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US luxury icon Tiffany to open more stores in mainland China as Chinese stay home where weak yuan still has buying power

Tiffany & Co. is planning to open more stores in mainland China as the weak yuan drives Chinese consumers away from spending overseas and they shift their luxury buying back home.Currency fluctuations have had “an influence on the intention of Chinese to buy abroad,” CEO Alessandro Bogliogo said in an interview in Shanghai on Thursday. “Conversely, we have seen a big increase in sales in mainland China.”The luxury jeweller plans to open more stores on the mainland, Bogliolo said, including one… Source link

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Vietnam 

Co.op Food opens four new stores, reaching over 400 points of sale – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A Co.op Food store in HCM City. Co.op Food is opening four new stores this weekend, raisng its total number of stores under the Co.op Food mini supermarket chain nationwide to over 400. — Photo courtesy of Saigon Co.op HCM CITY — The Co.op Food store chain under Saigon Co.op will open four new stores this weekend in Cần  Thơ, Bình Dương, Long An and Hà Nội, raising the total number of its stores to over 400 after more than 10 years in the Vietnamese consumer goods market. Co.op…

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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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Singapore 

DFS Singapore pulls out of Changi Airport, stores to close by June 2020, Singapore News

In a shock move, Duty Free Singapore Group – Changi Airport’s biggest and oldest tenant – is closing all its airport stores by June 2020 when its current lease expires. The Straits Times revealed DFS did not take part in the latest alcohol and tobacco concession bid which closed on Monday, 26 August. Hundreds are expected to lose their jobs as the 38-year-old tenancy agreement ends. In a statement issued to media, DFS group chairman and chief executive officer Ed Brennan said: “After careful consideration, DFS has decided not to…

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Vietnam 

Convenience stores expected to be the next big thing in franchising in Việt Nam – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  At a Co.op Food franchisee in HCM City. Việt Nam offers huge opportunities for convenience store franchisers. — Photo courtesy of Saigon Co.op HCM CITY — After food and beverage and other sectors, it is the turn of convenience stores franchisers to eye the huge Vietnamese market. According to experts, Việt Nam has all the requisite elements for the retail and franchising industry to boom such as a large consumer base, rapidly rising incomes and a generation of young and educated professionals. Speaking at a seminar on Building an…

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Large US stores might be closing, but smaller niche retailers are taking their place, analysts say

There is a saying that when one door closes, another opens. In retail, it is true.You might have noticed some major chain stores such as Sears and Kmart leaving your neighbourhood. At the same time, you could see new stores popping up, some with less familiar names such as Aldi and Trulieve.Nationally, large stores are closing, “but there’s just as many, if not more, stores opening”, said Katy Welsh, senior director for Colliers International, a real estate and investment management company… Source link

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Burberry to invest heavily in new stores in China as mainland customers take a liking to its redesigned monogram look

Burberry Group, the British outfitter that turned the camel trench coat into a fashion statement, said it’s investing heavily to add stores in China, as mainland consumers have taken a liking to the luxury brand’s redesigned look.China’s middle class led the Asia-Pacific region’s “high single-digit” percentage revenue increase in the first quarter ended June, outpacing Burberry’s worldwide sales growth of 4 per cent, said chief operating and financial officer Julie Brown in a telephone… Source link

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Tencent said to be in talks for bigger cut of video game sales from mobile app stores

Tencent Holdings is pressing China’s top smartphone vendors and app stores to boost the cut of revenue it gets from video games sold through their platforms, people familiar with the matter said, stepping up efforts to claw back profits as the company’s business slows.The gaming and social media giant is seeking as much as 70 per cent of the sales generated from its video games, up from 50 per cent at present, said the people, who requested anonymity discussing private negotiations.That would… Source link

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Stores close early, security heightened in Central as Hong Kong protesters clash with police

Dozens of retail stores closed their doors and some office workers were given the option to go home early in the Central area of Hong Kong Island as protesters blocked roads and clashed with police over a proposed extradition law on Wednesday.Security was also visibly heightened outside the offices of many financial companies after police fired tear gas to disperse protesters who surrounded Hong Kong’s legislative offices, evoking memories of the Occupy Central movement nearly five years ago… Source link

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German supermarket chain Aldi to enter China with two physical Shanghai stores

German discount supermarket chain Aldi will open two pilot stores in China next Friday, reflecting the retailer’s first physical presence in the world’s second-largest economy.The stores, set to open on June 7, will be in the Jing’an and Minhang districts of Shanghai, making China the 11th country the retailer operates in.The privately-owned supermarket chain has been selling goods online in China since 2017 via Alibaba’s online retail platform Tmall, and last year launched an online flagship… Source link

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