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Causeway Bay’s retail vacancy rate to soar, with one in 10 shops standing empty as Hong Kong’s street rallies enter their 15th week

One in every 10 shops in Causeway Bay now stands empty, as three months of protest rallies have deterred visitors from the world’s most expensive shopping district, adding to the woes of a retail industry that is already suffering from a weakening yuan and mainland China’s abolition of luxury tax.As many as 102 shops stood empty out of 1,087 in August in the district, or a vacancy rate of 9.4 per cent, according to data by the real estate agency Midland IC&I, which noted that the tenant-free… Source link

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Vietnam 

VN-Index gains for second day, pre-purchases boost retail stocks – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  An FPT Retail store. The company has allowed clients to pre-order new iPhone models, a move that is expected to boost its earnings in the fourth quarter. – Photo fptshop.com.vn HÀ NỘI – Việt Nam’s benchmark VN-Index soared on Friday as expectations for high fourth-quarter earnings helped boost digital retail firms after they opened pre-orders for new iPhone products. The VN-Index on the Hồ Chí Minh Stock Exchange gained 1.14 per cent to close at 987.22 points. The VN-Index has increased by total 1.84 per cent in the last…

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Vietnam 

Retail spaces should become co-working offices: JLL – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A view of Nam Xa La residential area in Hà Đông District, Hà Nội. — Photo batdongsan.com.vn HÀ NỘI – Retail space rent is growing steadily in the centre but those underneath residential properties in outlying areas face long-term vacancy, said real estate services firm Jones Lang LaSalle (JLL) on Friday. JLL’s Việt Nam Property Market Brief 2Q19 pointed out total retail supply in HCM City and Hà Nội is more than two million square metre, with occupancy rates of 90 per cent and 88 per cent, respectively. According to the firm,…

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With Prada out, can Hong Kong’s Russell Street outshine Fifth Avenue or Champs-Élysées as the world’s costliest retail strip?

Landlords in Hong Kong’s Russell Street, the most expensive shopping address on the planet, are likely to slash rents after fashion house Prada declared it would not renew the lease on its flagship store next year, according to market observers.Prada’s landlord has offered to cut the rent for its next tenant at Plaza 2000 on Russell Street, by a staggering 44 per cent as luxury vendors come under increasing pressure from a marked slowdown in sales.Analysts expect other landlords to follow suit,… Source link

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Singapore 

Hackers impersonate electronics retail giants, Digital, Singapore News

In less than a week, hackers have impersonated electronics retail giants Challenger and Harvey Norman, in a bid to stage phishing attacks by directing customers to fake sites. Yesterday, both firms issued advisories about such scams, reiterating the warnings they had given on Sept 3. In Challenger’s case, it involves an SMS sent to its customers that falsely claims they had won a mobile phone in a contest. They are then led to a website where they are asked to give their credit card details to pay for a processing…

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Citi cuts Hong Kong GDP growth forecast for fourth time this year, says retail and tourism could take months to recover

Citigroup said it could take some time for Hong Kong’s retail and tourism sectors to recover from three months of protests and civil unrest in the city, as the bank lowered its growth forecast for the city’s economy for a fourth time this year.The American bank cut its forecast for Hong Kong’s gross domestic product growth to 0.6 per cent for 2019 and 1.4 per cent for 2020, citing the “visible damage” caused to the city’s retail and tourism sectors.“We think the retail picture likely worsened… Source link

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Vietnam 

Vingroup buys out new retail stores – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Fruits stocked at a Vinmart store. — Photo vinmart.com HÀ NỘI — Retailer Vinmart has acquired supermarket chain Queenland Mart, the company announced on its Facebook fanpage last week. The value of the deal has not yet been revealed. The supermarket chain Queenland Mart was run by the HCM City-based retailer Vietnam Lotus Foods JSC, founded in July 2014. The Queenland Mart stores are located in HCM City’s districts 2 and 7, catering to residents living in high-quality apartment buildings. The new deal has raised Vinmart’s total number of…

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Vietnam 

Retail sales up 11.5% in January-August – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A woman shops for fruits at a supermarket in HCM City. Retail sales of goods this year were estimated at VNĐ$2.44 quadrillion ($104.9 billion). — VNA/VNS Photo Mỹ Phương     HÀ NỘI – Việt Nam’s total revenues for retail trade and services reached an estimated  VNĐ3.21 quadrillion (US$137.4 billion) in the first eight months of 2019, up 11.5 per cent year on year, the General Statistics Office (GSO) has announced. This positive growth proved the rising demand of local people, GSO statisticians have said, adding that if…

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Stockbrokers are bullish low investment threshold for HKEX’s short-term options contracts will attract retail traders

The popularity of short-term options contracts in overseas markets has spurred Hong Kong Exchanges and Clearing into launching similar products on the local bourse, and market participants are confident these will catch on among investors here as well.As part of Hong Kong stock exchange operator’s three-year strategic programme, the HKEX introduced in-line warrants in July and US dollar metal contracts last month, which have proved to be popular among retail investors and brokers.And from… Source link

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China 

Costco hopes to succeed where other foreign retail giants failed by opening first Chinese store

The US retail giant Costco is diving into the thorny area of food retail in China with its first store opening this week, but analysts warn it faces a tough ride as it looks to succeed where a series of international retailers have failed.The move also comes at a challenging time as Beijing and Washington are engaged in a tense trade war that has seen them swap punitive tariffs on hundreds of billions of dollars worth of goods.China has proved a brutal battleground for overseas food retailers… Source link

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