…ternational, Hong Kong’s biggest cosmetics retailer, will close all its 22 stores in Singapore and cut 170 jobs to save costs as it struggles to stem six years of losses, months of anti-government protests, and the US-China trade war. Attempts to boost sales in recent years by restructuring the local management team and enhancing store display and product mix have been “far from satisfactory,” chairman and chief executive Simon Kwok Siu-ming said…
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Warburg Pincus-Backed Retail Platform Buys 5 Indonesian Malls for $123M
…ping economy is helping drive a retail expansion that has seen convenience store operators such as Indomaret and Alfamart reportedly growing their number of outlets by 1,200 or more each year, while malls in Jakarta are averaging over 90 percent occupancy. International retailers are also building out their networks in the country, according to NWP, with both Starbucks and KFC having aimed to open 60 new stores across Indonesia during 2019, and Ac…
CC Land Chairman Agrees to Buy London’s Priciest Home for £210M
…nvestment firm Meyer Bergman to redevelop the current Whiteleys department store in Queensway in a project estimated to be worth £1.2 billion. The two partners expect to convert the commercial property 30 minutes walk across Kensington Gardens from Cheung’s new mansion into a 1.1 million square foot combination of condos, hotels and retail space. That deal marked CC Land’s return to London after its 2017 purchase of the Cheesegrater, although CC L…
China Home Price Growth Stays on the Slide in December and More Asia Real Estate Headlines
…e online ink, with a major cosmetics retail shutting down a quarter of its stores in the city, and a new report showing that commercial property investment fell by more than half last year. All these stories and more are in store just a bit down the page. China Home Price Growth Fell to 6.6% in December Average new home prices in China’s 70 major cities rose 6.6% in December, slowing from a 7.1% gain in the previous month, Reuters calculation base…
Korea’s NH Investment Selected as Preferred Bidder for $863M Seoul Tower
…gest mixed-use complex when the development’s pair of office blocks, eight-storey shopping mall and 30-storey hotel are completed next year. With much of Seoul’s office stock already showing its age, Tower 2 is bringing to market column-free floor plates which measure over 3,400 square metres by gross floor area and three metre interior ceiling heights. Local news accounts in 2016 had already indicated NH Investment’s intention to buy Tower 2 of t…
Ikea Shuts Down China Shops Amid Virus Fears and More Asia Real Estate Headlines
…ss China as the deadly Wuhan coronavirus outbreak escalates. The furniture store will “temporarily close” its dozens of brick-and-mortar stores in mainland China starting Thursday, a spokeswoman for Ikea China said in a statement. “We will pay close attention to the epidemic situation, and the stores will be closed until further notice,” she said, adding that Ikea’s online shopping service will continue to operate. Ikea has 30 stores across China,…
Yum Shutters 3,000 China KFC, Pizza Hut Shops and More Asia Real Estate Headlines
…hand, the sprawling conglomerate that owns Thailand’s 7-Eleven convenience stores; Central Group, Thailand’s biggest department store operator; and TCC Group, controlled by brewing billionaire Charoen Sirivadhanabhakdi, all entered bids in mid-January to buy Tesco Lotus, according to two people close to the situation. Tesco’s disposal of its south-east Asian supermarkets is expected to be one of Asia’s biggest deals this year. Final bids are expec…
US Retail Giant Simon Property to Buy Rival Taubman for $3.6B
…ith Tokyo-based property giant Mitsubishi Estate. In South Korea, the US group owns a 50 percent non-controlling ownership interest in a joint venture with Seoul-based department store operator Shinsegae that owns four shopping centres, and Simon has another two shopping malls in Malaysia and one in Thailand….
New World Scion Adrian Cheng Named Chair of China Business
…ness began in 2006 when he set about an overhaul of the group’s department stores, replacing supermarkets with luxury shops such as Dior and Burberry. His retail innovations resulted in sales growth at the store chain falling by nearly 70 percent before the 2008 financial crash. Adrian Cheng is taking the reins of New World’s China business Since then the group’s new China boss has masterminded the introduction of New World’s K11 retail property b…
SRE Group Directors Charged with Embezzlement and More Asia Real Estate Headlines Â
…has teamed up with Far East Consortium (FEC) to redevelop the site of its store in Whitechapel in East London. The redevelopment of Whitechapel Square will include new homes, retail spaces for local businesses and public space alongside a new flagship Sainsbury’s supermarket. Read more>> WeWork India to Go Slow, Profitable by October WeWork India is planning to go slower on its investments than previously planned and is looking to turn profitable…
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