Retail in Asia: The Week in Brief
Retail in Asia
The one-stop source for retail intelligence, covering trends, reports, openings and expansion activity across Asia.
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6 June 2024
A fresh concept in Singapore’s retail landscape opens as The Lo & Behold Group unveils New Bahru
The concept of New Bahru, a project by Singapore hospitality firm The Lo & Behold Group, is set to redefine Singapore‘s retail landscape.
New Bahru was conceived as a response to the challenges faced by local brands in Singapore. “We’ve seen an incredible amount of talent and creative entrepreneurship emerging from our shores and the region but we remain dwarfed by our international counterparts,” says Rifeng Gao, chief operating officer and chief financial officer at The Lo & Behold Group.
“And the challenges remain: homegrown brands are dispersed, with many under the radar. And in commercial malls, prime locations are dominated by the same permutations of chains.?We wanted to be able to build a cluster that we could call our own, a place that would sit differently from everything out there today.?With New Bahru, we’re bringing together some of the best local creative talents and businesses to create a lifestyle destination designed for discovery.” Read the full article here.
In Japan, the gap widens between department stores and luxury emporiums
The demise of regional department stores and the emergence of an elite group of luxury emporiums in big cities in Japan has long been predicted, but the gap between the two has widened sharply in the past six months, boosted in part by tourists flocking to big city stores.
The long-running polarisation in performance between department stores in big cities and the rest continues – and the trend is accelerating rapidly.
While major department store chains have just announced record sales and/or profits for FY2023, the outlook for regional outliers looks increasingly bleak. Read the full article here.
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Vietnam’s growing middle-class set to pave the way for consumer goods, and other sectors, to flourish
Amidst a challenging economic landscape, the Vietnamese economy has continued its upward trajectory, displaying remarkable resilience throughout 2023. Recent estimates track Vietnam’s nominal GDP at USD437 billion, reflecting a growth rate of 5.05 percent.?
Retail in Asia spoke to Warrick Cleine, chairman and CEO of KPMG in Vietnam and Cambodia, on Vietnam’s growth potential and what it could mean for the retail sector.?
"Vietnam’s rapid urbanisation and rising income level are significant drivers of growth in the consumer market.?With increasing population concentration in major cities, there is a growing demand for products and services that cater to urban lifestyles.
As Vietnam’s growing integration with the global economy and exposure to international influences have also had a significant impact on the consumer market, consumers are becoming more exposed to global trends and products, leading to increased sophistication and demand for foreign brands," said Cleine. Read the full article here.
Ralph Lauren maintains sales growth on strong China gains, while Capri continues to feel the sting from softening luxury demand
Ralph Lauren reported a 3 percent increase in revenues to USD 6.6 billion for fiscal 2024, thanks to sales gains in Asia, specifically across China.
The luxury brand said it delivered solid revenue growth in its core business as well as its high-potential categories — including women’s, outerwear and home.
Meanwhile, U.S. luxury firm Capri Holdings reported an 8 percent sales downturn to USD 1.22 billion in the fourth quarter, with sales dipping across its brand portfolio in Asia. The owner of Versace, Michael Kors and Jimmy said total company retail sales declined in the mid-single-digits given the softening demand for fashion luxury goods. Read the full article here.
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