China
Singapore
The Philippines
AROUND THE REGION
China
Esprit Greater China sale falls through A statement filed with stocked exchange has revealed that negotiations over the sale of Esprit ’ s Greater China assets have broken down .
Natasha Wong , Esprit ' s company secretary , says no legally binding agreement has been reached . " The company has decided to halt the negotiation of the potential disposal due to the unfavourable terms and conditions offered by the potential investor ."
The company announced that it was in " the final stages of negotiations " late last month , with an unidentified independent company to sell its trademarks and primary domain names in mainland China , Hong Kong , Macau , and Taiwan . The buyer agreed to pay $ 45 million for the assets , including $ 10 million as soon as the agreement was signed .
Singapore
Singapore retail sales flatline as retailers report mixed performances Singapore retail sales , excluding motor vehicles , remained steady in May after falling 4.5 per cent in April . Retail sales in May were 3.3 per cent higher than in April , adjusted for seasonality .
The Department of Statistics stated that the anticipated total retail sales value was SG $ 3.6 billion ($ 2.6 billion ), with internet sales accounting for 13.4 per cent .
The retail trade sector ' s performance was unbalanced . Food and drink led the category with sales up 11.1 per cent , year on year . Watches and jewellery , as well as cosmetics , toiletries , and medical items , increased by 7.4 per cent and 3.1 per cent , respectively .
Apparel and Footwear experienced the greatest sales reduction , 6.8 per cent , followed by Optical goods and Books , with a 6.7 per cent decline , and recreational goods with a 5.8 per cent decrease .
The Philippines
Revenue on the rise as the Philippines ’ sari-sari stores come online Filipino start-up Packworks , in collaboration with international non-profit Help . Ngo , has created SariLink , a pioneering program that uses Starlink ' s Low Earth Orbit ( LEO ) technology to provide high-speed , dependable internet connectivity to sari-sari retailers .
In the first phase of the SariLink initiative , LEO communication terminals have already been installed in select sari-sari stores , providing a lifeline to small entrepreneurs who have long struggled with intermittent internet connection .
These businesses have shown a considerable increase in efficiency and sales with the introduction of Starlink internet .
In terms of absolute USD , the Philippines has the highest fixed broadband cost in ASEAN , with household fixed broadband penetration in the country at 33 per cent .
The Philippine Statistics Authority stated that internet access is primarily concentrated in Manila . According to its figures , just 56.1 per cent , or 14.79 million households in the Philippines have internet connection .
Beyond the Philippines , Help . Ngo also works with communities in Kenya , Haiti and Ukraine .
August 2024 www . insideretail . asia 9