Asia Retail Update - fbicgroup.com · BreadTalk partners with Minor International for expansion Central Restaurants to add 75 new restaurants in 2014 MK Restaurant to reach 650 outlets

Issue 2 | October 2014

4

11

19

25


4

11

19

25


4

11

19

25

In this issue Asia Market Update Issue 2 October 2014 p1

TaiwanOverview p4In the news p6

Statistics p6Real GDP growth registers 3.8 % yoy in 2Q14CPI hits 18-month high in August 2014Consumer confidence index goes up in September 2014Retail sales grow by 4.5% yoy in August 2014 E-commerce p7Fubon Multimedia establishes JV with TVDMomo launches MomomallPChome Online scales up PChomePayPChome teams up with XiaomiBooks’ self pick up services reach 7-Eleven Hong KongTAITRA, Amazon ink MOU on partnershipYahoo! Taiwan overtakes Facebook as Taiwan’s top websiteRakuten set to issue credit card in TaiwanNew draft bill on regulating online payment services passed Department stores p8Eslite Spectrum to add more stores in Taiwan and ChinaPacific Department Store to expand in Taiwan and ChinaShin Kong ramps up China presence Convenience stores p87-Eleven to reach over 5,000 outlets by end 2014Sinopec to run 300 CVSs with RuentexFamilyMart teams up with EasyCard Accessories p9Radley makes Asian debut in TaiwanCoccinelle adds stores in Taiwan Apparel p9Fast Retailing takes GU to TaiwanE-Land debuts in Taiwan Beauty and personal care p9Chlitina to reach a network of 5,000 outlets in ChinaMedFirst adds six stores in 1Q14Watson’s Taiwan launches online storeCosmed plans 10 new stores in 2014Poya plans 25 new stores in 2015Innisfree hits Taiwan Consumer electronics p10Asustek rolls out online store in Singapore

Acer ties up with GomeTelkom enters TaiwanFoxconn to buy a stake in Asia Pacific Telecom Food and beverage p10CoCo makes debut in South KoreaTim Ho Wan debuts in TaiwanQuiznos debuts in Taiwan Home products p10Iittala debuts in TaiwanThailandOverview p11In the news p13

Statistics p13GDP growth rebounds to positive in 2Q14CPI further slides in August 2014Consumer confidence index reaches a 13-month high inAugust 2014Retail sales down by 6.2% yoy in June 2014 Retail in general p14Thailand freezes prices of selected consumer goods for sixmonths E-commerce p14Saha debuts on TmallKing Power opens on TmallPriceza expands in Southeast AsiaBerli Jucker to go online Home shopping p14TV Direct sets sights on Malaysia Department stores p14Robins enters VietnamRobins plans six new stores in Thailand Shopping malls p15Platinum Group considers an IPOSiam Retail to add new malls and renovate existing malls Supermarkets p15Big C opens new DC for CVS businessFoodland further expands in Thailand Convenience stores p157-Eleven scales up in ThailandFamilyMart in rapid expansionTesco launches CVS chainBerli Juker to add more CVS outlets in Vietnam












Cash and carry p16Marko sets for expansion spreeBerli Juker acquires Metro Cash & Carry Vietnam Accessories p16Crumpler enters Thailand Apparel p16Antony Morato to expand in ThailandToms makes debut in Thailand market Beauty and personal care p16Sephora to establish online presence in Thailand throughZALORAWatson’s to add new stores and new productsThe Face Shop sells Thai businessBeauty Community further expands in ThailandPena House taps cosmetics sectorBangkok Dusit Medical to take over Save Drug Center Consumer electronics p17PowerBuy further expands in Thailand Food and beverage p17Coffee Bean & Tea Leaf to further expand in ThailandMister Donut scales up in ThailandStarbucks to double store count by 2018Sub Sri Thai acquires GreyhoundBreadTalk partners with Minor International for expansionCentral Restaurants to add 75 new restaurants in 2014MK Restaurant to reach 650 outlets by 2016CP Foods marches into Australia marketCP Foods ties up with ItochuTrue Coffee eyes Southeast Asian marketsTeddy’s Bigger Burgers to enter ThailandTUF to acquire King Oscar and MerAllianceIchitan to set up new plant in IndonesiaCafé Amazon plans Asean expansion Home products p18Chic Republic expands in ThailandIkea strengthens presence in ThailandMalaysiaOverview p19In the news p21

Statistics p21GDP growth registers 6.4% yoy in 2Q14Retail sales up by 4.9% yoy in 1Q14CPI climbs to 110.5 in August 2014CSI rises to 100.1 in 2Q14

E-commerce p22Malaysians are keen to shop onlineHuawei opens an online storeUniqlo goes online in Malaysia Home shopping p22TV Direct sets sights on MalaysiaAstro to launch home shopping channel Department stores p22Parkson to buy 60% stake in Giftmate Supermarkets p22Mydin to open another 25 hypermarkets by 2018 Convenience stores p227-Eleven Malaysia lists in Malaysia7-Eleven plans rapid rollout7-Eleven launches new generation of CVS Apparel p23Parkson to buy 50% stake in ValinoMonki makes Malaysian debutPadini further expands in MalaysiaBonia steps up overseas expansion Consumer electronics p23Courts plans expansionChallenger exits MalaysiaHuawei in rapid expansion Food and beverage p23Asahi acquires Etika DairiesParkson to acquire 60% stake in AUMMBG Fruits to double store count by 2017Pie Face to hit MalaysiaSugarBun enters IndonesiaFatburger debuts in MalaysiaMarrybrown to scale up in IndiaStarbucks sells its Malaysian businessF&N to acquire Yoke FoodAgrobazaar debuts in SingaporePastaMania sets foot in Malaysia Home products p24Spotlight opens in MalaysiaSingaporeOverview p25In the news p27

Statistics p27GDP growth registers 2.4% in 2Q14


Retail sales rise by 5.5% yoy in July 2014CPI goes up by 0.9% yoy in August 2014Consumer confidence index drops slightly in 2Q14 E-commerce p28Alibaba buy 10.35% stake in Singapore Post Supermarkets p28Sheng Siong to tap China marketNTUC FairPrice scales up online servicesNTUC Fairprice to build logistics center Accessories p28Ulysse Nardin opens largest Asian store in Singapore Apparel p28Tom Ford debuts in SingaporeGeorge to ramp up Singapore footprintUniqlo rolls out e-commerce platforms in Singapore Consumer electronics p28Challenger exits MalaysiaAsustek rolls out online store in SingaporeCourts Asia to build 10-12 megastores in Indonesia in nextfive years Food and beverage p29Temasek invests in The Cocoa TreesLVMH acquires Crystal JadePastaMania to expand China presencePastaMania sets foot in MalaysiaPie Face to hit SingaporeFatburger to enter SingaporeYa Kun hits Hong KongPutien sets foot in Hong KongPeninsula Boutique debuts in SingaporeBreadTalk to further expand in ThailandPanasonic develops first indoor farm in SingaporeGlobal Food acquires WendysAgrobazaar debuts in SingaporeF&N to acquire Yoke FoodF&N to increase stake in Vietnam’s dairy giant

Appendix – Asia Data Snapshots p31

References p32

Previous issue

Issue 1Asia at a Glance, China, Japan & South Korea(http://www.funggroup.com/eng/knowledge/research/AsiaDistributionRetail_july14.pdf)

http://www.funggroup.com/eng/knowledge/research/AsiaDistributionRetail_july14.pdf

http://www.funggroup.com/eng/knowledge/research/AsiaDistributionRetail_july14.pdf

Taiwan Overview Asia Market Update Issue 2 October 2014 p4

According to the Economist Intelligence Unit,Taiwan’s GDP amounted to US$489.1 billion in2013, with a real growth rate of 2.1% year-on-year (yoy). Amid the developed economies’moderate economic recovery, as in the U.S.,Taiwan’s GDP is set to grow at an average rate ofabout 3% and reach US$595.1 billion by 20181.The Taiwanese are relatively affluent in terms ofspending power when compared to other Asianmarkets. The spending power of Taiwaneseconsumers is expected to increase from US$324.1billion in 2013 to US$370.0 billion in 2018,posting a compound annual growth rate (CAGR) of2.2%2. However, the government plans to increasethe top rate of income tax from 40% to 45% earlynext year. This might impact wealthy individuals’incentive to consume.Taiwan’s retail sales stood at US$92.2 billion(NT$2,749.1 billion) in 2013, up by 2.7% yoy.According to Euromonitor International, retailsales will increase to US$98.3 billion (NT$2,938.5billion) by 2018, with a CAGR of 1.3%3. One of themajor drivers is the increase in numbers ofvisitors from the Chinese mainland since theEconomic Cooperation Framework Agreement(ECFA) was signed in 2010, with travelrestrictions eased for mainland visitors4. Majorbeneficiary segments in the retail sector includeluxury goods, hotel and hospitality, and food andbeverages.Grocery retailers in Taiwan (such asconvenience stores, hypermarkets andsupermarkets) accounted for 41.3% of store-based retail sales in 2013, up by 1.3% yoy. Amongthe grocery retailers, convenience stores (CVSs)performed strongly compared to others, with ayoy sales growth rate of 6.8%. By contrast,hypermarkets recorded a sales drop of 3.0%.Challenges from small-sized stores (includingCVSs) and retailers like retail warehouse clubsoffering bulk purchases at low prices are believedto have substantially hit supermarket sales5.Non-grocery retailers (such as departmentstores and specialist retailers) performed slightlybetter than their grocery sector counterparts,posting a yoy sales increase of 2.3%. Electronicsand appliance specialist retailers were the topperformer, growing at a rate of 7.0% yoy in 20136.Retail warehouse club, a format accounting for a

small fraction of Taiwan’s total retail sales, showsgrowing appeal. Costco, the only such retailwarehouse club operator in Taiwan, is popularamong Taiwanese consumers, offering low prices,exclusive imported products and a moreappealing shopping environment.Broadband Internet penetration is high inTaiwan, supported by its excellenttelecommunications infrastructure, availability ofthe latest technologies and an affluent and tech-savvy population. Euromonitor Internationalreports the broadband Internet penetration rateat 68.0% in 2013; that is expected to climb to over90% by 20307.Internet sales in Taiwan were US$6.5 billion(NT$193.3 billion) in 20138 and sales areexpected to increase to US$8.3 billion (NT$248.9billion) in 20189. Market leaders include Yahoo!,PayEasy, PChome Online and Books.Convenience stores – the dominant retailformatTaiwanese consumers prefer the CVS channelthanks to their relatively high disposable incomes,preferences for convenient shopping, as well astheir recognition of CVSs’ competitive pricingstrategies, innovative services and productofferings. In 2013, sales through CVSs reached

Lying off the southeastern coast of Chinaacross the Taiwan Strait, Taiwan is an islandon the western edge of the Pacific Ocean. Itcomprises a population of 23 million in anarea of about 36,000 square kilometres.Taiwan Overview Asia Market Update Issue 2 October 2014 p4



Lying off the southeastern coast of Chinaacross the Taiwan Strait, Taiwan is an islandon the western edge of the Pacific Ocean. Itcomprises a population of 23 million in anarea of about 36,000 square kilometres.Taiwan Overview Asia Market Update Issue 2 October 2014 p4



Lying off the southeastern coast of Chinaacross the Taiwan Strait, Taiwan is an islandon the western edge of the Pacific Ocean. Itcomprises a population of 23 million in anarea of about 36,000 square kilometres.

Taiwan Overview Asia Retail Update Issue 2 October 2014 p5

US$7.3 billion (NT$219.5 billion), up by 6.8% yoy.CVS outlets numbered 10,030 in 2013, up slightlyby 1.3% yoy. Euromonitor International forecaststhat sales revenues and numbers of outlets willincrease to US$8.2 billion (NT$244.5 billion) and10,438, respectively, by 201810.Today, competition between CVSs and otherretail formats goes beyond price. Indeed, CVSsfocus increasingly on changing lifestyles and theevolving needs of consumers. Tellingly,photocopying/ faxing and ATM machines can allbe found in a CVS. There are also indoor andoutdoor seating and public toilet facilities. Interms of products, CVS operators now offer moreready-to-eat choices; examples include freshlybrewed coffee and bakeries. With the rapiddevelopment of e-commerce in Taiwan, someCVSs offer pick up services as well. 7-Eleven,FamilyMart, Hi Life and OK Mart are the leadingchains in Taiwan.7-Eleven, operated by President Chain Store, isthe most significant player in terms of storenetwork, market share and innovative businessstrategies. As at the end of 2013, 7-Elevenoperated 4,900 CVS outlets, accounting for 48.9%of the national total. The chain recorded US$4.6billion (NT$138.7 billion) in sales revenue in2013, representing 63.2% of the industry total11.Additionally, 7-Eleven is well known for itsinnovative strategies in terms of marketing,product and services offerings. To providecustomers with a more convenient shoppingenvironment, 7-Eleven was the first to offerfreshly brewed coffee, introduce new ranges ofready-to-eat foods and provide on-site catering inmany of its outlets. Some rivals are following suitin view of its success12. 7-Eleven’s loyaltyprogramme is also very popular. Points earnedcan be redeemed through 7-Eleven’s productpurchases, but also by buying products offeredthrough President Chain Store’s affiliated brands,such as Starbucks.While traditional retailers have been hit hard byrising online retailing, 7-Eleven actually makes themost of it. It takes commissions if buyers andsellers pick up or deliver orders to its stores13.Thanks to its unrivalled network, 7-Eleven isinvariably the first point of reference for buyersand sellers and the chain’s commissions havebeen rising rapidly with the growth of Internetsales.

Taiwan In the news Asia Market Update Issue 2 October 2014 p6

Statistics

Real GDP growth registers 3.8% yoyin 2Q14Taiwan’s real GDP growth was 3.8% yoy in 2Q14,the highest level since the 4Q12, owing to themoderate growth of exports and privateconsumption14 See Exhibit 1.Exhibit 1 | Real GDP growth of Taiwan, 2Q13-2Q14

Source: National Statistics of TaiwanCPI hits 18-month high in August2014The consumer price index in Taiwan grew by2.07% yoy in August 201415, an 18-month recordhigh, due mainly to higher food prices16. SeeExhibit 2.

Exhibit 2 | Consumer price index growth in Taiwan, Sep2013 - Aug 2014

Source: Directorate General of Budget, Accounting &Statistics of TaiwanConsumer confidence index goes upin September 2014Taiwan’s consumer confidence index climbed to83.16 in September 2014 from 83.06 in August201417, showing that the economy continues torecover18. See Exhibit 3.Exhibit 3 | Consumer confidence index in Taiwan, Oct2013 – Sep 2014

Source: Research Center for Taiwan Economic Development

2.7%

1.3%

2.9%

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%

2Q13 3Q 4Q 1Q14


Statistics






3.1%3.8%

1Q14 2Q

0.84%

0.64%0.68%

0.34%

0.83%

-0.5%0.0%0.5%1.0%1.5%2.0%2.5%

Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14

78.47

78.4378.22

80.8382.93

80.96

83.73

72.074.076.078.080.082.084.086.088.090.0

Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14


Statistics






0.34%

0.83%

-0.04%

1.61%1.66%

1.62%

1.64%1.75%

2.07%

Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14

80.96

83.73 85.59

87.58 88.17

83.06

83.16

Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14


Retail sales grow by 4.5% yoy inAugust 2014Taiwan’s retail sales rose by 4.5% yoy toNT$330.8 billion in August 201419, as consumersincreased spending during the 3-day Mid-AutumnFestival20. See Exhibit 4.E-commerce

Fubon Multimedia establishes JVwith TVDFubon Multimedia, a Taiwanese company offeringTV shopping and catalogue shopping services, setup a joint-venture company (JV)21 with TV Direct(TVD), a Thailand-based company distributingproducts and services via multichannel marketing,in March 2014. The JV kicked start TV shoppingbusiness in June 2014 in Thailand22.Momo launches MomomallMomo, an affiliate of Fubon Multimedia,introduced a new B2B2C online shoppingplatform “Momomall” in July 2014. Momomallcurrently pairs up with over 1,200 retailers tooffer about 100,000 items. Almost 60% of theitems are fashion products targeted at youngpeople. Momo also filed for Taiwan IPO inFebruary 2014 and is expected to go public in201523.

PChome Online scales upPChomePayPChome Online, a leading web portal in Taiwan,plans to roll out its third party payment servicePChomePay to PChomeStore, its shoppingplatform in Taiwan and PChome US24, its onlinemarketplace in the U.S., in 3Q14. It also hopes tointroduce PChomePay to external onlineshopping platforms and third party paymentcompanies to boost cross border trade25.PChome teams up with XiaomiPChome Online paired up with Xiaomi, a fastgrowing Chinese budget smartphone maker, inJune 2014 to sell Xiaomi handsets in Taiwan.PChome is Xiaomi’s first overseas official e-commerce partner to promote its handsets26. Thedebut batch of 10,000 enhanced version of theRedmi Note handsets were sold out in Taiwan viaPChome Online in one single second27.Books’ self pick up services reach 7-Eleven Hong KongBooks, Taiwan’s largest online book store,announced the expansion of its self pick upservices to 7-Eleven Hong Kong in April 2014.The expansion of self pick up services marksBooks’ first foray into overseas markets. Offeringup to 1.5 million copies of books in over 250,000categories, Books aims to become Hong Kong’slargest online book store28.

Exhibit 4 | Total retail sales in Taiwan, Sep 2013 – Aug 2014

Source: Ministry of Economic Affairs of Taiwan

4.6%4.3%

5.9%

2.8%

7.6%

-2.8%

4.3% 4.1%4.4%

5.5% 5.5% 4.5%

-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%

260.0270.0280.0290.0300.0310.0320.0330.0340.0350.0360.0370.0Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14Retail sales (NT$ billion) yoy change (%)


TAITRA, Amazon ink MOU onpartnershipThe Taiwan External Trade Development Council(TAITRA), Taiwan’s major trade promotionorganisation, has signed a memorandum ofunderstanding (MOU) with Amazon, the world’slargest online retailer, to promote Taiwan-madeproducts in overseas markets. TAITRA will screenpotential sellers and quality made-in-Taiwanproducts will be available on Amazon websitelater29.Yahoo! Taiwan overtakes Facebookas Taiwan’s top websiteYahoo! Taiwan, known for its search engine andweb portal, came first in Taiwan’s top 100websites in 2014, followed by Facebook, a U.S.-based online social media network, and YouTube,a video sharing website based in the U.S. This isthe eighth annual survey conducted by BusinessNext Publishing, which Facebook ranked the firstin the previous three years30.Rakuten set to issue credit card inTaiwanRakuten Card Co, a subsidiary of Japan’s leadingonline retailer Rakuten, has gained approval fromthe Taiwan government authorities to issue creditcards in Taiwan. The credit card issuance is partof Rakuten’s plans to raise the proportion ofrevenue generated in Taiwan31.New draft bill on regulating onlinepayment services passedThe Taiwan government passed a new draft bill inSeptember 2014 on regulating online third partypayment services. The draft bill allows serviceproviders to offer virtual accounts in whichcustomers can store a maximum of NT$30,000 foronline transactions. The minimum capitalrequired for every third party payment serviceprovider is NT$300 million32.Department stores

Eslite Spectrum to add more storesin Taiwan and ChinaEslite Spectrum, a chain department storeoperator in Taiwan, will add two new stores in

Taoyuan and Tainan in late 2014. The company isalso working on the Jingji Lake project in Suzhouand the Shanghai Center in China, both of whichwill commence operation in 201533.Pacific Department Store to expandin Taiwan and ChinaPacific Department Store, a chain departmentstore in Taiwan, is set to add a new store inTaiwan and another one in Beijing, China. Theoperator currently operates two stores in Taiwanand one store in Beijing, China34.Shin Kong ramps up China presenceShin Kong, a leading department store chain inTaiwan, plans to increase its footprint in China.The retailer will add a store in Suzhou in Jiangsuin 1Q15, another in Chengdu in Sichuan in 2Q15and another in Chongqing in 3Q16. The retailerhas realised US$1.5 billion sales in Taiwan for thefirst eight months of 201435.Convenience stores

7-Eleven to reach over 5,000 outletsby end 20147-Eleven added 46 stores in Taiwan in 1Q14,making the total number of stores to 4,966. Itplans to create a network of over 5,000 outlets bythe end of this year. 7-Eleven, operated by thePresident Chain Store, is now the largest CVSchain in Taiwan 36.Sinopec to run 300 CVSs withRuentexSinopec, China’s state-owned oil giant who alsoowns a CVS chain Easy Joy, has reached anagreement with Ruentex, Taiwan’s conglomeratewho operates hypermarket chain RT-Mart, tojointly operate 300 of its Easy Joy stores inChina37. The two parties seek to lower sourcingcosts by joint procurement as well as explore e-commerce and online-to-offline businessopportunities together38.FamilyMart teams up with EasyCardFamilyMart, the second largest CVS chain inTaiwan, has teamed up with EasyCard, a smartcard system operator based in Taiwan, to developa reward point system to boost shoppers’ loyalty.


FamilyMart currently operates some 3,000 CVSsin Taiwan39.Accessories

Radley makes Asian debut inTaiwanRadley, a British handbag brand, opened its firstAsian outlet in Taiwan in June 2014. The brand,planning to expand overseas, will open a total often stores in Asia, Australia and the Middle Eastby 201540.Coccinelle adds stores in TaiwanCoccinelle, an Italian accessories brand, addedfour new stores in Taiwan in 3Q14. Together withthe new store openings in the Philippines in 3Q14,the brand has built a stronger foothold in Asia41.Apparel

Fast Retailing takes GU to TaiwanFast Retailing, the fourth largest apparel retailerin the world, took one of its brands, GU, to Taiwanin September 201442. Taiwan will be GU’s secondoverseas market, after the debut in China in 2013.The Japanese retailer regards Taiwan as aspringboard to expand to other Asian countries infuture. The brand also plans to enter the U.S. andEurope within several years43.E-Land debuts in TaiwanE-Land, a leading fashion retail group in SouthKorea, opened its first store in Taiwan inSeptember 201444. The group will open thesecond store in 2015. The company expects theturnover in Taiwan to reach NT$15 billion by202045.Beauty and personal care

Chlitina to reach a network of 5,000outlets in ChinaChlitina, a cosmetics brand under KeltiInternational, a cosmetics manufacturer anddistributor based in Taiwan, aims to increase itsstore number in China to 5,000 over the next few

years. The company currently operates 3,100stores across 334 cities in China, on top of 127stores in Taiwan46.MedFirst adds six stores in 1Q14MedFirst, a chain retailer specialising in medicaland health care products in Taiwan, opened sixnew stores in 1Q14. The firm is expected to add atotal of 10 new stores in Taiwan by the end of201447, with expansion plans focusing onhospitals and their nearby commercial areas.MedFirst currently operates almost 200 stores inTaiwan. It has also established a presence inChina48.Watson’s Taiwan launches onlinestoreWatson’s Personal Care Stores, the largest beautyand personal care chain in Asia, rolled out itsonline store in Taiwan in April 2014. Thecompany is the first cosmetics and drugstoreoperator to set up a self-operated online shop inTaiwan. It expects the online sales to rise 200%over the next three years. Watson’s operated atotal of 471 physical outlets in Taiwan as of end2013 and the store count will increase to 500 byend 201449.Cosmed plans 10 new stores in 2014Cosmed, the second largest drugstore chain inTaiwan, will add 10 stores in Taiwan in 2014,bringing its total number of outlets to 372 by end2014. The firm said it currently has no plans tolaunch a self-operated online shop50.Poya plans 25 new stores in 2015Poya, the largest specialty chain specialising inaccessories and FMCG products in Taiwan, plansto add 25 new stores in 2015. According to themanagement, Poya plans to increase the numberof stores to 185 by 2017, 275 by 2020 and 400 by202351. As of 2Q14, Poya operated 97 stores inTaiwan52.Innisfree hits TaiwanAmore Pacific, a cosmetics giant in South Korea,opened the first outlet of its organic cosmeticsbrand, Innisfree, in April 201453. The secondoutlet was launched in May 2014 and the thirdone will likely commerce operation by the end ofthis year. Amore Pacific looks to grow Innisfree to

http://www.forbes.com/international/

http://www.forbes.com/international/


the biggest South Korean skin care and cosmeticsbrand in Taiwan in terms of market share54.Consumer electronics

Asustek rolls out online store inSingaporeAsustek, a leading PC vendor in Taiwan, debutedits official online store in Singapore in July 201455.The online store in Singapore merely sellssmartphone products for the time being. The PCvendor also plans to open online stores in otherSoutheast Asian markets by end 2014, includingHong Kong, Malaysia, Thailand, Indonesia,Vietnam and the Philippines56.Acer ties up with GomeAcer, a leading PC and notebook computerproducer in Taiwan, has teamed up with Gome, aconsumer electronics retailer in China, to sellAcer desktops, notebooks, tablets, all-in-one PCsand projectors in Gome retail stores. Bothcompanies have set a three-year revenues targetof 6 billion yuan (US$974 million)57.Telkom enters TaiwanPT Telekomunikasi Indonesia (Telkom),Indonesia’s state-owned telecommunicationsservice provider, has recently opened a branch inTaiwan in cooperation with Far EasToneTelecommunications and Taiwan Mobile, twoleading telecommunications companies in Taiwan.The Taiwan branch focuses on retail businessessuch as international remittance business.Telkom has already branched out into Hong Kong,East Timor, Australia, Myanmar, Malaysia,Singapore and the U.S.58Foxconn to buy a stake in AsiaPacific TelecomFoxconn, the world’s largest electronicscomponents maker, agreed to acquire sharesworth NT$11.6 billion (US$390 million) fromTaiwan’s mobile telecom operator Asia PacificTelecom in May 2014. The deal bodes well forFoxconn’s plans to tap the 4G telecom market inTaiwan59.

Food and beverage

CoCo makes debut in South KoreaCoCo, a beverage brand in Taiwan, opened its firstoutlet in South Korea in May 201460. Thecompany is expected to increase its outletnumber to 50 over the next two years. Thecompany also plans to expand its global networkto 2,000 stores within this year by adding 500new outlets61.Tim Ho Wan debuts in TaiwanTim Ho Wan, a Hong Kong-based dim sumrestaurant chain, opened its first outlet in Taipei,Taiwan in July 2014. The dim sum chain plans toset up 10 outlets in Taiwan within five years.Taiwan is the third overseas market, afterSingapore and the Philippines62.Quiznos debuts in TaiwanQuiznos, an American sandwich brand, opened itsfirst outlet in Taiwan in September 2014. Thebrand plans to open 100 outlets across Taiwan by202463. The restaurant chain currently operatesin over 30 countries worldwide64.Home products

Iittala debuts in TaiwanIittala, a Finnish home décor brand specialising intableware and cookware, opened its debut storein Taiwan in June 201465. Fiskars, Iittala’s parentcompany, considers bringing Iittala to SouthKorea in the near future66.

Thailand Overview Asia Market Update Issue 2 October 2014 p11

Thailand is the second largest economy inSoutheast Asia, behind Indonesia. The country’sGDP stood at US$387.3 billion in 201367, with areal year-on-year (yoy) growth rate of 2.9%,down by 3.6 percentage points when compared to201268. The decline was largely attributed to aweakened economy brought about by politicalunrest69 since late 201370.According to Siam Commercial Bank’s EconomicIntelligence Center, the Thai economy will expandby just 1.6% in 2014 due to the country’sprolonged political impasse. With signs ofeconomic recovery seen over the past fewmonths, the economy is set to stabilise and growat around 3.5%-4% over the next five years(2015-2019)71.The political unrest since late 2013 has taken itstoll on the country’s economy and on allindustries, including the retail sector. Accordingto the Bank of Thailand, retail sales haveexperienced sharp negative yoy growth (lowerthan -5%) since September 201372.Euromonitor International predicts thatThailand’s retail sales will pick up over thecoming few years and rise to US$96.8 billion(3,140.2 billion baht) in 2018 from US$80.8billion (2,644.1 billion baht) in 2013, with acompound annual growth rate (CAGR) of 3.5%73.Thailand’s grocery retailing accounted for62.3% of total sales in 2013. In particular, store-based grocery retailers (such as conveniencestores, hypermarkets and supermarkets)recorded sales of US$51.8 billion (1,678.8 billionbaht), up by 5.6% yoy74. The supermarket sectorwas the best performer, posting a yoy salesgrowth rate of 13.5%75.Non-grocery retailers (such as departmentstores and specialist retailers) performed betterthan the grocery sector in terms of growth - a yoyincrease of 6.3%. Home and garden specialistretailers constituted the top performer, advancingat a rate of 7.0% yoy in 201376.The broadband Internet penetration rate inThailand stood at 14.6% in 2013. This is relativelylow compared to other ASEAN countries such asSingapore (88.1%) and Malaysia (61.1%)77.According to Euromonitor International, the rateis expected to increase to 37.6% by 203078.

The total value of Internet sales in Thailandamounted to US$0.8 billion (27.3 billion baht) in2013. By category, consumer electronics andvideo game hardware was the most popular,accounting for 33.2% of the total. Internet salesare set to increase to US$1.5 billion (49.9 billionbaht) by 2018, with a CAGR of 12.8%79.Thailand is one of the most popular touristdestinations in the world and tourism is a majorcontributor to economic growth. In 2013, traveland tourism directly contributed 9.0% of thenation’s GDP and supported 6.6% of nationalemployment80. However, tourism, especially forBangkok, has been adversely affected by theongoing political turbulence. According to theMinistry of Tourism and Sports of Thailand,international arrivals in the country from Januaryto August 2014 stood at 15,703,373,demonstrating a yoy decrease of 10.7%81.Political unrest to bottom out?The political unrest since last November82 hasresulted in considerable economic losses. GDPgrowth in 1Q14 dropped below zero, recording arate of -0.5% yoy83. Domestic consumptionslowed and fewer tourists have been travelling tothe country, especially to Bangkok. Total retailsales have experienced yoy decreases sinceSeptember 201384.

Set in the middle of mainland Southeast Asia,Thailand borders the Gulf of Thailand in theeast and the Andaman Sea in the west. With aland mass of about 514,000 square kilometres,the country has a population of over 67 million.Thailand Overview Asia Market Update Issue 2 October 2014 p11



Set in the middle of mainland Southeast Asia,Thailand borders the Gulf of Thailand in theeast and the Andaman Sea in the west. With aland mass of about 514,000 square kilometres,the country has a population of over 67 million.Thailand Overview Asia Market Update Issue 2 October 2014 p11



Set in the middle of mainland Southeast Asia,Thailand borders the Gulf of Thailand in theeast and the Andaman Sea in the west. With aland mass of about 514,000 square kilometres,the country has a population of over 67 million.

http://en.wikipedia.org/wiki/Southeast_Asia

Thailand Overview Asia Market Update Issue 2 October 2014 p12

Facing political turbulence, retailers operatingin the country have taken counter measures inseveral ways. Internally, their focus is onenhancing operational efficiencies, such as costcontrol, building new distribution centres forbetter supply chain operation or engaging in e-commerce. For instance, Big C, the country’sleading grocery retailer, launched an e-commercewebsite in early 201485. Externally, some retailershave expanded overseas in search of newopportunities. For instance, Robins DepartmentStore, one of the leading department storeoperators in Thailand, entered Hanoi in Vietnamthis April and will likely open another store in HoChi Minh City by the end of 201486.The military finally stepped in and took over thegovernment in May 2014. The National Councilfor Peace and Order87 subsequently announced anadministrative roadmap to calm the country’spolitical turmoil. Major initiatives have includedreleasing subsidies to rice farmers, offeringfinancial aid to small- and medium-sizedenterprises and speeding up approvals forinfrastructure and foreign direct investmentprojects88. The political unrest is indeed easing,and the economy – including the consumptioncomponent – is expected to recover in 2H1489.However, any renewed political unrest could pullthe country back into another crisis.

Thailand In the news Asia Market Update Issue 2 October 2014 p13

Statistics

GDP growth rebounds to positive in2Q14Thailand’s GDP growth increased by 0.4% in2Q1490, rising from minus 0.5% in 1Q14 due toimproving domestic and external demand. SeeExhibit 5.Exhibit 5 | Real GDP growth of Thailand, 2Q13-2Q14

Source: Office of the National Economic and SocialDevelopment Board of ThailandCPI further slides in August 2014Thailand’s CPI rose by 2.1% yoy in August 201491,the lowest since May 201492, as a result of theease in political unrest93. See Exhibit 6.

Exhibit 6 | Consumer price index in Thailand, Sep 2013 -Aug 2014

Source: Ministry of Commerce of ThailandConsumer confidence index reachesa 13-month high in August 2014Thailand’s consumer confidence index rose to80.1 in August 201494, reaching a 13-month peak,owing to the improving political condition95.See Exhibit 7.Exhibit 7 | Consumer confidence index in Thailand, Sep2013- Aug 2014

Source: Trading Economics

2.9 2.7

0.6

-1.0-0.50.00.51.01.52.02.53.03.5

2Q13 3Q 4Q 1Q14


Statistics






-0.5

0.4

1Q14 2Q

1.4%

1.5%

1.9%1.7%

1.9%2.0%

0.0%0.5%1.0%1.5%2.0%2.5%3.0%


77.976.6

75

73.4

71.5

69.9

60.062.064.066.068.070.072.074.076.078.080.082.0



Statistics






1.9%2.0%

2.1%

2.4%

2.6%2.4%

2.2%2.1%


71.5

69.968.867.8

70.7

75.1

78.2

80.1



Retail sales down by 6.2% yoy inJune 2014Thailand’s retail sales index fell by 6.2% yoy inJune 201496, due to months of politicaluncertainty since late 2013 which dentedconsumer spending appetite. See Exhibit 8.Exhibit 8 | Thailand retail sales index, Jul 2013- Jun 2014

Source: Trading EconomicsRetail in general

Thailand freezes prices of selectedconsumer goods for six monthsThailand's Commerce Ministry announced in June2014 that prices of over 200 categories ofconsumer goods would be frozen for six monthsuntil November 2014 to ease people’s lives andboost the economy following the political impasse.The consumer goods include beverages, rice,palm oil, instant foods, dairy products, householdproducts, animal feed and fertilizer97.E-commerce

Saha debuts on TmallSaha Group, one of Thailand’s largest consumerproducts companies, has recently opened anonline store on Tmall, the leading e-commerceplatform in China, hopefully to offset theslumping domestic consumption in Thailand dueto the political unrest98. Food, beauty and

personal care and other products can be found atthe online store99.King Power opens on TmallKing Power, the largest duty free retailer inThailand, opened its online store on Tmall in June2014. Currently, products such as food, cosmetics,apparel, fashion accessories can be found at KingPower’s Tmall store. The retailer plans to selltravel packages later100.Priceza expands in Southeast AsiaPriceza.com, a leading price comparison websitein Thailand, will expand into Malaysia, Singapore,Vietnam and the Philippines in 2015 to 2016.Currently, Priceza.com accounts for over 90% ofThailand’s price comparison websites market101.Thais visit the website and compare prices ofvarious products, such as smart devices, apparel,accessories, books and flight tickets102.Berli Jucker to go onlineBerli Jucker, the operator running FamilyMart inThailand, plans to invest up to 100 million baht toset up an e-commerce platform. The platform, dueto open in 2014, will offer consumer products andbooks103.Home shopping

TV Direct sets sights on MalaysiaTV Direct, a leading TV shopping operator inThailand, in partnership with Telekom Malaysia, aMalaysian telecommunications operator,launched its first home shopping channel inMalaysia in June 2014. The channel runs 24 hoursa day, broadcasting via Internet Protocol TVsystem operated by Telekom Malaysia. Theoperator expects the new channel to reach 5million people in future104.Department stores

Robins enters VietnamCentral Retail Corporation, Thailand’s largestretail conglomerate, opened its first Robins inHanoi in April 2014105. The department storespans 10,000 square metres in area andaccommodates international brands such as

-4.3%-4.3%

-7.6%

-8.9%-9.6%

-5.6%

-10.0%-8.4%

-8.7%

-6.9%

-9.5%

-6.2%

-12.0%-10.0%

-8.0%-6.0%-4.0%-2.0%0.0%

Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14


Clinique, The Body Shop, Lancome, Samsonite, McJeans and F&F106. The operator will likely openanother store in Ho Chi Minh City by end 2014107.Robins plans six new stores inThailandRobins Department Store plans to add six newbranches across Thailand in 2H14. The retaileralso plans to allocate 400 million baht for itsmarketing campaign in 2014. The departmentstore’s sales stood at 11.4 billion baht in 1H14108.Shopping malls

Platinum Group considers an IPOThe Platinum Group, a Thai shopping malloperator, is planning an IPO to raise 5 to 6 billionbaht in late 2014 or early 2015. The Group plansto use the proceeds to finance its projects,including The Market by Platinum, a 70,000-sqmretail plaza comprising offices and a 400-roomhotel109.Siam Retail to add new malls andrenovate existing mallsSiam Retail, a shopping mall operator in Thailand,has committed 20 billion baht to open newshopping malls and renovate existing malls inThailand. The company will open three new mallsby 2020110. It will also spend around 2.7 billionbaht to refresh its existing malls over the nextthree years. The company currently managesfour mall brands, namely Fashion Island,Terminal 21, The Promenade and Life Center, inThailand111.Supermarkets

Big C opens new DC for CVS businessBig C, a leading grocery retailer in Thailand,opened a brand new distribution centre for itsconvenience store (CVS) chain Mini Big C in May2014 to boost supply chain efficiencies. The groupalso plans to open a new fresh food distributioncentre in 1Q15112.

Foodland further expands inThailandFoodland, a premium supermarket operator inThailand, aims to open four new outlets each yearstarting from 2015. As competition in prime citieslike Bangkok is tough, the supermarket chain willfocus more on young families in suburbanareas113.Convenience stores

7-Eleven scales up in ThailandCP All, the sole operator of 7-Eleven in Thailand,has earmarked 8 to 9 billion baht to ramp up thepresence of the CVS chain in Thailand. The fundwill be allocated to add 600 new stores andmaintain the existing stores. The companyprojects sales of 2014 to lift by 10 to 15%114.FamilyMart in rapid expansionJapan-based FamilyMart, the second largest CVSchain in the Asia Pacific region, plans to rapidlyroll out new outlets in Thailand. FamilyMart willopen 500 new outlets annually from this year soas to reach a total of 3,000 stores by 2017. Thecompany will also renovate its existing stores115.Tesco launches CVS chainThe U.K.’s retail giant Tesco has recently tappedinto the Thai CVS sector. The company hasrecently set up its first pilot CVS outlet under thename 365 in Thailand. It will add five more storesby the end of 2014116. Thailand is the secondcountry for Tesco to launch the 365 CVS chain,after South Korea117.Berli Juker to add more CVS outletsin VietnamBerli Juker, the operator running FamilyMart inThailand, will add 205 new CVS outlets inVietnam by 2018 with an investment of 1 billionbaht, bringing the total number of CVS outlets to300 by then. The company also predicts theVietnamese CVS operation will break even in2018 due to increasing economies of scale118.


Cash & Carry

Marko sets for expansion spreeMarko, the leading cash & carry chain operator inThailand, has earmarked 8 billion baht forexpansion of new stores and upgrading of existingbusiness. 5 billion baht will be allocated to theopening of 12 new stores while the remaining willgo to upgrading the computer system as well asthe equipment of the existing stores119.Berli Juker acquires Metro Cash &Carry VietnamBerli Juker signed a deal in August 2014 to buyMetro Cash & Carry operation in Vietnam. Theacquisition marks Berli Juker’s aggressive plan totap the emerging Vietnam market120.Accessories

Crumpler enters ThailandAustralian accessories brand Crumpler opened itsfirst store in Thailand in July 2014121. Backpacks,laptop bags, messenger bags, camera bags andtravel bags are the major merchandizes found atthe shop. Already established in Singapore, thebrand plans to enter China, Japan and SouthKorea in future122.Apparel

Antony Morato to expand inThailandItalian fashion brand Antony Morato plans toopen 15 stores in Thailand by 2017. The brand isconsidering entering South Korea, Indonesia andIndia in future123. Its sales network currentlycovers over 50 countries124.Toms makes debut in ThailandmarketToms, an American shoe brand, rolled out its firststore in Thailand in July 2014. Toms hasestablished presence in 35 countries worldwide.Thailand is the brand’s fourth Asian markets afterJapan, Hong Kong and the Philippines125.

Beauty and personal care

Sephora to establish onlinepresence in Thailand throughZALORASephora, a French cosmetics brand, has partneredwith ZALORA, an online fashion retailer, todistribute beauty products in Southeast Asia. Theproducts will be available on ZALORA Thailand in2014126.Watson’s to add new stores and newproductsWatson’s, one of the major beauty and personalcare chains in Asia and Thailand, plans to add upto 50 new outlets, bringing the total number ofstores to 345 by end of this year. Meanwhile, theretailer will seek to introduce 100 new Watson’s-branded products as well as increasing thenumber of exclusive brands by 10% to 15% thisyear127.The Face Shop sells Thai businessThe leading South Korean skin care brand TheFace Shop has sold its Thai business to threeexecutives. They have taken over TFS (Thailand),which owns the distribution rights of The FaceShop in Thailand128. The new owners will add 10new stores in Thailand within this year and plansto boost the total number of outlets to 70 in threeyears’ time129.Beauty Community further expandsin ThailandBeauty Community, a Thai cosmetics retailer anddistributor, plans to ramp up the retail footprintsof its three cosmetics brands, Beauty Buffet,Beauty Cottage and Beauty Market. It targets toopen 31 Beauty Buffet, 20 Beauty Cottage and 15Beauty Market outlets in 2014, making the totalnumber of outlets to 210, 70 and 18, respectively.The firm expects to open at least 15 outlets peryear over the next three to five years130.Pena House taps cosmetics sectorPena House, a fashion retailer and outlet malloperator in Thailand, has entered cosmeticssector by introducing skin care products underthe label Luce. Luce products are developed withthe help of a leading Japanese skin care


manufacturer. The products are available onlineand on TV shopping channel131.Bangkok Dusit Medical to take overSave Drug CenterBangkok Dusit Medical, the largest medicalservice provider in Thailand, has agreed toacquire Save Drug Centre, a drugstore chainThailand, for up to 380 million baht (US$11million). The deal will be closed by end October2014132. Save Drug Center currently runs a totalof 107 drug stores in Thailand133.Consumer electronics

PowerBuy further expands inThailandThai consumer electronics retailer PowerBuy,owned by Central Retail Corporation, hasallocated 1.2 billion baht to the opening of 12 newoutlets across Thailand in 2014. Despite thesluggish economy in Thailand, the companybelieves that the hot weather in the country isboosting demand for air conditioners while Thai’stransition from analogue to digital TV wouldunderpin flat screen demand. The retailer alsoestimates sales of 2014 to jump by 10.5% to 21billion baht134.Food and beverage

Coffee Bean & Tea Leaf to furtherexpand in ThailandAmerican café brand Coffee Bean & Tea Leaf plansto add up to 12 outlets every year to reach a totalof 75 outlets in Thailand by 2018. It currentlyruns 16 cafés in Thailand. The company is alsoconsidering other store formats such as mobilecoffee units or kiosks in future135.Mister Donut scales up in ThailandMister Donut, one of the major restaurant chainsin Thailand, will add 30 new stores, bringing thetotal number of the stores to 350 by end of 2014.It plans to increase the number of stores to 1,000by 2022. The company expects the sales of itsrestaurants to go up by 16% this year136.

Starbucks to double store count by2018American coffee chain giant Starbucks will doubleits store count to 400 in Thailand by 2018. Itplans to add at least 30 new stores every yearfrom now on. According to the company, onaverage, 1.8 million cups of coffee were sold everymonth over the past 16 years. The coffee chainexpects the sales to register a double-digit growththis year137.Sub Sri Thai acquires GreyhoundSub Sri Thai, the franchisee of Dunkin’ Donut inThailand, acquired Greyhound, a Thai fashionbrand and café chain operator for 1.85 billionbaht. Greyhound currently runs 17 fashion storesin Thailand and sells its clothes in South Korea,Singapore and Indonesia138. It also operates 10cafés in Thailand and another seven outlets inoverseas markets139.BreadTalk partners with MinorInternational for expansionBreadTalk, a Singaporean bakery chain, enteredinto an agreement in July 2014 with Minor FoodGroup (MFG), a chain restaurant operator inThailand to set up a 50:50 joint venture company(JV), BTM Thailand, to run bakery business underthe name BreadTalk in Thailand140. BreakTalkwill leverage on MFG’s infrastructure in Thailandand increase the store count from 23 to 100 infive years141.Central Restaurants to add 75 newrestaurants in 2014Central Restaurants, an affiliate of Thailand’sleading hospitality company Central Plaza Hotel,aims to add 75 new restaurants by the end of2014. The company currently owns 767restaurants in Thailand142.MK Restaurant to reach 650 outletsby 2016MK Restaurant, Thailand’s leading operator ofchain restaurants, plans to ramp up its outletnetwork from 504 in 2013 to 650 by 2016. As ofend 1Q14, the company ran 389 MK restaurants,117 Yayoi restaurants and 13 other restaurants inThailand. It also owns 32 MK restaurants in Japan,four in Vietnam and one in Indonesia143.


CP Foods marches into AustraliamarketIn July 2014, CP Foods, an affiliate of Thailand’sleading conglomerate CP Group, opened its firstrestaurant “1000Wat” in Australia servingmodern Thai dishes. The company plans toexpand 1000Wat to 500 outlets in Australia intwo years. It also sees Australia as a steppingstone to tap other mature markets like the U.S.144CP Foods ties up with ItochuCP Foods is going to sell 23.75% stake of its foodprocessing subsidiary CP Pokphand (CPP) toItochu, Japan’s third largest trading company145.Itochu’s distribution network in China andVietnam is expected to assist in CPP’s futureexpansion146.True Coffee eyes Southeast AsianmarketsTrue Coffee, a leading coffee chain in Thailand,plans to roll out 100 new stores per annumstarting from 2014, aiming at a total of 500 newstores. The coffee specialist currently operates109 stores, including franchises, mainly inBangkok147. It also plans to open 300 to 400stores in China, Singapore, Myanmar andMalaysia within five years148.Teddy’s Bigger Burgers to enterThailandTeddy’s Bigger Burgers, a Hawaii-based burgerchain, will set up its first store in Thailand in late2014. It plans to open a second outlet in early2015. Thailand is the second Asian entry forTeddy’s Bigger Burgers, after the Philippines149.TUF to acquire King Oscar andMerAllianceThai Union Frozen Products (TUF), a leadingseafood processor based in Thailand, agreed toacquire King Oscar, the world’s leading sardinebrand from Norway150, and MerAlliance, a leadingFrench smoked salmon producer151, inSeptember 2014. The acquisitions are expected toreinforce TUF’s global leading position in theseafood sector.

Ichitan to set up new plant inIndonesiaIchitan, the largest green tea maker in Thailand,will form a joint venture (JV) with PT Atri Pasifix,an Indonesian retailer operating conveniencestores nationwide, to build a new plant inIndonesia. The move marks the first internationalexpansion for Ichitan and its efforts to tapIndonesian market where demand for green tea isprojected to grow at an average rate of 15% ayear. The JV will be set up in 4Q14152.Café Amazon plans Asean expansionCafé Amazon, a café chain owned by Thailand’s oiland gas giant PTT, plans to add 100 new branchesin other Southeast Asian countries over the nextfour years. The café chain plans to enterMyanmar this year. The chain currently has atotal of 1,056 outlets in Thailand and 15 inCambodia, Laos and the Philippines153.Home products

Chic Republic expands in ThailandChic Republic, a Thai home products retailer,plans to add three new stores in 2014. It expectssales to surge 40% to 700 billion baht in 2014.The company is also considering entering thePhilippines and Malaysia in future154.Ikea strengthens presence inThailandIkea, the world’s leading home furniturecompany, will allow customers to order atphysical store and receive orders at home nextyear in Thailand. Thailand is the third country tooffer such service, after Greece and Spain. Thecompany plans to add two full scale stores inBangkok in five to six years. Meanwhile, it isconsidering opening an online store in future155.

Malaysia Overview Asia Market Update Issue 2 October 2014 p19

Malaysia is the third largest economy inSoutheast Asia after Indonesia and Thailand156.Economic growth remained robust in 2013,registering a GDP real growth rate of 4.7%. TheOECD Development Centre predicts that this willcontinue to grow at an annual rate of 5.1% in2014-2018157.To elevate the country to developed-nationstatus by 2020, the Malaysian governmentlaunched the Government TransformationProgramme (GTP) and the EconomicTransformation Programme (ETP) in 2010. GTPfocuses on structural issues such as improvingurban transportation, building ruralinfrastructure and fighting corruption, while ETPaddresses economic fundamentals.Under ETP, a total of 12 sectors, such aswholesale and retail, tourism, communicationscontent and infrastructure, business services andhealth care are selected as national key economicareas (NKEAs). Economic activities categorised asNKEAs will be prioritised in government planningand fund allocation. It is noteworthy that themajority of activities are initiated and led by theprivate sector158.To improve public finances, subsidies ongasoline, sugar and electricity rates were cut159. A6% goods and services tax (GST) will beintroduced in April 2015 for the same purpose.These measures might dampen Malaysianconsumers’ purchasing power in the short term.However, income growth in the longer run isexpected to continue due to the implementationof the minimum wage in January 2014160, as wellas individual income tax and corporate taxreductions161 in 2015 and 2016, respectively162.In 2013, the country’s retail sales reachedUS$51.5 billion (168.7 billion ringgit), up by 3.8%year-on-year (yoy). According to EuromonitorInternational, retail sales will climb to US$57.5billion (184.6 billion ringgit) by 2018, with acompound annual growth rate (CAGR) of 1.8%163.Non-grocery retailing accounted for 59.7% ofMalaysia’s total retail sales in 2013. In particular,store-based, non-grocery retailers (such asdepartment stores and specialist retailers)recorded sales of US$31.5 billion (101.3 billionringgit), up by 2.3% yoy. Health and beauty

specialist retailers were the top performer,growing at a rate of 5.0% yoy in 2013164.Grocery retailers (such as convenience stores,hypermarkets and supermarkets) performedbetter than non-grocery retailers in terms ofgrowth rate. Sales realised rose by 6.0% yoy165.Convenience stores turned out to be the bestperformer, posting a yoy sales growth rate of11.3%166.Travel and tourism is a major contributor to theMalaysian economy. It directly contributed 7.2%of national GDP and supported 6.7% of Malaysia’semployment in 2013167. According to the MalaysiaTourism Board, the number of tourists visitingMalaysia hit a record high of 25.7 million in 2013,up by 2.8%168. Although the missing MalaysiaAirlines Flight MH370 in March 2014 and thedowned Flight MH17 over Ukrainian territory inJuly 2014 have provided a dampener forMalaysians and the world, tourist arrivals remainresilient. Such arrivals from January to May 2014totalled 11.5 million, posting a yoy growth of10.1%169.

Located in Southeast Asia, Malaysia consists oftwo geographical regions divided by the SouthChina Sea – West Malaysia or PeninsularMalaysia lying at the southern tip of the Asianmainland, and East Malaysia situating on theisland of Borneo.Malaysia Overview Asia Market Update Issue 2 October 2014 p19



Located in Southeast Asia, Malaysia consists oftwo geographical regions divided by the SouthChina Sea – West Malaysia or PeninsularMalaysia lying at the southern tip of the Asianmainland, and East Malaysia situating on theisland of Borneo.Malaysia Overview Asia Market Update Issue 2 October 2014 p19



Located in Southeast Asia, Malaysia consists oftwo geographical regions divided by the SouthChina Sea – West Malaysia or PeninsularMalaysia lying at the southern tip of the Asianmainland, and East Malaysia situating on theisland of Borneo.

Malaysia Overview Asia Market Update Issue 2 October 2014 p20

Internet retailing – the most dynamic retailchannelMalaysia’s broadband Internet penetration ratewas 61.1% in 2012170. The Malaysian governmenthopes this can reach 75% by 2015; it has set upthe National Broadband Initiative171 to achievethis goal172.Internet sales in Malaysia reached US$0.4billion (1.2 billion ringgit) in 2013, enjoying astrong yoy growth rate of 14.4%. Sales areexpected to reach US$0.6 billion (1.9 billionringgit) in 2018, with a CAGR of 9.5%173. ForMalaysian online shoppers, reasons for shoppingonline over physical stores are essentially to savetime and money174.Although Internet sales currently account forless than 1% of Malaysia’s total retail sales, onlineretailing represents a fast growing channel.According to a survey conducted by TNS Researchfor Google, 43% of Malaysian respondents whohave never purchased online said they would giveit a try over the next 12 months175.International brands such as Dell and Amazonhave established a strong foothold in theMalaysian online market for some years. Huawei,a leading phone maker in China has launched anonline store in Malaysia this year176. Local retailgiants, such as Parkson, the largest localdepartment store operator, have also establishedonline stores to capture more consumers. Asmore entrants are expected, competition willintensify.According to the 2014 budget announced by theMalaysian government in last October, US$0.5billion (1.5 billion ringgit) will be earmarked toincrease Internet coverage in rural areas acrossthe country over the next three years. AboutUS$264.7 million (850 million ringgit) will bespent on laying underwater cables (across theSouth China Sea) to increase Internet coverage toSabah and Sarawak177. With improvingtelecommunications infrastructure and higherInternet penetration rate, the Internet retailingmarket is set to surge over the coming years.

Malaysia In the news Asia Market Update Issue 2 October 2014 p21

Statistics

GDP growth registers 6.4% yoy in2Q14Malaysia’s GDP growth rose to 6.4% in 2Q14 from6.2% 1Q14 due to improving external demand178. See Exhibit 9.Exhibit 9 | Real GDP growth of Malaysia, 2Q13-2Q14

Source: Department of Statistics of MalaysiaRetail sales up by 4.9% yoy in 1Q14According to Retail Group Malaysia, retail salesrose by 4.9% in 1Q14. The growth momentumwill likely sustain in 2Q14 due to the boost by theWorld Cup in June 2014179. See Exhibit 10.Exhibit 10 | Retail sales growth in Malaysia, 1Q13 – 1Q14

Source: Retail Group Malaysia

CPI climbs to 110.5 in August 2014Malaysia’s consumer price index (CPI) rose 3.3%yoy to 110.5 in August 2014, mainly due toincrease in food prices and utility rates180. SeeExhibit 11.Exhibit 11 | Consumer price index in Malaysia, Sep 2013– Aug 2014

Source: Department of Statistics of MalaysiaCSI rises to 100.1 in 2Q14Consumer sentiments index (CSI) went up by 3.3points to 100.1 in 2Q14 from the previousquarter181. The rise is believed to be associatedwith the better income expectation of theMalaysians182. See Exhibit 12.Exhibit 12 | Consumer sentiments index in Malaysia,2Q13 – 2Q14

Source: Malaysian Institute of Economic Research

4.3%5.0% 5.1%

6.2%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%

2Q13 3Q 4Q 1Q14

7.5%

4.6%

3.1%

0.0%2.0%4.0%6.0%8.0%

1Q13 2Q 3Q 4Q


Statistics







6.2% 6.4%

1Q14 2Q

3.1%

4.5% 4.9%

4Q 1Q14

107.9

108.3108.6

108.9

109.5109.8

106.5107.0107.5108.0108.5109.0109.5110.0110.5111.0


109.7 102.0

0.020.040.060.080.0100.0120.0

2Q13 3Q 4Q


Statistics







108.9

109.5109.8

109.9109.9

110.0110.2

110.3110.5


82.496.8 100.1

4Q 1Q14 2Q


E-commerce

Malaysians are keen to shop onlineAccording to a survey conducted by TNS Researchfor Google, 43% of the Malaysian respondentswho have never purchased online said they wouldgive it a try over the next 12 months. Half of theserespondents indicated that they would chooseapparel items as their first online purchase183.When asked about the most important factor foronline shopping, saving time and money are themostly mentioned184.Huawei opens an online storeChinese phone maker Huawei has launched anonline store in Malaysia, Vmall.my, exclusively forMalaysians. The store sells Huawei smart phones,wireless Internet access devices, tablets andaccessories. Products will be delivered in three tofive working days after placing orders185.Uniqlo goes online in MalaysiaUniqlo, the leading fast fashion retailer in Japan,launched its online store in Malaysia inSeptember 2014. The brand will offer exclusivepromotions at the online store. Uniqlo currentlyruns 21 physical stores in Malaysia186.Home shopping

TV Direct sets sights on MalaysiaTV Direct, a leading TV shopping operator inThailand, in partnership with Telekom Malaysia, aMalaysian telecommunications operator,launched its first home shopping channel inMalaysia in June 2014. The channel runs 24 hoursa day, broadcasting via Internet Protocol TVsystem operated by Telekom Malaysia. Theoperator expects the new channel to reach 5million people in future187.Astro to launch home shoppingchannelAstro Malaysia, a dominant pay-TV company inMalaysia, will launch a new home shoppingchannel in late 2014 or early 2015. The newchannel plans to sell lifestyle and home productsat the initial stage. The channel will be availableon the Internet as well188.

Department stores

Parkson to buy 60% stake inGiftmateParkson, a retail giant in Malaysia, is venturinginto the gift sector. The company is buying a 60%stake in Giftmate for 8 million ringgit. Giftmateproduces premium gift related products such asgold plated gift items189. The retailer believes theacquisition will enrich the product portfolio of thegroup's shopping mall and online shoppingoperations190.Supermarkets

Mydin to open another 25hypermarkets by 2018Mydin, one of the major retail operators inMalaysia, plans to add another 25 hypermarketsin Malaysia over the next four years191. Mydincurrently operates more than 90 retail outletsnationwide including 17 hypermarkets, 16shopping malls, three bazaars, 48 minimarketsand eight convenience shops192.Convenience stores

7-Eleven Malaysia lists in Malaysia7-Eleven Malaysia listed on Bursa Malaysia, thestock exchange in Malaysia, in June 2014. Thecompany plans to invest 40 million ringgit toconstruct a new distribution centre, which willcommence operation by end 2015193.7-Eleven plans rapid rollout7-Eleven Malaysia plans to invest 520 millionringgit to accelerate expansion in Malaysia. It willadd around 600 new stores by 2016. As of March2014, 7-Eleven ran a total of about 1,600 storesacross Malaysia, accounting for about 82% of themarket share194.7-Eleven launches new generationof CVS7-Eleven rolled out a new generation of CVSoutlet in Malaysia in June 2014. This new lifestyleconcept store has a built-in café and seating areawith free Wifi service. Food and beverage


products can be found in the store. The CVS chainplans to open 200 new concept stores in Malaysiaover the next three to four years.195.Apparel

Parkson to buy 50% stake in ValinoParkson is acquiring a 50% stake in Valino for 3million ringgit. Valino specialises in menswearand leisure clothing. Parkson expects the deal toenhance its fashion brand portfolio and thedevelopment of the company’s private labelbusiness196.Monki makes Malaysian debutMonki, a Scandinavian fashion retailer ownedby H&M, opened its first store in Malaysia in April2014197. Monki currently operates more than 80stores in countries such as Sweden, Italy, France,Germany, the U.K., Japan and China198.Padini further expands in MalaysiaPadini, a Malaysia-based fashion company, plansto add 14 new stores by end of 2015, includingseven Padini Concept Stores and seven Brand’sOutlets199. Padini currently manages over 300stores under nine labels in Malaysia and aroundthe world200.Bonia steps up overseas expansionBonia, a Malaysia-based fashion retailer, plans tostep up the pace of its overseas expansion,targeting new markets such as China, Thailandand the Philippines to mitigate slower growth athome and Singapore. The company plans to opena total of 10 to 15 stores within its financial yearending 30 June, 2015201.Consumer electronics

Courts plans expansionCourts, a Singapore-based consumer electronicsand furniture retailer, plans to add six new storesin Malaysia 2014. As of end 2013, the retaileroperated a total of 64 stores in Malaysia202.Challenger exits MalaysiaChallenger, a Singapore-based consumerelectronics retailer, ceased its Malaysian retail

operations in June 2014203. Challenger will focuson its local market, which the company owns anetwork of over 40 stores204.Huawei in rapid expansionHuawei has recently announced its expansionplan in Malaysia. It will open new stores to reacha network of 1,000 outlets by end of this year. Thecompany currently operates 271 stores inMalaysia205.Food and beverage

Asahi acquires Etika DairiesAsahi, Japan’s leading brewery and soft drinkcompany, has recently acquired Malaysia's EtikaDairies, Malaysia's second largest dairy company,for US$329 million206. Asahi intends to developdairy-based products as it expects the growth ofsuch products in Malaysia and other SoutheastAsian countries to be stable over the comingyears. Asahi will also tap the sales channels ofEtika Dairies to boost sales of soft drinks in suchmarkets as Vietnam and Indonesia207.Parkson to acquire 60% stake inAUMParkson is buying a 60% stake in AUM, a foodservice operator, for 48 million ringgit208. AUMcurrently operates a total of 12 brands includingQuiznos and The Library Restaurant & Bar.Parkson believes the new food and beverageoperations could boost foot traffic in the Parksondepartment store chains209.MBG Fruits to double store count by2017MBG Fruits, a Malaysia-based fruit retail chain,aims to increase its store counts from 25 to 60 by2017. The company expects to increase itsturnover to 123 million ringgit over the nextthree years. The company also considers enteringnew markets such as Indonesia, China andBangladesh in future210.Pie Face to hit MalaysiaPie Face, an Australian bakery café chain, plans toopen at least 50 stores in Singapore and Malaysiaover the next five years. Pie Face currently

http://www.monki.com/


operates stores in Australia, New Zealand and theU.S.211SugarBun enters IndonesiaSugarBun, a Malaysian fast food chain, opened itsfirst restaurant in Indonesia in July 2014. Thecompany is expected to open a total of 20SugarBun outlets in Indonesia by 2018212.Fatburger debuts in MalaysiaAmerican fast food chain Fatburger has recentlyopened its first store in Malaysia213. It is their firststop in Southeast Asia. The company currentlyoperates over 100 outlets in over 20 countries214.Marrybrown to scale up in IndiaMarrybrown, a Malaysia-based fast food chain,has recently unveiled its expansion plan in India.The company plans to increase the number of itsoutlets from 48 to 75 by the end of this fiscal year.Most of the new stores will be located in tier twoand tier three cities in the southern states ofIndia215.Starbucks sells its MalaysianbusinessBerjaya Food, a leading food and beveragecompany in Malaysia, is buying a 50% stake ofStarbucks’s Malaysian operation from StarbucksCoffee International to make it a wholly-ownedoperation216. The chain operated a total of 173outlets as of end April 2014. Berjaya Food plansto add 25 new outlets by April 2015217.F&N to acquire Yoke FoodFraser and Neave (F&N), a Singapore-based foodand beverage company, is acquiring Yoke Food, aMalaysian beverage company. Yoke Food sellsbeverage brands such as Day Day, So Soy andJuice Secret in Malaysia as well as exports itsproducts to other Southeast Asian countries. F&Nexpects the acquisition to help strengthen itspresence in Indonesia and Cambodia218.Agrobazaar debuts in SingaporeAgrobazaar, a Malaysian government fundedinitiative to promote Malaysian agriculturalproduce overseas, opened its first store inSingapore in August 2014219. Malaysian PrimeMinister Najib Razak and Singapore PrimeMinister Lee Hsien Loong officiated at the

opening of the store. The store comprises agrocery store, a café and a rooftop restaurant220.PastaMania sets foot in MalaysiaPastaMania, the largest Italian restaurant chain inSingapore, opened its first restaurant in Malaysiain September 2014. The second restaurant isexpected to launch in 2Q15221. PastaManiaoperates about 50 restaurants around the worldincluding Singapore, Malaysia, Brunei, China,Egypt, Kuwait and the U.A.E.222Home products

Spotlight opens in MalaysiaSpotlight, an Australian home products storechain, opened its first shop in Malaysia in July2014. Beddings, curtains, kitchenware and manyother home products can be found in thesuperstore. Spotlight now operates over 100stores in Australia, New Zealand and Asia223.

Singapore Overview Asia Market Update Issue 2 October 2014 p25

Singapore is a gateway to Southeast Asia and apreferred destination for foreign investors – ittops the global rankings for ease of doingbusiness224 and best business environment225.With political stability, rule of law, a transparentand clean government, Singapore provides anopen and favourable environment for investors.Recovering from the global downturn,Singapore’s GDP is expected to rise fromUS$297.9 billion226 in 2013 to US$407.9 billion by2017, with an average real growth rate of 4%227.The nation’s GDP per capita in 2013 recordedUS$55,182, registering a year-on-year (yoy)growth rate of 2.2%. This is the third highest inthe Asia Pacific region, after Macau andAustralia228.In 2013, the nation’s retail sales stood atUS$24.6 billion (S$31.0 billion), up by 4.7% yoy.According to Euromonitor International, totalretail sales will reach US$27.8 billion (S$34.7billion) by 2018, with a compound annual growthrate (CAGR) of 2.2%229.A very significant presence by foreign retailersreflects the favourable business environment thatSingapore offers. Yet, challenges remain. Highrental costs due to limited prime retail space havedriven some retailers to consider sites in otherdistricts outside central business districts.Increasing labour costs have also prompted someretailers to shorten operating hours or adoptautomation strategies230.The most prominent shopping district inSingapore is Orchard Road. A full range of luxuryand international brands have established theirpresence in shopping malls, such as Paragon, IonOrchard, Wisma Atria, Mandarin Gallery andKnightsbridge, all along Orchard Road. City Hall,Bugis and Sentosa are some emerging areasproviding new retail space. As more residentialprojects have been completed in suburbs thatinclude Jurong, Paya Lebar, Yishun and Punggol,some retailers such as Robinsons DepartmentStore and H&M have started venturing into theseareas to target the mass market231.Grocery retailers (such as convenience stores,hypermarkets and supermarkets) accounted for37.0% of the nation’s retail sales in 2013, up by1.5% yoy232. Non-grocery retailers (such as

department stores and specialist retailers) wentwell beyond, registering a yoy sales growth of5.5%. Among the non-grocery retailers,electronics and appliance specialist retailersoutperformed the rest, posting a yoy sales growthrate of 7.0%233.Supported by an excellent telecommunicationsinfrastructure and an affluent and tech-savvycitizenry, broadband Internet penetration is highin Singapore: 88.1% in 2013. According toEuromonitor International, the rate will increaseto 95.2% by 2030234.The total value of Internet sales in Singaporeamounted to US$0.8 billion (S$960.3 million) in2013. By category, apparel and footwear was themost popular, accounting for 27.9% of the total.Internet sales are set to increase to US$1.3 billion(S$1,617.6 million) by 2018, with a CAGR of11.0%235. Market leaders include Amazon, eBay,Rakuten, Zalora and Qoo10.Tourism – a significant boost for the retailsectorTourism is beyond doubt one of the pillarindustries of the Singaporean economy. The cityranked second, after Hong Kong, for the Top CityDestinations Ranking in 2012236. Travel andtourism directly contributed to 5.3% of thenation’s GDP and supported 4.3% of national

Lying off the southern tip of the MalayPeninsula, Singapore is the smallest country inSoutheast Asia with a population of about 5.4million in 2013.Singapore Overview Asia Market Update Issue 2 October 2014 p25



Lying off the southern tip of the MalayPeninsula, Singapore is the smallest country inSoutheast Asia with a population of about 5.4million in 2013.Singapore Overview Asia Market Update Issue 2 October 2014 p25



Lying off the southern tip of the MalayPeninsula, Singapore is the smallest country inSoutheast Asia with a population of about 5.4million in 2013.

Singapore Overview Asia Market Update Issue 2 October 2014 p26

employment in 2013237.For retailers, tourists comprise a key group ofconsumers since Singapore has a population ofjust 5.4 million238. According to the SingaporeTourism Board, a total of 15.6 millioninternational visitor arrivals were recorded in2013, up by 7% yoy. Tourism receipts totalledUS$18.9 billion (S$23.5 billion) in 2013, with ayoy growth rate of 2%239. Indonesia was thelargest source of tourists, with over three millionIndonesians visiting Singapore in 2013. Chinafollowed, with 2.3 million visits. However, Chinaovertakes Indonesia marginally in terms oftourism receipts. Chinese tourists spent a total ofUS$2,391.3 million (S$2,981 million) in Singaporein 2013, slightly higher than Indonesians atUS$2,388.9 million (S$2,978 million) 240.The Singaporean government has launched avariety of measures to enhance its destinationappeal, given that tourism has a significant impacton the retail sector, especially the hotel andhospitality segment, food and beverages andother grocery and non-grocery retailingsegments. It already provides excellent transportinfrastructure, as well as a clean and safeenvironment appealling to families with kids. ButSingapore frequently adds new features to its listof tourist attractions: Singapore Flyer in 2008;Universal Studio in 2010; Marina Bay Sands andResorts World Sentosa in 2010 (both with gamingfacilities) and Gardens by the Bay in 2011.Singapore also holds international events such asthe Singapore Grand Prix (Formula 1 motorracing) and the WTA Finals of tennis tosuccessfully draw high income tourists.

Singapore In the news Asia Market Update Issue 2 October 2014 p27

Statistics

GDP growth registers 2.4% in 2Q14Singapore’s economy grew by 2.4% yoy in 2Q14,retreating from the rate of 4.8% in the previousquarter241. The drop is attributed to a decline inmanufacturing activity242. See Exhibit 13.Exhibit 13 | Real GDP growth of Singapore, 2Q13-2Q14

Source: Ministry of Trade and Industry of SingaporeRetail sales rise by 5.5% yoy in July2014Retail sales went up by 5.5% yoy in July 2014,thanks to a jump in sales in motor vehicles243.See Exhibit 14.Exhibit 14 | Singapore retail sales index, Aug 2013- Jul2014

Source: Department of Statistics of Singapore

CPI goes up by 0.9% yoy in August2014Singapore’s consumer prices growth eased to 0.9%yoy in Aug 2014244, owing to a decline in carprices and the softening housing costs245. SeeExhibit 15.Exhibit 15 | Consumer price index in Singapore, Sep2013 - Aug 2014

Source: Department of Statistics of SingaporeConsumer confidence index dropsslightly in 2Q14Consumer confidence index in Singapore was 98in 2Q14, 1 point lower than that of the previousquarter246. The slight dip is likely caused byconsumers’ concerns over their job prospects247. See Exhibit 16.Exhibit 16 | Nielsen Consumer Confidence Index,Singapore, 2Q13-2Q14

Source: The Nielsen Global Survey

4.0%

5.0% 4.9%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%

2Q13 3Q 4Q 1Q14

-7.7%

-6.0%

-9.7%-8.7%

-5.5%

0.1%

-9.7%

-3.8%

-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%

Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14


Statistics







4.8%

2.4%

1Q14 2Q

-9.7%

-3.8%

-9.0%

-5.9%

0.4%

5.5%

Mar-14 Apr-14 May-14 Jun-14 Jul-141.6%

2.0%

2.6%

1.5% 1.4%

0.0%0.5%1.0%1.5%2.0%2.5%3.0%


95

98

93949596979899100

2Q13 3Q 4Q


Statistics







1.4%

0.4%

1.2%

2.5%2.7%

1.8%

1.2%

0.9%


9998

4Q 1Q14 2Q


E-commerce

Alibaba buy 10.35% stake inSingapore PostSingapore Post (SingPost), Singapore’s majorpostal service provider, and Alibaba, the China-based e-commerce giant, have entered into anagreement in May 2014. Alibaba will buy a 10.35%stake in SingPost for US$249 million. SingPostwill be able to leverage on Alibaba's customerbase to scale up its regional e-commerce logisticsoperations248.Supermarkets

Sheng Siong to tap China marketSheng Siong, a leading supermarket operator inSingapore, entered into an agreement withKunming LuChen Group, a Chinese sauce andcondiment producer, on 21 August, 2014 to set upa joint venture company (JV) to operatesupermarkets in China. Sheng Siong will hold a 60%stake in the JV, while LuChen Group and ShengSiong’s executive directors will hold 30% and10%, respectively249.NTUC FairPrice scales up onlineservicesNTUC FairPrice, a leading retailer in Singapore,launched a new service in September 2014, whichallows customers to order items online andcollect the items at their preferred Fairprice store.Only two physical stores are available for suchservice for the time being. The number will growto 20 by 3Q15. NTUC FairPrice is the firstsupermarket operator in Singapore to implementthis service250.NTUC Fairprice to build logisticscenterNTUC Fairprice plans to allocate S$250 millionand build a huge logistics center in Singapore forbetter supply chain efficiency amid risingoperating costs. The facility, featuring a sortingsystem, will finish by end 2014. Theretailer currently operates more than 280locations in Singapore, including supermarkets,convenience stores and hypermarkets251.

Accessories

Ulysse Nardin opens largest Asianstore in SingaporeUlysse Nardin, a Swiss luxury watchmanufacturer, opened its largest Asian store inMarina Bay Sands in Singapore in April 2014. Thestore, spanning 1,000 square feet, is operated inpartnership with The Hour Glass, a leading luxuryretail group based in Singapore252.Apparel

Tom Ford debuts in SingaporeTom Ford, a fashion brand from the U.S., set up itsfirst store in Marina Bay Sands in Singapore withFJ Benjamin, a leading apparel retailer inSingapore, in May 2014. The debut store featuresa full range of Tom Ford products for both menand women, from apparel, leather goods toperfumes and eyewear253. FJ Benjamin also plansto expand Tom Ford to Indonesia in 2015254.George to ramp up SingaporefootprintGeorge, a budget fashion label owned by theBritish supermarket chain Asda, plans furtherexpansion in Singapore. Having made its debut inSingapore in August 2013, George plans to openanother two stores in Jurong Point and TiongBahru Plaza in Singapore in future255.Uniqlo rolls out e-commerceplatforms in SingaporeUniqlo, the world’s leading fast fasion retailerfrom Japan, announced to launch its firstSoutheast Asian e-commerce and m-commerceplatforms in Singapore in September 2014. Thebrand considers Singapore as an idealspringboard to tap other Southeast Asian markets,such as Malaysia, Indonesia and Thailand, infuture256.Consumer electronics

Challenger exits Malaysia


Challenger, a Singapore-based consumerelectronics retailer, ceased its Malaysian retailoperations in June 2014257. Challenger will focuson its local market, which the company owns anetwork of over 40 stores258.Asustek rolls out online store inSingaporeAsustek, a Taiwan-based PC vendor, debuted itsofficial online store in Singapore in July 2014259.The online store in Singapore merely sellssmartphone products for the time being. The PCvendor also plans to open online stores in otherSoutheast Asian markets, including Hong Kong,Malaysia, Thailand, Indonesia, Vietnam and thePhilippines by end 2014260.Courts Asia to build 10-12megastores in Indonesia in next fiveyearsPT Courts Retail Indonesia, an affilate of CourtsAsia, a Singaporean electronics and furnitureretailer, plans to build 10 to 12 megastores inIndonesia for the next five years. The retailer willopen its first megastore in Bekasi, West Java inOctober 2014261.Food and beverage

Temasek invests in The Cocoa TreesTemasek, the Singapore government-ownedinvestment arm, has injected an undisclosed sumin The Cocoa Trees, a Singapore-based chocolatechain, to cash in on the prominent growth inAsia’s travel retail sector. The capital fromTemask will fund The Cocoa Trees’s expansion ofits retail network in railway stations, airports andcruise liners262.LVMH acquires Crystal JadeL Capital Asia, a private equity firm under Frenchluxury group LVMH, has agreed to acquire a 90%stake in Crystal Jade263, a Singapore-basedChinese restaurant group. The deal is estimatedto cost about US$100 million. The takeover allowsthe resturant chain to capitalise on LVMH’sexpertise in marketing and branding as well as itsrelationships with landlords worldwide toexpedite overseas expansion264.

PastaMania to expand ChinapresencePastaMania, the largest Italian restaurant chain inSingapore, plans to increase its presence in China.The company will open its third store in Huangpu,Shanghai in 4Q14. Furture openings are plannedin other districts in Shanghai including Jingan,Changning and Wujiaochang265.PastaMania sets foot in MalaysiaPastaMania opened its first restaurant in Malaysiain September 2014. The second restaurant isexpected to launch in 2Q15266. PastaManiaoperates about 50 restaurants around the worldincluding Singapore, Malaysia, Brunei, China,Egypt, Kuwait and the U.A.E.267Pie Face to hit SingaporePie Face, an Australian bakery café chain, plans toopen at least 50 stores in Singapore and Malaysiaover the next five years. Pie Face currentlyoperates stores in Australia, New Zealand and theU.S.268Fatburger to enter SingaporeAmerica-based burger chain Fatburger and itssister brand Buffalo’s Café, have signed a dealwith Eftech Lifestyle, a food and beverage, realestate, oil and gas conglomerate in Singapore, tobring 10 co-branded lcoations to Singapore. Boththe resturants will offer their diverse menu itemsat each of the location269.Ya Kun hits Hong KongYa Kun, a café restaurant chain from Singapore,opened its debut store in Tsim Sha Tsui270, HongKong in June 2014271. Ya Kun plans to open about30 outlets in Hong Kong within three to fiveyears272. It also considers opening outlets inThailand and Cambodia in future273.Putien sets foot in Hong KongPutien, a Singapore-based restaurant specialisedin Fujian Putian cuisine, set up its first store inHong Kong in July 2014. The resturant plans toopen two stores every year in the city in a longrun. Putien currently operates nine branches inSingapore plus four overseas branches inMalaysia and Indonesia274.


Peninsula Boutique debuts inSingaporeThe Peninsula Hotels, the world’s leading hotelchain, opened its first boutique in Singapore inJuly 2014275. The boutique offers the finestselection of delicacies (e.g. chocolates and cookies)and carry exclusive merchandise from thePeninsula Hotels. Besides Singapore, PeninsulaBoutique has also established a presence in HongKong, Beijing, Japan and Taiwan276.BreadTalk to further expand inThailandBreadTalk, a leading bakery chain inSingapore, entered into an agreement in July2014 with Minor Food Group (MFG), a chainrestaurant operator in Thailand to set up a 50:50joint venture company (JV), BTM Thailand, to runbakery business under the name BreadTalk inThailand277. BreakTalk will leverage on MFG’sinfrastructure in Thailand and increase the storecount from 23 to 100 in five years278.Panasonic develops first indoorfarm in SingaporePanasonic, Japan’s consumer electronicsconglomerate, has developed its first indoorvegetable farm at its factory in Singapore. It isalso the first licensed indoor vegetable farm inSingpaore. The company started selling thevegetable to a Japanese restaurant chain inSingapore in July 2014. It aims to grow over 30crop varieties by March 2017 and take up around5% of local vegetable production279.Global Food acquires WendysGlobal Food, a subsidiary of Singapore-basedmulti-platform solutions company Global YellowPages280, has acquired an Australia-based ice

cream chain Wendys at A$10 million. Global Foodlooks to grow Wendys in Asia, especially China, infuture281.Agrobazaar debuts in SingaporeAgrobazaar, a Malaysian government fundedinitiative to promote Malaysian agriculturalproduce overseas, opened its first store inSingapore in August 2014282. Singapore PrimeMinister Lee Hsien Loong and Malaysian PrimeMinister Najib Razak officiated at the opening ofthe store. The store comprises a grocery store, acafé and a rooftop restaurant283.F&N to acquire Yoke FoodFraser and Neave (F&N), a Singapore-based foodand beverage company, is acquiring Yoke Food, aMalaysian beverage company. Yoke Food sellsbeverage brands such as Day Day, So Soy andJuice Secret in Malaysia as well as exports itsproducts to other Southeast Asian countries. F&Nexpects the acquisition to help strengthen itspresence in Indonesia and Cambodia284.F&N to increase stake in Vietnam’sdairy giantF&N announced in August 2014 that it willacquire an additional 15 million shares inVietnam Dairy Products Joint Stock (Vinamilk),the largest dairy company in Vietnam, raising itsstake to 11.04%285. Currently, Vinamilk exportsits dairy products to countries such as Cambodia,the Philippines, Australia, Iraq and the U.S.286 F&Nwill leverage on Vinamilk’s worldwide networkfor its international expansion.

References Asia Market Update Issue 2 October 2014 p31

Appendix – Asia Data Snapshots

Appendix

Exhibit 17 | Basic data of selected economies in the Asia Pacific region, 2013

Population(million)

GDP(US$ billion)

GDP per capita(US$)

Real GDPgrowth (%)

Consumer priceinflation (av.%)

China 1,357.4 9,240.3 6,807 7.7 2.6Japan 127.3 4,901.5 38,492 1.5 0.4

South Korea 50.2 1,304.6 25,977 2.8 1.3Taiwan 23.4 489.1 20,952 2.1 0.8

Thailand 67.0 387.3 5,779 2.9 2.2Malaysia 29.7 312.4 10,514 4.7 2.1

Singapore 5.4 297.9 55,182 4.1 2.4Source: Related government departments of respective economies, World Bank, Bank of Korea, Siam Commercial Bank, OECDDevelopment CentreExhibit 18 | Retail sales of selected economies in the Asia Pacific region, 2013

Retail sales(US$ billion) yoy growth (%)

Internet sales(US$ billion) yoy growth (%)

Share ofInternet sales inretail sales (%)

China 1,791.1 11.0 100.3 43.4 5.6Japan 1,021.5 0.7 42.7 9.6 4.2

South Korea 222.7 3.3 28.8 10.0 12.9Taiwan 92.2 2.7 6.5 11.0 7.0

Thailand 80.8 6.1 0.8 18.0 1.0Malaysia 51.5 3.8 0.4 14.4 0.7

Singapore 24.6 4.7 0.8 12.3 3.1Source: Euromonitor International


References

1 “Taiwan country forecast.” July 2014. EconomistIntelligence Unit.2 “Taiwan country forecast.” July 2014. EconomistIntelligence Unit.3 “Retailing in Taiwan.” June 2014. EuromonitorInternational.4 ECFA is a trade pact between Taiwan and China in 2010.Besides trade in goods liberalisation measures, travelrestrictions on mainland tourists were also eased.5 “Grocery retailers in Taiwan.” June 2014. EuromonitorInternational.6 “Retailing in Taiwan.” June 2014. EuromonitorInternational.7 “Technology, communications and media: Taiwan.” August2014. Euromonitor International.8 “Retailing in Taiwan.” June 2014. EuromonitorInternational.9 “Retailing in Taiwan.” June 2014. EuromonitorInternational.10 “Grocery retailers in Taiwan.” June 2014. EuromonitorInternational.11 “President Chain Store Corp in retailing (Taiwan).” June2014. Euromonitor International.12 “President Chain Store Corp in retailing (Taiwan).” June2014. Euromonitor International.13 “President Chain Store – Well positioned for e-commercechallenges.” 7 August, 2014. Barclays.14 “GDP: Advance estimate of 2014Q2.” 31 July, 2014.National Statistics of Taiwan.http://eng.stat.gov.tw/ct.asp?xItem=36210&ctNode=3274.15 “The price indices for August 2014.” 5 September, 2014.Directorate General of Budget, Accounting & Statistics ofTaiwan.http://eng.dgbas.gov.tw/ct.asp?xItem=36420&ctNode=3339&mp=2.16 “Taiwan’s CPI hits 18-month high in August.” 5 September,2014. Focus Taiwan.http://focustaiwan.tw/news/aeco/201409050009.aspx.17 “Taiwan’s consumer confidence index.” September 2014.Research Center for Taiwan Economic Development.http://rcted.ncu.edu.tw/cci/cci10309.pdf.18 “Taiwan consumer confidence up in September.” 30September, 2014. Taiwan Today.http://taiwantoday.tw/ct.asp?xItem=222220&ctNode=422.“Taiwan’s consumer confidence down in August (update).”27 August, 2014. Focus Taiwan.http://focustaiwan.tw/news/aeco/201408270008.aspx.19 “Sales of trade and food services in July 2014.” 23September, 2014. Ministry of Economic Affairs of Taiwan.https://www.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=38944.20 “Taiwan sales of trade and food services in Augustreleased; positive figure recorded for 12 consecutivemonths.” 23 September, 2014. Liberty Times.http://news.ltn.com.tw/news/business/breakingnews/1113537.21 “Fubon Multimedia Technology changes name of jointventure in Thailand.” 23 April, 2014. Reuters.http://in.reuters.com/finance/stocks/8454.TWO/key-developments/article/2971739.22 “Fubon Multimedia Technology Co Ltd joint venture tobegin business.” 26 June, 2014. Reuters.

http://in.reuters.com/finance/stocks/8454.TWO/key-developments/article/3018262.23 “Momo kick-starts Momomall, aiming at IPO next year.” 24July, 2014. Momo website.http://www.fmt.com.tw/index.php?option=com_content&view=article&id=405:07-24-14-momo-&catid=31:2010-03-22-08-45-28&Itemid=107.24 “PChome to expand third-party payment in 3Q2014.” 8May, 2014. Business Next.http://www.bnext.tw/article/view/id/32118.25 “PChome Online Inc. - Strong B2C sales momentum into2H14; raise PO to NT$390.” 30 June, 2014. Bank of AmericaMerrill Lynch.26 “China’s Xiaomi finds first overseas e-commerce partner inTaiwan.” 17 June, 2014. The China Post.http://www.chinapost.com.tw/business/asia-taiwan/2014/06/17/410334/Chinas-Xiaomi.htm.27 “Xiaomi sells 10,000 Redmi Notes in a second in Taiwan.”28 June, 2014. Want China Times.http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140628000071&cid=1202.28 “Books rolls out self-pick up services in 7-Eleven HongKong.” 16 April, 2014. TPI.http://tpi.org.tw/newsinfo_news.php?record_id=9737.29 “TAITRA, Amazon sign MOU on close links.” 9 June, 2014.Focus Taiwan.http://focustaiwan.tw/news/aeco/201406090017.aspx.30 “Yahoo! Taiwan beats Facebook, taking lead in Taiwan’stop 100 website in 2014.” 2 March, 2014. Business Next.http://www.bnext.com.tw/article/view/id/31260.31 “FSC greenlights Rakuten credit card request.” 2 May,2014. Taipei Times.http://www.taipeitimes.com/News/biz/archives/2014/05/02/2003589351.32 “Draft bill passed regulating online payment services.” 5September, 2014. The China Post.http://www.chinapost.com.tw/business/asia-taiwan/2014/09/05/416500/Draft-bill.htm.33 “Eslite Spectrum (2926 TT): A relatively quiet year ahead.”13 May, 2014. Fubon Research.34 “Pacific Department Store plans expansion.” 18 August,2014. Inside Retail Asia.http://insideretail.asia/2014/08/18/pacific-department-store-plans-expansion/.35 “Shin Kong boosts China footprint.” 5 September, 2014.Inside Retail Asia.http://insideretail.asia/2014/09/05/shin-kong-boosts-china-footprint/.36 “President Chain Store (2912 TT): 1Q14 results beat onnon-op income.” 13 May, 2014. KGI Securities.37 “Sinopec to run 300 convenience stores with Ruentex -paper.” 12 September, 2014. Reuters.http://uk.reuters.com/article/2014/09/12/china-sinopec-retail-idUKL3N0RD3PU20140912.38 “Ruentex signs agreement with Chinese oil company.” 4August, 2014. Taipei Times.http://www.taipeitimes.com/News/biz/archives/2014/08/04/2003596592.39 “Easycard partnership expected to boost FamilyMart:Morgan Stanley.” 26 August, 2014. The China Post.http://chinapost.com.tw/business/asia-taiwan/2014/08/26/415792/Easycard-partnership.htm.40 “British handbag brand Radley plans to enter Asia.” 27May, 2014. Red Luxury. http://red-luxury.com/brands-

http://in.reuters.com/finance/stocks/8454.TWO/key-developments/article/3018262


http://www.fmt.com.tw/index.php?option=com_content&view=article&id=405:07-24-14-momo-&catid=31:2010-03-22-08-45-28&Itemid=107



http://www.bnext.tw/article/view/id/32118

http://www.chinapost.com.tw/business/asia-taiwan/2014/06/17/410334/Chinas-Xiaomi.htm

http://www.chinapost.com.tw/business/asia-taiwan/2014/06/17/410334/Chinas-Xiaomi.htm

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140628000071&cid=1202

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140628000071&cid=1202

http://tpi.org.tw/newsinfo_news.php?record_id=9737

http://focustaiwan.tw/news/aeco/201406090017.aspx

http://www.bnext.com.tw/article/view/id/31260

http://eng.stat.gov.tw/ct.asp?xItem=36210&ctNode=3274

http://www.taipeitimes.com/News/biz/archives/2014/05/02/2003589351


http://eng.dgbas.gov.tw/ct.asp?xItem=36420&ctNode=3339&mp=2

http://www.chinapost.com.tw/business/asia-taiwan/2014/09/05/416500/Draft-bill.htm

http://eng.dgbas.gov.tw/ct.asp?xItem=36420&ctNode=3339&mp=2

http://www.chinapost.com.tw/business/asia-taiwan/2014/09/05/416500/Draft-bill.htm


http://insideretail.asia/2014/08/18/pacific-department-store-plans-expansion/

http://rcted.ncu.edu.tw/cci/cci10309.pdf

http://insideretail.asia/2014/08/18/pacific-department-store-plans-expansion/

http://taiwantoday.tw/ct.asp?xItem=222220&ctNode=422

http://insideretail.asia/2014/09/05/shin-kong-boosts-china-footprint/

http://insideretail.asia/2014/09/05/shin-kong-boosts-china-footprint/


https://www.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=38944

https://www.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=38944


http://news.ltn.com.tw/news/business/breakingnews/1113537


http://news.ltn.com.tw/news/business/breakingnews/1113537

http://chinapost.com.tw/business/asia-taiwan/2014/08/26/415792/Easycard-partnership.htm


http://chinapost.com.tw/business/asia-taiwan/2014/08/26/415792/Easycard-partnership.htm


http://red-luxury.com/brands-retail/british-handbag-brand-radley-plans-asia-expansion-22542


retail/british-handbag-brand-radley-plans-asia-expansion-22542.41 “Coccinelle expands in Asia with new openings in Taiwanand the Philippines.” 16 September, 2014. The MoodieReport.com.http://www.moodiereport.com/document.php?c_id=30&doc_id=40814.42 “First GU in Asia to open in Taiwan in September.” 28August, 2014. Vogue.http://www.vogue.com.tw/fashion/fashionnews/content-14474.html.43 “Interview-Fast Retailing's GU aims to enter Europe, U.S. inseveral years.” 17 June, 2014. CNBC.http://www.cnbc.com/id/101764893#.44 “E-Land launches three brands in Taipei.” 2 September,2014. Vogue.http://www.vogue.com.tw/fashion/fashionnews/content-16257.html.45 “E-Land goes to Taiwan.” 9 September, 2014. Inside RetailAsia.http://insideretail.asia/2014/09/09/e-land-goes-taiwan/.46 “Next tycoons: How Joanna Pi-Hua Chen brought Chlitinacosmetics to China.” 30 April, 2014. Forbes.http://www.forbes.com/sites/forbesasia/2014/04/30/next-tycoons-joanna-pi-hua-chen-brings-chlitina-cosmetics-to-china/.47 “Report on MedFirst (4175 TT).” 23 April, 2014. JihSunSecurities.48 “MedFirst (4175 TT): Medical supplies channel, agingpopulation concept stock.” 23 April, 2014. Fubon Research.49 “Watson’s targets two-fold growth with online store.” 3April, 2014. Taipei Times.http://www.taipeitimes.com/News/biz/archives/2014/04/03/2003587128.50 “Watson’s targets two-fold growth with online store.” 3April, 2014. Taipei Times.http://www.taipeitimes.com/News/biz/archives/2014/04/03/2003587128.51 “Poya Co Ltd - Winning the fight for the retail $.” 28 July,2014. CIMB.52 “Poya (5904 TT) sale and profit to hit new highs on 4th-gen store growth.” 22 July, 2014. MasterLink Securities.53 “Taiwan shopping guide: Where to find popular Koreanskin care & makeup brands In Taipei.” 4 June, 2014. TaipeiBeauty Closet.http://taipeibeautycloset.blogspot.hk/2014/06/taiwan-shopping-guide-where-to-find.html.54 “Amore Pacific to expand its operations in Taiwan.” 2 June,2014. Taipei Times.http://www.taipeitimes.com/News/biz/archives/2014/06/02/2003591781.55 “ASUS launches online store in Singapore, sells ZenFone 5at a promotional price.” 7 July, 2014. HardwareZone.http://www.hardwarezone.com.sg/tech-news-asus-launches-online-store-singapore-sells-zenfone-5-promotional-price.56 “Asustek eyes online sales in Southeast Asia.” 30 June,2014. The China Post.http://www.chinapost.com.tw/business/company-focus/2014/06/30/411272/Asustek-eyes.htm.57 “China market: Acer cooperates with retail chain Gome.”29 August, 2014. Digitimes.http://digitimes.com/news/a20140829PD200.html.

58 “Telkom to open new branches in Taiwan, Macau.” 21 July,2014. The Jakarta Post.http://www.thejakartapost.com/news/2014/07/21/telkom-open-new-branches-taiwan-macau.html.59 “Foxconn to buy $390 million stake in Taiwan telecomoperator in 4G push.” 27 May, 2014. Reuters.http://www.reuters.com/article/2014/05/27/us-foxconn-mergers-idUSKBN0E70C320140527.60 “Posts by CoCo freshtea.tw.” 15 May, 2014. Facebook.https://www.facebook.com/cocofreshtea.tw/posts/10152369578976390.61 “CoCo plans to open 500 outlets this year.” 21 February,2014. The China Times.http://www.chinatimes.com/newspapers/20140221000138-260204.62 “Tim Ho Wan plans to open 10 outlets.” 30 July, 2014.Taipei Times.http://www.taipeitimes.com/News/biz/archives/2014/07/30/2003596213.63 “Quiznos targets 100 Taiwan stores.” 15 September, 2014.Inside Retail Asia.http://insideretail.asia/2014/09/15/quiznos-targets-100-taiwan-stores/.64 “About us.” Quiznos website (accessed 22 September,2014). http://global.quiznos.com/about-us/.65 “Iittala’s first Taiwan store opens in June.” 16 April, 2014.ET today.http://www.ettoday.net/news/20140416/346923.htm.66 “Iittala expands to Taiwan.” 18 June, 2014. Inside RetailAsia.http://insideretail.asia/2014/06/18/iittala-expands-taiwan/.67 “World development indicators database.” 2014. WorldBank.68 “Overall outlook for 2014.” 2014. Economic IntelligenceCenter, Siam Commercial Bank.69 The political turbulence was triggered by a proposedblanket amnesty bill in late 2013, which will pardon ex-topgovernment officials and politicians from their previouscharges, if passed. Ongoing protests by pro-government andanti-government camps have disrupted civil order in thecountry since then.70 “Overall outlook for 2014.” 2014. Economic IntelligenceCenter, Siam Commercial Bank.71 “Overall outlook for 2014.” 2014. Economic IntelligenceCenter, Siam Commercial Bank.72 Bank of Thailand.73 “Retailing in Thailand.” June 2014. EuromonitorInternational.74 “Retailing in Thailand.” June 2014. EuromonitorInternational.75 “Grocery retailers in Thailand.” June 2014. EuromonitorInternational.76 “Retailing in Thailand.” June 2014. EuromonitorInternational.77 “Technology, communications and media: Thailand.” 17July, 2014. Euromonitor International.78 “Technology, communications and media: Thailand.” 17July, 2014. Euromonitor International.79 “Internet retailing in Thailand.” June 2014. EuromonitorInternational.80 “Travel and tourism – Economic impact 2014 Thailand.”2014. World Travel & Tourism Council.81 Ministry of Tourism and Sports of Thailand.



http://www.thejakartapost.com/news/2014/07/21/telkom-open-new-branches-taiwan-macau.html

http://www.thejakartapost.com/news/2014/07/21/telkom-open-new-branches-taiwan-macau.html

http://www.moodiereport.com/document.php?c_id=30&doc_id=40814

http://www.moodiereport.com/document.php?c_id=30&doc_id=40814

http://www.reuters.com/article/2014/05/27/us-foxconn-mergers-idUSKBN0E70C320140527

http://www.reuters.com/article/2014/05/27/us-foxconn-mergers-idUSKBN0E70C320140527

http://www.vogue.com.tw/fashion/fashionnews/content-14474.html

https://www.facebook.com/cocofreshtea.tw/posts/10152369578976390


https://www.facebook.com/cocofreshtea.tw/posts/10152369578976390

http://www.cnbc.com/id/101764893

http://www.chinatimes.com/newspapers/20140221000138-260204

http://www.chinatimes.com/newspapers/20140221000138-260204





http://insideretail.asia/2014/09/09/e-land-goes-taiwan/

http://insideretail.asia/2014/09/15/quiznos-targets-100-taiwan-stores/

http://insideretail.asia/2014/09/15/quiznos-targets-100-taiwan-stores/

http://www.forbes.com/sites/forbesasia/2014/04/30/next-tycoons-joanna-pi-hua-chen-brings-chlitina-cosmetics-to-china/


http://global.quiznos.com/about-us/


http://www.ettoday.net/news/20140416/346923.htm

http://www.knowledge.reuters.com/rk/Pages/RedirectPage.aspx?id=66409123&event=RHClick


http://insideretail.asia/2014/06/18/iittala-expands-taiwan/

http://insideretail.asia/2014/06/18/iittala-expands-taiwan/





http://taipeibeautycloset.blogspot.hk/2014/06/taiwan-shopping-guide-where-to-find.html

http://taipeibeautycloset.blogspot.hk/2014/06/taiwan-shopping-guide-where-to-find.html



http://www.hardwarezone.com.sg/tech-news-asus-launches-online-store-singapore-sells-zenfone-5-promotional-price





http://www.chinapost.com.tw/business/company-focus/2014/06/30/411272/Asustek-eyes.htm


http://digitimes.com/news/a20140829PD200.html


82 The political turbulence was triggered by a proposedblanket amnesty bill in late 2013, which will pardon ex-topgovernment officials and politicians from previous charges, ifpassed. Ongoing protests by pro-government and anti-government camps have disrupted civil order in the countrysince then.83 Office of the National Economic and Social DevelopmentBoard of Thailand.84 Bank of Thailand.85 “Thailand retail – Take a deep breath.” 30 April, 2014.Nomura.86 “Thailand retail – Take a deep breath.” 30 April, 2014.Nomura.87 The military deposed the government in May 2014 andformed this Council to rule Thailand.88 “Thai commerce sector – Green shoots of recovery.” 13June, 2014. Deutsche Bank.89 “Thailand retail – Take a deep breath.” 30 April, 2014.Nomura.90 “Quarterly gross domestic product Q2/2014.” 18 August,2014. Office of the National Economic and SocialDevelopment Board of Thailand.http://eng.nesdb.go.th/Portals/0/eco_datas/account/qgdp/data2_14/BookQGDP2-2014-Eng.pdf.91 “Consumer price index and core consumer price index -August 2014.” Ministry of Commerce of Thailand (accessed22 September, 2014).http://www.indexpr.moc.go.th/price_present/cpi/data/index_47_e.asp?list_month=08&list_year=2557&list_region=country.92 “Thailand inflation continues to ease.” 1 September, 2014.The Wall Street Journal.93 “Thailand - Inflation moderates in August.” 2 September,2014. Focus Economics. http://www.focus-economics.com/news/thailand/inflation/inflation-moderates-august.94 “Thailand consumer confidence.” Trading Economics(accessed 19 September, 2014).http://www.tradingeconomics.com/thailand/consumer-confidence.95 “Consumer confidence up again.” 4 September, 2014.Bangkok Post.http://www.bangkokpost.com/news/local/430469/consumer-confidence-up-again.96 “Thailand retail sales.” Trading Economics (accessed 19September, 2014).http://www.tradingeconomics.com/thailand/retail-sales-annual.97 “Thailand to freeze prices of many goods for 6 months.” 6June, 2014. Reuters.http://www.reuters.com/article/2014/06/06/thailand-economy-goods-idUSL3N0ON2FC20140606.98 “Saha in great leap to China.” 18 April, 2014. Bangkok Post.http://www.bangkokpost.com/business/news/405394/saha-in-great-leap-to-china.99 Thai One Mall website (accessed 30 July, 2014).http://thaionemall.tmall.hk.100 “Thai largest duty-free store lands on Alibaba.” 3 June,2014. Imaijia.com.http://maijia.taobao.com/detail/news/20140603/68329.htm?spm=a1z2j.6989573.1995862929.59.rqYGAS.101 “Priceza taps Southeast Asia.” 28 August, 2014. Retail inAsia.

102 Priceza website (accessed 18 September, 2014).http://www.priceza.com/.103 “Berli Jucker turns online.” 22 September, 2014. InsideRetail Asia.http://insideretail.asia/2014/09/22/berli-jucker-turns-online/.104 “TVD starts Malaysia venture.” 6 June, 2014. BangkokPost.http://www.bangkokpost.com/print/413794/.105 “Thai retailer opens 10,000 m² mall in Vietnam.” 22 April,2014. Tuoitrenews.vn.http://tuoitrenews.vn/business/19175/thai-retailer-opens-10000-m-mall-in-vietnam.106 “Thai Robins opens in Hanoi.” 23 April, 2014. Inside RetailAsia.http://www.insideretail.asia/2014/04/23/thai-robins-opens-in-hanoi/.107 “Robins Department Store officially coming to HCMC.” 7July, 2014. Vietnam Breaking News.http://www.vietnambreakingnews.com/2014/07/robins-department-store-officially-coming-to-hcmc/.108 “Retailers restart expansion plans.” 3 September, 2014.Bangkok Post.http://www.bangkokpost.com/business/news/430180/retailers-restart-expansion-plans.109 “Thailand's Platinum Group eyes up to 6B Thai baht IPO.”4 August, 2014. World News Report.http://world.einnews.com/article/216910643/NsYF3brvgGndTYv-.110 “New malls planned for Thailand.” 6 April, 2014. InsideRetail Asia. http://www.insideretail.asia/2014/03/06/new-malls-planned-for-thailand/.111 “Siam Retail keeps faith in Thailand with Bt20 bn stakeover 6 years.” 6 March, 2014. Nationmultimedia.com.http://www.nationmultimedia.com/business/Siam-Retail-keeps-faith-in-Thailand-with-Bt20-bn-s-30228470.html.112 “Big C’s strong Q2 performance shows 3.8% sales growthand net income 1,889 million baht or 20.4% growth.” 28 July,2014. Tivarati.com.http://www.tivarati.com/stock/154648/.113 “Foodland seeks faster growth.” 4 September, 2014.Planet Retail.114 “7-Eleven Thailand set to expand.” 5 March, 2014. InsideRetail Asia.http://www.insideretail.asia/2014/03/05/7-eleven-thailand-set-to-expand/.115 “FamilyMart to boost expansion in Thailand.” 1 March,2014. Inside Retail Asia.http://insideretail.asia/2013/03/01/familymart-to-boost-expansion-in-thailand/.116 “Battles in Bangkok – Tesco talks tough on Thai c-storeexpansion.” 29 January, 2014. Planet Retail.117 “Tesco Lotus ready to take on 7-Eleven.” 13 August, 2014.Bangkok Post. http://m.bangkokpost.com/business/391197.118 “BJC to open 205 B’s Mart convenience stores in Vietnamby 2018.” 11 September, 2014. Retail in Asia.119 “Siam Makro set for B8bn spree.” 1 May, 2014. BangkokPost.http://www.bangkokpost.com/business/news/407492/siam-makro-set-for-b8bn-spree.120 “Thai firm snaps up Metro, eyes Vietnamese market.” 28August, 2014. Retail in Asia.121 “Australia's Crumpler opens shop in Thailand, eyes China,Japan and S Korea.” 22 July, 2014. Retail in Asia.

http://www.priceza.com/

http://insideretail.asia/2014/09/22/berli-jucker-turns-online/

http://insideretail.asia/2014/09/22/berli-jucker-turns-online/

http://www.bangkokpost.com/print/413794/

http://tuoitrenews.vn/business/19175/thai-retailer-opens-10000-m-mall-in-vietnam

http://tuoitrenews.vn/business/19175/thai-retailer-opens-10000-m-mall-in-vietnam

http://www.insideretail.asia/2014/04/23/thai-robins-opens-in-hanoi/

http://www.insideretail.asia/2014/04/23/thai-robins-opens-in-hanoi/

http://www.vietnambreakingnews.com/2014/07/robins-department-store-officially-coming-to-hcmc/

http://www.vietnambreakingnews.com/2014/07/robins-department-store-officially-coming-to-hcmc/

http://eng.nesdb.go.th/Portals/0/eco_datas/account/qgdp/data2_14/BookQGDP2-2014-Eng.pdf

http://eng.nesdb.go.th/Portals/0/eco_datas/account/qgdp/data2_14/BookQGDP2-2014-Eng.pdf

http://www.bangkokpost.com/business/news/430180/retailers-restart-expansion-plans

http://www.bangkokpost.com/business/news/430180/retailers-restart-expansion-plans

http://www.indexpr.moc.go.th/price_present/cpi/data/index_47_e.asp?list_month=08&list_year=2557&list_region=country

http://world.einnews.com/article/216910643/NsYF3brvgGndTYv-


http://world.einnews.com/article/216910643/NsYF3brvgGndTYv-


http://www.insideretail.asia/2014/03/06/new-malls-planned-for-thailand/

http://www.insideretail.asia/2014/03/06/new-malls-planned-for-thailand/

http://www.focus-economics.com/news/thailand/inflation/inflation-moderates-august


http://www.nationmultimedia.com/business/Siam-Retail-keeps-faith-in-Thailand-with-Bt20-bn-s-30228470.html


http://www.nationmultimedia.com/business/Siam-Retail-keeps-faith-in-Thailand-with-Bt20-bn-s-30228470.html

http://www.tradingeconomics.com/thailand/consumer-confidence

http://www.tradingeconomics.com/thailand/consumer-confidence

http://www.tivarati.com/stock/154648/

http://www.bangkokpost.com/news/local/430469/consumer-confidence-up-again

http://www.bangkokpost.com/news/local/430469/consumer-confidence-up-again

http://www.insideretail.asia/2014/03/05/7-eleven-thailand-set-to-expand/

http://www.insideretail.asia/2014/03/05/7-eleven-thailand-set-to-expand/

http://www.tradingeconomics.com/thailand/retail-sales-annual

http://www.tradingeconomics.com/thailand/retail-sales-annual

http://insideretail.asia/2013/03/01/familymart-to-boost-expansion-in-thailand/

http://insideretail.asia/2013/03/01/familymart-to-boost-expansion-in-thailand/

http://www.reuters.com/article/2014/06/06/thailand-economy-goods-idUSL3N0ON2FC20140606

http://www.reuters.com/article/2014/06/06/thailand-economy-goods-idUSL3N0ON2FC20140606

http://www.bangkokpost.com/business/news/405394/saha-in-great-leap-to-china

http://m.bangkokpost.com/business/391197

http://www.bangkokpost.com/business/news/405394/saha-in-great-leap-to-china

http://thaionemall.tmall.hk/

http://www.bangkokpost.com/business/news/407492/siam-makro-set-for-b8bn-spree

http://maijia.taobao.com/detail/news/20140603/68329.htm?spm=a1z2j.6989573.1995862929.59.rqYGAS

http://www.bangkokpost.com/business/news/407492/siam-makro-set-for-b8bn-spree

http://maijia.taobao.com/detail/news/20140603/68329.htm?spm=a1z2j.6989573.1995862929.59.rqYGAS


122 “Australian bag maker debuts in Thailand.” 22 July, 2014.Inside Retail Asia.http://insideretail.asia/2014/07/22/australian-bag-maker-debuts-thailand/.123 “Antony Morato to expand to Thailand.” 28 January, 2014.Sportswear International.http://www.sportswearnet.com/businessnews/pages/protected/Antony-Morato-to-expand-to-Thailand_7871.html.124 “Company profile.” Antony Morato website (accessed 26June, 2014). http://www.morato.it/company-profile/morato-company,default,pg.html.125 “Toms hit Thailand.” 11 August, 2014. Inside Retail Asia.http://insideretail.asia/2014/08/11/toms-hits-thailand/.126 “ZALORA partners with Sephora bringing the beautyretailer online in Southeast Asia.” 14 April, 2014. RocketInternet. http://rocketinternet.pr.co/74585-zalora-partners-with-sephora-bringing-the-beauty-retailer-online-in-southeast-asia.127 “Watsons plans major push in Thailand ahead of AEC.” 2May, 2014. Retail in Asia.128 “Three execs take over TFS (Thailand), plan more TheFace Shop outlets.” 24 July, 2014. The Nation.http://www.nationmultimedia.com/business/Three-execs-take-over-TFS-(Thailand)-plan-more-The-30239283.html.129 “The Face Shop Thailand sold.” 27 July, 2014. Inside RetailAsia. http://insideretail.asia/2014/07/27/face-shop-thailand-sold/.130 “Beauty Community - A recovery of great beauty.” 26 June,2014. Bualuang Securities.131 “Pena House segues into Luce skincare products.” 16 July,2014. TMC net.com.http://www.tmcnet.com/usubmit/2014/07/16/7926670.htm.132 “Bangkok Dusit Medical to acquire drugstore chain.” 25August, 2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Asean-Business-File/Bangkok-Dusit-Medical-to-acquire-drugstore-chain.133 “B4bn expansion eyed for Bangkok hospital.” 18September, 2014. Bangkok Post.http://www.bangkokpost.com/business/news/432871/b4bn-expansion-eyed-for-bangkok-hospital.134 “Thailand’s PowerBuy continues expansion.” 9 April,2014. Inside Retail Asia.http://www.insideretail.asia/2014/04/09/thailands-powerbuy-continues-expansion/.135 “Coffee Bean Thailand set for expansion.” 18 April, 2014.Inside Retail Asia.http://www.insideretail.asia/2014/04/18/coffee-bean-thailand-set-for-expansion/.136 “Mister Donut plans massive Thai rollout.” 26 May, 2014.Inside Retail Asia.http://www.insideretail.asia/2014/05/26/mister-donut-plans-massive-thai-rollout/.137 ”Starbucks plans to double Thai store count by 2018.” 14July, 2014. Retail in Asia.138 “Sub Sri Thai buys Greyhouse.” 22 July, 2014. BangkokPost.http://www.bangkokpost.com/business/news/421786/sub-sri-thai-buys-greyhound.139 “Thailand’s Greyhound sold.” 23 July, 2014. Inside RetailAsia. http://insideretail.asia/2014/07/23/thailands-greyhound-sold/.140 “Minor Food Group and BreadTalk Group sign a joint-venture agreement to operate BreadTalk Thailand.” 31 July,

2014. Minor International.http://www.minorinternational.com/Investor/Home.php.141 “Minor partners with BreadTalk for Thai expansion.” 1August, 2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Asean-Business-File/Minor-partners-with-BreadTalk-for-Thai-expansion.142 “Central Plaza Hotel – CENTEL Food biz on the rise,tracking higher spending.” 9 July, 2014. Phillip Securities.143 “MK Restaurant Group – Aggressive network expansion todrive growth.” 18 June, 2014. KT ZMICO Securities.144 “Thai giant enters Australia.” 5 August, 2014. Inside RetailAsia. http://insideretail.asia/2014/08/05/thai-giant-enters-australia/.145 “Itochu agrees to $1.9 Billion food tie-up with CPPokphand.” 24 July, 2014. Bloomberg.http://www.bloomberg.com/news/2014-07-24/itochu-agrees-billion-dollar-food-tie-up-with-charoen-pokphand.html.146 “Charoen Pokphand Foods Public - Itochu to buy 23.75%in CPP; net-positive.” 25 July, 2014. Credit Suisse.147 “Latte-loving Thais spur coffee chain battle.” 17 March,2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Consumers/Latte-loving-Thais-spur-coffee-chain-battle.148 “True for all: Thai coffee franchise to expand inneighboring countries.” 3 March, 2014. Coconuts Bangkok.http://bangkok.coconuts.co/2014/03/03/true-all-thai-coffee-franchise-expand-neighboring-countries.149 “Hawaiian burger chain to enter Thailand.” 10 September,2014. Inside Retail Asia.http://insideretail.asia/2014/09/10/hawaiian-burger-chain-enter-thailand/.150 “Thai Union Group announces the acquisition of “KingOscar” the brand with over 140 years of Norwegianheritage.” 15 September, 2014. TUF website.http://www.thaiuniongroup.com/en/newsroom/press-releases.ashx.151 “TUF and its subsidiary MW Brands announce anagreement to acquire MerAlliance – A leading smokedsalmon producer in European.” 4 September, 2014. TUFwebsite.http://www.thaiuniongroup.com/en/newsroom/press-releases.ashx.152 “Thai green tea maker Ichitan to build new plant inIndonesia.” 26 August, 2014. Reuters.http://www.reuters.com/article/2014/08/26/ichitan-group-indonesia-green-tea-idUSL3N0QW27F20140826.153 “Amazon brews up 17% sales growth outlook.” 5 June,2014. Bangkok Post.http://www.bangkokpost.com/print/413601/.154 “Thai retailer mulls expansion.” 3 March, 2014. InsideRetail Asia. http://www.insideretail.asia/2014/03/03/thai-retailer-mulls-expansion/.155 “Ikea boosts Thai business.” 22 August, 2014. Inside RetailAsia. http://insideretail.asia/2014/08/22/ikea-boosts-thai-business/.156 “World development indicators database.” 2014. WorldBank.157 “Economic outlook for Southeast Asia, China and India2014 – Beyond the middle-income trap.” 2014. OECDDevelopment Centre.158 “Kuala Lumpur – Southeast Asia’s rising star.” 2013.Deloitte.

http://www.minorinternational.com/Investor/Home.php

http://insideretail.asia/2014/07/22/australian-bag-maker-debuts-thailand/

http://insideretail.asia/2014/07/22/australian-bag-maker-debuts-thailand/

http://asia.nikkei.com/Business/Asean-Business-File/Minor-partners-with-BreadTalk-for-Thai-expansion


http://www.sportswearnet.com/businessnews/pages/protected/Antony-Morato-to-expand-to-Thailand_7871.html

http://www.sportswearnet.com/businessnews/pages/protected/Antony-Morato-to-expand-to-Thailand_7871.html

http://www.morato.it/company-profile/morato-company,default,pg.html

http://www.morato.it/company-profile/morato-company,default,pg.html

http://insideretail.asia/2014/08/05/thai-giant-enters-australia/

http://insideretail.asia/2014/08/11/toms-hits-thailand/

http://insideretail.asia/2014/08/05/thai-giant-enters-australia/

http://rocketinternet.pr.co/74585-zalora-partners-with-sephora-bringing-the-beauty-retailer-online-in-southeast-asia

http://www.bloomberg.com/news/2014-07-24/itochu-agrees-billion-dollar-food-tie-up-with-charoen-pokphand.html





http://www.nationmultimedia.com/business/Three-execs-take-over-TFS-(Thailand)-plan-more-The-30239283.html

http://asia.nikkei.com/Business/Consumers/Latte-loving-Thais-spur-coffee-chain-battle

http://www.nationmultimedia.com/business/Three-execs-take-over-TFS-(Thailand)-plan-more-The-30239283.html

http://asia.nikkei.com/Business/Consumers/Latte-loving-Thais-spur-coffee-chain-battle

http://insideretail.asia/2014/07/27/face-shop-thailand-sold/

http://insideretail.asia/2014/07/27/face-shop-thailand-sold/

http://bangkok.coconuts.co/2014/03/03/true-all-thai-coffee-franchise-expand-neighboring-countries

http://bangkok.coconuts.co/2014/03/03/true-all-thai-coffee-franchise-expand-neighboring-countries

http://insideretail.asia/2014/09/10/hawaiian-burger-chain-enter-thailand/

http://www.tmcnet.com/usubmit/2014/07/16/7926670.htm

http://insideretail.asia/2014/09/10/hawaiian-burger-chain-enter-thailand/

http://www.tmcnet.com/usubmit/2014/07/16/7926670.htm

http://asia.nikkei.com/Business/Asean-Business-File/Bangkok-Dusit-Medical-to-acquire-drugstore-chain

http://www.thaiuniongroup.com/en/newsroom/press-releases.ashx

http://asia.nikkei.com/Business/Asean-Business-File/Bangkok-Dusit-Medical-to-acquire-drugstore-chain


http://www.bangkokpost.com/business/news/432871/b4bn-expansion-eyed-for-bangkok-hospital

http://www.bangkokpost.com/business/news/432871/b4bn-expansion-eyed-for-bangkok-hospital



http://www.insideretail.asia/2014/04/09/thailands-powerbuy-continues-expansion/

http://www.insideretail.asia/2014/04/09/thailands-powerbuy-continues-expansion/

http://www.reuters.com/article/2014/08/26/ichitan-group-indonesia-green-tea-idUSL3N0QW27F20140826

http://www.reuters.com/article/2014/08/26/ichitan-group-indonesia-green-tea-idUSL3N0QW27F20140826

http://www.insideretail.asia/2014/04/18/coffee-bean-thailand-set-for-expansion/

http://www.insideretail.asia/2014/04/18/coffee-bean-thailand-set-for-expansion/


http://www.insideretail.asia/2014/05/26/mister-donut-plans-massive-thai-rollout/

http://www.insideretail.asia/2014/03/03/thai-retailer-mulls-expansion/

http://www.insideretail.asia/2014/05/26/mister-donut-plans-massive-thai-rollout/

http://www.insideretail.asia/2014/03/03/thai-retailer-mulls-expansion/

http://insideretail.asia/2014/08/22/ikea-boosts-thai-business/

http://insideretail.asia/2014/08/22/ikea-boosts-thai-business/

http://www.bangkokpost.com/business/news/421786/sub-sri-thai-buys-greyhound

http://www.bangkokpost.com/business/news/421786/sub-sri-thai-buys-greyhound

http://insideretail.asia/2014/07/23/thailands-greyhound-sold/

http://insideretail.asia/2014/07/23/thailands-greyhound-sold/




159 “Malaysian rate hike signals new trend.” 25 July, 2014.China Daily.http://www.chinadailyasia.com/asiaweekly/2014-07/25/content_15152124.html.160 Employees in West Malaysia or Peninsular Malaysia areentitled to receive minimum basic wages of 900 ringgit whilethose in East Malaysia (Sabah, Sarawak and Labuan) areentitled to receive 800 ringgit.161 Personal tax rates will be lowered by 1-3 percentagepoints (ppt) in 2015, while corporate tax rate will be reducedby 1 ppt to 24% in 2016.162 “Malaysia strategy – Budget 2014: All about the GST.” 25October, 2013. Nomura.163 “Retailing in Malaysia.” April 2014. EuromonitorInternational.164 “Retailing in Malaysia.” April 2014. EuromonitorInternational.165 “Retailing in Malaysia.” April 2014. EuromonitorInternational.166 “Grocery retailers in Malaysia.” April 2014. EuromonitorInternational.167 “Travel and tourism – Economic impact 2014 Malaysia.”2014. World Travel & Tourism Council.168 “Facts & Figures.” Malaysia Tourism Promotion Boardwebsite (accessed 17 September, 2014).http://corporate.tourism.gov.my/research.asp?page=facts_figures.169 “Facts & Figures.” Malaysia Tourism Promotion Boardwebsite (accessed 17 September, 2014).http://corporate.tourism.gov.my/research.asp?page=facts_figures.170 “Technology, communications and media: Malaysia.”December 2013. Euromonitor International.171 The National Broadband Initiative was put in place by theMalaysian government with a mission to boost the nation’sbroadband penetration. The programme includesgovernment’s efforts to improve telecommunicationsinfrastructure (such as cheaper and wider access tobroadband Internet), to provide more government servicesonline and to promote e-commerce.172 “Internet retailing in Malaysia.” June 2013. EuromonitorInternational.173 “Internet retailing in Malaysia.” April 2014. EuromonitorInternational.174 “Malaysian score high in Southeast Asia online shopping,Google finds.” 21 July, 2014. CIO Asia. http://www.cio-asia.com/resource/internet/malaysians-score-high-in-southeast-asia-online-shopping-google-finds/.175 “Malaysians are keen to shop online.” 23 July, 2014. WarcNews.http://www.warc.com/LatestNews/News/Malaysians_are_keen_to_shop_online_.news?ID=33314.176 “Notice Board.” Huawei website (accessed 17 September,2014).http://www.lelong.com.my/merchant/Default.asp?UserID=vmall&show=Announcements&newsid=10812.177 “Malaysia strategy – Budget 2014: All about the GST.” 25October, 2013. Nomura.178 “2Q2014 GDP at 6.4%.” 15 August, 2014. Bank of Islam.http://www.bankislam.com.my/home/assets/uploads/2Q2014-GDP_150814.pdf.179 “Retail sales still slow.” 10 June, 2014. The Edge Malaysia.http://www.theedgemalaysia.com/business-news/293665-retail-sales-still-slow.html.

180 “Consumer price index Malaysia August 2014.” 17September, 2014. Department of Statistics of Malaysia.http://statistics.gov.my/portal/index.php?option=com_content&view=article&id=2488%3Aconsumer-price-index-malaysia-august-2014-updated-17092014&catid=71%3Aconsumer-price-index-malaysia-&Itemid=153&lang=en.181 “Consumer sentiments index: CSI2Q2014.” MalaysianInstitute of Economic Research website (accessed 22September, 2014). http://www.mier.org.my/csi/.182 “Malaysian economic outlook.” Malaysian Institute ofEconomic Research website (accessed 22 September, 2014).http://www.mier.org.my/outlook/.183 “Malaysians are keen to shop online.” 23 July, 2014. WarcNews.http://www.warc.com/LatestNews/News/Malaysians_are_keen_to_shop_online_.news?ID=33314.184 “Malaysians score high in Southeast Asia online shopping,Google finds.” 21 July, 2014. CIO Asia. http://www.cio-asia.com/resource/internet/malaysians-score-high-in-southeast-asia-online-shopping-google-finds/.185 “Notice board: Huawei reinforces expansion plans inMalaysia with Honor 3C and Vmall.my.” 1 May, 2014. Huaweiwebsite (accessed 18 September, 2014).http://www.lelong.com.my/merchant/Default.asp?UserID=vmall&show=Announcements&newsid=10812.186 “Uniqlo launches online store in Malaysia.” 4 September,2014. The Edge Malaysia.http://www.theedgemalaysia.com/business-news/305970-uniqlo-launches-online-store-in-malaysia.html.187 “TVD starts Malaysia venture.” 6 June, 2014. BangkokPost.http://www.bangkokpost.com/print/413794/.188 “Astro to launch Malaysia's first shopping channel.” 19June, 2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Asean-Business-File/Astro-to-launch-Malaysias-first-shopping-channel.189 “Parkson expects RM300m revenue from own brands.” 11July, 2014. The Malaysian Reserve.http://themalaysianreserve.com/main/news/corporate-malaysia/6053-parkson-expects-rm300m-revenue-from-own-brands.190 “Parkson ventures into corporate gift sales, F&B, fashion.”11 July, 2014. New Straits Times.http://www.nst.com.my/node/11767.191 “Mydin eyes another 25 supermarkets in Malaysia by2018.” 19 September, 2014. Retail in Asia.192 “About Mydin.” Company website (accessed 19September, 2014).http://www.mydin.com.my/mydin/about-mydin.193 “7-Eleven closes debut at 10.87% premium.” 2 June, 2014.The Sun Daily. http://www.thesundaily.my/news/1065339.194 ‘’7-Eleven plans rapid Malaysia rollout.” 11 May, 2014.Inside Retail Asia.http://www.insideretail.asia/2014/05/11/7-eleven-plans-rapid-malaysia-rollout/.195 “7-Eleven Malaysia wants shoppers to stay.” 23 June,2014. Planet Retail.http://www.planetretail.net/NewsAndInsight/Article/89202.196 “Parkson ventures into corporate gift sales, F&B, fashion.”11 July, 2014. New Straits Times.http://www.nst.com.my/node/11767.

http://www.chinadailyasia.com/asiaweekly/2014-07/25/content_15152124.html

http://statistics.gov.my/portal/index.php?option=com_content&view=article&id=2488%3Aconsumer-price-index-malaysia-august-2014-updated-17092014&catid=71%3Aconsumer-price-index-malaysia-&Itemid=153&lang=en

http://www.chinadailyasia.com/asiaweekly/2014-07/25/content_15152124.html





http://www.mier.org.my/csi/

http://www.mier.org.my/outlook/

http://www.warc.com/LatestNews/News/Malaysians_are_keen_to_shop_online_.news?ID=33314


http://www.cio-asia.com/resource/internet/malaysians-score-high-in-southeast-asia-online-shopping-google-finds/



http://www.lelong.com.my/merchant/Default.asp?UserID=vmall&show=Announcements&newsid=10812

http://corporate.tourism.gov.my/research.asp?page=facts_figures



http://www.theedgemalaysia.com/business-news/305970-uniqlo-launches-online-store-in-malaysia.html






http://asia.nikkei.com/Business/Asean-Business-File/Astro-to-launch-Malaysias-first-shopping-channel

http://asia.nikkei.com/Business/Asean-Business-File/Astro-to-launch-Malaysias-first-shopping-channel

http://themalaysianreserve.com/main/news/corporate-malaysia/6053-parkson-expects-rm300m-revenue-from-own-brands




http://www.nst.com.my/node/11767




http://www.mydin.com.my/mydin/about-mydin


http://www.thesundaily.my/news/1065339



http://www.insideretail.asia/2014/05/11/7-eleven-plans-rapid-malaysia-rollout/

http://www.insideretail.asia/2014/05/11/7-eleven-plans-rapid-malaysia-rollout/

http://www.bankislam.com.my/home/assets/uploads/2Q2014-GDP_150814.pdf

http://www.planetretail.net/NewsAndInsight/Article/89202

http://www.bankislam.com.my/home/assets/uploads/2Q2014-GDP_150814.pdf

http://www.planetretail.net/NewsAndInsight/Article/89202

http://www.theedgemalaysia.com/business-news/293665-retail-sales-still-slow.html

http://www.theedgemalaysia.com/business-news/293665-retail-sales-still-slow.html



197 “Monki makes Malaysian debut.” 29 April, 2014. InsideRetail Asia.http://www.insideretail.asia/2014/04/29/monki-makes-malaysian-debut/.198 “The Monki stores.” Monki website (accessed 18September, 2014).http://www.monki.com/about/the_monki_stores.199 “Padini in expansion mode.” 2 August, 2014. The Star.http://www.thestar.com.my/Business/Business-News/2014/08/02/Padini-in-expansion-mode-Clothers-retailer-to-open-14-new-stores-by-the-end-of-2015/.200 “Our story.” Padini website (accessed 24 September,2014).http://www.padini.com/index.php/corporate/index/about_us/our_story.201 “Bonia steps up overseas expansion plan.” 30 August,2014. The Star.http://www.thestar.com.my/Business/Business-News/2014/08/30/Bonia-steps-up-overseas-expansion-plan/.202 “Courts Malaysia plans expansion.” 25 April, 2014. InsideRetail Asia.http://www.insideretail.asia/2014/04/25/courts-malaysia-plans-expansion/.203 “Challenger: Cessation of retail operations in Malaysia.” 5March, 2014. The Business Times.http://www.btinvest.com.sg/markets/news/79991.html?source=si_news.204 “About us.” Challenger website (accessed 18 September,2014). http://www.challengerasia.com/aboutus.html.205 “Huawei opens Malaysia flagship.” 20 July, 2014. InsideRetail Asia. http://insideretail.asia/2014/07/20/huawei-opens-malaysia-flagship/.206 “Asahi to buy Etika's SE Asian dairy product business forUS$330 million.” 9 April, 2014. The Wall Street Journal.http://online.wsj.com/article/BT-CO-20140409-712788.html.207 “Asahi to purchase Malaysia's Etika Dairies.” 10 April,2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Deals/Asahi-to-purchase-Malaysia-s-Etika-Dairies.208 “Parkson buys stakes in 3 companies.” 11 July, 2014. TheSun Daily. http://www.thesundaily.my/news/1109533.209 “Parkson ventures into corporate gift sales, F&B, fashion.”11 July, 2014. New Straits Times.http://www.nst.com.my/node/11767.210 “MBG Fruits targets 123 ringgit million revenue by 2017.”11 May, 2014. The Malaysian Insider.http://www.themalaysianinsider.com/business/article/mbg-fruits-targets-rm123-million-revenue-by-2017.211 “Pie Face signs 50 store deal, makes entry into Singaporeand Malaysia markets.” 18 June, 2014. Ausfood News.http://ausfoodnews.com.au/2014/06/18/pie-face-signs-50-store-deal-makes-entry-into-singapore-and-malaysia-markets.html.212 “Malaysian QSR expands to Indonesia.” 14 July, 2014.Inside Retail Asia.http://insideretail.asia/2014/07/14/malaysian-qsr-expands-indonesia/.213 “Fatburger hits Malaysia.” 28 August, 2014. Inside RetailAsia. http://insideretail.asia/2014/08/28/fatburger-hits-malaysia.214 “Franchising.” Fatburger website (accessed 18 September,2014). http://www.fatburger.com.

215 “Malaysia's Marrybrown on India expansion plan, eyes 75outlets.” 28 August, 2014. Retail in Asia.216 “Berjaya Food buys remaining stake in BerjayaStarbucks.” 24 July, 2014. The Star.http://www.thestar.com.my/Business/Business-News/2014/07/24/BFood-buys-remaining-stake-in-BStarbucks/.217 “Berjaya Food takes full control of Starbucks Malaysiachain.” 7 August, 2014. Nikkei Asian Review.http://asia.nikkei.com/magazine/20140807-Smartphone-game-changers/Business/Berjaya-Food-stirs-things-up-Starbucks-Malaysia-buy.218 “Singapore’s F&N to acquire Yoke Food for SE Asiaexpansion.” 8 April, 2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Asean-Business-File/Singapore-FN-to-acquire-Yoke-Food-to-expand-presence-in-SE-Asia.219 “Malaysia showcases products abroad.” 28 August, 2014.Inside Retail Asia.http://insideretail.asia/2014/08/28/malaysia-showcases-products-abroad/.220 “5 reasons to visit the new Agrobazaar Malaysia.” 1September, 2014. The Strait Times.http://www.straitstimes.com/news/singapore/more-singapore-stories/story/5-reasons-visit-the-new-agrobazaar-malaysia-20140901.221 “PastaMania hits Malaysia.” 22 September, 2014. InsideRetail Asia.http://insideretail.asia/2014/09/22/pastamania-hits-malaysia/.222 “Location.” PastMania website (accessed 24 September,2014).http://www.pastamania.com/location.php?show=10&locate=3.223 “Spotlight Malaysia opens a new shopping hub in AmpangPoint.” 12 July, 2014. Lipstiq.http://jacyntacsy.blogspot.hk/2014/07/spotlight-malaysia-opens-new-shopping.html.224 The World Bank ranked economies for ease of doingbusiness based on 10 areas of business regulation, such asstarting a business, resolving insolvency issues and tradingacross borders.225 The Economist Intelligence Unit ranked the businessenvironment of economies based on various factors such assupportive government policies, attractive labour marketconditions, a sound infrastructure and financing efficiency.226 “World development indicators database.” 2014. WorldBank.227 “Industry report of consumer goods and retail –Singapore.” September 2013. Economist Intelligence Unit.228 “World development indicators database.” 2014. WorldBank.229 “Retailing in Singapore.” April 2014. EuromonitorInternational.230 “Retailing in Singapore.” April 2014. EuromonitorInternational.231 “Retailing in Singapore.” April 2014. EuromonitorInternational.232 “Grocery retailers in Singapore.” April 2014. EuromonitorInternational.233 “Retailing in Singapore.” April 2014. EuromonitorInternational.234 “Technology, communications and media: Singapore.”April 2014. Euromonitor International.

http://www.insideretail.asia/2014/04/29/monki-makes-malaysian-debut/

http://www.insideretail.asia/2014/04/29/monki-makes-malaysian-debut/

http://www.thestar.com.my/Business/Business-News/2014/07/24/BFood-buys-remaining-stake-in-BStarbucks/


http://www.monki.com/about/the_monki_stores


http://www.thestar.com.my/Business/Business-News/2014/08/02/Padini-in-expansion-mode-Clothers-retailer-to-open-14-new-stores-by-the-end-of-2015/


http://asia.nikkei.com/magazine/20140807-Smartphone-game-changers/Business/Berjaya-Food-stirs-things-up-Starbucks-Malaysia-buy




http://www.padini.com/index.php/corporate/index/about_us/our_story

http://www.padini.com/index.php/corporate/index/about_us/our_story

http://asia.nikkei.com/Business/Asean-Business-File/Singapore-FN-to-acquire-Yoke-Food-to-expand-presence-in-SE-Asia



http://www.thestar.com.my/Business/Business-News/2014/08/30/Bonia-steps-up-overseas-expansion-plan/



http://insideretail.asia/2014/08/28/malaysia-showcases-products-abroad/


http://www.insideretail.asia/2014/04/25/courts-malaysia-plans-expansion/

http://www.insideretail.asia/2014/04/25/courts-malaysia-plans-expansion/

http://www.straitstimes.com/news/singapore/more-singapore-stories/story/5-reasons-visit-the-new-agrobazaar-malaysia-20140901



http://www.btinvest.com.sg/markets/news/79991.html?source=si_news


http://insideretail.asia/2014/09/22/pastamania-hits-malaysia/

http://www.challengerasia.com/aboutus.html


http://insideretail.asia/2014/07/20/huawei-opens-malaysia-flagship/

http://insideretail.asia/2014/07/20/huawei-opens-malaysia-flagship/

http://www.pastamania.com/location.php?show=10&locate=3


http://online.wsj.com/article/BT-CO-20140409-712788.html

http://online.wsj.com/article/BT-CO-20140409-712788.html

http://jacyntacsy.blogspot.hk/2014/07/spotlight-malaysia-opens-new-shopping.html

http://jacyntacsy.blogspot.hk/2014/07/spotlight-malaysia-opens-new-shopping.html

http://asia.nikkei.com/Business/Deals/Asahi-to-purchase-Malaysia-s-Etika-Dairies

http://asia.nikkei.com/Business/Deals/Asahi-to-purchase-Malaysia-s-Etika-Dairies

http://www.thesundaily.my/news/1109533


http://www.themalaysianinsider.com/business/article/mbg-fruits-targets-rm123-million-revenue-by-2017

http://www.themalaysianinsider.com/business/article/mbg-fruits-targets-rm123-million-revenue-by-2017

http://ausfoodnews.com.au/2014/06/18/pie-face-signs-50-store-deal-makes-entry-into-singapore-and-malaysia-markets.html



http://insideretail.asia/2014/07/14/malaysian-qsr-expands-indonesia/

http://insideretail.asia/2014/07/14/malaysian-qsr-expands-indonesia/

http://insideretail.asia/2014/08/28/fatburger-hits-malaysia

http://insideretail.asia/2014/08/28/fatburger-hits-malaysia

http://www.fatburger.com/


235 “Internet retailing in Singapore.” April 2014. EuromonitorInternational.236 Euromonitor International ranks the Top CityDestinations in terms of international tourist arrivals of eachcity in 2012.237 “Travel and tourism – Economic impact 2014 Singapore.”2014. World Travel & Tourism Council.238 “Latest data.” Department of Statistics of Singaporewebsite (accessed 17 September, 2014).239 “Tourism sector performance Q4 2013 report.” 24 June,2014. Singapore Tourism Board.240 “Tourism sector performance Q4 2013 report.” 24 June,2014. Singapore Tourism Board.241 “2014 GDP growth forecast is narrowed to 2.5 to 3.5percent.” Ministry of Trade and Industry of Singapore. 12August, 2014.http://www.mti.gov.sg/ResearchRoom/SiteAssets/Pages/Economic-Survey-of-Singapore-Second-Quarter-2014/PR_2Q14.pdf.242 “Singapore GDP shrinks in second-quarter, first fall inseven quarters.” 14 July, 2014. Reuters.http://www.reuters.com/article/2014/07/14/us-singapore-economy-gdp-idUSKBN0FJ0AK20140714.243 “Retail sales and food & beverage services indices, July2014.” August 2014. Department of Statistics of Singapore.http://www.singstat.gov.sg/publications/publications_and_papers/services/mrsjul14.pdf.244 “Singapore consumer price index.” 23 September, 2014.Department of Statistics of Singapore.http://www.singstat.gov.sg/news/press_releases/cpiaug2014.pdf.245 “Singapore CPI, Aug ’14.” 24 September, 2014. Maybank.246 “Consumer confidence: Concerns and spending intentionsaround the world.” 22 July, 2014. Nielsen.http://www.nielsen.com/us/en/insights/reports/2014/consumer-confidence-concerns-and-spending-intentions-around-the-world-q2-2014.html.247 “More S’pore consumers worried about job prospects,saving more: Survey.” 22 July, 2014. Channel News Asia.http://www.channelnewsasia.com/news/singapore/more-s-pore-consumers/1276790.html.248 “Alibaba invests in Singapore postal service to boost e-commerce network.” 29 May, 2014. ZDNet.http://www.zdnet.com/sg/alibaba-invests-in-singapore-postal-service-to-boost-e-commerce-network-7000030004/.249 “Letter of Intent in relation to proposed joint venture inthe People’s Republic of China with Kunming Luchen GroupCo., Ltd.” 21 August, 2014. Singapore Exchange.http://infopub.sgx.com/FileOpen/SSG_LOI_with_LuChenGroup_21Aug2014.ashx?App=Announcement&FileID=311001.250 “FairPrice launches Click&Collect service to providegreater convenience for online shoppers.” 3 September,2014. FairPrice.http://www.fairprice.com.sg/wps/portal/fp/pressreleases?1dmy&pagedesign=fp_design%2FCorporate%2FNews%2FPT-PressReleasesDetail&urile=wcm%3apath%3a%2Ffp_content%2FSA-Corporate%2FSA-News%2FPressReleases%2F2014%2F3%2BSeptember%2B2014&page=pressreleases.251 “Singapore supermarket giant to build logistics center:CEO.” 27 June, 2014. Nikkei Asian Review.

http://asia.nikkei.com/Business/Asean-Business-File/Singapore-supermarket-giant-to-build-logistics-center-CEO.252 “Ulysse Nardin opens first flagship boutique in Singapore& its largest in Asia.” 29 April, 2014. Ulysse Nardin.com.http://www.ulysse-nardin.com/en/swiss_watch_manufacturer/News___Events/Events/Ulysse_Nardin_opens_first_flagship_Boutique_in_Singapore___its_largest_in_Asia..html.253 “Tom Ford opens first store in Singapore.” 6 May, 2014.Retail in Asia.254 “Tom Ford debuts in Singapore.” 6 May, 2014. InsideRetail Asia.http://www.insideretail.asia/2014/05/06/tom-ford-debuts-in-singapore/.255 “Asda’s George in Singapore expansion.” 21 May, 2014.Inside Retail Asia.http://www.insideretail.asia/2014/05/21/asdas-george-in-singapore-expansion/.256 “Uniqlo to launch the first South East Asian e-commerceservice in Singapore.” 22 August, 2014. Uniqlo.com.http://www.uniqlo.com/sg/corp/pressrelease/2014/08/uniqlo_to_launch_the_first_sou.html.257 “Challenger: Cessation of retail operations in Malaysia.” 5March, 2014. The Business Times.http://www.btinvest.com.sg/markets/news/79991.html?source=si_news.258 Challenger website (accessed 19 September, 2014).http://www.challengerasia.com/aboutus.html.259 “Asus launches online store in Singapore, sells ZenFone 5at a promotional price.” 7 July, 2014. HardwareZone.http://www.hardwarezone.com.sg/tech-news-asus-launches-online-store-singapore-sells-zenfone-5-promotional-price.260 “Asustek eyes online sales in Southeast Asia.” 30 June,2014. The China Post.http://www.chinapost.com.tw/business/company-focus/2014/06/30/411272/Asustek-eyes.htm.261 “Local unit of S’pore retail invests in RI.” 30 August, 2014.The Jakarta Post.http://www.thejakartapost.com/news/2014/08/30/local-unit-s-pore-retailer-invests-ri.html.262 “Singapore's Temasek invests in travel-focused chocolatechain.” 29 April, 2014. Reuters.http://www.reuters.com/article/2014/04/21/temasek-holdings-cocoatrees-idUSL3N0ND1LI20140421.263 “French luxury group taking over Crystal Jade.” 30 April,2014. The Straits Times.http://www.straitstimes.com/news/singapore/more-singapore-stories/story/french-luxury-group-taking-over-crystal-jade-20140430.264 “LVMH adds Crystal Jade to Singapore jewel box.” 30April, 2014. The Business Times.265 “PastaMania to ramp up China network.” 28 August, 2014.Inside Retail Asia.http://insideretail.asia/2014/08/28/pastamania-ramp-china-network/.266 “PastaMania hits Malaysia.” 22 September, 2014. InsideRetail Asia.http://insideretail.asia/2014/09/22/pastamania-hits-malaysia/.267 “Location.” PastMania website (accessed 24 September,2014).

http://asia.nikkei.com/Business/Asean-Business-File/Singapore-supermarket-giant-to-build-logistics-center-CEO



http://www.ulysse-nardin.com/en/swiss_watch_manufacturer/News___Events/Events/Ulysse_Nardin_opens_first_flagship_Boutique_in_Singapore___its_largest_in_Asia..html




http://www.insideretail.asia/2014/05/06/tom-ford-debuts-in-singapore/

http://www.insideretail.asia/2014/05/06/tom-ford-debuts-in-singapore/

http://www.mti.gov.sg/ResearchRoom/SiteAssets/Pages/Economic-Survey-of-Singapore-Second-Quarter-2014/PR_2Q14.pdf


http://www.insideretail.asia/2014/05/21/asdas-george-in-singapore-expansion/


http://www.insideretail.asia/2014/05/21/asdas-george-in-singapore-expansion/

http://www.reuters.com/article/2014/07/14/us-singapore-economy-gdp-idUSKBN0FJ0AK20140714

http://www.uniqlo.com/sg/corp/pressrelease/2014/08/uniqlo_to_launch_the_first_sou.html

http://www.reuters.com/article/2014/07/14/us-singapore-economy-gdp-idUSKBN0FJ0AK20140714

http://www.uniqlo.com/sg/corp/pressrelease/2014/08/uniqlo_to_launch_the_first_sou.html

http://www.singstat.gov.sg/publications/publications_and_papers/services/mrsjul14.pdf


http://www.singstat.gov.sg/publications/publications_and_papers/services/mrsjul14.pdf


http://www.challengerasia.com/aboutus.html

http://www.singstat.gov.sg/news/press_releases/cpiaug2014.pdf


http://www.singstat.gov.sg/news/press_releases/cpiaug2014.pdf





http://www.nielsen.com/us/en/insights/reports/2014/consumer-confidence-concerns-and-spending-intentions-around-the-world-q2-2014.html





http://www.channelnewsasia.com/news/singapore/more-s-pore-consumers/1276790.html

http://www.channelnewsasia.com/news/singapore/more-s-pore-consumers/1276790.html

http://www.thejakartapost.com/news/2014/08/30/local-unit-s-pore-retailer-invests-ri.html

http://www.thejakartapost.com/news/2014/08/30/local-unit-s-pore-retailer-invests-ri.html

http://www.zdnet.com/sg/alibaba-invests-in-singapore-postal-service-to-boost-e-commerce-network-7000030004/

http://www.zdnet.com/sg/alibaba-invests-in-singapore-postal-service-to-boost-e-commerce-network-7000030004/

http://www.reuters.com/article/2014/04/21/temasek-holdings-cocoatrees-idUSL3N0ND1LI20140421

http://www.reuters.com/article/2014/04/21/temasek-holdings-cocoatrees-idUSL3N0ND1LI20140421

http://infopub.sgx.com/FileOpen/SSG_LOI_with_LuChenGroup_21Aug2014.ashx?App=Announcement&FileID=311001

http://www.straitstimes.com/news/singapore/more-singapore-stories/story/french-luxury-group-taking-over-crystal-jade-20140430

http://infopub.sgx.com/FileOpen/SSG_LOI_with_LuChenGroup_21Aug2014.ashx?App=Announcement&FileID=311001



http://www.fairprice.com.sg/wps/portal/fp/pressreleases?1dmy&pagedesign=fp_design%2FCorporate%2FNews%2FPT-PressReleasesDetail&urile=wcm%3apath%3a%2Ffp_content%2FSA-Corporate%2FSA-News%2FPressReleases%2F2014%2F3%2BSeptember%2B2014&page=pressreleases



http://insideretail.asia/2014/08/28/pastamania-ramp-china-network/


http://insideretail.asia/2014/08/28/pastamania-ramp-china-network/







http://www.pastamania.com/location.php?show=10&locate=3.268 “Pie Face signs 50 store deal, makes entry into Singaporeand Malaysia markets.” 18 June, 2014. Ausfood News.http://ausfoodnews.com.au/2014/06/18/pie-face-signs-50-store-deal-makes-entry-into-singapore-and-malaysia-markets.html.269 “US restaurants to set up in Singapore.” 29 May, 2014.Inside Retail Asia.http://www.insideretail.asia/2014/05/29/us-restaurants-to-set-up-in-singapore/.270 “Singaporean coffee chain hits Hong Kong.” 9 June, 2014.Inside Retail Asia.http://www.insideretail.asia/2014/06/09/singaporean-coffee-chain-hits-hong-kong/.271 “Singapore’s Ya Yun hits Hong Kong, planning up to 50outlets.” 16 June, 2014. Apple Daily.http://hk.apple.nextmedia.com/financeestate/art/20140616/18761196.272 “Singapore café Ya Kun Coffee & Toast opens first HongKong shop.” 1 August, 2014. Cathay Pacific Airways.http://discovery.cathaypacific.com/cpa/en/hong-kong/new-in-hong-kong/ya-kun-coffee-and-toast-opening/.273 “Singaporean coffee chain hits Hong Kong.” 9 June, 2014.Inside Retail Asia.http://www.insideretail.asia/2014/06/09/singaporean-coffee-chain-hits-hong-kong/.274 “Modern Putian restaurant opens its first outlet in HongKong.” 28 July, 2014. News.gov.hk.http://www.info.gov.hk/gia/general/201407/28/P201407280343.htm.275 “The Peninsula Boutique sets foot in Singapore.” 29 July,2014. PR Newswire. http://en.prnasia.com/story/101779-0.shtml.276 “Peninsula Boutique opens at Singapore’s ION Orchard.” 1August, 2014. Retail in Asia.277 “Minor Food Group and BreadTalk Group sign a joint-venture agreement to operate BreadTalk Thailand.” 31 July,

2014. Minor International.http://www.minorinternational.com/Investor/Home.php.278 “Minor partners with BreadTalk for Thai expansion.” 1August, 2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Asean-Business-File/Minor-partners-with-BreadTalk-for-Thai-expansion.279 “Electronics giant Panasonic wants Singaporeans to eat itsveg.” 3 August, 2014. Reuters.http://www.reuters.com/article/2014/08/03/us-panasonic-singapore-farming-idUSKBN0G30R720140803.280 Global Yellow Pages website (accessed 12 September,2014). http://www.yps.com.sg/about.asp.281 “Singaporeans scoop Adelaide-based Wendys.” 11September, 2014. Inside Retail Asia.http://insideretail.asia/2014/09/11/singaporeans-scoop-adelaide-based-wendys/.282 “Malaysia showcases products abroad.” 28 August, 2014.Inside Retail Asia.http://insideretail.asia/2014/08/28/malaysia-showcases-products-abroad/.283 “5 reasons to visit the new Agrobazaar Malaysia.” 1September, 2014. The Strait Times.http://www.straitstimes.com/news/singapore/more-singapore-stories/story/5-reasons-visit-the-new-agrobazaar-malaysia-20140901.284 “Singapore’s F&N to acquire Yoke Food for SE Asiaexpansion.” 8 April, 2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Asean-Business-File/Singapore-FN-to-acquire-Yoke-Food-to-expand-presence-in-SE-Asia.285 “Singapore’s F&N in $82M deal to up stake in Vietnamdairy king.” 18 August, 2014. Nikkei Asian Review.http://asia.nikkei.com/Business/Asean-Business-File/Singapore-s-F-N-in-82M-deal-to-up-stake-in-Vietnam-dairy-king.286 “Company snapshot.” Bloomberg website (accessed 29September, 2014).http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=20726384.



http://www.minorinternational.com/Investor/Home.php






http://www.reuters.com/article/2014/08/03/us-panasonic-singapore-farming-idUSKBN0G30R720140803

http://www.insideretail.asia/2014/05/29/us-restaurants-to-set-up-in-singapore/

http://www.reuters.com/article/2014/08/03/us-panasonic-singapore-farming-idUSKBN0G30R720140803

http://www.insideretail.asia/2014/05/29/us-restaurants-to-set-up-in-singapore/

http://www.yps.com.sg/about.asp

http://www.insideretail.asia/2014/06/09/singaporean-coffee-chain-hits-hong-kong/


http://insideretail.asia/2014/09/11/singaporeans-scoop-adelaide-based-wendys/

http://insideretail.asia/2014/09/11/singaporeans-scoop-adelaide-based-wendys/

http://hk.apple.nextmedia.com/financeestate/art/20140616/18761196

http://hk.apple.nextmedia.com/financeestate/art/20140616/18761196



http://discovery.cathaypacific.com/cpa/en/hong-kong/new-in-hong-kong/ya-kun-coffee-and-toast-opening/

http://discovery.cathaypacific.com/cpa/en/hong-kong/new-in-hong-kong/ya-kun-coffee-and-toast-opening/








http://www.info.gov.hk/gia/general/201407/28/P201407280343.htm


http://www.info.gov.hk/gia/general/201407/28/P201407280343.htm

http://en.prnasia.com/story/101779-0.shtml

http://asia.nikkei.com/Business/Asean-Business-File/Singapore-s-F-N-in-82M-deal-to-up-stake-in-Vietnam-dairy-king

http://en.prnasia.com/story/101779-0.shtml





http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=20726384

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=20726384

© Copyright 2014 The Fung Business Intelligence Centre. All rights reserved. The information contained herein is of a generalnature and is not intended to address the circumstances of any particular individual or entity. Though the Fung BusinessIntelligence Centre endeavours to ensure the information provided in this publication is accurate and updated, no legal liabilitycan be attached as to the contents hereof. Reproduction or redistribution of this material without prior written consent of theFung Business Intelligence Centre is prohibited.

Fung Business Intelligence CentreThe Fung Group is a privately held multinational group ofcompanies headquartered in Hong Kong whose corebusinesses are trading, logistics, distribution and retailing.The Fung Group employs over 45,000 people across 40economies worldwide, generating total revenue of morethan US$22.6 billion in 2013. Fung Holdings (1937)Limited, a privately held business entity headquartered inHong Kong, is the major shareholder of the Fung group ofcompanies.The Fung Business Intelligence Centre, through itsunique relationships, collects and analyses market data onChina's economy, with special reference to sourcing,supply chains, distribution and retail. It also producesreports on sourcing and trading in other Asian countriesand has recently expanded its research services on theglobal retail industry, where unprecedented change isbeing driven by technological innovation, the advent ofmulti-sales channels and greater supply chain efficiency.Serving as a knowledge bank for the Fung Group, theCentre also makes its market data and analysis available tobusinesses, scholars and governments around the world. Itis an impartial thought leader on issues shaping the futureof manufacturing, distribution, logistics and retailing inChina, and retailing globally. It regularly provides adviceand consultancy services to internal and external clients.ContactFung Business Intelligence Centre10/F LiFung Tower888 Cheung Sha Wan RoadKowloon, Hong KongT: (852) 2300 2470F: (852) 2635 1598E: [email protected]

mailto:[email protected]

Documents

Asia Retail Update - fbicgroup.com · BreadTalk partners with Minor International for expansion Central Restaurants to add 75 new restaurants in 2014 MK Restaurant to reach 650 outlets