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Issue 1 | July 2014

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Issue 1 | July 2014

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Issue 1 | July 2014

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In this issue Asia Market Update Issue 1 July 2014 p1

Asia at a glanceOverview p4In the news p7

Statistics p7GDP of the Asia Pacific to grow 4.3-4.5% in 2014-18Asia Pacific retail market to grow 4.7% in 2014 Retail in general p7Asia Pacific is the fastest-growing region in terms of privatefinancial wealthTourists from Asia Pacific to become world’s top spenders by2023Airport retail to boom in AsiaGlobal retailers’ regional strategy in Asia Pacific remainsfocused on China E-commerce p8Asia Pacific to become world’s largest regional B2C e-commerce market in 2014Mobile shopping set to boom in AsiaAsia to drive growth of global FMCG e-commerce Department stores p8M&S announces Asia expansion plansAeon to expand in Asia Convenience stores p8FamilyMart in rapid expansion in Asia Duty-free shops p8Dufry acquires Nuance Accessories p9Radley enters Asia Apparel p9Marimekko to continue Asia expansionAntony Morato to further expand in Asia Beauty and personal care p9Sephora to expand online presence in Southeast Asia throughZALORANature Republic further expands in Asia Consumer electronics p9Radioshack expands its Asian presence

Food and beverage p9The Cheesecake Factory to hit AsiaFamous Brands plans more Asian storesIhop further expands in AsiaChinaOverview p10In the news p12

Statistics p12GDP growth slows to 18-month low in 1Q14Retail sales grow 12.5% yoy in May 2014CPI rises 2.5% in May 2014Consumer confidence index falls to 102.3 in May 2014 E-commerce p13iResearch: total transaction of e-commerce reaches 9.9trillion yuan in 2013iResearch: total transaction of online shopping up 42% in2013Tencent partners with ChinaAMC to sell financial productson WeChatTencent invests HK$1.5 billion in China South CityWeChat targets U.S. usersTencent buys 15% stake in JD.comTencent buys 20% stake in 58.comAlibaba and Tencent to enter banking sectorAlibaba starts US IPO processAlibaba rolls out its first wealth management product viaAlipayAlibaba invests US$15 million in 1stdibsAlibaba launches 11 Main in the U.S.Alibaba invests in TutorGroupAlibaba to buy 60% stake in ChinaVision MediaAlibaba invests in Intime RetailAlibaba invests in messaging app TangoAlipay adds Rakuten to list of clientsStripe and Alipay reach a dealJack Ma and partners to pay US$1.05 billion for 20% WasuMediaAlibaba to pay US$1.22 billion for stake in Youku TudouShopRunner to partner with AlibabaAlibaba taps mobile searchAlibaba signs deal with Australia PostAlibaba agrees US$249 million deal with Singapore PostAlibaba buys 50% stake in Guangzhou Evergrande FootballClubAlibaba to develop logistics network with China PostAlipay ties up with Lotte.comBurberry teams up with TmallMuji opens on TmallKing Power debuts on TmallZara to open store on TmallWeibo debuts on NASDAQSuning launches investment service Ling Qian Bao












Suning to enter supermarket businessDangdang, Yihaodian join forcesJD.com raises US$1.8bn after pricing US IPOMeituan considers US IPOJumei files for US IPOVipshop invests in OvationAmazon injects US$20 million into Yummy77Tmall heads China top 100 retailersWeibo payment is open to all merchantsBaidu enters China’s online payment marketDianping considers US IPOYiwu launches online marketplace in Hungary Department stores p17Sanpower takes control of House of FraserSanpower buys bankrupt BrookstoneMarks & Spencer seeks partnerships to drive growth in ChinaIto Yokado shuts down Beijing storeCOSCIA Department Store opens first store in China Shopping malls p18Ikea opens its first shopping mall in ChinaValue Retail opens its first luxury outlet shopping centre inChinaCBRE: Global retailers stay focused on China Supermarkets p18METRO Cash & Carry to expand in ChinaWalmart to open 30 new stores in China in 2014JV between CRE and Tesco receives green lightAeon ramps up China expansion Convenience stores p18China’s first City Convenience Store Index releasedSF Express to add 30,000 O2O storesFamilyMart to open 200 new stores in China Apparel p19Marisfrolg buys KriziaCache-Cache goes online in ChinaOroton to add 30 stores in ChinaA&F in rapid Chinese expansionPringle enters ChinaOld Navy enters ChinaH&M eyes China’s smaller citiesAnn Demeulemeester debuts in ChinaAntony Morato to enter China marketPeine Group teams up with Shandong RuyiGiordano eyes 1,000 new stores under new brand in 5 yearsMK Trend to enter China Beauty and personal care p20Jo Malone London enters ChinaEstee Lauder opens on Tmall

Consumer electronics p20Yosen enters the U.S.Best Buy considers sale of China business Food and beverage p20Costa Coffee to make China its ‘second home’Caffe Bene in China expansionMister Pizza to expand in ChinaBright Food buys a controlling stake of TnuvaPizzaExpress debuts in ChinaCafé De La Don Manuel to enter ChinaOrange Leaf Frozen Yogurt to expand into China FMCG p21China fines Johnson & Johnson and others for price fixing Luxury p21BCG: China riches fuel AsiaJapanOverview p22In the news p24

Statistics p24GDP growth registers 1.5% in 1Q14Consumer price index in April 2014 rises to 23-year highRetail sales drop in May 2014Consumer confidence index in April 2014 drops to the lowestlevel since August 2011 E-commerce p25Rakuten acquires ViberRakuten ties with AlipayRakuten opens a café in TokyoRakuten launches credit card service in the U.S.Rakuten Wuaki and Microsoft link on appYahoo Japan accepts Alipay as a payment optionMasterCard adds Japan online payment optionMuji opens on Tmall Department stores p26H2O Retailing to acquire an udon chainAeon’s fresh expansion spreeAeon introduces dog care home at shopping mall Supermarkets p26Supermarket sales mark the first rise in 17 years Convenience stores p26FamilyMart cooperates with agricultural cooperativesFamilyMart in rapid expansionFamilyMart exits South KoreaSeven & I teams up with West Japan Railway


7-Eleven unveils expansion plans at home7-Eleven to enter DubaiLawson to enter the Philippines Apparel p27Fast Retailing debuts on Hong Kong Stock ExchangeFast Retailing to take GU to TaiwanUniqlo enters GermanyUniqlo to enter Indian market Beauty and personal care p27Shiseido sells Carita and Decléor to L'OrealKose acquires Tarte Consumer electronics p28Sony to enter real estate business Food and beverage p28Asahi acquires Etika DairiesDoc Popcorn enters JapanSouth KoreaOverview p29In the news p31

Statistics p31Real GDP growth rises to 3.9% in 1Q14CPI hits 19-month high in May 2014Composite consumer sentiment index rebounds to 107 inJune 2014Retail sales fall by 1.7% mom in April 2014Sales of department store and discount store chains reboundfrom a 3-month low E-commerce p32Lotte.com ties up with AlipayTicket Monster acquired by GrouponKakao acquires Daum at US$3 billion Department stores p32Hyundai Department Store taps into discount outlet Apparel p32LG Fashion renamed to Life in FutureMK Trend to enter ChinaHandsome to launch more new brandsVan Heusen to make debut in South KoreaJoe Fresh enters South Korea Beauty and personal care p33Shilla Duty Free to open stores in SingaporeShilla Duty Free plans Cambodia storeNature Republic opens debut store in Hong Kong

Dongsung Pharmaceutical enters ChinaLG Household & Health Care seeks to buy Elizabeth ArdenLG Household & Health Care affiliate to merge with R&YCorporation Consumer electronics p34Samsung to boost sales in IndiaSamsung and Barnes & Noble produce a co-branded tablet Food and beverage p34Mister Pizza scales up in ChinaSubway eyes growth in South KoreaMcDonald’s to ramp up presence in South KoreaCaffe Bene to ramp up China presenceJuan Valdez Café enters South KoreaBurger King to expand to 300 outlets by 2018References p35

Asia Overview Asia Market Update Issue 1 July 2014 p4

Asia, accounting for more than 50% of the world’spopulation1, is a diverse region comprisingeconomies of various sizes, levels of economicadvancement, cultures and standards of living.According to the Economist Intelligence Unit,GDP of the Asia Pacific region amounted toUS$22.6 trillion in 2013, contributing to almostone third (31.8%) of the world’s total. It isexpected to grow at a rate of between 4.3% and4.5% over the coming five years (2014-18), higherthan the global average of between 2.8% and2.9%2. Exhibit 1 shows the basic data ofselected economies in the Asia Pacific in 2012.The retail market in the Asia Pacific will growat a rate of 4.7% in 2014, up from 4.3% in 2013,according to Euromonitor International3. Exhibit 2 shows retail sales and year-on-year(yoy) growth rates of selected economies in the

Asia Pacific region in 2013. Among these, China isthe largest retail market with a yoy growth rate of11.0%. According to industry experts in China,retail sales are expected to see double-digitgrowth for 2014. In a survey conducted in 2013by CBRE, a leading real estate services company,China is the most sought after market in Asia forretailers to open new outlets. 22% of more than130 surveyed retailers based in Europe, theAmericas and Asia are looking to open new storesthere in 2014. Singapore, Hong Kong and Vietnamare also retail hotspots in Asia among thosesurveyed4.While Asia is becoming increasingly attractive as afast-growing retail market for brands, it is adiverse and highly fragmented market wherebrands cannot apply a single formula to allcountries. Japan is a mature retail market, withsales growth of just 0.7% growth for 2013. Thatcontrasts with China whose retail market grew ata stellar pace of 11.0% over the same period.Retail markets across Southeast Asia tend to befocused on single cities rather than be country

Asia, the world’s fastest-growing economic region for over two decades, accounted for 31.8% oftotal global GDP in 2013. It contains more than 50% of the world’s population.Asia Overview Asia Market Update Issue 1 July 2014 p4



Asia, the world’s fastest-growing economic region for over two decades, accounted for 31.8% oftotal global GDP in 2013. It contains more than 50% of the world’s population.Asia Overview Asia Market Update Issue 1 July 2014 p4



Asia, the world’s fastest-growing economic region for over two decades, accounted for 31.8% oftotal global GDP in 2013. It contains more than 50% of the world’s population.

Asia Overview Asia Market Update Issue 1 July 2014 p5

specific in their distribution. For market entry,retailers regard Hong Kong as a gateway for NorthAsia, especially China, while Singapore is often thefirst entry point for Southeast Asia.Asians are becoming more affluent. According toBoston Consulting Group, the private financialwealth5 of the Asia Pacific region (excludingJapan) reached US$37.0 trillion in 2013, up by30.5% yoy, well above the global average of14.6%. As the world’s fastest-growing region, theAsia Pacific (excluding Japan) will contribute overhalf the growth of global private financial wealthby 20186.Luxury brands, eyeing Asian consumerpotential, have set foot in numbers in the regionfor some years, looking for growth. According toBain & Company, worldwide spending on luxurygoods grew by 2% yoy to 217 billion euro in 2013at current exchange rates. By region, the AsiaPacific’s share of global luxury sales stood at 29%in 2013, up from 24% in 2007 ( see Exhibit 3)7.However, the consulting firm warns that globalluxury sales growth will continue to slow in 2014,followed by an 8 ppt drop in growth in 2013,

largely due to weaker demand in China, Russiaand Europe.Exhibit 3 | Asia Pacific’s % share of global luxury sales,2007-2013E

Source: Bain & Company20%22%24%26%28%30%

2007 2008 2009 2010 2011 2012 2013E

Exhibit 1 | Basic Data of selected economies in the Asia Pacific region, 2012

Population(million)

GDP(US$ billion)

GDP per head(US$)

Real GDPgrowth (%)

Consumer priceinflation (av.%)

China 1,344.6 8,384.3 6,236 7.7 2.6Japan 126.1 5,939.1 47,098 1.4 0.0

South Korea 50.0 1,129.6 22,592 2.0 2.2Taiwan 23.3 475.3 20,386 1.5 1.9

Thailand 66.8 366.0 5,480 6.5 3.0Malaysia 29.2 304.7 10,421 5.6 1.7

Singapore 5.3 276.5 52,052 1.3 4.6Asia & Australasia 3,758.1 22,308.3 5,936 4.0 3.3Source: Economist Intelligence Unit

Exhibit 2 | 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: Economist Intelligence Unit

Asia at a glance Overview Asia Market Update Issue 1 July 2014 p6

In coming years, the growth of modern groceryretailers (such as convenience stores,hypermarkets and supermarkets) will play anintegral part in reshaping the landscape of groceryretailing in the Asia Pacific region, according toEuromonitor International8.The growth of convenience stores (CVS) will bethe most significant development among moderngrocery retailers. The three largest CVS chains inthe Asia Pacific region are Seven & I, Family Martand Lawson, all based in Japan. They openedalmost 5,000 new stores across the Asia Pacific in2013, with over 2,000 located outside Japan.Euromonitor International predicts that China,Indonesia and Thailand will take the lead in thedevelopment of CVS over the coming years9. Therapid expansion of modern grocery retailers hasput tremendous pressure on traditional groceryretailers (such as mom and pop shops). As aresult, the number of traditional grocery retailersis expected to fall significantly in the years ahead.The expansion of non-grocery retailers is alsoimpressive in the Asia Pacific region. Amongthese, apparel specialists led by H&M, Zara andUniqlo are the best performers10. The fast fashionretailers continue to expand aggressivelythroughout the region. In fact, Uniqlo has a stillwider strategy, planning to open between 200 and300 stores per year globally and aiming to becomethe world's top apparel retailer by 202011.Pure-click Internet retailers are leading theonline market in the Asia Pacific region. Majorplayers include China-based Tmall, Japan-basedRakuten, and South Korea-based Gmarket12.According to eMarketer, a research companyspecialising in digital marketing, worldwide B2Ce-commerce sales will hit US$1.5 trillion this year,with a yoy growth rate of 20.2%. Widening onlineand mobile user bases in emerging marketsremain major contributors to this trend.Worldwide B2C e-commerce sales are set to reachUS$2.4 trillion by 2017 ( see Exhibit 4). Byregion, the Asia Pacific will surpass North Americato become the world’s largest regional B2C e-commerce market in 2014. By country, the U.S.still leads the league, but not for long; by 2016,China will likely overtake the U.S. to become thelargest B2C e-commerce market in the world,eMarketer predicts13.

Exhibit 4 | Worldwide B2C e-commerce sales,2013-2017

Source: eMarketer

1.251

1.505

1.771

2.053

2.357

18.3%

20.2%

17.7%

15.9%

14.8%

0.0%5.0%10.0%15.0%20.0%25.0%

0.00.51.01.52.02.5

2013 2014 2015 2016 2017B2C ecommerce sales (US$ trillion)% change

trillion (US$)

Asia at a glance In the news Asia Market Update Issue 1 July 2014 p7

Statistics

GDP of the Asia Pacific to grow 4.3-4.5% in 2014-18According to the Economist Intelligence Unit, GDPof the Asia Pacific region amounted to US$22.3trillion in 2012, contributing to over 35% of theworld’s total. See Exhibit 5. It will continue togrow at a rate of 4.3-4.5% in the coming fiveyears (2014-18), higher than the global averageof 2.8-2.9%14.Exhibit 5 | GDP and real GDP growth of selectedeconomies in Asia, 2012 GDP(US$ billion) Real GDPgrowth (%)China 8,384.3 7.7Japan 5,939.1 1.4South Korea 1,129.6 2.0Taiwan 475.3 1.5Thailand 366.0 6.5Malaysia 304.7 5.6Singapore 276.5 1.3Asia & Australasia 22,308.3 4.0Source: Economist Intelligence UnitAsia Pacific retail market to grow4.7% in 2014According to Euromonitor International15, growthof retail market in the Asia Pacific region isforecast to be about 4.7% in 2014, slightly higherthan that of 4.3% in 2013. Among the Asianeconomies, China, which made up 41% of totalretail sales in the Asia Pacific region in 2013, isprojected to post stronger retail sales growth ofmore than 8% in 2014.

Retail in general

Asia Pacific is the fastest-growingregion in terms of private financialwealthAsians are becoming more affluent. According tothe Boston Consulting Group, the private financialwealth16 of the Asia Pacific region (excludingJapan) reached US$37.0 trillion in 2013, up by30.5% yoy, well above the global average of14.6%. As the fastest-growing region, Asia Pacific(excluding Japan) will contribute to over half ofthe global private financial wealth growth by201817.Tourists from Asia Pacific to becomeworld’s top spenders by 2023Spending by tourists from the Asia Pacific regionwill reach nearly US$753 billion by 202318,accounting for 40% of global tourist spending, upfrom 25% in 2012, according to a reportcommissioned by Amadeus, a Spain-based traveltechnology firm. By then, the Asia Pacific regionwill surpass Europe as the region whose touristsspend the most money overseas.Airport retail to boom in AsiaAccording to Verdict Retail, a retail consultancyfirm19, the Asia Pacific region will record thefastest growth in retail sales at airports over thenext six years till 2019. The retail sales at airportsin the Asia Pacific region will double during theperiod. Number of passengers in the region is setto increase by 37.8% and the average spendingper passenger will rise from US$7.78 in 2013 toUS$11.37 by 201920.Global retailers’ regional strategy inAsia Pacific remains focused onChinaA survey conducted in 2013 by CBRE21, a leadingreal estate services company, reveals that anincreasing number of global retailers are lookingfor international growth. In the Asia Pacificregion, China is the most sought after market forthe surveyed retailers to open new outlets. 22%of more than 130 surveyed retailers based inEurope, the Americas and Asia are looking toopen new stores in China in 2014. Singapore,Hong Kong and Vietnam are also retail hotspots inAsia among those surveyed.


Statistics


Retail in general



Statistics


Retail in general



E-commerce

Asia Pacific to become world’slargest regional B2C e-commercemarket in 2014According to eMarketer, a research companyspecialising in digital marketing, worldwide B2Ce-commerce sales will hit US$1.5 trillion this year,with a yoy growth rate of 20.2%. Widening onlineand mobile user bases in emerging marketsremain major contributors to the growth. Byregion, the Asia Pacific will surpass NorthAmerica to become the world’s largest regionalB2C e-commerce market in 2014. Worldwide B2Ce-commerce sales are set to reach US$2.4 trillionby 201722.Mobile shopping set to boom in AsiaAccording to Euromonitor International, thenumber of smartphone users in the Asia Pacificregion will increase from around 390 million in2013 to almost 700 million by 201723. SouthKorea and Australia have achieved the highestsmartphone penetration rates in the Asia Pacificregion - 69.7% and 61.2%, respectively in 201424.Mobile shopping is clearly on the rise in the AsiaPacific region and more retailers are optimizingtheir websites for mobile devices so as to exploitthe potential of mobile commerce25.Asia to drive growth of global FMCGe-commerceKantar Worldpanel anticipates that global FMCGe-commerce will reach US$53 billion by 2016, upfrom US$36 billion at present. The consumerresearch company says Asia will drive the growthof FMCG e-commerce in the coming years withSouth Korea taking the lead in terms of marketshare. Taiwan and China will be the economiesregistering highest growth rates in the forecastperiod26.

Department stores

M&S announces Asia expansionplansBritish department store operator Marks &Spencer (M&S) will add at least 30 stores in Asiain 2014. Two of them will be located in Macau. Itis also considering expansions options intoTaiwan, Japan, Vietnam and Australia. M&Scurrently operates over 140 stores across Asiaincluding Hong Kong, India, Singapore, SouthKorea and Thailand27.Aeon to expand in AsiaJapanese retail giant Aeon will spend 380 billionyen to fund its expansion over the next threeyears till 2016. Of which, 25% will be allocated tothe opening of new department stores andshopping centres in China and Southeast Asia28.Aeon opened its first store in Vietnam29 andCambodia30 in January 2014 and June 2014,respectively. It also plans to expand its operationin Vietnam to 20 stores by 202031.Convenience stores

FamilyMart in rapid expansion inAsiaJapan-based FamilyMart, the second largestconvenience store chain in the Asia Pacific region,plans to rapidly roll out new outlets in bothdomestic and overseas markets. In 2014,FamilyMart will open 1,500 new outlets in Japanand 1,000 overseas, including 300 in Thailand,200-300 in China and 80 in Vietnam32.Duty free shops

Dufry acquires NuanceDufry, a global travel retailer, has entered into anagreement to acquire its rival Nuance for US$1.7billion. Nuance is the world’s sixth largest dutyfree retailer running a total of over 350 stores in20 countries33. The deal helps Dufry expand itspresence in Asia and become the world’s largestduty free retailer34. As of end June 2013, Dufryoperates more than 1,350 shops at airports,cruise liners, seaports, and other touristiclocations in 48 countries35.


Accessories

Radley enters AsiaRadley, a British handbag brand, plans to expandto Asia, Australia and the Middle East. The brandwill open a total of ten stores in the regions by201536. The first shop in Asia was opened in June2014 in Taiwan.Apparel

Marimekko to continue AsiaexpansionMarimekko, a Finnish apparel company, plans toopen at least six new stores in Asia in 2014: twoin Japan, two in Hong Kong, one in mainlandChina and the remaining one in South Korea. Italso plans to open five stores in Taiwan by theend of 201837.Antony Morato to further expand inAsiaItalian fashion brand Antony Morato plans toopen 40 and 15 stores in China and Thailand by2017. The brand is considering entering SouthKorea, Indonesia and India in future38. Its salesnetwork currently covers over 50 countries in theworld39.Beauty and personal care

Sephora to expand online presencein Southeast Asia through ZALORASephora, a French cosmetics brand, has partneredwith ZALORA, an online fashion retailer, todistribute beauty products in Southeast Asia40.The products are available on ZALORA Singaporeand ZALORA Malaysia earlier this year. It willextend to ZALORA Thailand in mid 2014.Nature Republic further expands inAsiaNature Republic, a South Korean cosmetics brand,opened its first store in Hong Kong in January2014. The company will add two to three storesin the city within this year. Hong Kong acts as ahub for its overseas expansion, especially China.So far, the brand has established presence in 14overseas markets including Japan and Malaysia. It

plans to roll out a flagship store in China withinthis year41.Consumer electronics

RadioShack expands its AsianpresenceRadioShack, an American technology productsretailer, opened two new concept stores in Chinaand Malaysia in early 2014. The company plans toopen at least another 15 stores over the next yearin key markets throughout Asia.Food and beverage

The Cheesecake Factory to hit AsiaAmerican restaurant chain The CheesecakeFactory has partnered with Hong Kong-basedMaxim’s Caterers to enter Asia. They have agreedto develop 14 restaurants over the next 10 yearsin Hong Kong, Macau, Taiwan and mainlandChina. They will consider expanding to Japan,South Korea, Malaysia, Singapore and Thailand infuture. The first restaurant in Asia is expected toopen in the 2015 fiscal year42.Famous Brands plans more AsianstoresAmerican company Famous Brands, parentcompany of TCBY Yogurt and Mrs Fields Cookies,is rapidly expanding its footprint in the AsiaPacific region. It opened a flagship TCBY Yogurtstore in Shanghai in April 2014 and will add 20stores over the next two years. Famous Brandsalso plans to open an additional 25 stores inAustralia and Pakistan over the next two years43.Ihop further expands in AsiaAmerican restaurant chain Ihop plans to add 20restaurants in the Philippines over the next fiveyears. It will enter Singapore, Malaysia, Thailandand Vietnam later44. As of March 2014, thecompany operates over 1,600 stores in differentcountries such as the U.S., Canada, Mexico, thePhilippines, etc.45

China Overview Asia Market Update Issue 1 July 2014 p10

With the second largest economy in the world,China’s GDP registered a real growth rate of 7.7%year-on-year (yoy) in 201346, while the Chinesegovernment has set a target of 7.5% for the year201447. The Economist Intelligence Unit predictsthat real GDP growth will moderate to about 6.0%by 201848.With the largest retail market in the Asia Pacificregion, China’s retail sales stood at 23.8 trillionyuan in 2013, recording a yoy nominal growth of13.1%49. According to Euromonitor International,the retail market will continue to grow at acompound annual growth rate of 8.7%50 between2013 and 2018.The spending power of Chinese consumers is setto increase. The Chinese government will seek todouble its per capita income of both urban andrural households between 2010 and 202051. Thenumber of wealthy households and the size ofprivate financial wealth52 in China will also surgein the coming years. According to the BostonConsulting Group, the number of millionairehouseholds (in U.S. dollar terms) in China reached2.4 million in 2013, up from 1.5 million in 2012.Private financial wealth in China is expected toalmost double from US$22 trillion in 2013 toUS$40 trillion in 201853.China is, in general, open to foreign investors.They can set up wholly owned companies andoperate in those industries that are encouraged orin which investment is permitted, as stipulated inthe Catalogue of Industries for Guiding ForeignInvestment54. Having said that, China is a highlyfragmented market. According to the China ChainStore and Franchise Association, the top 100 retailchains accounted for just 8.6% of total retail salesin 201355. Although local players dominate interms of market share, foreign retailers are takingthe lead when it comes to operating efficiency andgross profit margins.Euromonitor International56 reports thatgrocery retailers (such as convenience stores,hypermarkets and supermarkets) in Chinaaccounted for 37.7% of retail sales in 2013, grewby 7.5% yoy. Among the grocery retailers,convenience stores outperformed the others byposting a yoy sales growth of 11.7%57. Non-grocery retailers (such as department stores and

specialist retailers) beat grocery retailers in termsof market share as well as growth rate. Theyaccounted for about 55.5% of China’s retail salesin 2013, with a yoy increase of 10.7%. Apparelspecialist retailers and leisure and personal goodsspecialist retailers were the highest performers,presenting yoy growth rates of 17.9% and 13.1%,respectively58.China has the largest online population in theworld. According to the China Internet NetworkInformation Centre, the number of onlineshoppers totalled 302 million as from December2013, accounting for 45.8% of the total Internetpopulation59. The transaction value of China’sonline retail market reached 1,085 billion yuan in2013, rising by 42.0% yoy60. The massive onlineretail sales recorded on China’s “Singles’ Day” onNovember 11, 2013 is noteworthy. Sales onAlibaba, the China Internet giant, shot up to 35billion yuan that day, representing an increase of83.4%, from 171 million total orders61.The integration of online and physical channelsin China is gaining traction. More bricks-and-mortar retailers are launching their online andmobile platforms, while pure-click companies areevolving from selling only online to building a

China’s geographical position on the easternpart of the Eurasian continent borders theEast China Sea, Korea Bay, Yellow Sea andSouth China Sea. With a vast land mass of9,600,000 square kilometres, the countryhas a population of 1.36 billion. China rankssecond in the world, only after the U.S., interms of the size of its economy62.China Overview Asia Market Update Issue 1 July 2014 p10



China’s geographical position on the easternpart of the Eurasian continent borders theEast China Sea, Korea Bay, Yellow Sea andSouth China Sea. With a vast land mass of9,600,000 square kilometres, the countryhas a population of 1.36 billion. China rankssecond in the world, only after the U.S., interms of the size of its economy62.China Overview Asia Market Update Issue 1 July 2014 p10



China’s geographical position on the easternpart of the Eurasian continent borders theEast China Sea, Korea Bay, Yellow Sea andSouth China Sea. With a vast land mass of9,600,000 square kilometres, the countryhas a population of 1.36 billion. China rankssecond in the world, only after the U.S., interms of the size of its economy62.

China Overview Asia Market Update Issue 1 July 2014 p11

physical presence. While many retailers focus onintegrating their online and offline channels,omni-channel retailing, generally referred to asO2O (online to offline) in China, is increasinglybeing considered by some retailers: They hope toprovide a seamless shopping experience tocustomers across different channels.Despite the rapid development of the retailsector, integrity remains an issue in China.Commercial fraud, such as involving counterfeitproducts, is a common occurance. It is imperativefor the government to provide a legal andregulated business environment so as to boostdomestic consumption. The new consumerprotection law which came into effect in March2014 is one of the initiatives launched to protectconsumers. Under the new law, coverage ofChina’s “three warranties” regime (wherebybusiness operators must repair, replace or acceptthe return of goods) is extended, and unfair termsimposed on consumers are abolished. The newlaw has also been adapted for modern times byincluding several provisions for e-commerce. Forinstance, consumers can return products boughtonline within seven days of purchase withoutgiving a reason.E-commerce – the most dynamic segmentBaidu, Alibaba and Tencent, also known as BAT,are the best followed Internet giants in China.Other major e-commerce players include JD.com,Suning, Dangdang, VANCL and Amazon China,among others.Competition within China’s e-commerce marketis extremely fierce. To survive, companies have toenrich their product categories or serviceofferings in order to capture a wider base ofconsumers. For example, both Alibaba andTencent have created a mobile app forsmartphone users to locate and order a cab.Companies also need to enhance infrastructuresuch as logistics networks and payment systems.Alipay, Alibaba’s online payment solution, servesas a good example. As well as Taobao and Tmall,Alibaba’s C2C and B2C marketplaces, there areover 160,000 websites in China accepting Alipay,making this the largest online payment solutionon the mainland63. Recently, Alipay extended itsterritory overseas; Japan-based Rakuten andSouth Korea-based Lotte.com, for instance, nowaccept Alipay. In view of its success, Baidu hasintroduced its Baidu Wallet while Tencent haslaunched its WeChat payment system, aiming toget on equal terms.

Mergers and acquisitions have been increasinglyactive in the sector, as a fast lane for companies tocreate synergies or enter new businesses. Forinstance, Tencent recently invested in China’s toprestaurant review website Dazhong Dianping toboost content for its social network apps –namely, WeChat and QQ. It also bought a minoritystake in another major e-commerce player,JD.com, to promote the WeChat payment system.Alibaba, on the other hand, recently bought a 50%stake in a Chinese football club to further diverseits business portfolio in the run-up to its IPO inthe U.S.As described above, many Internet companieshave experienced exponential growth in their ownniche segments. Now they are making inroads intofinance. Besides payment solutions, they havestarted to introduce other financial offerings suchas small loans and wealth management productstraditionally offered by banks. Since the financialsector is among those highly regulated in China,the rapid development of Internet finance hasattracted the central government’s attention. InMarch 2014, the People’s Bank of China (PBOC)blocked plans by Tencent and Alibaba to offervirtual credit cards and mobile payments made byscanning QR codes via smart devices. The move bythe PBOC is intended to regulate Internet financeand protect consumers.

China In the news Asia Market Update Issue 1 July 2014 p12

Statistics

GDP growth slows to 18-month lowin 1Q14China’s economy grew 7.4% yoy in 1Q14. The 18-month low reading indicates softening of theChinese economy See Exhibit 6.Exhibit 6 | Real GDP growth of China, 1Q13-1Q14

Source: National Bureau of StatisticsRetail sales grow 12.5% yoy in May2014Retail sales in China rose 12.5% yoy to 2.13trillion yuan in May 2014. The figures have beenpicking up since the deep decline recorded inJanuary-February 2014. See Exhibit 7.

Exhibit 7 | Retail sales growth in China, Jun 2013 - May2014

Source: National Bureau of StatisticsCPI rises 2.5% in May 2014China's consumer price index rose 2.5% in May,quickening from a 1.8% rise in April. Acceleratedincrease in food prices is the major contributor tothe 4-month high figure64. See Exhibit 8.Exhibit 8 | Consumer price index in China, Jun 2013 -May 2014

Source: National Bureau of Statistics

7.7%

7.5%

7.8%

7.2%7.3%7.4%7.5%7.6%7.7%7.8%7.9%

1Q2013 2Q2013 3Q2013 4Q2013


Statistics






7.8%

7.7%

7.4%

4Q2013 1Q2014

13.3%13.2%

13.4%13.3%

13.3%

10.5%11.0%11.5%12.0%12.5%13.0%13.5%14.0%

Jun-13 Jul-13 Aug-13 Sep-13 Oct-132.7%

2.7%2.6%

3.1%

3.2%

3.0%

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

Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13


Statistics






13.3%13.3%

13.7%13.6%

11.8%

12.8%

11.9%

12.5%

Nov-13 Dec-13 Jan-Feb 2014 Mar-14 Apr-14 May-14

3.2%

3.0%

2.5%

2.5%

2.0%

2.4%

1.8%

2.5%

Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14


Consumer confidence index falls to102.3 in May 2014China consumer confidence index fell to 102.3 inMay, against the prior reading of 104.8, probablydue to lower expectations of future economicgrowth prospects. See Exhibit 9.Exhibit 9 | Consumer confidence index in China,Jun 2013-May 2014

Source: National Bureau of StatisticsE-commerce

iResearch: total transaction of e-commerce reaches 9.9 trillion yuanin 2013According to iResearch, a leading market researchcompany in China, total transaction of China’s e-commerce market, including online shopping,B2B transactions and other transactions,amounted to 9.9 trillion yuan in 2013, up by21.3% yoy. Growth is expected to slow down inthe coming years and the total transaction is setto reach 21.6 trillion yuan by 2017. Major growthdrivers include government support, robustdevelopment of e-commerce companies andrising penetration rate of online shopping65.iResearch: total transaction ofonline shopping up 42% in 2013According to iResearch, China’s spending ononline shopping grew 42% yoy to 1.85 trillionyuan in 2013, making up 7.8% of total retailspending in China. The company further predicts

that the size of total online shopping transactionvalue in China will reach 4 trillion yuan by 201766.Tencent partners with ChinaAMC tosell financial products on WeChatTencent, one of the leading Internet giants inChina, has teamed up with ChinaAMC, a fundmanagement firm, to sell financial products onWeChat, Tencent’s mobile instant messaging app.Tencent will use its online payment serviceTenpay to settle the transactions67.Tencent invests HK$1.5 billion inChina South CityTencent will spend HK$1.5 billion to acquire 9.9%stake of China South City, a wholesale market insouthern China. It is expected that Tencent willleverage China South City’s logistics and tradingnetwork to compete with Alibaba. It will alsowork with China South City to help small- andmedium-sized companies go online68.WeChat targets U.S. usersTencent’s WeChat, has teamed up with Google tofurther expand in the American market through apromotion campaign: Google users can win aUS$25 Restaurant.com gift card by getting five oftheir Google contacts to join WeChat. Thepromotion ends on 31 January, 201469.Tencent buys a 15% stake in JD.comTencent has agreed to buy a 15% stake in JD.com,another major e-commerce player in China.Tencent pays US$214.7 million and transfers itse-commerce businesses QQ Wanggou (a B2Cplatform) and Paipai (a C2C marketplace), plus aminority stake in Yixun (another e-commerceunit) to JD.com. Tencent subscribed an additional5% stake when JD.com listed on NASDAQ in May201470.Tencent buys a 20% stake in 58.comTencent has agreed to buy a roughly 20% in58.com, a Beijing-based online companyproviding local information on job postings andrentals, for US$736 million. Its services will beintegrated into Tencent's platforms, allowingusers to, for example, find local merchantsthrough Tencent's social networks (e.g.WeChat)71.

97.097.2

97.899.8

102.9

98.9

102.3101.1

103.1

107.9

104.8

102.3

90.092.094.096.098.0100.0102.0104.0106.0108.0110.0

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


Alibaba and Tencent to enterbanking sectorChina has launched a pilot scheme to establishfive privately-owned banks, a step to opening itsclosely guarded banking sector to privateinvestors. A total of ten companies have beenselected as pioneers, including Alibaba andTencent. The first five banks, focusing on servingsmall- and medium-sized businesses, will beestablished in Tianjin, Shanghai, Zhejiang andGuangdong. The operating schedule of the fivebanks is not available yet72.Alibaba starts US IPO processAlibaba, the largest Internet company in China,has kicked off the process for IPO in the U.S. toraise US$1 billion73. Alibaba has revealed that itwill list on the New York Stock Exchange74. Thedeal may surpass Facebook’s US$16 billion-IPO in2012.Alibaba rolls out its first wealthmanagement product via AlipayAlibaba’s Alipay, the largest third party paymentsolution in China, rolled out its first wealthmanagement product on February 14, 2014.According to Alipay, it offers investors anannualized return of 7%, while their principalalso will be guaranteed75. The product, with thematurity of one year, marks the continuingproliferation and evolution of financial servicesoffered by the large Internet companies.Alibaba invests US$15 million in1stdibsAlibaba has invested US$15 million in 1stdibs, anAmerican e-commerce player specializing inluxury goods. The company hopes that Alibabacan help them develop the Asian market in future.1stdibs is an online marketplace with over 1,500international dealers bringing antiques, vintagefurniture and design, fine art, jewelry, vintagecouture and fine homes76.Alibaba launches 11 Main in the U.S.Alibaba launched an online shopping platform inthe U.S., 11 Main, through its subsidiaries Vendioand Auctive in May 2014. The 11 Main(11main.com) site offers “interesting, qualityproducts” from “hand-picked shop owners” in

nine key categories including fashion, jewelry andhi-tech goods77.Alibaba invests in TutorGroupAlibaba, Temasek and Qiming Venture Partnershave invested nearly US$100 million inTutorGroup, a leading online education platformand largest English-language learning institutionin the world. The investment is an indication ofAlibaba's interest in the online education sector78.Alibaba to buy 60% stake inChinaVision MediaAlibaba has agreed to buy a controlling stake(60%) in ChinaVision Media for HK$6.24 billion,giving it access to TV and movie content. Alibaba'sacquisition aims at retaining current users as wellas attracting new users. Alibaba launched Ali TVoperating system in July 2013 and plans to launcha mobile gaming platform in 201479.Alibaba invests in Intime RetailAlibaba has agreed to invest HK$5.37 billion in aChinese department store operator, Intime Retail,and form a joint venture to develop online-to-offline business in shopping malls, departmentstores and supermarkets in China. Alibaba ownsabout 80% of the venture, with Intime controllingthe rest80.Alibaba invests in messaging appTangoAlibaba has invested US$215 million in Tango, amobile messaging company in China. Theinvestment gives Alibaba a minority stake in amessaging business with 200 million registeredusers and 70 million active users. It is believedthat, by acquiring Tango, Alibaba will be able toimprove the service offerings of its own mobilemessaging app, Laiwang81.Alipay adds Rakuten to list of clientsAlipay has begun to offer payment services toChinese buyers at Japan's leading shoppingwebsite Rakuten. Chinese buyers can place orderson Rakuten and pay in Chinese yuan via Alipay asthe company cashes in on the growing demand topurchase from overseas websites82.


Stripe and Alipay reach a dealThe American payment solution Stripe hassecured a deal with Alipay in a partnership thatopens up western businesses to Chineseconsumers83. From now on, Alipay users canenter their email address and a six-digit SMS codeto buy things from companies that use Stripe toprocess payments, rather than being bounced toanother site84.Jack Ma and partners to pay US$1.05billion for 20% Wasu MediaJack Ma, founder and the major stakeholder ofAlibaba, and other partners will pay US$1.05billion for a 20% stake in China's Wasu Media(Wasu), a company that engages in the new mediaand cable television business in China. Alibabaand Wasu have signed a cooperation agreementon online content and Internet TV85.Alibaba to pay US$1.22 billion forstake in Youku TudouAlibaba Group has agreed to buy a US$1.22 billionstake in Chinese video website Youku Tudou. Thedeal gives Alibaba access to China’s biggest onlinevideo operator and its customers86.ShopRunner to partner with AlibabaShopRunner, an online shopping service platformthat offers members shopping deals from over100 retailers in America, will be forming apartnership with Alibaba at the end of 2014.Under the partnership, more than 300 millionAlipay users will be able to order goods directlyfrom ShopRunner’s partners such as NeimanMarcus and Toys “R” Us. With the help ofAlibaba's logistics capabilities, ShopRunner’sproducts will be delivered to China in 10 days87.Alibaba taps mobile searchAlibaba has teamed up with UCWeb, a Chinesemobile browser service provider, and havelaunched a new mobile search engine, Shenma, inorder to tap the huge population of smartphoneusers in China88.Alibaba signs deal with AustraliaPostAlibaba signed a deal with Australia Post in May2014 to attract more Australian retailers to set upstores on Tmall. Australia Post has launched its

flagship store, auspost.tmall.hk, on Tmall sellingAustralian products to Chinese consumers.Australia Post also plans to provide tailor-madelogistics services to Australian retailers.Consumers will be able to track shipping status ofthe products through Australia Post‘s website89.Alibaba agrees US$249 million dealwith Singapore PostAlibaba and Singapore Post (SingPost),Singapore’s major postal service provider,entered into an agreement in May. Alibaba willbuy a 10.35% stake in SingPost for US$249million. According to the agreement, Alibaba andSingPost will create a joint venture (JV). The JVwill give Alibaba a quick route to SingPost’slogistics capabilities, infrastructure and deliverynetworks globally. SingPost will be able toleverage Alibaba's customer base to scale up itsregional e-commerce logistics operations90.Alibaba buys 50% stake inGuangzhou Evergrande FootballClubAlibaba bought a 50% stake in GuangzhouEvergrande, China’s most successful soccer club,for US$192 million in June 2014. According toJack Ma, the deal is part of Alibaba’s futurestrategies in health and entertainmentindustries91.Alibaba to develop logistics networkwith China PostAlibaba will develop a logistics network withChina Post, China's dominant state-owned postalcarrier. Alibaba will integrate more than 100,000China Post’s post offices into its own logisticssystem. Alibaba and China Post will alsocollaborate on areas such as e-commerce, financeand information security92.Alipay ties up with Lotte.comAlipay has teamed up with Lotte.com, a leadingSouth Korean online retailer. Chinese consumersare able to pay in Chinese yuan for purchases viaAlipay from now on when shopping on Lotte.com.Products will be shipped directly from SouthKorea93.


Burberry teams up with TmallBritish luxury brand Burberry opened a virtualstorefront on Tmall in April 2014 to tap thegrowing Chinese e-commerce market94. It is thefirst international high-end luxury to open anonline store on Tmall. Products sold online are ofthe same prices as those sold at physical stores95.Muji opens on TmallMuji opened a Tmall store in June 2014. Althoughit is running over 100 physical stores and haslaunched its own e-commerce platform in Aprillast year, the company expects Tmall will helpthem develop a better understanding of theChinese consumers, which is extremely importantfor research and developing products andpromoting services in future96.King Power debuts 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 later.Zara to open store on TmallZARA will open a flagship store on Tmall platformthis autumn or winter. This is the first time thatZARA cooperates with a third party e-commerceplatform in China. Leveraging Tmall online store,ZARA intends to penetrate into lower tier cities97.Weibo debuts on NASDAQSina Weibo, often described as China’s version ofTwitter, debuted on NASDAQ in April 2014. Thecompany has raised a total of US$340 million.Weibo reported revenues for 2013 of US$188million, triple the level of 201298.Suning launches investment serviceLing Qian BaoSuning, China’s leading retailer, launched thecompany’s first investment service in January2014 through its e-payment affiliate, Yifubao. Theinvestment service, Ling Qian Bao, allows Yifubaousers to buy wealth management products99.

Suning to enter supermarketbusinessSuning plans to open 500 supermarkets in China'sfirst-tier cities and 1,000 across the country by2020. Suning will leverage its online marketplaceSuning Yigou and its existing logisticsinfrastructure to boost efficiency. The firstsupermarket is set to open in Nanjing later thisyear100.Dangdang, Yihaodian join forcesThe Chinese e-commerce company Dangdang haspartnered with Yihaodian, a B2C online groceryretailer in China owned by Walmart. Dangdanghas opened a bookstore on Yihaodian, making itsbooks and media merchandise available toYihaodian’s customers; while Yihaodian hasopened a supermarket on Dangdang101.JD.com raises US$1.8bn after pricingUS IPOJD.com debuted on NASDAQ in May 2014. TheChinese e-commerce firm has raised US$1.78billion and the deal was considered to be thebiggest listing among all Chinese companies in theU.S.102Meituan considers US IPOMeituan.com, a Chinese group discount websitebacked by Alibaba, is considering an IPO in theU.S. Meituan has partnered with about 400,000merchants in China and is looking to expand to300 cities in 2014. The online retailer mayacquire local websites that provide informationand discounts for karaoke, hotels, salons andother service providers103.Jumei files for US IPOChina’s online cosmetics retailer Jumei debutedon New York Stock Exchange in May 2014. TheBeijing-based firm raised a total of US$245.1million. Jumei hopes to work with makeupsuppliers to offer tailored products to customersthat will pop up via smartphone notifications infuture104.Vipshop invests in OvationChina’s online discount retailer Vipshop hasagreed to pay US$55.8 million to acquire a 23%stake in Ovation Entertainment, whose businessis to develop cosmetics products under


proprietary brands and media products. Thestrategic investment provides Vipshop access to aconsistent supply of Ovation branded cosmeticsproducts105.Amazon injects US$20 million intoYummy77Amazon invested US$20 million in Yummy77, anonline grocery store based in Shanghai, in May2014. Yummy77 has 1 million registered users asof February 2014 and recorded total salesexceeding 100 million yuan in December 2013.The online grocer will use the capital to expandinto new markets and help Amazon’s Chinasite develop sales of fresh food106.Tmall heads China top 100 retailersAccording to the China National CommercialInformation Center of China (CNCIC), Tmallranked first among the China’s Top 100 retailersin 2013 in terms of turnover. Tmall surpassedSuning for the first time and leapt to the firstplace with a turnover of 347 billion yuan. Inaddition to Tmall, another eight online retailersentered the top 100 list, includingJD.com, Vipshop, Amazon China,Dangdang, Yhd.com, Jumei and VANCL. Turnoverof the nine online retailers reached 573.3 billionyuan, accounting for 20.7% of the total turnoverof the top 100 retailers, up from 6.2% in 2012107.Weibo payment is open to allmerchantsWeibo payment was open to all merchantsstarting end June. Previously, Weibo payment wasonly open to Taobao’s and Tmall’s merchants.From now on, all merchants, as long as they havea Weibo account, are able to accept Weibopayment108.Baidu enters China’s onlinepayment marketIn view of the success of its competitors’ paymentsolutions, Baidu, the Chinese search engine giant,launched a third party payment solution, BaiduWallet, in April 2014. Baidu Wallet focuses onpayments made with mobile devices109.Dianping considers US IPODianping.com, a Tencent-backed website forgroup buying and restaurant and entertainment

reviews, is planning to file an IPO in the U.S. in2014. It aims to raise about US$200 million110.Yiwu launches online marketplacein HungaryYiwu’s China Commodity City, the leadingwholesale market in China selling smallcommodities, launched a Hungarian websitehu.yiwubuy.com in June 2014. The website allowscustomers to place orders in English andHungarian. Suppliers and buyers communicatedirectly with wholesalers via the onlineplatform111.Department stores

Sanpower takes control of House ofFraserChina’s Sanpower Group, which controlscompanies in a range of sectors including retail,has agreed to buy 89% of Britain's departmentstore, House of Fraser. The group will bringHouse of Fraser to China and introduce moreBritish and international brands in China. MoreChinese brands are expected to be sold at Houseof Fraser in the U.K. in the future as well112.Sanpower buys bankruptBrookstoneChinese investment firm Sailing Capital andSanpower teamed up to buy Brookstone for morethan US$173 million at a bankruptcy auction inJune 2014113. Sailing Capital and Sanpower willhelp Brookstone penetrate the China and U.K.markets. Brookstone is an innovative productdevelopment company and multichannel lifestyleretailer, operating approximately 240 stores inthe U. S. and Puerto Rico114.Marks & Spencer seeks partnershipsto drive growth in ChinaAccording to Marks & Spencer (M&S)’s newlyreleased expansion plan, China is considered tobe one of the five important international marketsfor M&S. It currently has 15 self-owned stores inShanghai. M&S is now evaluating the existingstore structure and will continue to focus onflagship stores and stores at profitable locations.The company also plans to open new flagship


stores through local partnerships. Potential sitesinclude Beijing and Guangzhou115.Ito Yokado shuts down Beijing storeJapanese retailer Ito Yokado shut down its Beijingstore in April 2014 after an eight-year operation.The company says the closure was due to itsunsatisfactory performance triggered byincreasing competition from online retailers116.COSCIA Department Store opensfirst store in ChinaCOSCIA, Italy’s luxury department store brand,opened its first store in China in June. The store,located in Shenzhen, has its own buyers to build acollection of merchandise. The store providesvarious services such as designated fitting roomfor their VIPs. COSCIA plans to open 5-10 storesin China over the coming five years117.Shopping malls

Ikea opens its first shopping mall inChinaIkea opened its first shopping mall in Wuxi inJune 2014; two more malls will follow in Beijingand Wuhan in 2015. IKEA furniture store is one ofthe anchors of the Wuxi shopping mall. Otheranchors include Auchan hypermarket, JinyiCinema, Suning Electronics, etc. Located insuburbs, lower rentals and more space areexpected118.Value Retail opens its first luxuryoutlet shopping centre in ChinaBritish-based Value Retail opened its first luxuryoutlet shopping centre in Suzhou in May 2014.With an area of 35,000 square metres, the newluxury outlet shopping centre features over 100stores, cafes and restaurants119.CBRE: Global retailers stay focusedon ChinaAccording to a report published by CBRE in May,global retailers expanding into Asia Pacificcontinue to regard China as their priority marketfor new store openings. CBRE found that 64% ofglobal retailers surveyed planned to open a newstore in China in 2014. That was almost twice the

proportion intending to open stores in Vietnam,Hong Kong and Singapore, all of which rankedequal second, with a vote of 33%120.Supermarkets

METRO Cash & Carry to expand inChinaMETRO Cash & Carry, an international self-service wholesaler, plans to open two to threenew stores in China by the end of 2014 to meetthe growing demand from small- and medium-sized businesses and caterers121.Walmart to open 30 new stores inChina in 2014Walmart will add around 30 stores in China in2014 as part of the company's three-yearexpansion plan. It also plans to invest around 580million yuan to renovate about 55 existing storesin 2014 to enhance store operations and optimizecustomer experience122.JV between CRE and Tesco receivesgreen lightThe Chinese authorities approved a joint venture(JV) formed between the state-owned ChinaResources Enterprise (CRE) and the Britishretailer Tesco in May. CRE owns 80% of the JVand Tesco holds the remaining 20%. The JVcombines Tesco's 131 outlets with CRE's almost3,000 supermarkets in China, making it thelargest food retailer in China123.Aeon ramps up China expansionAeon plans to add 15 shopping centres in Chinaby 2016. The Japanese retailer already operates20 shopping centres in the country. Aeonannounces that it will open 50 new supermarketsin China by 2016124.Convenience stores

China’s first City Convenience StoreIndex releasedThe China Chain Store and Franchise Associationreleased the first ‘China City Convenience StoreIndex’ in April 2014. A total of 26 cities were


selected and the index ranked the cities based ongrowth rate, opening hours, saturation of theconvenience stores (CVS) and policy supportgiven to them. Shenzhen, Dongguan, Taiyuan rankthe top three among the selected cities. There are176 CVS brands in the selected cities andShenzhen, Shanghai, Nanjing and Dongguan seethe fiercest competition as there are more than10 CVS brands in each of the four cities. Thesurvey also indicates that CVS has become thefastest growing retail format in China125.SF Express to add 30,000 O2O storesSF Express, a leading express courier company inChina, plans to open 30,000 O2O (online-to-offline) stores focusing on the CBD area andresidential area this year. Consumers can pick uptheir parcels at the stores; they can also shop atSF Express online store via tablets provided at thestores. Virtual shopping walls can also be found atthe stores126.FamilyMart to open 200 new storesin ChinaJapanese convenience store chain operatorFamilyMart will open at least 200 new stores inChina in 2014. FamilyMart aims to enter one ortwo new cities each year over the next few years.It also plans to renovate its existing stores toattract more foot traffic127.Apparel

Marisfrolg buys KriziaMarisfrolg, an apparel retailer based in Shenzhen,has acquired Krizia, one of Italy's oldest ready-to-wear fashion brands. Marisfrolg plans to openflagship stores in cities such as Beijing, Shanghai,Chengdu, Guangzhou and Shenzhen over the nextfive years128.Cache-Cache goes online in ChinaCache-Cache, a French apparel company, plans tolaunch its own e-commerce platform in China.The company is already selling products online inChina through Tmall as well as its 850 bricks-and-mortar stores129.

Oroton to add 30 stores in ChinaAustralian fashion accessories retailer Oroton isseeking a partner to open up to 30 stores in Chinaover the next three to five years. The retailerentered China in October 2013, with a store inShanghai130.A&F in rapid Chinese expansionAmerican clothing retailer Abercrombie & Fitchplans to aggressively expand its presence inChina. The company plans to open more than 100stores over the next 10 years in China. It will alsolaunch its online store within 2014131.Pringle enters ChinaScottish knitwear maker Pringle is expanding intoChina. It opened its first store in Chengdu in April2014. The brand aims to open up to 20 storeswithin three to five years132.Old Navy enters ChinaAmerican apparel retailer Gap launched its firstOld Navy store in Shanghai in April 2014 andplans to add five more stores within 2014. OldNavy’s e-commerce website was also launched onthe same day. Gap currently has 81 Gap stores inChina and plans to open 30 more in 2014133.H&M eyes China’s smaller citiesSwedish fashion retailer H&M plans to openbetween 80 to 90 stores across China in 2014,mostly located in lower tier cities. According toH&M, increasing competition in China’s top tiercities has prompted the company to move tosmaller cities for growth134.Ann Demeulemeester debuts inChinaBelgian fashion designer Ann Demeulemeesterhas opened its first store in Shanghai. The store isoperated by I.T., a Hong Kong-based fashionretailer. Shanghai is Ann Demeulemeester’sfourth market in Asia after Hong Kong, SouthKorea and Japan135.Antony Morato to enter ChinamarketItalian menswear brand Antony Morato plans toopen 40 stores in China by 2017. The first store isscheduled to open in Shanghai in September2014. The China presence is an integral part of


the brand’s plan to boost visibility in the FarEast136.Peine Group teams up withShandong RuyiEuropean fashion brand Peine Group has teamedup with Ruyi137, one of the largest Chinese men’sclothing groups, to launch Barutti andMasterhand in Asian markets. The two companieswill also cooperate in strategic acquisitions inEurope.Giordano eyes 1,000 new storesunder new brand in five yearsGiordano, a Hong Kong-based apparel retailer,plans to open 1,000 new stores in China under anew brand name, Beau Monde (BM), focusing onthe affordable fashion market. The first BM storewas opened in Shenzhen in May 2014. There areno cashiers at BM stores. Shop assistants checkout customers’ items via their smartphones, whilereceipts are printed out via Bluetoothtransmission138.MK Trend to enter ChinaSouth Korean apparel company MK Trend plansto set up about 20 stores in China by end 2014.The company will sell sports fashion with US NBAteam characters and images139 in major Chinesedepartment stores and shopping malls140. Thecompany plans to increase the number of shopsto 80 by 2016. The company also seeks tointroduce its own labels such as TBJ, Andrew, andBuckaroo later on141.Beauty and personal care

Jo Malone London enters ChinaJo Malone London, an international perfume andcosmetics retailer, has launched Jo MaloneLondon brand in China at the Mitsukoshi store inBeijing. The brand expects to add two more storesin Shanghai and Beijing in 2014142.Estee Lauder opens on TmallEstee Lauder, the international beauty giant,launched their official online shop on Tmall inMay 2014. The total sales reached about 3 millionyuan on its first day of operation, exceeding themonthly sales achieved by an offline store143.

Consumer electronics

Yosen enters the U.S.Yosen, China's leading wholesale distributor andretailer of 3C merchandise, opened its first storein New York in March. As a start, the store offersonly building supplies. It will add more categoriesin future144.Best Buy considers sale of ChinabusinessAmerican consumer electronics retailer Best Buyis reportedly looking at a sale of or partnershipfor its business in China due to declining of sales.It currently runs about 190 locations in Chinaunder the names Five Star and Best Buy Mobile145.Food and beverage

Costa Coffee to make China its‘second home’Costa Coffee, a British coffee house company,plans to add 400 stores in China and hopes tobring the number to 700 by 2017146. The coffeechain now operates over 1,755 shops and 3,000Costa Express machines in 30 countries147.Caffe Bene in China expansionKorean cafe brand Caffe Bene plans to rapidlyexpand its presence in China with several outletopenings in the pipeline. The coffee companytargets 1,000 outlets in China in 2014 and 3,000by 2015. Flagship stores are planned for citiessuch as Beijing, Shanghai, Shenzhen, Wuhan andChongqing148.Mister Pizza to expand in ChinaMister Pizza, South Korea’s largest pizza brand,plans to expedite its expansion in China149. MisterPizza proposes to add 70 outlets this year on topof the current 30. The pizza chain has alsopartnered with Golden Eagle Group, a leadingChinese property developer and operator, tooperate restaurants in Golden Eagle DepartmentStores.


Bright Food buys a controlling stakeof TnuvaBright Food, one of the leading Chinese food andbeverage companies, signed an agreement to buy56% of Tnuva, Israel's largest food company inMay 2014. The deal gives Bright Food a broaderrange of high quality products to bring intoChina150.PizzaExpress debuts in ChinaPizzaExpress, a London-based Pizza chain,opened its first outlet in China in June 2014. Thecompany is currently looking for new restaurantsites and hopes to open a second restaurant inBeijing soon151.Café De La Don Manuel to enterChinaDTS8 Coffee Company, an American coffee roasterand wholesaler, will open new coffee shops inChina under the name Café De La Don Manuel.The first coffee shop is scheduled to debut inShanghai by September 2014. The coffeecompany seeks to add five more stores by1Q15152.Orange Leaf Frozen Yogurt toexpand into ChinaOrange Leaf Frozen Yogurt (Orange Leaf), one ofAmerica's fastest-growing frozen yogurt conceptstores, will launch its first two stores in Shanghaiin 2014. Orange Leaf seeks to add 100 storesacross China, Hong Kong, Taiwan and Macau inthe coming years153.FMCG

China fines Johnson & Johnson andothers for price fixingAccording to the National Development andReform Commission (NDRC), Johnson & Johnson,Bausch & Lomb and other major producers werefined more than 19 million yuan for price fixing inChina's eye wear market in June 2014. NDRCfound that the companies required theirdistributors to sell at fixed prices154.

Luxury

BCG: China riches fuel AsiaAccording to a report published by BostonConsulting Group (BCG) in June, the affluentChinese make Asia the fastest growing region fornumber of wealthy households in 2013. BCG addsthat China has leapfrogged Germany and Japan inthe past five years to become the second, onlyafter the U.S., in terms of private financial wealth.BCG predicts that total amount of private financialwealth in China will increase from US$22 trillionin 2013 by more than 80% to US$40 trillion in2018155.

Japan Overview Asia Market Update Issue 1 July 2014 p22

Thanks to “Abenomics”156, which adopts a mix offiscal stimulus, monetary easing and structuralreform as advocated by Japanese Prime MinisterShinzo Abe to boost the economy, Japan hasundergone moderate economic recovery since2013. The country’s real GDP growth in 2013 was1.5%, up from 1.4% the previous year157. TheEconomist Intelligence Unit predicts that Japanwill maintain an average real GDP growth rate ofabout 1.4% until 2018. Tokyo winning the 2020Olympic Games is set to boost the confidence inthe positive outlook for the country. Sectors suchas construction, transportation and consumerspending are likely the major beneficiaries158.The spending power of Japanese consumers willcontinue to rise as personal disposable income isexpected to grow from US$3.0 trillion in 2013 toUS$3.2 trillion159 in 2017, with a compoundannual growth rate (CAGR) of 2.0%160.With the second largest retail market in Asiaafter China, Japan’s retail sales stood at about107.6 trillion yen in 2013161. According toEuromonitor International, Japan’s retail sales willincrease to 108.4 trillion yen by 2018, with aCAGR of 0.2%162. Despite flat growth, relativelyhigh incomes and strong demand for high-endgoods will continue to guarantee Japan has one ofthe highest levels of retail spending in Asia.Having said that, Japan remains a difficultmarket for foreign investors to penetrate. Majorreasons for this include restricted growthopportunities in view of its mature market statusand the discerning approach taken by Japaneseconsumers. Increasing operating costs have posedanother challenge to retailers in Japan. Forinstance, mounting rental costs in prime retailsites have put tremendous pressure on retailers.Also, importing raw materials is much moreexpensive today due to the depreciation of yenover the last couple of years.According to the Statistics Bureau of Japan, as of1 February 2014, Japanese people aged 65 orabove accounted for 25.4%163 of the totalpopulation. This ageing population presents aspecific market segment for retailers and they aredeveloping products or services tailor made forthe special needs of senior citizens. For instance,some retailers have increased healthy menu

options for the elderly. Others offer home deliveryservices aiming to serve older customers who arelosing their physical strength.Railway station shopping facilities, whichemerged from over a decade ago, are one of thespecial features in Japan’s retail landscape. Tailormade for the hectic pace of living of Japanese, theabundance of various kinds of shops in majorstations help commuters turn unproductivewaiting time into enjoyable shopping time.Aeon and Seven & I are the most prominent,well-established local retailers in Japan, withthousands of retail outlets in various formats athome and abroad. According to Deloitte’s study inJanuary 2014164, Aeon and Seven & I ranked 13thand 16th respectively in 2012 among globalretailers in terms of sales.The three largest convenience store chains inthe Asia Pacific are Japanese companies, namely,Seven Eleven, Family Mart and Lawson. SevenEleven, Family Mart and Lawson now manage52,811165, 23,622166 and 12,363167 conveniencestores at home and abroad respectively.Uniqlo, controlled by the Fast Retailing Group, isan internationally-recognised Japanese brandknown for its fast fashion form of presentationand distribution and is achieving huge success inboth domestic and international markets. By

Japan’s island chain in eastern Asia stretchesfrom the North Pacific Ocean to the Sea ofJapan with a population of about 127 millioncovering 377,000 square kilometres. With thelargest developed market in Asia, Japan ranksthird globally for the size of its economy168.Japan Overview Asia Market Update Issue 1 July 2014 p22



Japan’s island chain in eastern Asia stretchesfrom the North Pacific Ocean to the Sea ofJapan with a population of about 127 millioncovering 377,000 square kilometres. With thelargest developed market in Asia, Japan ranksthird globally for the size of its economy168.Japan Overview Asia Market Update Issue 1 July 2014 p22



Japan’s island chain in eastern Asia stretchesfrom the North Pacific Ocean to the Sea ofJapan with a population of about 127 millioncovering 377,000 square kilometres. With thelargest developed market in Asia, Japan ranksthird globally for the size of its economy168.

Japan Overview Asia Market Update Issue 1 July 2014 p23

August 2013, Uniqlo had 1,229 retail stores169globally. Uniqlo’s global sales reached 637.5billion yen in the first half of FY2014170.Consumption tax hike slowing retail salesgrowth?To reduce huge public debt and bolster economicgrowth, the Japanese government increased theconsumption tax rate from 5% to 8% on 1 April,2014. This is the second rise since theintroduction of the tax in 1989; the first was in1997, from 3% to 5%.According to the Ministry of Economy, Tradeand Industry, retail sales in March 2014 reached13,733 billion yen, with a year-on-year (yoy)growth rate of 11.0%. The record-high increasewas largely due to a last-minute shopping rushbefore the tax increase in April. By retail format,department store sales in March 2014 surged25% yoy. Sales for supermarkets and conveniencestores also recorded significant increases of 9.8%and 7.6%, respectively. Consumers tended topurchase big-ticket items before the tax hike,including electrical appliances sold by departmentstores and this was probably the reason whydepartment store sales recorded a larger increasethan those of other retail formats.As a result of the sales tax hike, retail sales inApril 2014 slid to 11,011 billion yen, representinga yoy decline of 4.4%. Meanwhile, the CPI surgedto 102.8 in April 2014, or 3.4% yoy, thanks tohigher retail prices.Facing the tax hike, some retailers such asconvenience store operators have passed the costincrease on with retail prices. Other retailersaffected, who cannot pass such costs toconsumers, are adopting various alternativemeasures to boost sales. For instance, some retailchains have increased their range of private labelproducts; consumers were expected to scale backexpenses and turn to lower-priced products in theprivate label category. This is not believed to be anegative strategy by retailers as they can enjoylarger gross margins via these private labelproducts.Barclays Bank predicts that the drop in retailsales is likely to be temporary, with the marketpicking up over the summer when Japaneseincomes are expected to improve171. According tothe latest survey conducted by Reuters between25 April, 2014 and 12 May, 2014, 37% ofsurveyed companies said they were willing toraise workers’ income levels as a result ofAbenomics. Some 63% of respondents in the same

survey expected Japan’s retail sales to rebound bythe end of 2014172.Nonetheless, the Japanese government hasannounced that a further tax increase to 10% willcome into effect in October 2015. The new taxhike will likely put the market to the test again.

Japan In the news Asia Market Update Issue 1 July 2014 p24

Statistics

GDP growth registers 1.5% in 1Q14Japan’s real GDP grew by 1.5% in 1Q14 quarter-on-quarter (qoq), up from 0.1% in 4Q13 ( SeeExhibit 10). The satisfactory performance waspartly fueled by rush spending ahead of sales taxincrease in April 2014 by the Japanese consumersand rising business investment in light of thepositive prospects for future economic growth inJapan173.Exhibit 10 |Real GDP growth of Japan, 1Q13-1Q14

Source: Ministry of Economy, Trade and Industry of JapanConsumer price index in April 2014rises to 23-year highJapan's consumer price index rose by 3.4% yoy inMay 2014 ( See Exhibit 11). It was higher thanthe 3.2% increase in April and is the fastest sinceApril 1982, as an increase in the national sales taxcontinued to boost prices174.

Exhibit 11 | Consumer price index in Japan, Jun 2013 -May 2014

Source: Statistics Bureau of JapanRetail sales drop in May 2014Japan’s retail sales fell by 0.4% yoy in May 2014,marking the second drop since April. The retailmarket is picking up since drop in sales is lesssteep when comparing to 4.3% in April175. See Exhibit 12.Exhibit 12 | Total retail sales in Japan, Jun 2013 – May2014

Source: Ministry of Economy, Trade and Industry of Japan

1.2%

0.9%

0.3%

0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%

1Q2013 2Q2013 3Q2013 4Q2013

billion yen


Statistics






0.3%

0.1%

1.5%

4Q2013 1Q2014

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


1.6

-0.31.1

3.0

2.4

4.1

02,0004,0006,0008,00010,00012,00014,00016,000

Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13Total retail sales

billion yen


Statistics






Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-142.4

4.12.5

4.43.6

11.0

-4.3

-0.4

-6.0-4.0-2.00.02.04.06.08.010.012.0Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14yoy change %

billion yen


Consumer confidence index in April2014 drops to the lowest level sinceAugust 2011Japan’s consumer confidence index fell further to37.0 in April 2014, the lowest level since August2011, largely due to the increase in sales tax on 1April. See Exhibit 13.Exhibit 13 | Consumer confidence index in Japan, May2013- Apr 2014

Source: Cabinet Office of JapanE-commerce

Rakuten acquires ViberJapan's leading e-commerce company Rakutenacquired Viber, an instant messaging voice-over-Internet Protocol application in March 2014.Rakuten paid US$900 million for the mobileapplication, which offers free calls and textmessages from a mobile phone. The deal wouldmore than double the number of users inRakuten’s digital empire, boosting its presence indigital content and services176.Rakuten ties with AlipayRakuten teams up with Alipay, the leading onlinepayment solution in China. About 250 shopsunder Rakuten Global Market, the internationalshopping service platform operated by Rakuten,started accepting Alipay in April 2014. About10,000 of the shops will eventually accept Alipayin future177.

Rakuten opens a café in TokyoRakuten opened a café in Tokyo in May 2014. Thecafé is an offline extension of Rakuten's expansivesuite of Internet services. The café offers populardesserts, snacks and drinks, which are alsoavailable in Rakuten’s online store. Customers areable to pay for dishes using a range of Rakutenpayment methods including Rakuten Edy, thecompany’s contactless payment technology. Aconcierge is also on duty at all times, ready toanswer any questions customers might haveabout Rakuten services. Kobo eReaders, an e-book reader, are also available for free in thecafé178.Rakuten launches credit cardservice in the U.S.Rakuten expands its international reach bypartnering with First National Bank of Omaha tolaunch its first credit card in the U.S. The initiativeis the first banking move outside home for thecompany and aligns to its strategy to expand itsfinancial services worldwide179.Rakuten Wuaki and Microsoft linkon appWuaki.tv, the movie and TV streaming platformowned by Rakuten, partners with Microsoft on anew dedicated app for Windows 8.1. At present,the service is only available in the U.K., Spain andAndorra. The service is offered either asunlimited streaming at a monthly subscription oras an option to rent and purchase digital titlesindividually180.Yahoo Japan accepts Alipay as apayment optionYahoo Japan started to accept Alipay in June2014. Chinese consumers now can pay by Alipaythrough Buyee, a Japanese buying and biddingservice that provides shipping and transactionservices for overseas Yahoo Japan users, whenthey purchase products from Yahoo Japan.Beforehand, payment options were limited tocredit cards and PayPal, a U.S. electronic paymentsolution, only. By adding Alipay, which is widelyused in China, Yahoo hopes to expand sales bymaking it easier for Chinese consumers to shopand pay online181.

0.05.010.015.020.025.030.035.040.045.050.0

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


MasterCard adds Japan onlinepayment optionWebMoney, a Japan-based company engaging inelectronic money business, has partnered withMasterCard and Credit Saison to launch its firstMasterCard-branded prepaid card in Japan. Theprepaid card, WebMoneyCard, can be used bothonline and at physical merchants that acceptWebMoney or MasterCard payment cards182.Muji opens on TmallMuji opened a Tmall store in June 2014. Althoughit is running over 100 physical stores and haslaunched its own e-commerce platform on itswebsite in April last year, the company expectsTmall will help them develop a betterunderstanding towards the Chinese consumers,which is extremely important for research anddeveloping products and promoting services infuture183.Department stores

H2O Retailing to acquire an udonchainH2O Retailing, parent company of HankyuDepartment Store and Hanshin Department Store,agreed to acquire a 26.56% stake in Kazokutei,Japan’s famous udon restaurant company for 1.5billion yen in May 2014. The deal is expected toclose in August 2014184.Aeon’s fresh expansion spreeJapanese retail giant Aeon will spend 380 billionyen to fund its expansion over the next threeyears till 2016. Of which, 25% will be allocated tothe opening of new stores and shopping centresin China and Southeast Asia185. Aeon opened itsfirst store in Vietnam186 and Cambodia187 inJanuary 2014 and June 2014, respectively. It alsoplans to expand its operation in Vietnam to 20stores by 2020188.Aeon introduces dog care home atshopping mallAeon is introducing the first care home for elderlydogs in the shopping mall in the city of Chiba.There are also gym and swimming pool for pets inthe mall. It's the first entry by a major retailer intothe pet nursing care business. Aeon says it hopes

to expand the dog nursing facilities nationwide infuture189.Supermarkets

Supermarket sales mark the firstrise in 17 yearsAccording to the Japan Chain Stores Association,Japan's supermarket sales in fiscal year 2013grew by 0.8% yoy, the first increase in 17 years.The rare increase is reportedly contributed by therecovery in consumption under the government'seconomic stimulus programs and the surge inpurchases before the sales tax hike in April2014190.Convenience stores

FamilyMart cooperates withagricultural cooperativesFamilyMart, the second largest convenience storechain in the Asia Pacific, is developing businessties with companies in other sectors. In June2014, the convenience store operator and theNational Federation of Agricultural CooperativeAssociations (Zen-Noh) have announced a newagreement to jointly run stores in Japan. Thecompanies aim to open about 30 such stores overthe next three years. The first joint outlet willopen in Ehime Prefecture. The store will have aspecial section featuring locally produced freshfoods as well as a dining area191.FamilyMart in rapid expansionFamilyMart plans to rapidly roll out new outletsin both domestic and overseas markets. In 2014,FamilyMart will open 1,500 new outlets in Japanand 1,000 overseas, including 300 in Thailand,200-300 in China and 80 in Vietnam192.


FamilyMart exits South KoreaFamilyMart exited South Korea in May 2014. Thecompany entered South Korea in 1990 through afranchise licensing agreement with BokwangGroup, owner of South Korean’s largestconvenience store chain (CU convenience store)193. The split is reportedly to be part of theJapanese chain’s announced plans to focus onSoutheast Asia194.Seven & I teams up with West JapanRailwaySeven & I, the world's biggest convenience storeoperator, has partnered with West Japan Railwayto convert 500 convenience stores andnewsstands into 7-Eleven stores. The existing 500stores, including 200 kiosks, in western Japan willbe rebranded to 7-Eleven stores. The conversioncommenced in June 2014 and will finish in fiveyears195.7-Eleven unveils expansion plans athomeSeven & I plans to open a record high of 1,600new convenience stores in Japan in the fiscal yearending February 2015. Despite years of deflationand the recent sales tax hike, the company stillexpresses confidence in the outlook and statesthat they will continue to develop new productsand offer more value-added services196.7-Eleven to enter DubaiSeven & I plans to open 100 convenience stores inthe United Arab Emirates by 2017. The first one isscheduled to open in Dubai in 2015 summer. Theopening will mark the company’s expansion intothe Middle East region197.Lawson to enter the PhilippinesLawson will form a joint venture (JV) with thePhilippines-based retail company Puregold toopen convenience stores in the Philippines.Puregold owns a 70% stake in the JV whileLawson holds the remaining 30%. The target is tobuild a network of 500 stores by 2020198 and2,000 stores in a longer term. This is the thirdoverseas market in Southeast Asia for Lawsonafter Indonesia and Thailand199.

Apparel

Fast Retailing debuts on Hong KongStock ExchangeFast Retailing listed in Hong Kong in February2014. The listing aimed at raising its profilein China where it plans to expand aggressively aspart of its bid to become the world's top apparelcompany by 2020. With sales of 1.143 trillion yenin 2013, Fast Retailing is the fourth largestapparel retailer in the world, only after Inditex,H&M and Gap.200Fast Retailing to take GU to TaiwanFast Retailing’s GU is to enter Taiwan with twonew stores in Taipei this autumn. Taiwan will beGU’s second overseas market, after the debut inChina in 2013. The Japanese retailer regardsTaiwan as a springboard to expand to other Asiancountries in future201. The brand also plans toenter the U.S. and Europe within several years202.Uniqlo enters GermanyUniqlo opened its first shop in Germany in April2014. Located in one of Berlin's popular shoppingdistricts, the new store is Uniqlo's largest one inEurope203. As a global flagship store, the Berlinstore features high-tech installations such asmonitors, LED tickers and revolving mannequins.Uniqlo to enter Indian marketUniqlo plans to open up to 1,000 stores acrossIndia within 10 years. The company will alsosource garments in India. The Indian expansionplan forms an integral part of the company’s planto be the largest apparel retailer in the world by2020204.Beauty and personal care

Shiseido sells Carita and Decléor toL'OrealJapanese beauty giant Shiseido agreed to sell itsCarita and Decléor to L'Oreal for 227.5 millioneuro205 in February 2014. Both Carita and Decléorare European brands offering skin, body and haircare, and beauty treatments products. The deal isexpected to close in the near future, subject toregulatory approvals206.


Kose acquires TarteJapan-based beauty company Kosé signed anagreement in March 2014, to acquire Tarte, a NewYork-based color cosmetics and skin care brandspecialising in products based on naturallyderived ingredients. By acquiring Tarte, Koséplans to heighten its stature in North Americawhile continuing to expand its overseasoperations and increase new sales channels andcustomers207.Consumer electronics

Sony to enter real estate businessSony is to branch out into the real-estate businessin August 2014. It also plans to take the unitpublic in three years208. The company recently setup a real-estate unit in Tokyo, with an aim ofgenerating annual sales of 50 billion yen in fiveyears. The unit will provide individuals’brokerage services, as well as real estate assetsmanagement209.Food and beverage

Asahi acquires Etika DairiesAsahi, Japan’s leading brewery and soft drinkcompany, has agreed to acquire Malaysia's EtikaDairies, Malaysia's second largest dairy company,for US$329 million210 by June 2014211. Asahiintends to develop dairy-based products as itexpects the growth of such products in Malaysiaand other Southeast Asian countries will be stablein the coming years. Asahi will also tap the saleschannels of Etika Dairies to boost sales of softdrinks in such markets as Vietnam andIndonesia212.Doc Popcorn enters JapanDoc Popcorn, one of the biggest popcorn retailersin the world, opened its first store in Japan on 31May, 2014. It plans to open at least one new outletevery year in the next 10 years. Its Japanesepartner, FS Planning, with a strong track record inthe restaurant industry, has been managingvarious gourmet brands successfully in Japanincluding Maxim de Paris, Vieille Vigne, Cote deRouge, Dominique Saibron and Radish Boy213.

South Korea Overview Asia Market Update Issue 1 July 2014 p29

Recovering from the global downturn, SouthKorea’s economy is expected to show real GDPgrowth advancing gradually from 2.8% in 2013 to4.1% in 2017. South Koreans’ spending power isset to increase in coming years, with personaldisposable income estimated to rise steadily fromUS$686.7 billion in 2013 to US$916.0 billion in2017214.South Korea is the fifth largest retail market inAsia, after China, Japan, India and Indonesia.According to Euromonitor International, thecountry’s retail sales reached 233.8 trillion won in2013. Retail sales are expected to increase furtherto 246.8 trillion won by 2018, with a compoundannual growth rate (CAGR) of 1.1%215.Foreign direct investment is encouraged yetforeign players are seldom in the leading retailpositions, with only a few exceptions such asapparel specialist retailers. The success of localretailers is largely due to a better understandingof domestic tastes and established dominantpositions216.The best-established local retailers in thecountry are Lotte Shopping, Shinsegae andHyundai – the so-called “Big Three”. According toresults announcements, revenues registered forthe three giants in 2013 were 28.2 trillion won217,2.4 trillion won218 and 1.5 trillion won219,respectively. Besides organic growth, these giantshave also sought to expand through mergers andacquisitions. Lotte Shopping acquired Hi Mart, theleading South Korean electronics and appliancespecialist retailer, in 2012220. Meanwhile, in thesame year, Shinsegae acquired an 81% holding inParadise Duty Free, one of the country’s and Asia’sleading duty free shopping operators221.South Korea has achieved the world’s highestpenetration rate for broadband Internet access222.According to Statistics Korea, e-commercetransactions amounted to 10.5 trillion won in1Q14, up by 16.6% year-on-year (yoy)223. Manylarge traditional retailers have launched onlineand mobile platforms. Mobile retailing is alsogrowing rapidly, thanks to the wide adoption ofsmartphones. For instance, Tesco Homeplus (thesecond largest chain grocery retailer in thecountry) launched the world’s first virtual store inthe Seoul subway in August 2011; more virtual

stores were subsequently launched at more than20 bus stops in 2012. Using virtual displays,consumers can scan a relevant barcode or QRcode with their Homeplus App installed in mobiledevices such as smartphones to order variousproducts; they can even arrange for home deliveryon the same day224.An overprotected market for chainhypermarkets and supermarkets?According to Euromonitor International, the retailvalue of modern grocery retailers (such asconvenience stores, hypermarkets andsupermarkets) accounted for 75.8% of the totalretail value of all grocery retailers in 2012, upfrom 67.6% in 2007. Euromonitor Internationalpredicts that this proportion will further increaseto over 80% by 2017225. By contrast, the retailvalue of traditional grocery retailers (such as“mom and pop” shops) accounted for 24.2% oftotal grocery retail value in 2012, down from32.4% in 2007. Their presence will likelycontinue to shrink with their proportion of salesdropping to 19.1% in 2017226.In order to protect the traditional grocery retailtrade, the South Korean government introducedrestrictions on new store openings of chainhypermarkets and supermarkets in 2011. New

In the southern half of the Korean Peninsulabordering the Sea of Japan and the Yellow Sea,South Korea comprises a population of about48 million in an area of over 99,000 squarekilometres. South Korea ranks 14th in theworld in terms of the size of its economy227.South Korea Overview Asia Market Update Issue 1 July 2014 p29



In the southern half of the Korean Peninsulabordering the Sea of Japan and the Yellow Sea,South Korea comprises a population of about48 million in an area of over 99,000 squarekilometres. South Korea ranks 14th in theworld in terms of the size of its economy227.South Korea Overview Asia Market Update Issue 1 July 2014 p29



In the southern half of the Korean Peninsulabordering the Sea of Japan and the Yellow Sea,South Korea comprises a population of about48 million in an area of over 99,000 squarekilometres. South Korea ranks 14th in theworld in terms of the size of its economy227.

South Korea Overview Asia Market Update Issue 1 July 2014 p30

stores are not allowed to open within onekilometre of traditional grocery retailers withouttheir consent. Furthermore, there are alsorestrictions on the opening hours of hypermarketsand supermarkets operated by large companies.Stores are allowed to open only from 10am to 12midnight each day. Also, these stores have to closeon two Sundays of each month.In response to the perception of unfairregulation, affected grocery retailers filed a caseagainst these new restrictions in local courts ineach region of the country. Yet, no consolidatedresults can be concluded as yet since cases are stillbeing considered by various local courts.Since chain stores are forced to close everysecond Sunday, retail owners encourage theircustomers to shop on other days, expecting tomake up for the loss of sales on the Sundays whenthey are forced to shut. Handsome productdiscounts are available in stores during theSaturdays before and the Mondays after theSunday closures. Naturally, customers prefer toshop in chain stores for bargains rather than lookfor less attractive propositions in traditionalgrocery retailers.Modern grocery retailers affected by theregulations have found other ways to sidestepthem. For instance, they have started to opensmaller-sized stores that can operate 24 hours aday. These stores are run like convenience stores,and cannot be restricted under the newregulations even though they are larger in sizethan pre-existing convenience stores. The “new”convenience operations also sell products underprivate labels, which the usual convenience storesdo not. Additionally, prices of other products (i.e.non-private-label products) are lower than thosein the pre-existing convenience stores228.To alleviate sales losses on the Sundays whenthey are closed or operate restricted openinghours, some chain grocery retailers have goneonline. Quite a number of them have launchedsmartphone applications and have begun offeringspecial discounts, providing extra services whilesending promotional emails or other messages tocustomers.

South Korea In the news Asia Market Update Issue 1 July 2014 p31

Statistics

Real GDP growth rises to 3.9% in1Q14The real GDP growth of South Korea furtherincreased to 3.9% yoy229 in 1Q14, the highest intwo years. See Exhibit 14. The growth camewith a strong rebound in construction spendingand an upswing in export growth230.Exhibit 14 | Real GDP growth of South Korea, 1Q13-1Q14

Source: The Bank of KoreaCPI hits 19-month high in May 2014The consumer price index in South Korea was109.24 in May 2014231, the highest in 19 months( See Exhibit 15)232. The surge was contributedby the price hikes in clothing and footwear,furnishings, household equipment and routinemaintenance, restaurants and hotels233.

Exhibit 15 | Consumer price index in South Korea, Jun2013 to May 2014

Source: Statistics KoreaComposite consumer sentimentindex rebounds to 107 in June 2014As shown in Exhibit 16, the compositeconsumer sentiment index was 107234 in June2014, rebounding from the eight-month low of105 in May as negative impact from the AprilSewol235 ferry disaster faded236.Exhibit 16 | Composite consumer sentiment index inSouth Korea, Jul 2013 to Jun 2014

Source: The Bank of KoreaRetail sales fall by 1.7% mom inApril 2014The retail sales index in April 2014 was 107.4237,down by 1.7% month-on-month (mom), mainlydue to the Sewol ferry tragedy238 happened inApril, which dampened consumers’ spendingappetite239. See Exhibit 17.

1.5%

2.3%

3.3%3.7%

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

1Q13 Q2 Q3 Q4


Statistics






3.7%3.9%

Q4 1Q14

106.0106.5107.0107.5108.0108.5109.0109.5


98100102104106108110

Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13


Statistics






Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14


Exhibit 17 | South Korea retail sales index,May 2013 to Apr 2014

Source: Statistics KoreaSales of department store anddiscount store chains rebound froma 3-month lowSales of the top three chain department storeoperators in South Korea, namely, HyundaiDepartment Store, Lotte Shopping and Shinsegae,increased by 0.8% yoy in May 2014 after slidingfor three consecutive months. The sales at thecountry's top discount stores also grew by 1.2%yoy. The rebound was mainly contributed byelectronics sales, underpinned by the ongoingWorld Cup and earlier-than-usual seasonalsales240.E-commerce

Lotte.com ties up with AlipayLotte.com, the South Korea’s online shopping mallunder Lotte Group, has rolled out a new paymentservice for Chinese customers. Starting from April2014241, Chinese consumers shopping withLotte.com can pay by Alipay, the leading onlinepayment solution in China.Ticket Monster acquired byGrouponTicket Monster, a leading Korean e-commercecompany, was acquired by Groupon for US$260million in January 2014. Established in 2010 andbased in Seoul, Ticket Monster serves more than4 million active customers. About half of its salesare transacted on mobile devices. The acquisitionhelps Groupon transform its business from a flashsale email model to a mobile commercemarketplace242.

Kakao acquires Daum at US$3billionKakao, South Korea’s largest mobile messagingservice company, has agreed to take over anInternet company Daum Communications in adeal of 3.1 trillion won (US$3 billion). Kakaoexpects Daum’s search engine, displayadvertisement and game businesses to create aconsiderable synergy effect with Kakao’s mobilemessenger and mobile service243.Department stores

Hyundai Department Store taps intodiscount outletHyundai Department Store, a leading chaindepartment store operator in South Korea, isbranching out to another retail format – outlet. Itset up its first outlet in Seoul in May 2014244. Itwill open another two outlets within this year245.Apparel

LG Fashion renamed to Life inFutureLG Fashion was renamed Life in Future in April2014. The move comes seven years after itsspinoff from the LG Group, one of theconglomerates in South Korea. With the newname, the company hopes to create an image ofcreating futuristic lifestyles246. Currently, Life inFuture runs a number of apparel brands in SouthKorea, including men’s wear brands Daks, Hazzys,Tnct and Maestro, as well as women’s wearbrands MaxMara, Leonard, Isabel Marant andJoseph247.MK Trend to enter ChinaMK Trend, a major South Korean apparelcompany, plans to set up about 20 stores in Chinaby end 2014. The company will sell sports fashionwith US NBA team characters and images248 inmajor Chinese department stores and shoppingmalls249. The company plans to increase thenumber of shops to 80 by 2016. The companyalso seeks to introduce its own labels such as TBJ,Andrew, and Buckaroo later on250.

104105106107108109110111112May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14


Handsome to launch more newbrandsHandsome, a major South Korean apparelcompany, plans to introduce four to five newbrands to South Korea in 2014 – a women’saccessories brand Decke, a casual apparel brandLanvin Sports Casual and a couple of cashmereproduct brands. Distributing products throughdepartment stores and other channels, thecompany is currently selling a diverse portfolio offashion brands such as Jimmy Choo, Bally, LanvinIro, Eleventy and Elizabeth & James251.Van Heusen to make debut in SouthKoreaPVH, one of the largest apparel companies in theworld, is introducing one of its brands, VanHeusen to South Korea. It has licensed TSCommerce, a men’s apparel company in SouthKorea, to manufacture, open free-standing stores,and distribute Van Heusen products via shop-in-shops, specialty stores, department stores, retailoutlets and an e-commerce website in SouthKorea252.Joe Fresh enters South KoreaCanadian apparel brand Joe Fresh opened its firstoverseas store in Seoul in May 2014253. The storeoffers men’s, women’s and children’s apparel, aswell as cosmetics products. The company will addnine more stores in South Korea within this year.The South Korea expansion is an integral part ofthe brand’s four-year international expansionplan covering Asia, North Africa, Middle East,Eastern Europe and South America254.Beauty and personal care

Shilla Duty Free to open stores inSingaporeShilla Duty Free, South Korea’s leading duty freeretailer, has been approved to operate perfumeand cosmetics stores at Changi Airport inSingapore from October 2014. The retailer willoperate around 20 stores at all of the fourterminals in Changi Airport by 2017255. Thecompany has set a sales target of 4 trillion won(US$3.75 billion) by 2020256.

Shilla Duty Free plans CambodiastoreShilla Duty Free plans to set up its debutdowntown duty free shop in Cambodia in 2015subject to government approval. The location ofthe shop is likely to be adjacent to Angkor Wat,Cambodia’s most sought after tourist attractionand a world heritage site. Shilla currentlyoperates six airport duty free shops in SouthKorea and three in Singapore257.Nature Republic opens debut storein Hong KongNature Republic, South Korea’s green cosmeticsbrand, opened its first store in Hong Kong inJanuary 2014. The company will set up anothertwo to three more stores in Hong Kong within thisyear. Hong Kong will act as a hub for its overseasexpansion, especially China. So far, the brand hasestablished presence in 14 overseas marketsincluding Japan and Malaysia. It plans to roll out aflagship store in China within this year 258.Dongsung Pharmaceutical entersChinaDongsung Pharmaceutical, a South Koreancompany producing pharmaceuticals, hair dyesand cosmetics products, inked an agreement withLock&Lock, a South-Korean company in March2014 to sell in China market. Dongsung willleverage Lock&Lock’s distribution network inChina – 21 home shopping channels, 6,600general stores and some 300 departmentstores259.LG Household & Health Care seeksto buy Elizabeth ArdenLG Household & Health Care, a leading householdand health care company in South Korea,expressed in late April 2014 that it wasconsidering a possible acquisition of ElizabethArden260, an American premium cosmetics brand,as part of its efforts to expand its overseasmarkets261. The bidding price is estimated atabout 1 trillion won, which would be the biggestdeal for LG Household & Healthcare. ElizabethArden posted US$1.34 billion in sales in 2013262.LG’s sales for 2013 rose 11% to 4.33 trillion won263 (US$4 billion264).


LG Household & Health Care affiliateto merge with R&Y CorporationLG Household & Health Care said its subsidiaryGinza Stefany265, a Japan-based cosmeticsdistributor, will merge with R&Y Corporation, aSouth Korea-based266 company selling healthyfood in Japan. The merger, aiming to improveoperating efficiency and create synergy in theJapan market, will come into effect in July 2014267.Consumer electronics

Samsung to boost sales in IndiaSamsung, the world’s leading mobile phonemakers, mulls opening 3,000-4,000 stores acrossIndia’s smaller cities (with population of less than100,000) as part of its strategy to drive sales inemerging markets for electronic devices. A firstbatch of 1,000 outlets will be set up within thisyear268. Samsung currently runs more than 2,000stores in India, accounting for 19% of the Indianmobile phone market in terms of volume269.Samsung and Barnes & Nobleproduce a co-branded tabletSamsung and Barnes & Noble, the world’s largestdistributor of publications based in the U.S., willproduce a co-branded Galaxy Tab. The “GalaxyTab 4 Nook” combines "Samsung’s Galaxy Tab 4"and Barnes & Noble’s e-book software "Nook"with an access to 3 million publications270. Thedeal allows Barnes & Noble to focus on digitalcontent rather than R&D and manufacturing oftablets271. The Galaxy Tab 4 Nook is set to hitnearly 700 Barnes & Noble stores and its websitein early August 2014272.Food and beverage

Mister Pizza scales up in ChinaMister Pizza, South Korea’s largest domestic pizzabrand, plans to expedite its expansion in China273.Mister Pizza proposes to add 70 outlets this yearon top of the current 30. The pizza chain has alsopartnered with Golden Eagle Group, a leadingChinese property developer and operator, to

operate restaurants in Golden Eagle DepartmentStores.Subway eyes growth in South KoreaThe American fast food chain Subway will roll out300 new outlets in South Korea over the nextthree years, on top of the current 78. Thecompany seeks to compete with its rivals such asMcDonald’s and Lotteria274.McDonald’s to ramp up presence inSouth KoreaMcDonald’s is set to increase market share in theSouth Korean fast food market. McDonald’s aimsto double the number of shops to 103 stores bythe end of 2014. McDonald currently runs 53outlets in South Korea and a total of about 34,000stores worldwide275.Caffe Bene to ramp up ChinapresenceCaffe Bene, a leading coffee brand of South Korea,is working to rapidly expand its presence in Chinain the coming two years276. The brand aims toopen 1,000 outlets in China within this year andincrease the number to 3,000 by 2015. Flagshipstores are planned for a number of cities such asShanghai, Shenzhen, Beijing, Wuhan andChongqing.Juan Valdez Café enters South KoreaJuan Valdez Café, a leading Colombian coffeechain, opened its first store in Seoul in February2014, the first stop of its expansion in Asia. Itplans to open 300 to 400 cafes in Asia over thenext five years277. Currently, it is running about250 cafes in different countries across the globesuch as Colombia, Cuba, Chile, Spain and the U.S.Burger King to expand to 300outlets by 2018Burger King plans to expand its footprint in SouthKorea to 300 outlets within five years throughexpanding its franchise businesses, with a view tobecoming a leader in the fast food business inSouth Korea in 10 years. As of end 2013, itoperates a total of 150 stores in South Korea278.

References Asia Market Update Issue 1 July 2014 p35

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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]

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