What: A JPY 10 million golden tea bowl was stolen from the Takashimaya department store in Tokyo.

Why it is important: The theft of such a high-value item highlights significant security lapses at cultural exhibitions and raises concerns about the safeguarding of invaluable and irreplaceable artifacts.

A pure golden tea bowl, valued at over JPY 10 million, was stolen from an event hall at Takashimaya department store in Tokyo's Nihonbashi district. The theft occurred during the Grand Gold Exhibition, which featured over 1,000 pieces, including historic koban coins and other gold artifacts. The bowl, crafted by renowned goldsmith Koichi Ishikawa, was displayed without secure measures such as locks or alarms. Surveillance footage identified a suspect, a man believed to be in his 20s or 30s, who put the bowl into his backpack. Despite the presence of security officers, the theft went undetected until noticed by a store clerk. Following the incident, the exhibition organizers have implemented stricter security measures, including placing partitions to keep visitors at a distance from the displays.

JPY 10 million golden tea bowl stolen from Tokyo department store

What: Nordstrom Inc.'s CEO Erik Nordstrom's total compensation increased to USD 4.5 million in 2023.

Why it is important: This pay raise reflects efforts to stabilize and grow Nordstrom amid varying performance across its segments, particularly the success of the Nordstrom Rack off-price chain.

In 2023, Nordstrom Inc.'s CEO, Erik Nordstrom, received a 30.8% increase in total compensation, amounting to USD 4.5 million. This increase was mainly through stock and option awards, complementing his salary and incentive pay. The compensation details, shared in a proxy statement, highlight the financial strategies amidst operational challenges. Nordstrom Rack, the company’s off-price division, displayed significant improvement, which bolstered the company’s overall performance. The retailer is focusing on enhancing customer experience and merchandise assortment, aligning with broader industry trends towards digital integration and personalized shopping. As Nordstrom continues to evolve, the executive pay structure reflects its strategic efforts to fortify its market position and expand its consumer base.

Nordstrom CEO Erik Nordstrom’s Pay Increased to USD 4.5 Million in 2023

What: A major mall in Singapore goes through upgrade after 15 years of operations.

Why it is important: Sustainability and community are not yet common words when it comes to public claims from mall operators in Asia, and this shows that mentalities in the region are shifting.

City Square Mall in Singapore, managed by City Developments Limited (CDL), is undergoing a S$50 million asset enhancement initiative (AEI) set to complete by the first half of 2025. Led by Callie Yah, CDL's executive vice president, this initiative marks a significant pivot towards integrating community engagement and environmental sustainability into the mall’s development. The project includes aesthetic upgrades and an expansion of the mall’s food offerings with a special focus on a 24,000 sq ft Gastro Square and a nostalgic-themed Food Republic.

The AEI aims to leverage additional gross floor area gained from restructuring to diversify its trade mix, enhancing the mall's appeal and improving its rental yield. This renovation is described as a crucial update after 15 years to stay competitive in the evolving retail landscape. Sustainable practices are central to the renovation, with plans to use upcycled materials for interior decorations and furniture, highlighting CDL's commitment to circularity.

The enhancement will also include creating community spaces and performance areas to foster cultural activities and social bonds, alongside increasing offerings in athleisure and activities for young families. The National Council of Social Service (NCSS) will also set up a family wellness square, expanding the mall’s role in community welfare.

CDL is responsive to the changing demographics of the mall’s surrounding area, including nearby hotels and residences, ensuring that the mall adapts to consumer preferences and emerging retail trends. This strategic evolution is supported by market research and active tenant engagement. Additionally, a unique feature of the initiative is the collaboration with the social media channel "Just Keep Thinking" to introduce the "CDL Eco Train", a project designed to enhance community eco-awareness, set to launch in the second half of 2024.

Singapore’s City Square Mall set to go through a significant upgrades towards sustainability

What:  A new seven-year financial services agreement between M&S and HSBC UK.

What is important: This partnership aims to enhance the shopping experience for M&S customers by integrating rewards, digital payments, and credit facilities within the M&S app, thereby fostering greater customer loyalty and providing a seamless digital shopping journey.

M&S has entered into a seven-year agreement with HSBC UK to improve its financial services through M&S Bank, focusing on a more integrated and personalized digital experience for shoppers. This collaboration builds upon existing initiatives like the M&S Club Rewards and the introduction of Sparks Pay, a digital payment solution. The partnership highlights the importance of M&S's credit card users, who represent a significant portion of the retailer's turnover, by offering them a more connected way to shop, pay, and earn rewards. With over three million customers, M&S Bank's expansion of services, including personal loans and buy now pay later options, underscores the shift towards digitalization in retail financial services. Katherine Carlson, M&S Director of Financial Services, and Paul Spencer, M&S Bank CEO, both emphasize the commitment to adapting to customers' evolving shopping and payment preferences, indicating a future filled with even more integrated customer experiences.

M&S signs HSBC deal to drive loyalty and enhance its digital shopping experience

What:  Carrefour is opening a temporary second-hand store in Brussels to promote its Reeborn platform.

Why it is important: This initiative represents Carrefour's strategic move towards sustainability and the circular economy, enhancing customer engagement through innovative retail formats. By integrating a physical pop-up store with its digital second-hand platform, Carrefour is not only increasing sales opportunities but also strengthening its commitment to reducing waste and promoting eco-friendly shopping practices.

Carrefour is set to open a second-hand pop-up store on April 18 in Ixelles, Brussels, to highlight its Reeborn platform, launched last fall. Reeborn allows individuals to buy and sell second-hand items online while enabling Carrefour to sell surplus non-food stock. Transactions on this platform reward users with Carrefour Bonus points, which can be spent on future purchases.

The pop-up store, a first of its kind in Europe for Carrefour, provides an additional avenue for sellers to display their items physically, potentially boosting their visibility and sales. Items selected by the Carrefour Reeborn team will be available for purchase directly in the store through a digital terminal. This store also offers amenities such as a coworking space with free wifi, coffee, and snacks from a Carrefour Buybye vending machine, making it a multi-functional space that aligns with modern consumer habits.

Located at 313 Chaussée d'Ixelles, the pop-up will operate from Thursday to Sunday, 11 a.m. to 6 p.m., until September 15, integrating digital and physical retail in a novel format that supports Carrefour's broader sustainability goals.

Carrefour opens a second-hand Reeborn pop-up in Brussels

What: The Robin Report explores what is going on in KSA, seen as the next Dubai.

Why it is important: Middle East is a growing region, and Saudia Arabia is clearly a relay of growth.

Saudi Arabia is positioning itself as an attractive growth market, with 63% of its 32.2 million inhabitants under the age of 30. The country is undergoing an extraordinary real estate-led development boom, driven by ambitious "giga-projects" that aim to shift the tourism and retail axis away from Dubai and Abu Dhabi.

The best known project is Neom, a 10,200 square mile region featuring a linear city called The Line. Other major developments include Diriyah, a $63.2 billion mixed-use project; Jubbah, a 540,000 square foot tourist hotspot; and New Murabba, a 7.3 square mile new downtown for the capital Riyadh. These massive projects are redefining the country's ambition and inviting the world to visit.

As real estate booms, the Saudi retail market is expected to grow over 4% annually from 2022-2027, reaching $155 billion. The market is shifting towards organized retail, with local brands expected to make up 80% of the sector by 2030. Luxury brands are also flocking to the kingdom, attracted by the growing participation of women in the workforce and rising consumer appetite for premium offerings. Overall, Saudi Arabia is positioning itself as the next major retail and tourism hub, challenging Dubai's dominance in the region.

In the Middle East, Saudia Arabia is a rising market Block to display a Theme, Tag and Date

What: M&S has announced a EUR 1 million investment towards achieving its Net Zero by 2040 goals, focusing on reducing methane emissions from dairy cows and launching several sustainability initiatives.

Why it is important: This investment signifies M&S's commitment to tackling climate change through innovative approaches within its supply chain and operations. By reducing the carbon footprint of its dairy products and exploring new sustainable practices, M&S is setting a precedent for the retail industry to follow. The Plan A Accelerator Fund aims to empower suppliers to implement eco-friendly solutions, highlighting the importance of collaboration in achieving sustainability targets.

M&S's EUR 1 million investment is part of its broader strategy to become a Net Zero business by 2040. The initiatives include altering the diet of dairy cows to reduce methane emissions, a move expected to cut 11,000 tons of greenhouse gases annually. Additionally, M&S is launching a Plan A Accelerator Fund to support projects that contribute to net zero goals, such as a clothing recycling program with Oxfam and a trial using AI to optimize energy use in stores. These efforts reflect M&S's longstanding commitment to sustainability, as demonstrated by its Plan A initiative launched in 2007. Through these actions, M&S aims to maintain its reputation as a trusted retailer while addressing some of the most pressing environmental challenges.

M&S unveils EUR 1m investments to ‘turbocharge’ net zero goals

What: SM is enjoying sustained growth in all its operations, from mall to department store, retail and supermarket ones.

Why it is important: The Philippines are often overlooked when it comes to retail due to their mid-segment positioning however many opportunities lie in the country.

SM Investments, a prominent entity in the Philippines, encapsulates business operations spanning retail, property, and banking, with its property segment, SM Prime, standing out as the country’s premier mall operator boasting over 20,000 tenants. Recent reports highlight a robust 21.2% revenue growth in 2023, fueled by increased sales, higher occupancy rates, and the inauguration of new malls like SM Center San Pedro and SM City Santo Tomas. These developments not only exemplify the company's expansion but also its innovative approach in creating 'lifestyle cities,' comprehensive developments that blend residential, office, and retail spaces, often revitalized from old military bases.

The retail arm of SM Investments further complements this growth, operating approximately 3850 stores including supermarkets and specialty stores, with a noteworthy sales increase of over 6% in department stores and 3.9% in the food sector. This segment highlights the gradual shift from traditional to modern retail formats, with only about 30% of food currently sold in modern retail settings, indicating significant growth potential.

Regionally, SM Investments aligns with trends across ASEAN, focusing expansion efforts outside metropolitan Manila to capitalize on rising incomes and government decentralization policies. This strategy is mirrored by competitors like Robinsons Land and Ayala Malls, who are also experiencing significant growth in both tenant sales and overall revenue.

In the Philippines, SM sees a boom in its mall operations

What: Chanel Beauty, Dolce & Gabbana, and David Yurman are among the brands that have joined the newly launched Saks Media Network.

Why it is important: This partnership is significant as it leverages Saks' strong digital presence to offer these prestigious brands enhanced exposure and strategic data on consumer interactions. This collaborative approach not only aims to boost business for Saks’ luxury website and app but also provides the brands with valuable insights into shopper behaviours and preferences, potentially driving higher sales and more tailored marketing strategies.

The inclusion of high-profile brands such as Chanel Beauty, Dolce & Gabbana, and David Yurman in the Saks Media Network marks a strategic expansion of Saks’ digital marketing capabilities. By integrating these brands into its network, Saks aims to enhance the online shopping experience while providing its partners with critical data on customer engagement. This move is expected to increase visibility for the designers and offer them actionable insights that could influence future marketing and product development. Through this network, Saks not only strengthens its position in the digital retail space but also creates a more data-driven, responsive shopping environment that can adapt to evolving consumer demands.

Chanel Beauty, Dolce & Gabbana, David Yurman, and others join new Saks Media Network

What: Department stores are challenged to adapt and survive in the rapidly evolving retail landscape, facing the necessity of a strategic downsizing and renewed customer engagement.

Why it is important: Department stores are challenged to adapt and survive in the rapidly evolving retail landscape, facing the necessity of a strategic downsizing and renewed customer engagement.

Jeff Gennette's tenure as CEO of Macy’s underscores a broader issue within the department store industry: achieving consistent, profitable growth remains a significant challenge. This struggle reflects deeper systemic issues as department stores confront immense changes in consumer behavior, competition from online platforms, and shifts in brand dynamics.

Historically, department stores were essential for both consumers and brands. They served as launch pads for now-iconic designers and shaped shopping habits. However, the rise of digital shopping and brand direct-to-consumer strategies has diminished the role of department stores. Moreover, the physical spaces of stores, once assets, now often seem like liabilities in a digital-first world.

Industry experts suggest that to navigate these challenges, department stores need to scale down physically and refine their focus. The proposed model involves maintaining flagship stores in key locations while enhancing digital and omnichannel capabilities elsewhere. This approach aims to leverage what department stores have always been good at: creating meaningful in-store experiences that resonate emotionally with customers.

The task ahead involves restructuring not just physical layouts but also internal systems to be more agile and less dependent on large-scale operations. Emotional connections, a traditional strength of department stores, need to be at the heart of this transformation. By fostering community ties and offering unique, emotionally engaging experiences, department stores can reinvent themselves for a new era of retail, ensuring they remain relevant and cherished in the consumer’s imagination.

Department stores rebuild for a new retail world

What: China's Alibaba Group is considering acquiring a 5% stake in the South Korean fashion platform Ably, potentially valued at 100 billion won (US$72.4 million).

Why it is important: This move could significantly bolster Alibaba’s presence in South Korea, aligning with its broader strategy to expand its global footprint and diversify its investments in key markets. This could also provide Alibaba with a stronger foothold in the fashion industry, potentially driving regional growth.

Alibaba Group is reportedly exploring the acquisition of a stake in South Korean fashion marketplace Ably, with the deal estimated at 100 billion won. This initiative is part of Alibaba's broader investment strategy in South Korea, including a USD 1.1 billion commitment to develop logistics and business operations within the next three years. Ably, established in 2018, operates a platform with over 50,000 sellers, initially serving as a wholesale fashion hub for Dongdaemun Fashion Mall. Despite operational losses in 2021 and 2022, Ably achieved its first annual profit in 2022, reporting revenues of 259.5 billion won. The potential investment by Alibaba, alongside interest from other global investors like Ontario Teachers’ Pension Plan and CVC Capital Partners, highlights the platform's growing influence in the e-commerce sector. Neither Alibaba nor Ably has publicly commented on the negotiations.

Alibaba Group to invest in Korean fashion platform Ably 

What: L'Ensemble, a by-appointment luxury retail store, is opening in Brooklyn's Dumbo neighborhood.

Why it is important: This new store introduces a unique shopping experience that mimics the personalized service traditionally reserved for fashion buyers. It emphasizes customer experience, offering one-on-one consultations and a curated selection of brands, reflecting a growing trend in retail towards more personalized and intimate shopping environments.

L'Ensemble, founded by Dawn Nguyen and Agata Hewett, is set to open its doors in Dumbo, Brooklyn. This by-appointment store at 55 Washington Street aims to bring the bespoke buying experience to everyday consumers. The store spans 2,276 square feet and will feature a mix of established and emerging brands including Proenza Schouler, Y's by Yohji Yamamoto, and Gigi Hadid's Guest in Residence. Prices range from affordable to high-end, catering to a diverse clientele. The founders aim to differentiate through a highly personalized service, expecting word-of-mouth to be their primary marketing tool. The store’s design includes vintage furniture and a serene atmosphere to enhance the shopping experience.

A new by-appointment shopping experience comes to Brooklyn’s Dumbo

What: A significant portion of consumers is open to using generative artificial intelligence (AI) for online clothing shopping, with many seeing potential benefits in virtual try-ons and personalized shopping experiences.

Why it is important: The growing interest in generative AI among shoppers indicates a shift towards more personalized and confident online shopping experiences. Retailers incorporating AI tools for tasks like virtual try-ons, product filtering, and customer service can enhance customer satisfaction, streamline operations, and optimize marketing strategies.

Adobe's survey highlights the evolving landscape of online retail, where generative AI plays a crucial role in enhancing the shopping experience. With 58% of consumers already finding their online shopping improved by AI and 52% willing to use AI for clothing purchases, the technology is set to transform how consumers shop for fashion. Key anticipated uses of generative AI include creating custom items, summarizing product reviews, and automating product recommendations. This interest is mirrored in the marketing realm, where a majority of marketers are integrating AI into their strategies to deliver personalized experiences and achieve operational efficiencies. As the retail industry embraces AI, it also faces the challenge of implementing these technologies responsibly, guided by principles such as customer trust and governance.

More than half of shoppers would use generative AI for clothing purchases: Adobe

What: Westminster City Council approves Lazari's redevelopment plans for the former Fenwick department store on New Bond Street, London.

Why it is important: This redevelopment reflects a significant transformation in the use of prime real estate in central London, signaling a shift towards more office space while preserving retail elements. It represents the evolving dynamics of city center spaces, catering to current market demands and the continuous allure of Bond Street for retail. The project aligns with broader trends of adapting historic sites to modern needs, ensuring financial stability for traditional retailers like Fenwick.

The former Fenwick department store, a fixture on London’s New Bond Street for 130 years, is set for a major redevelopment after Westminster City Council approved plans submitted by Lazari Investments. Fenwick vacated the building in February following its sale to Lazari for EUR 430 million. The redevelopment will involve partial demolition and reconfiguration of the building and five others at New Bond Street and Brook Street junction. The plan will significantly increase office space from 24,617 square feet to 175,043 square feet across the second to ninth floors and decrease retail space from 132,310 square feet to 50,504 square feet on the ground and first floors. This strategic move by Lazari, driven by an appreciation for the building's architecture and Mayfair's charm, aligns with Fenwick's objective to solidify its financial foundation for future sustainability. Fenwick plans to use the proceeds to fund a EUR 40 million redevelopment of its Newcastle flagship, indicating a commitment to revitalizing its physical retail presence while adapting to changing retail landscapes.

Lazari’s Fenwick department store redevelopment plans gets green light

What: Lotte Department Store has introduced an AI-powered interpretation service at its Jamsil store in South Korea.

Why it is important: This initiative, which supports 13 languages, is designed to improve the shopping experience for the increasing number of international visitors. The service caters to a significant daily volume of inquiries, facilitating smoother communication and potentially boosting customer satisfaction and sales.

South Korea's Lotte Department Store has launched an artificial intelligence interpretation service at its Jamsil location to better serve foreign tourists. Utilizing SK Telecom's TransTalker, the service offers real-time interpretation in 13 languages, including English, Japanese, and Chinese, among others. This move comes in response to a significant rise in foreign customer sales and daily inquiries. The service, which began on April 19, has already seen positive reception, with over a thousand foreign shoppers using it within just three days of launch. Lotte plans to expand this service to other branches, enhancing its accessibility for non-Korean speakers and improving the overall customer experience.

Lotte Dept. Store introduces AI translation service

What: Aditya Birla Fashion and Retail Ltd is set to demerge its Madura Fashion & Lifestyle division into a distinct, publicly traded entity.

Why it is important: This strategic move aims to separate Madura Fashion, which encompasses leading lifestyle brands contributing over 70% of the company's revenue, from Aditya Birla Fashion's broader focus on luxury and premium brands. This demerger is poised to optimize capital structures, enhance shareholder value, and allow targeted growth strategies for each entity.

Aditya Birla Fashion and Retail Ltd, grappling with recent losses attributed to weak demand and heightened brand investments, announced plans to spin off its Madura Fashion & Lifestyle segment. This segment houses esteemed brands such as Louis Phillippe, Van Heusen, Allen Solly, and Peter England, which significantly contribute to the company's revenue. The separation enables Aditya Birla Fashion to concentrate on expanding its luxury and premium brand portfolio, including Ralph Lauren and Fred Perry, and to independently develop its Pantaloons brand. The restructuring also seeks to attract growth capital within the next year to strengthen the company's financial position. This demerger strategy reflects a broader intention to refine capital allocation and bolster the distinct market positioning of both the continuing and newly formed entities.

Aditya Birla Fashion to list flagship lifestyle brands as separate entity

What: Central Group of Thailand plans to acquire a significant share in upscale brands from Signa Retail Luxury Holding, aiming for a 60% stake in Selfridges and considering acquisitions of Germany's KaDeWe Group and Switzerland's Globus.

Why it is important: This move signifies Central Group's ambition to expand its luxury retail footprint globally, leveraging strategic partnerships and investments. A successful acquisition could reshape the high-end retail market, enhancing Central Group's influence in the luxury sector and potentially altering competitive dynamics.

Central Group is negotiating to increase its ownership in some of the world's most prestigious department stores, including Selfridges in London. The group, which co-acquired Selfridges with Signa in 2022 for approximately EUR 4 billion, is reportedly in discussions with Saudi Arabia’s Public Investment Fund about Selfridges. Central Group's aim to control 60% of Selfridges underscores its strategy to dominate the luxury retail scene. Additionally, the German fashion retailer Breuninger is among the entities interested in acquiring Berlin’s iconic KaDeWe, highlighting the competitive interest in high-end retail assets. This series of potential acquisitions indicates a strategic shift towards consolidating luxury retail under significant global players like Central Group.

Thai investor plans to buy Signa Brands including Selfridges

What: the liquidation of Galeria is coming ot an end with 2 potential buyers remaining on the list.

Why it is important: While they remain anonymous, they are both reported to be willing to purchase 60 stores, which raises the question of the realism of such proposals. Is there still room for 60 popular department stores in Germany?

Galeria Karstadt Kaufhof, a German department store chain, is finalizing its takeover process with two potential buyers, both experienced in German retail and interested in purchasing over sixty stores. The deal could be concluded next month. This follows the company's bankruptcy filing in early January due to the collapse of its property holding company, Signa. A separate sale process is ongoing for its Belgian subsidiary, Inno .

Galeria sale down to last two candidates

What: Starbucks is quietly closing down the NFT part in its loyalty program

Why it important: Following trends immediately sometimes comes with drawbacks and write-offs

Starbucks has announced the closure of its Starbucks Odyssey Beta platform, a program that combined NFT-based rewards with customer engagement, effective March 31. This initiative, launched in late 2022 and developed in partnership with Polygon, marked a significant foray into Web3 for the coffee giant. Despite its closure, Starbucks hints at future endeavors to evolve the program, without specifying plans for its return. The Odyssey Beta program aimed to enhance Starbucks' existing rewards scheme by integrating digital collectibles and unique experiences. Starbucks plans to transition the branded Odyssey marketplace to the Nifty marketplace, allowing users to trade their NFTs externally.

No more NFTs in Starbucks’ loyalty program

What: Harrods has teamed up with Enactor to upgrade its self checkout systems

Why it is important: A relatively unknown company 2 years ago, Enactor managed to sign deals with El Palacio de Hierro,Magasin du Nord, and now, Harrods.

Harrods has teamed up with Enactor for a pilot program to enhance its self-checkout (SCO) systems. This partnership aligns with Harrods' strategy to offer top-tier shopping experiences through innovative solutions like Enactor's modern POS system, which supports both SCO and attended checkouts. The program started in the Chocolate Hall with one terminal and, after positive customer feedback, expanded to include additional terminals in both the Chocolate and Food Halls.

Harrods partners with POS supplier Enactor

What: Hyundai has managed to be a sensation with a popup dedicated to a virtual idol.

Why it is important: Virtual celebrities have a bright future as they present many competitive advantage: fuly controllable, available 24/7, and monetizable.

Hyundai Department Store's pop-up stores featuring three virtual idol groups, Isegye Idol, StelLive, and Plave, attracted over 100,000 visitors and generated sales exceeding 7 billion won ($5.25 million) from February 15 to March 17. This is significantly higher than the typical monthly sales of a pop-up store in the fashion sector, which is around 1 billion won. The Hyundai Seoul, located in Yeouido, is a popular venue for pop-up events, with over 56% of its sales last year coming from customers in the metropolitan area who live more than 10 km away. Entertainment-related pop-up sales, including those from virtual idol promotions, accounted for 72.3% of the metropolitan area's total sales.

Hyundai department store virtual idol popup attracts 100,000

What: Major US retailers, including Target and Walmart, are announcing significant store expansion plans.

Why it is important: This expansion signifies a shift in retail strategy, moving away from the narrative of a "retail apocalypse" towards a renewed focus on physical stores. The move highlights the ongoing relevance of in-store shopping experiences, even in an era dominated by online commerce. It reflects consumer preferences for services like store pickup and the continued importance of physical retail spaces in driving sales and traffic for major brands.

Recent announcements from several key US retailers mark a notable reversal from the trend of store closures, instead signaling a new wave of expansion across the country. Target plans to open over 300 stores in the next decade, focusing on full-size locations and incorporating food sections to drive additional sales. Walmart aims to add 150 Supercenters and smaller-format stores, revisiting physical retail growth after years of prioritizing e-commerce. Sam’s Club, Bloomingdale’s, and Bluemercury are also on the expansion path, indicating a broader industry movement towards enhancing and increasing brick-and-mortar presence. This strategic pivot underscores retailers' recognition of the value of physical stores in offering pickup services, fulfilling online orders, and providing unique in-store experiences. The expansion efforts by these retailers reflect an optimistic outlook on the role of physical stores in complementing online shopping and meeting consumer demand for a blended retail experience.

Target joins crowd of big US retailers seeking store expansion

What: The real estate arm of SM is opening 4 new malls in the country

Why it is important: dynamics of retail are going in opposite ways according to the countries.

SM Prime Holdings Inc., a leading property developer in the Philippines, is set to open four new shopping malls this year, adding 440,000sqm of retail space. The malls include SM City Caloocan, SM City J Mall in Mandaue City, Cebu, SM City San Fernando La Union, and  SM City Laoag. The company also plans to refurbish and extend existing malls. In 2023, SMPH reported a 33% increase in net income to AU$1.09 billion and a 21% increase in consolidated revenues. Mall business accounted for 56% of total sales, with mall revenues totaling $1.97 billion, up 30% from $1.5 billion in 2022. SMPH has earmarked $3.3 
billion for 2024 capital expenditures and currently operates 85 malls in the Philippines and eight malls in China, with a total gross floor area of 10.8 million sqm

SMPrime to add 440,000 sqm of retail space in the Philippines

What: Central’s profits are soaring.

Why it is important: thank the regional touristic flows… probably coming at the expense of Europe.

Thailand's Central Pattana reported significant earnings and net profit growth for FY23, with tourism recovery playing a crucial role. The company's full-year earnings increased by 26% to 46.79 billion baht (US$1.3 billion), while net profit jumped 40% to 15.06 billion baht ($422 million). This growth was attributed to the recovery of tourism, domestic consumption, and increased revenue from residential projects. Central Pattana managed 40 shopping malls, including 17 in and around Bangkok, 21 projects in provincial areas, one project in Malaysia, and one JV project (Mega Bangna), along with 17 community malls, making a total net leasable area of 2.3 million sqm. The company also manages 33 food courts, 10 office buildings, nine hotels, and 33 residential projects.

Central Pattana’s profit surges 40% thanks to tourism