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OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
STATOFTHEWEEK
CHARTOFTHEWEEK
D E B O R A H W E I N S W I G M A N A G I N G D I R E C T O R
F U N G G L O B A L R E T A I L & T E C H N O L O G Y d e b o r a h w e i n s w i g @ f u n g 1 9 3 7 . c o m
U S : 6 4 6 . 8 3 9 . 7 0 1 7 H K : 8 5 2 . 6 1 1 9 . 1 7 7 9
C N : 8 6 . 1 8 6 . 1 4 2 0 . 3 0 1 6
OCTOBER 21, 2016
3.2Mil.• Netflix added 3.2 million subscribers outside
the United States, with its internationaloperations now accounting for 45 percent oftotalsubscribers.
Thisweek’snote“FromtheDeskofDeborahWeinswig”focusesonthreetrendsthatourglobalteams—whicharecurrentlypreparingourholiday2016 reports—expect to have an impactonUS consumers this holidayseason.
1) Thisholidayshoppingseasonisexpectedtobeledbythemillennials,who will help drive the highest e-commerce sales revenue yet. Arecent study found that more than one-fifth (21%) of millennialsstarted their holiday shopping by November 1 last year and thatmorethanathird(38%)startedtheirshoppingbeforeBlackFriday.
2) US fragranceand cosmetics groupCotyhas acquired London-basedGHD for US$510 million. GHD, short for Good Hair Day, produceselectricalhairappliances.Thecompanygenerated2015revenuesofUS$219 million and has seen 30% revenue growth during the pastthreeyears.
3) ZTO Express, which delivers parcels for Alibaba and JD.com, isplanninganIPO intheUS laterthismonththatcouldraiseasmuchas US$1.5 billion. China is the world’s largest express deliverymarket,with21billionparcelsdeliveredin2015.
Source:Netflix
NetflixSubscriberNumbers,byQuarter
48.450.053.1
57.462.365.6
69.274.8
81.583.286.7
1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q16
Mil.
Nejlixreported3Q16earningsresultsearlierthisweek.Thecompanystatedthatitaddedmorethan3.5millionnewsubscribersinthethirdquarter,beakngbothitsownandanalysts’eskmates.
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OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
FROMTHEDESKOFDEBORAHWEINSWIG
USHolidayPreview:ThreeOnlineTrendstoWatch
Ourglobalresearchteamsareinthemiddleofpreparingourholiday2016reports:keepaneyeoutforourupcomingUSretailoutlookandourholidaythemesreport,amongothers.Inthisweek’snote,wedrawonour research to showcase three online shopping trends that we think will impact US retail this holidayseason.
1.TheNewChristmasMarket
Thisyear,moreconsumerswillcutouttheretailerandbuydirectfrombrandsorothertypesofsellersononlinemarketplaces.ThischannelismuchbiggerthanjusteBay;bignamesfromtheworldofconventionalretail,suchasAmazonandWalmart,alsooperatemajoronlinemarketplaces.
Amazonislikelytobecomeamajoritymarketplaceinthesecondhalfofthisyear,asmeasuredbyshareofunitssold,andthird-partysellersareexpectedtosellmoreunitsonAmazon’ssitethanAmazondoesitself.Thecompany’smarketplaceofferinghasreceivedarecentboostviaimprovementstoitsePacketsmall-and-light-delivery program, which helps Chinese merchants ship directly to US shoppers. Amazon PrimemembersintheUScannowgettheirordersfromChinainjustfivedaysversuseightpreviously.
Meanwhile, Walmart is growing its marketplace by bringing new sellers on board. And it has acquiredJet.com, thereby adding Jet’s 14.8million product listings, 210million unique visitors and US$1.2 billionproductsalesrunrate(asofAugust2016)toitsbusiness.
2.OnlineGroceryWillGrowFast
We expect online grocery sales to accelerate this holiday season. Consumers will buy more turkeys,cranberrysauceandstuffingonlinethaneverbeforeasaresultofWalmart,Krogerandothersrampinguptheire-groceryservices.WalmartandKrogerarenoweachofferingpickupservicesataround400locations,whileTarget,WholeFoodsMarketandPublixareeacheitherpartneringwith,oratleasttrialing,third-partydeliveryservice Instacart.AmazonFresh is fightingbackby lowering its fees from$299peryear to$14.99permonth.
E-commerceisstillanascentchannelforgroceryintheUS:accordingtoKantarWorldpanel,just1.4%ofallUSsalesoffast-movingconsumergoodsweremadeonlineinJune2016.Yetthatfigurerepresentsaneardoublingof share in just twoyears,andweexpect the full-serviceofferings frommajorgrocerychains todriveupthenumberofshoppersusinge-commerceforbulkgrocerypurchasesatatimeofyearwhentheyarelookingforconvenience.
3.PrimeShoppingTime
Almost half ofAmericanhouseholdswill have anAmazonPrimemembershipby this holiday season. Thecorebenefit,asmostreaders likelyalreadyknow, is two-daydeliveryatnoadditionalcost,butadditionalbenefitsincludePrimeNowtwo-hourdeliveryinsomeareasandaccesstoAmazonFreshwhereitisoffered.
InSeptember,financialservicesfirmCowenandCompanyestimatedthat44%ofUShouseholdswerePrimemembers.CowenfurtherestimatedthatUSPrimemembershipscouldclimbbyfully12millionacross2016.Evenifthisfigureismerelyintherightballpark,thatisalotofextraholidayshopperswhoarelikelytotakeadvantageoftheirPrimebenefitstosavemoneyandeffortinabusyseason.
PrimemembersspendmorewithAmazonthandonon-Primecustomers—$1,100peryearversus$600fornonmembers,accordingtoConsumerIntelligenceResearchPartners.Primemembersalsoconverttoasalemoreoften,onaverage,thandononmembers.ActingasamagnetforuptohalfofallAmericanconsumers,PrimewillbethegiftthatkeepsongivingforAmazonthisfestiveseason.
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OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
USRETAILEARNINGS
Company
Revenues(USDMil.)
YoY%Change
GrossMargin(%)
Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period 2016 2015
2016 2015
2016 2015
2016 2015
eBay 3Q16 2,717 2,099 5.6 77.5 79.4 (183) 413 539 (23.4) – –
Supervalu 2Q17 3,865 4,062 (4.8) 14.5 14.4 19 31 31 – 1,567 1,541
Walgreens 4Q16 28,636 28,522 0.4 25.0 25.5 (49) 1,030 26 3,861.5 13,200 12,764
Source:Companyreports
USRETAIL&TECHHEADLINESMillennialsDriveEarliest,MostDigitalShoppingSeasonEver(October18)ChainStoreAge• According to a recent report from performance marketing company Criteo, this holiday
shoppingseasonwillbe ledbythemillennials,whowillhelpdrivethehigheste-commercesalesrevenueyet.AccordingtoCriteo,morethanone-fifth(21%)ofmillennialshadstartedtheirholidayshoppingbyNovember1lastyear—versus18%ofGenXers—andmorethanathird(38%)hadstartedshoppingbeforeBlackFriday.
• The report encourages retailers to take advantage of several trends this season, includingearlier shopping, product research andmobile shopping. The small screen will be key formillennialsshoppingonline,as37%ofthemresearchproductsonasmartphone,versus18%onatablet.
NordstromLaunchesHermèsConceptShop(October17)Women’sWearDaily• Nordstrom and Hermès have collaborated to create a temporary pop-up boutique at
Nordstrom’s Seattle flagship. Open through the end of 2017, the shop will feature onlyaccessories,andwillfocusonmen’ssilk,women’ssilkandfashionjewelry.
• ThecollaborationstartedwhenOliviaKim,Nordstrom’sVicePresidentofCreativeProjects,reachedouttoHermèstobepartofNordstrom’sSpaceboutiques.However,Hermèsagreedto theyearlongpop-up inhopesof gaining “exposure toabroaderaudience,” saidRobertChavez,PresidentandCEOofHermèsUSA.
40%ofNewPinterestUsersAreMen(October17)InternetRetailer• Pinterest says it now has more than 150 million monthly active users, having grown the
figureby50%afterreaching100millionusers inSeptember lastyear.Thesitealsosays itsnewusersaremorediverse,that75%ofnewsignupsarefromoutsidetheUSand40%aremen.
• Thisgrowthanddiversificationare important forPinterestata timewhen it ispitching itstools and data to retail advertisers. The company has rolled out new advertising toolsrecentlyasittriestocapturemerchants’attentionbyallowingthemtotargetusers.Despiteitssignificantrecentgrowth,Pintereststillhasfeweractiveusersthanitscompetition.
WEINSWIG’SWATCHING
Thisweek,FungGlobalRetail&Technology’sNewYorkteamattendedtheICSCResearchConnectionsandtheRevionicsInsight2016conferencesinAustin,TX,andtheRetailLococonferenceinChicago,IL.
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OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
BrandsAreTestingProgrammaticCatalogs(October19)Glossy• Brands are working to bring together customers’ digital behavior and physical
advertisements.Brands suchasModCloth,UncommonGoodsand1stdibsareworkingwithprogrammatic mail platforms such as PebblePost to bridge the gap between consumers’onlinebehaviorandcatalogs.
• Forexample,ModCloth’s campaignwithPebblePost takesa shopper’sonlinebehaviorandtranslates it into material to fill a few pages of a catalog that is then delivered to thecustomer’s home within 48 hours of their Internet browsing. PebblePost then tracks thecustomer’sbehaviorfor30daystofollowuponconversionrates.
EUROPERETAILEARNINGS
Company
Revenues(USDMil.)ChangeinUSD(%)
ChangeinReporting
Currency(%) GrossMargin(%)Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period 2016 2015
2016 2015
2016 2015
2016 2015
ASOS 1HEAug31 2,011 1,754 14.6 26.4 50.0 50.1 (16) 71.5 55.3 29.5 N/A N/A
GroupeCasino* 3QESep30 11,629 N/A N/A 6.7 N/A N/A N/A N/A N/A N/A 14,529 15,160
Burberry 1HESep30 1,592 1,703 (6.5) (2.4) N/A N/A N/A N/A N/A N/A 629 631
Carrefour 3QESep30 24,297 23,965 1.4 1.1 N/A N/A N/A N/A N/A N/A 11,687 12,296
MetroGroup FYESep30 64,872 68,003 (4.6) (1.4) N/A N/A N/A N/A N/A N/A 2,060 2,074
Zalando** 3QESep30 930 793 17.3 4.9 N/A N/A N/A N/A N/A N/A N/A N/A*GroupeCasinocompletedthesaleofitsThailandandVietnambusinessesearlierin2016.CasinohasrestatedresultsfortheAsiasegmentfortheperiodspresentedintheinterimstatementstoreflectthedispositions.Therestatednumberswereunavailablefor3Q15.**Zalandoprovidedarangeof€827–€841millionforits3Q16revenues;themidpointhasbeenusedtocalculatethechangesshowninthistable.Source:Companyreports
EUROPERETAILHEADLINESGaptoCloseBananaRepublicFasciaintheUK(October18)Retail-Week.com• USapparelgroupGapmayclose itseightstrugglingBananaRepublicUKstores in thenext
threemonths.BananaRepublichasstoresinLondononRegentStreetandinCoventGardenandCanaryWharf,aswellasinBath.
• Accordingtoasource,theretailerhasagreedtocedestoreleasestofellowapparelretailersZaraandH&M,aswellastoMetroBank.Otherlocationscouldbesplitintotwostoresandleasedtotwoseparateparties.BananaRepublicmayexitthestoreswithin12weeks.
CotyPurchasesUKHairApplianceCompanyGHD(October17)FT.com• USfragranceandcosmeticsgroupCotyhasacquiredLondon-basedGHDforUS$510million
fromprivateequityfirmLionCapital.GHD,shortforGoodHairDay,produceselectricalhairappliances,includingcurlingironsandstraighteners,andhasoperationsinAustralia,theUS,Germany,France,SpainandItaly.
• GHDgenerated2015revenuesof£178million(US$219million)andhasincreaseditssalesby30%overthepastthreeyears.
H&MMonthlySalesGrowthSlowsto1%inSeptember(October17)Companypressrelease• H&Mreportedthatsalesgrewby1%yearoveryear,inconstantcurrency,inSeptember.This
markedacleardecelerationfromsalesgrowthof7%inAugust.• The company attributedweak September sales to unseasonablywarmweather during the
month.
5
OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
WickesAnnouncesOne-HourDeliveryServiceforOnlineOrders(October14)Retail-Week.com• British home improvement retailer Wickes announced the launch of a one-hour delivery
service throughapartnershipwithdelivery technology firmOntheDot.OntheDotallowscustomerstochoosespecificone-hourtimeslotsinwhichtoreceivedeliveries.
• WickesisthefirstUKDIYretailertoprovideaone-hourdeliveryserviceforonlineorders.CostaLaunchesTrialConceptStorethatSellsCoffeeandAlcohol(October13)RetailGazette.co.uk• Britishhigh-streetcoffeechainCostahaslaunchedatrialconceptstorethatsellsaselection
ofalcoholicbeveragesafter4pm.• Costa’sUKManagingDirector,JasonCotta,statedthatthecompany’scoffeeoptionsarewell
established in the UK market and that he believes coffee lovers are ready for the nextgenerationofbeverages.
ASIATECHHEADLINESSamsungtoInvestUS$296MillionforExpansionofIndianPlant(October18)TechinAsia• SamsungElectronics revealed ina statement that itwill invest 19.7billion rupees (US$296
million)toexpanditsplantinNorthernIndia.• The plant, located in Noida, near the capital of New Delhi, makes mobile phones,
refrigeratorsandtelevisions.ZTOExpressEyestheLargestUSIPObyaChineseCompanySinceAlibaba(October17)CNBC• ZTOExpressisplanninganIPOintheUSlaterthismonththatcouldraiseasmuchasUS$1.5
billion. Theofferingwouldbe thebiggestUS IPObyaChinese company this year, and thebiggestbyaChinesecompanysinceAliaba’sUS$25billionIPOin2014.
• ZTO Express, which delivers parcels for Alibaba and JD.com, is a major player in China’squicklyexpandinge-commercemarket.With21billionparcelsdeliveredin2015,Chinaistheworld’slargestexpressdeliverymarket,accordingtomarketresearchfirmiResearch.
AlibabatoRaiseAroundUS$1BillionforLocal-ServicesPlatformKoubei(October18)WSJ.com• Alibaba is planning to raise aroundUS$1billion to fund the expansionof its local-services
platform,Koubei,whichenablesonlineorderingofofflineservicessuchasfooddelivery.• China’s Internetgiantshavebeenstriving formarket share insmartphoneapplications that
connectuserswithphysicalservices suchas taxi rides, fooddeliveries, restaurantbookingsandmovieticketing.
India’sFreshdeskAcquiresChatimitytoStrengthenAICapabilitiesinChat(October18)e27.co• India’sFreshdesk,whichmakescloud-basedcustomerengagementsoftware,hasannounced
theacquisitionofChatimity,asocial chatplatformthathasdevelopedartificial intelligence(AI)andchatbottechnology.
• The acquisition is Freshdesk’s sixth in just over a yearas the company looks to strengthenproductdevelopmentandcapabilitieswithinthechatplatform.
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OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
LATAMRETAILHEADLINESCanUberConquerLatinAmerica?(October13)Bloomberg• Uber’sfuturedependsonitsabilitytogrowinternationally,makingLatinAmericaoneofits
most importantmarkets rightnow.Ubercurrentlyoperates inmore than65cities inLatinAmerica,andplanstodoublethatnumberbytheendof2017.
• Currently,BrazilisUber’sthird-biggestmarket,aftertheUSandIndia.MexicoCityisUber’sbusiestcityintheworldandSãoPaulo,Brazil,isthecompany’ssecond-busiestcity.
eBayWillSellMostofItsStakeinLatinAmericanOnlineMarketplaceMercadoLibre(October13)Bloomberg• eBay said it will sell most of its stake in MercadoLibre, Latin America’s largest online
marketplace,inordertousetheproceedsforotherpurposes.Withthesale,eBayexpectstorealizeasignificantgainonitsinvestmentinMercadoLibre.
• eBay has been MercadoLibre’s largest shareholder since 2001, when the latter acquirediBazarComfromeBayinexchangefora20%stake.MercadoLibreandeBaywillcontinuetoworkoncross-bordertransactionstohelpeBaysellersreachshoppersinLatinAmerica.
HomegrownFashionIndustryBurstsontoSceneinCuba(October17)AssociatedPress• Asmall,homegrownfashionindustryisgainingcloutandbeginningtowinashareofCubans’
limitedclothingbudgets,assimplebutstylishclothingproducedinCubawithnaturalfabricsdebutswithcompetitiveprices.
• InearlyOctober,thefive-dayHavanaFashionWeekeventshowcasedprivatedesignersthatdebutedweddingdresses,bathingsuits,linenpantsandeventuniformsforstatebusinesses.Hundredsturnedoutfortheshows,privatefittingsandcocktailparties.
CarrefourSalesLiftedbyLatinAmerica(October19)WSJ.com• FrenchretailerCarrefourbeatanalysts’expectationsinthethirdquarter.Thecompanycited
strong sales growth in Latin America as contributing to the results. Sales rose by 1.1%, toUS$23.9billion,inthethreemonthsendedSeptember30.
• International sales grew by 4.5%,with Latin America driving growth. In Brazil, like-for-likesalesgrewby12%despitethecountry’scurrenteconomicrecession.InAsia,salesfellby5%.
JeanPaulGaultierGoesonLatinAmericanSnapchatTrek(October17)LuxuryDaily• FrenchfashionlabelJeanPaulGaultieristakingitsfansonatourofLatinAmericathroughits
latest Snapchat activation. From October 16–26, Jean Paul Gaultier will visit three LatinAmericancities:RiodeJaneiro,BuenosAiresandMexicoCity.
• Using thehashtag #JPGLovesLatinAmerica, the company is promoting its trip as part of itsattempt to expand its presence in Latin America. Snapchat followers can follow Gaultierhimselfaroundashetoursthecities,andenjoycandid,notovertlybranded,content.
7
OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
EARNINGSCALENDAR
Sales(Mil.) EPS
Company
EarningsReleasePeriod Date
ConsensusTY LYActual
ConsensusTY LYActual Currency
Kimberly-Clark(KMB) 3Q16 Oct24 4,731 4,718 1.54 1.54 USD
Luxottica(LUX.IM) 3Q16 Oct24 2,220 2,155 0.43 0.43 EUR
VFCorp.(VFC) 3Q16 Oct24 3,628 3,613 1.15 1.07 USD
Apple(AAPL) 4Q16 Oct25 46,901 51,501 1.65 1.97 USD
DIA(DIA.SM) 3Q16 Oct25 2,339 2,303 N/A 0.10 EUR
ExpressScripts(ESRX) 3Q16 Oct25 25,505 25,223 1.73 1.06 USD
IconixBrandGroup(ICON) 3Q16 Oct25(E) 89 91 0.16 (0.11) USD
Procter&Gamble(PG) 1Q17 Oct25 16,487 16,527 0.98 1.07 USD
UnderArmour(UA) 3Q16 Oct25 1,455 1,204 0.25 0.23 USD
SimonPropertyGroup(SPG) 3Q16 Oct26 1,365 1,320 2.68 2.54 USD
Alphabet(GOOGL) 3Q16 Oct27 18,227 18,675 8.62 5.73 USD
Amazon(AMZN) 3Q16 Oct27 32,664 25,358 2.02 0.17 USD
Baidu(BIDU) 3Q16 Oct27 18,430 18,383 7.25 8.13 CNY
Colgate-Palmolive(CL) 3Q16 Oct27 3,944 3,999 0.73 0.72 USD
Debenhams(DEB.L) FY16 Oct27 2,710 2,323 0.07 0.08 GBP
DeckersOutdoor(DECK) 2Q17 Oct27 495 487 1.19 1.08 USD
Hanesbrands(HBI) 3Q16 Oct27 1,765 1,591 0.56 0.50 USD
Macerich(MAC) 3Q16 Oct27 262 326 1.05 1.01 USD
GeneralGrowthProperties(GGP) 3Q16 Oct31 794 585 0.35 0.36 USD
Coach(COH) 1Q17 Nov1 1,070 1,030 0.45 0.41 USD
Alibaba(BABA) 2Q17 Nov2 34,019 22,171 4.69 2.08 CNY
8
OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
EVENTCALENDAR
Event Location Date(s)
FungGlobalPresenting/Attending
MakerFaire Shenzhen,China Oct21–23 √Money20/20 LasVegas,NV Oct23–26 WIREDtoStyle NewYork,NY Oct24 √WSJDLive2016 LagunaBeach,CA Oct24–26 ULIFallMeeting Dallas,TX Oct24–27 CESParisUnveiled Paris,France Oct25 RetailMarketingSociety’sHoliday2016:TheRetailOutlook NewYork,NY Oct25 Knowledge@WhartonandMomentum’sRetailWestSummit SanFrancisco,CA Oct25–26 WWDApparel&RetailCEOSummit NewYork,NY Oct25–26 √DignityUWearFundraiser NewYork,NY Oct26 SingaporeFashionWeek Singapore,Singapore Oct26–30 eRetailDay MexicoCity,Mexico Oct27 Foresight2016 NewYork,NY Oct27 √AAFAHongKongExecutiveSummit HongKong Oct27 PlugandPlayDemoDay Sunnyvale,CA Oct27 PepcomHolidaySpectacular!West SanFrancisco,CA Oct27 BrandCollective Sonoma,CA Oct27–28 √Planalytics18thAnnualHolidayPreviewandQ3Recap Webinar Oct28 √CantonFair Guangzhou,China Oct31–Nov4 √LeanStartupWeek SanFrancisco,CA Oct31–Nov6 LBrandsAnnualInvestorUpdateMeeting Columbus,OH Nov1 √DecodedFashionNewYorkSummit NewYork,NY Nov1–2 RetailCongressAfrica CapeTown,SouthAfrica Nov1–2 KrogerInvestorConference Cincinnati,OH Nov1–2 √ChicagoBooth:ChicagoConversations–DrivingInnovationinSeattle Seattle,WA Nov2 WIRED2016 London,UK Nov3–4 WIRED2016:NextGeneration London,UK Nov5 JDAFocusConnect2016 London,UK Nov7–9 WebSummit Lisbon,Portugal Nov7–10 CustomerEngagementSummit2016 London,UK Nov8 ICSCLatinAmericaLawConference Santiago,Chile Nov8–9 PlugandPlayAgriFoodLaunchEvent Sunnyvale,CA Nov9 CTHallofFameDinner NewYork,NY Nov9 ICSCSouthAmericanShoppingCenterandRetailWorkshop Santiago,Chile Nov9–10
9
OCTOBER 21, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comAmandaByrneMarketingAssociate
KirilPopovSeniorAnalyst
JohnHarmon,CFASeniorAnalyst
JohnMercerSeniorAnalyst
RachaelDimitResearchAssociate
StevenWinnickResearchAssociate
CharliePoonResearchAssistant
HONGKONG:8thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223004406LONDON:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NEWYORK:1359Broadway,9thFloorNewYork,NY10018Tel:6468397017FungGlobalRetailTech.com
