Asia – Page 33
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News
Pantaloon Retail reported total group income rose 31%
India-based Pantaloon Retail reported total group income rose 31% to INR76.69bn (£1.01bn) in its financial results for the year ended June 30.Net profit after minority interest declined sharply from INR219.3m (£2.9m) in the previous year to INR100.7m (£1.3m). The group is expecting to achieve 35% to 40% sales growth during ...
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Cencar expands loyalty programme
Carrefour’s operator in Thailand, Cencar Co, is stepping up its customer loyalty and retention programmes to better compete with rivals Tesco Lotus and the Casino-owned Big C chain.The retailer has dedicated THB50m (£937,894) towards the “Carrefour Month 2009” campaign, which will reward loyalty cardholders with discounts at 37 stores ...
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Pantaloon Retail sales up 31%
Pantaloon Retail’s net sales rose 31% to INR76.69bn (£994.8m) for the year to June 30.Net profit at the group, which is Indian’s largest retailer, plummeted from INR219.3m (£2.84m) the year before to INR100.7m (£1.3m).The decline was primarily due to rising employee costs, depreciation and interest charges.Kishore Biyani, chief executive of ...
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China Resources Enterprise posted a 9.6% turnover increase
Grocer China Resources Enterprise posted a 9.6% turnover increase to HK$18.98bn (£1.5bn) at its retail division for the first half ending June 30, although profit attributable to shareholders fell 27.7% to HK$276m (£21.8m).Managing director Chen Lang said: “We will continue to focus on our core businesses in order to solidify ...
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Lianhua records a 2.2% growth in turnover
China’s largest grocer, Lianhua, recorded a 2.2% growth in turnover to CNY10.98bn (£984.5m) in the first half of the year. However, the impact of the financial crisis and a slump in consumer goods prices meant that same-store sales fell 1.7%.Net profit was up 10% to CNY250m (£22.4m). The group continued ...
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Shopper’s Stop managing director moves to non-exec role
BS Nagesh, managing director at K Raheja-owned multi-format retailer Shopper’s Stop, is leaving his role and moving into a non-executive position as vice-chairman of the company.As part of a company wide succession planning process Shopper’s Stop chief executive Govind Shrikhande will take over managing director duties from Nagesh and become ...
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Best Denki set for expansion in India and Middle East
Consumer electronics retailer Best Denki will team up with Indonesian construction company Bangun Persada Tata Makmur to open stores in India and the Middle East over the next three to five yearsThe retailer already has 45 overseas stores in eight countries outside Japan, including Singapore and Malaysia, and runs a ...
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Carrefour to invest in greener stores in China
Carrefour is to invest a further Yn50m to Yn60m (£4m to £5m) in greener stores after saving Yn100m (£9m) last year, compared with 2005 – when it first started the energy-saving investments in stores.Carrefour China said: “All of the 139 Carrefour stores in China are in the process of implementing ...
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NewsJaeger to make Hong Kong debut
Fashion retailer Jaeger is extending its international reach with plans for its first Hong Kong opening in September.
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Bharti Retail to open up to 100 EasyDay stores
Bharti Retail plans to open between 75 and 100 EasyDay stores in 25 cities in northern India by the end of this financial year.The retailer said it will focus on a mixture of small and medium-sized formats in “tier 1 and tier 2” cities.Bharti Retail is also planning to open ...
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NewsSports Direct reels as profits dive and China plans shrivel
Sports Direct has hit a major obstacle in its ambitious plans to expand in China, while, a tough year has led to a 91 per cent plunge in profits.
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Indian government confirms commitment to protecting smaller retail businesses
The Indian government has confirmed its commitment to protect smaller retail businesses in a move some suggest signals that the retail sector in the country will not be opened further.India’s minister of state for commerce Jyotiraditya Scindia said: “The government is fully committed to securing the legitimate interests of all ...
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Suning poised to buy stake in Laox
China’s second largest home appliance chain Suning is poised to buy a ¥800m (£5.4m)stake in struggling Japanese consumer electronics retailer Laox. Suning will acquire 66.7 million shares at ¥12 (8p) a share. The deal will give it a 27 per cent holding, making it Laox’s largest shareholder. A formal arrangement ...
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Reliance Retail Digital to expand and launch private-label electricals
Reliance Retail Digital is to open a further 21 outlets this financial year and plans to launch private-label electrical products within months.The retailer has 14 stores at present, in cities including Mumbai, Jalandhar, Bangalore and Chennai.Reliance Retail Digital president and chief executive Ajay Baijal said that although there are risks, ...
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Shares at Gome rally
Shares at electricals retailer Gome have rallied after a seven-month suspension in trading when it revealed that US private equity firm Bain Capital will invest up to US$418m (£254.5m) in it.The deal gives Bain up to 23 per cent of shares, making it the second-largest shareholder, and will lend beleaguered ...
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Retailers scale back expansion plans in China
Retailers are scaling back or delaying expansion plans in China as investors express concern about over-expansion and demand falls among Chinese shoppers.Grocer China Resources is to cut back its openings to 200 rather than 300, and fashion retailer Giordano International has shut 14 stores in China in the first quarter ...
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Ikea abandons India investment plans
Ikea has abandoned $1bn (£611.2m) investment plans for India due to the red tape that still exists for foreign retail entrants.The furniture giant had been considering launching in India but wanted to do so with full ownership, which the law does not allow foreign retailers to do.After the election of ...
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Singapore retail sales in biggest slump for a decade
April sales suffered their biggest drop for a decade in Singapore as shoppers cut back on high-ticket purchases in the country’s deepest recession to date.The retail sales index fell 11.7 per cent in April against last year. Sales had fallen 7.3 per cent in March and 5.5 per cent in ...
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Most retailers expanding abroad entering Mid East markets
Saudi Arabia attracted the most new retailers in the past year, with 37 opening their doors there, a CB Richard Ellis report found.The study showed that most retailers expanding abroad were entering Middle Eastern markets; Kuwait and the United Arab Emirates were also in the top five.Separately, AT Kearney’s annual ...
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NewsIndia offers greatest retail opportunities study shows
India offers the greatest investment opportunities for international retailers, a study has found.