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Tesco faces class action in Korea

Tesco’s South Korean supermarket business Homeplus is to be subject of a class action over alleged privacy breaches.

M&S China restructure

UK department store Marks & Spencer (M&S) will close five stores in Shanghai.

Giant Matahari Mall online planned

Lippo Group is to invest US$500 million creating a giant Matahari Mall online, ‘the Alibaba of Indonesia’.

Inside Grand Central Jakarta

Behind the design of Grand Central Jakarta, Central Group’s first department store in Indonesia.

PE boost for Indonesian malls

A US-based private equity investor has committed up to US$200 million in a joint venture to roll out shopping malls in Indonesia.

Tesco China stores rebranded

Tesco China is rebranding its stores under majority partner China Resources’ Vanguard banner.

Tesco Thailand bid spurned

As speculation mounts over the future of its Asia business units, a bid for Tesco Thailand has reportedly been rebuffed. As reported in November, Thai billionaire Dhanin Chearavanont prepared a speculative bid by his company Charoen Pokphand Group (CP) to buy back the troubled Tesco Plc’s Thailand business division, which he sold during the Asia financial crisis. Reuters now reports Chearavanont held “preliminary talks” with Tesco after securing the support of the Bank of America i…

Parkson profits slump

Parkson Retail Asia has reported a 24.6 per cent slump in net profit – largely attributed to new store establishment costs. The Singapore-based department store operator has reported a second quarter trading profit of S$10.23 million. The company’s biggest problem markets appear to be Malaysia and Vietnam where same store sales are showing negative growth. And in Vietnam the company accrued costs relating to the closure of a store in the capital city, Hanoi. Total sales revenue was fl…

Isetan Mitsukoshi: ‘This is Japan’

Isetan Mitsukoshi has adopted a new branding positioning – and promises a new in-store concept which will make its debut in Malaysia. In a message to shareholders, CEO Hiroshi Ohnishi says the company has adopted a new corporate message for 2015 ‘This is Japan’, which will lead to a new in-store concept shortly to be launched in Kuala Lumpur’s Lot 10 shopping centre. “Since generations past when Mitsukoshi and Isetan operated as kimono merchants, we have always had an eye for quali…

Korean d-store sales slide

South Korea’s department store industry is still struggling to arrest falling sales as consumers tighten spending and turn to online. New figures released by the trade ministry Tuesday show sales at top department and discount stores in December fell at a sharper rate than initially expected – by 0.9 per cent compared with the earlier projected 0.3 per cent. That makes the fourth successive month that combined sales from stores managed by Hyundai Department Store, Lotte Shopping and Shin…

PE investor sells Indonesian d-store stake

UK-based CVC Capital Partners has sold a 12 per cent stake in Indonesian retail giant PT Matahari. Matahari owns hypermarkets and department stores across the nation – and is actively expanding its footprint as Indonesia’s middle class expands. CVC has declined to comment on the transactions, which came to light through regulatory filings. The company now has just two per cent of Matahari’s shares, suggesting they, too, will be offloaded in the near future. The timing of the tran…

Parkson in China food foray

Malaysia’s Parkson has entered into a joint venture to develop a food retailing business in China as it transforms its department store portfolio into lifestyle centres. The company’s wholly-owned subsidiary Grand Parkson has teamed with fellow Malaysian company AUM Hospitality (AUMH) which it majority owns, to create Lion Food & Beverage Ventures Limited. Parkson will own 91 per cent of the business, AUMH the balance. In a stock exchange announcement, Parkson said the group is und…