…The largest of Sincere’s remaining five locations is a 31,000 square foot store spread over four storeys in the King Wah Centre at 628 Nathan Road in Mong Kok. Sincere’s nine-year lease, which costs the company HK$6 million per month at HK$193 per square foot, is due to expire on 14 June 2022, according to Land Registry Records. Sincere’s other stores are located in Central, Sham Shui Po, Yau Tong and Tsuen Wan. Facing a Lean Period The latest of…
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Hong Kong Dept Store Owner Closes In on $307M Buy of BP’s London HQ
…ty in London”, without providing further specifics. The potential sale was originally reported in The Times at the end of August, and comes as the UK oil giant looks to make efficiencies in light of a downturn in global crude prices and its own transition to greener energy and remote work. While Lifestyle International cautioned that no deal has been agreed to at this time, should the acquisition be completed at the reported terms it would bring a…
Sogo’s Tsim Sha Tsui Branch Closing Down in March and More Asia Real Estate Headlines
…s funds to avert a January default. Sogo to Close Tsim Sha Tsui Department Store After 18 Years The Sogo department store in Hong Kong’s Tsim Sha Tsui district is set to close in March after 18 years, making it the latest prominent retail outlet to cease operations amid a retail slump that began in 2019. The store is holding a “closing super sale” event in the first three weeks of January. A widely circulated brochure and a post on the Japanese-st…
Mapletree Sells Retail Building in Osaka’s Namba Shopping District for $360M
…inations (Image: match-jp) Singapore’s Mapletree Investments has sold a 10-storey retail tower in one of Asia Pacific’s most expensive shopping districts to Japan’s fifth-largest electronics and home appliance retailer as consumer spending rebounds in Asia’s second-biggest economy. The Temasek Holdings owned fund manager sold the Edion Namba Main Store on Osaka’s Midosuji Street to its occupant and namesake, Japanese consumer electronics company E…
Tencent-Backed Vipshop Buys Five China Outlet Malls for RMB 2.9B
…ces. The company continues to make fashion merchandise the mainstay of its online offering. A Shan Shan Outlet in Henan’s Zhengzhou But fierce competition in the e-commerce space has seen the 11-year-old company’s online growth slow in recent years. For the first quarter of this year, Vipshop claimed 29.7 million active users, up from 26 million from the same period last year. But its quarterly revenue of RMB 21.3 billion represented an increase o…
Is There a Success Formula to Help Retail Operators Remake Retail? Sponsored Feature
…evine points to research that finds customers spend 20 minutes browsing in-store, in comparison to just four minutes online. “Customers want the best of both worlds, and shopping malls can give it to them.” How retail leaders harness digital technology to disrupt the shopping status quo is a serious business. But Devine notes that retail is also “playful, adventurous, experimental and experiential”, which encouraged Yardi to develop a white paper…
Speaker Bio: Blake Olafson of HOMA MTD TV Productions
…es ACRE’s flagship developments in Thailand. He is the co-founder of HOMA (www.homa.co) a platform of a new generation of residential accommodation in Thailand featuring tech-enable guest experience, flexible leases, and modern facilities including co-working spaces. Currently there are over 1500 rooms in the HOMA Platform. Blake has been involved in the hospitality and residential business in Thailand since 1999, when he was working with Lehman B…
Wanda Repackages Flailing O2O Platform into New Online Division
…P parking app as Wanda hopes to revive the tech platform’s fortunes In its original incarnation, the much-ballyhooed ffan was designed to make China’s richest man a little richer, but failed to gain traction in the highly competitive ecommerce arena. Designed as an online-to-offline (O2O) shopping platform, Wanda teamed with Tencent, maker of the WeChat app, and Baidu, China’s largest search provider, on the project. The joint venture between the…
Tencent, JD.Com, Suning and Sunac Bet $5.4B on Transforming Wanda into O2O Giant
…use its revived relationship with Tencent to bounce back from some recent online failures. In the statement Wanda noted that, “Tencent will pursue a strategic cooperation with Wanda Group’s Internet Technology Group, and meanwhile Wanda Group will have primary responsibility for the online-offline integration.” This new partnership comes after mainland media reported less than one month ago that Wang’s Wanda Network Technology Group was reducing…
Designing a Shanghai Showcase for Alibaba’s New Retail Sponsored Feature
…technological changes as well as considering how to bridge the gap between online and offline experiences. Bringing Offline and Online Together “The trend that is dominating the design space now is the building of online and offline experiences”, Wong noted. “As retail designers, we need to make sure the space is designed with as much future flexibility and diversity built in – for interactive spaces, digital shopfronts, immersive experiences and…
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