…retailers with the profits necessary to keep their shops open. The Armani store at Three on the Bund closed earlier this year, and was preceded by the shuttering of Dolce & Gabbana, Patek Philippe, Boucheron and Hugo Boss. The challenge of making downtown retail work, even in an area with the enormous tourist pull of the Bund, shows the hazards that await both retailers and retail real estate developers in China. While most of the retail developm…
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Zhongrong Sells Shanghai Office Building to Five Bulls Fund for RMB 1.5B
…Besides the Shanghai development, the company has also converted both the original New Century Grand Hotel in Beijing’s Xicheng district and a Parkson Department Store in Chaoyang district into a pair of LEED-certified Grade A office buildings. As traditional industries make way for tech-based new economies in the top tier cities and with premium land left in short supply, the aging commercial properties have become hot commodities with fund inve…
Shop in Central Sells for 50% Off and More Hong Kong Real Estate Headlines
…Street for the equivalent of or HK$35,700 per square foot. The company had originally acquired the shop in Fu Chi House in 2015 for HK$24 million, or HK$9 million more than it was able to recoup through the sale. Currently, the retail space is leased to a food store for HK$30,000 per month, which indicates a 2.4 percent of rental yield. A real estate agent cited in the media account said that the lack of inquiries and the recent market reversal ha…
InterContinental Hong Kong Closing for Renovation and More Asia Real Estate Headlines
…only to see consumers stay home and keep their purse strings tight or shop online. Customer traffic is “less than half of usual levels,” said a worker at a Walmart store in a Shanghai suburb late last month. Shelves in the vegetable and meat departments were well-stocked, but few shoppers passed through the aisles during the normally busy late-afternoon hours. Even with its online delivery service, “sales are not growing at all,” the source said….
Kaisa Plans Second Headquarters in Beijing and More China Real Estate Headlines
…nlitun business district and found that Mercedes-Benz’s largest experience store and the Internet celebrity restaurant Sifang Sanchuan had quietly closed. Half of the mall’s original merchants have left, with the void filled mostly by chain restaurant brands like Chua Lam’s Dim Sum. Analysts say specialty stores tend to be riskier during the pandemic, while chain brands are more flexible in capital turnover. Read more>> Yangpu Commercial Plot Angl…
SF Express Shuts China Shops as Retail Venture Fails to Deliver
…function as pick-up locations for customers who had already placed orders online. In 2015, SF convenience stores were rebranded as Shun Feng Home, leveraging the full name of the company in Chinese, then in 2016, Shun Feng Home was merged into SF Best, offering mostly off-the-shelf imported goods and targeting high end consumers. Public records show that between 2013 and 2015, Shun Feng’s commercial business, which included the company’s retail e…
Giordano to Close Six More HK Shops Amid $112M Loss and More Asia Real Estate Headlines
…tailer came after it cut headcount from 6,400 to 1,500 last year. While in-store sales for Hong Kong and Macau fell by 53.1 percent last year, the company’s online business grew by 22.1 percent during 2020 and now accounts for 10.5 percent of total sales. Read more>> JD.com Suggests More Logistics Spend, Shares Slide Shares in JD.com slid Friday after the Chinese online retailer flagged to investors that it may sustain spending on logistics and ne…
How China Grew the World’s Biggest Pipeline of Shopping Malls: China Mall 2020
…used and it sends a mixed signal to consumers. You can’t have a stationery store next to an LV store – it sends the wrong signal in terms of what the mall is.” In addition to being sold off in individual units, these new projects were often put together without adequate research about local traffic flows or shopping patterns. Plans for new projects were often frequently made without consideration of other developments in the pipeline within the vi…
Evergrande Chairman Called in to Face Govt and More Asia Real Estate Headlines
…blic offering in 2016. Read more>> Thailand’s Central Group Buying UK Dept Store Chain Selfridges The billionaire dynasty behind Selfridges & Co agreed to sell the British department store operator to Thai conglomerate Central Group, according to a source familiar with the situation. The Weston family has agreed terms on a deal, which could be announced this month, the source said, requesting not to be identified because the information is private…
Alibaba Said in Talks to Buy Stake in German Retailer Metro’s China Stores
…upermarket in Shanghai in May 2018. Metro Gets Back in Shape While China’s online heavyweights have been stocking up on stores in recent years, Metro AG has been slimming down in what the company says is an attempt to focus on focus on its core wholesale business. In 2015, the group sold off its department store unit Kaufhof, and in 2017 it separated from its consumer electronics business Ceconomy AG. Just this Tuesday, the retailer announced that…
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