new store opening and bring the total number of its stores in China from the current 75 to 160 by the end of this year which means it will open five stores each week, Mario Moretti Polegato, Chairman and founder of Geox, said on 30 August in an interview with Dongfang Daily in Shanghai.
Samsonite International SA, the world's biggest luggage maker, on Tuesday posted record net sales of USD983.6 million for the six months ended on 30 June 2013, driven by strong sales in Asia. That's 16.2 percent increase compared with USD846.7m in the same period prior year. Adjusted net income rose 17.6 percent to USD92.9m, after excluding certain tax benefits recognised during the first half of 2012.
The company attributed the strong first half results to "diversification in terms of brands, products and markets".
Woolworths Ltd. has been out shopping and what's in its cart reflects how Australian supermarket operators rising worries about the difficulty of luring more people into the aisles.
Woolworths has agreed to buy New Zealand-based retailer EziBuy Holdings Ltd. for NZD350 million (USD275m), in a move that is expected to improve its ability to reach customers who do much of their shopping on the internet or through catalogues.
Chinese consumers are responding to a powerful new marketing tactic that plays to a widespread fear of food contamination – the promise of safe groceries sold online.
Pledging produce direct from the farm, vendors have found food is becoming one of the fastest-growing segments of Internet retailing as they cash in on scares from cadmium-tainted rice to recycled cooking oil.
Every 11 Nov. in China is Singles' Day, designated as a day to celebrate being unmarried. Last year on the holiday, online sales reached USD4 billion – far surpassing, for example, the USD1.5 billion in sales on Cyber Monday in the US.
The growth in online sales growth is driven by an expanding Chinese middle class buying apparel, accessories and electronics, but a larger question may be – who turned Singles' Day into a shopping juggernaut?
Chinese clothing giant Bosideng International Holdings, on Friday said that its subsidiary Talent Shine International Limited (Talent Shine) invested CNY150 million (USD24.4m) in Shenzhen Bangbao Fashion Wear Company Limited, which owns the ladies' wear brand "BUOU BUOU", and acquired its 30 percent interests.