Overall retail rents in Hong Kong's core locations slumped 9.1 percent quarter-on-quarter (q-o-q) in the third quarter of 2015, the largest quarterly decline recorded since 1998, property consultant CBRE said on Tuesday. Rents in Causeway Bay fell most severely by 11 percent q-o-q, while rents in Central, Tsim Sha Tsui and Mong Kok declined by 9.2 percent, 7 percent and 7.6 percent q-o-q, respectively.
Total retail sales in July and August combined, dropped 4.2 percent y-o-y. Watch and jewellery sales dived by 7 percent y-o-y in July and August combined.
Thai shopping mall developers plan to invest more than THB103 billion (USD2.83b) over the next three years to expand and open new stores as part of a drive to promote Thailand as a regional shopping hub, a private body said on Tuesday.
Plans to integrate Southeast Asia into a single market by 2015, as set out by the ASEAN Economic Community, will draw more foreign tourists to Thailand, Wallaya Chirathivat, president of Thai Shopping Center Association, told a news conference.
Japan's Fast Retailing Co, Asia's biggest clothing seller and the operator of Uniqlo, said on Sunday it will open 100 new outlets in China every year, shrinking off concerns over a cooling economy will hurt retailer's business.
Uniqlo has about 360 stores in China’s mainland at present, the most by market outside Japan. The company plans to expand its network in China's mainland, Hong Kong and Taiwan, to a planned 1,000 outlets, with a target of 3,000 stores in the medium term, the company's chairman Tadashi Yanai said in February.
Indonesian retail company PT Hero Supermarket (Hero) has closed the doors of dozens of its stores during the first half of this year to cut costs amid the domestic economic slowdown that has weakened purchasing power.
The company said last Friday that it had closed down 74 of its 715 stores in operation.
Asia and luxury once slotted together as well as Cinderella and the glass slipper, but as China's economic situation deteriorated, the slipper become somewhat ill-fitting.
Take Italian fashion house, Prada. The brand has published a slew of disappointing earnings reports this year, naming Asia-Pacific as the region weighing down growth. Other luxury brands have managed to float above water by relying on demand from the US and Europe.
Garment producers in Vietnam now have a new strategy to improve both brand recognition and sales – selling through supermarkets.
Tran Thi Thuy Trang, director of Dan Chau Fashion Co said though her company has 20 stores, its products are present in almost all supermarkets in the south. Thuy Nga, head of business development at Sanding Co said her company's sales of school uniforms through the Co.opMart supermarket chain increased by 10 percent a year.
Strong sales of Oroton Group's big-ticket handbags are pushing the label back towards profit growth and driving its transformation from a mid-market discounter to an Australian luxury label.
One of its top sellers last financial year was the AUD1195 (USD857) limited edition Rose Love X tote, developed in collaboration with the label's glamorous brand ambassador Rose Byrne.
Seoul is emerging as Asia's new fashion showcase, with the world's top luxury firms seeking to cash in on the regional trend-setting popularity of South Korean pop culture.
Over the past year, leading global fashion houses have upped their game in South Korea in a bid to reach those well-heeled Asians who take their fashion cues from popular Korean TV and pop stars.
The operator of Indonesia's Alfamart chain of minimarts plans to open 160 stores in the Philippines by the end of this year as part of a regional expansion program.
"The company has opened 60 Alfamart outlets in the Philippines [to date]," Hans Prawira, the president director of Sumber Alfaria Trijaya, said in a statement on Wednesday.
He said the company, through a subsidiary, Alfamart Retail Asia, would open 100 additional outlets in the country in the second half of this year to strengthen its presence in the region and help boost Indonesian exports.
Central Pattana Plc (CPN), the listed property developer under Thailand's Central Group, has earmarked THB30 billion (USD838.8 million) to develop four to five new projects during 2016-18 as part of its plan to boost its annual revenue growth to 15% over the next five years. The new projects are slated for Bangkok and major cities, excluding those already announced for Phuket, Nakhon Ratchasima and Nakhon Si Thammarat.