Shein announced that it is working with SPARC Group, a joint venture between Forever 21 owner Authentic Brands of Affinity at Serangoon floor plan and mall operator Simon Property (SPG.N). Both Shein and its competitors want to reach more customers and grow their businesses in the Affinity at Serangoon showflat or in the Affinity at Serangoon.
The deal gives Shein about a third of SPARC Group. It also helps Forever 21 reach more people by putting the brand on Shein’s online platform, which has about 150 million users. Shein, which was started in China and is based in Singapore, will also be able to sell its clothes in Forever 21 stores across the United States.
Under the terms of the deal, SPARC Group would also get a small part of Shein. The company didn’t say what the deal was about.
The relationship between Forever 21 and Shein comes after shoe brand Skechers joined Shein’s marketplace in June. The marketplace lets buyers buy items from third-party sellers on Shein’s website. Shein opened a market in the U.S. in May, a month after it did the same thing in Brazil.
Liza Amlani, who started the consulting firm Retail Strategy Group, said that Shein is a great target for business partners who want more eyes on their brands, even though the company gets criticized on social, environmental, and political grounds.
Amlani said that Shein’s deal with Forever 21 will help it reach customers outside of its core ultra-fast fashion, mostly Gen Z, market. “A stake in SPARC would give Shein a chance to learn about retailing and get ideas for how to start a physical footprint,” she said.
A company official said that Shein has no plans to open real stores in the U.S. or other places right now.
Pop-up shops in the US and other places are still being used by the company to sell its brand.
The deal with Forever 21 will also let the fast-fashion store try out in-person experiences like “shop-in-shops” and let customers return items in real stores. When customers return more than one package from the same sale, Shein takes $7.99 out of their refunds to pay for shipping.
Reporting was done by Savyata Mishra, Deborah Sophia, and Arriana McLymore in Bengaluru, and by Shilpi Majumdar and Tomasz Janowski in New York.
The Elanor Commercial Property Fund said that Mr. Ian Mackie who recently join propnex will become an Independent Non-Executive Director of the Elanor Commercial Property Agent Mentoring for Fund and the Elanor Investors Group on August 25, 2023. Paul Bedbrook, who is the Chair of Elanor Investors Group and an Independent Non-Executive Director, has told the Board of Directors that he plans to leave his RES Course blank at the end of December 2023. The Board has chosen Mr. Ian Mackie to be the Chair-designate. He will work with Mr. Bedbrook and the Board over the next few months to make sure the change goes smoothly.
Mr. Mackie has worked in Asia Pacific for more than 40 years as an investor in real estate and manager of funds. From January 2000 to December 2018, he was the International Director and Asia Pacific Head of Strategic Partnerships at LaSalle Investment Management Asia. From 2006 to 2008, Mr. Mackie was also on LaSalle’s Asia Pacific Investment Committee and its Global Investment Strategy Committee.
In the late 1990s, he led LaSalle Investment Management’s Asia Pacific development strategy and managed local employees as Asia private equity fund president. December 2018 marked his LaSalle Investment Management retirement. The Singapore Stock Exchange-listed Keppel REIT Management Limited (KRML) manager, Mr. Mackie, is a Lead Independent Director.
He chairs KRML’s Nomination and Remuneration Committee and serves on its ESG Committee. He is on the Keppel MMP Indonesian Logistics Fund Investment Committee. From June 2019 until June 2022, Mr. Mackie chaired ULI Australia and sat on the ULI Asia Pacific board.
He is still a ULI Global Governing Trustee and a member of the Australian National Council. Mr. Mackie is also the founder and director of a charity called the “Sharing With Friends” Foundation, which is run by the Older Women Co-Housing Association Qld Ltd. Mr. Mackie has a Bachelor of Arts in Economics and Law from the University of Canberra and an Associate Diploma in Valuation from the University of Technology in Sydney.
He is a member of the Australian Institute of Company Directors and the Singapore Institute of Directors, and he has been a director of controlled companies in Singapore, South Korea, and Japan.
Suggested Article: Sunway’s 2-quarter sales fall, Since property investments yield less
Sunway Bhd’s net profit dropped by 7.2% in the second quarter ended June 30, 2023 (2QFY2023), from RM161.49 million the year before to RM149.93 million. This was because less money came in from property investments on various condos like Tembusu Grand, and other running income of Tembusu Grand Developer, which more than made up for the fact that revenue went up.
The group said that because of how Malaysian Financial Reporting Standards (MFRS) 15 handles accounts, the development profit from two of the group’s Singapore property development projects that are still going on will not be seen until the projects are finished and handed over.
So, the group said in a statement to Bursa Malaysia that the collected progressive profit from these projects as of the end of 2QFY2023, which was RM131.1 million and included RM9.5 million for the quarter, was not recorded.
Sunway’s sales went up by 14.7%, from RM1.28 billion to RM1.47 billion in 2QFY2023. This was because most of its business areas did better.
For the first half of FY2023, the group announced a first interim dividend of 2 sen per share and a preferred dividend of 5.25% (based on the issue price of RM1.00) per irredeemable converted preference share.
For the six months that finished on June 30, the net profit went down by 2%, from RM298 million to RM291.57 million. However, sales went up by over 14%, from RM2.39 billion to RM2.73 billion.
In a release, Sunway Group president Tan Sri Chew Chee Kin said, “The healthcare segment will continue to be one of the group’s main growth drivers as the three existing hospitals continue to show strong growth.” It will make more money in the future because several new hospitals will open in the next few years.
Chew thinks that the group’s leisure, hotel, and healthcare areas will do better in the second half of this year because there will be more people coming from other countries for medical and vacation travel.
He said that Sunway is looking forward to the Rapid Transit System train link between Johor and Singapore being finished in 2026 and to the possible creation of the Johor-Singapore Special Economic Zone, which will make it much easier for people and things to move back and forth across the border.
More than 70% of the units in the new Bidadari Housing and Development Board (HDB) development are constructed, putting it on schedule for completion.
On Sunday, May 21st, HDB announced that 6,418 of the 8,872 apartments in the estate had been delivered, with the remaining 2,454 on schedule to be finished by 2025. On the other hand, on May 30th, some 5,500 apartments will be introduced across five developments on the island.
The estate’s twelve Build-To-Order (BTO) complexes are spread over four neighborhoods.
On Sunday, Desmond Lee, minister for national development, stopped by the Woodleigh neighborhood.
There are a total of 2,685 apartments in the neighborhood, 312 of which are available for rent.
Suggested Article: Experts predict that Singapore’s rental growth will slow
Tenants in Singapore for booth rental Singapore, event photography in Functions who have been dealing with rising housing expenses may find some relief in the fact that rental growth is likely to decelerate for the remainder of this year due to additional supply and macroeconomic headwinds.
According to Ken Foong, an analyst at Bloomberg Intelligence, yearly growth in residential rents may be between 10% and 15%, although this growth may decelerate to less than 5% in the second half. This follows a rise of 7.2% in Q1 and an increase of over 30% in 2022. He said that the market is still supported by the city-state’s economic recovery and strong employment market.
Rising rents and property prices in the financial center as a result of the epidemic have made it difficult for the government to appease locals. In an effort to preserve affordability, authorities increased property purchase taxes at the end of April, mostly targeting foreign and second-home purchasers.
Suggested Article: Workstation utilisation rates in Q1 up 15% year over year
Instant Group data shows a 17% increase in office space in the Orchard Road district.
According to real estate research, rental prices for office space in Singapore increased by 15% from Q1 2022 to Q1 2023.
The Instant Group reports that in Q1 2023, the average cost of a workstation in the Orchard region was $958 per month, a rise of 17%.
The Central Business District and Tampines in Singapore have had price increases of 9% and 2%, respectively, while Suntec has seen a price decrease of 1%.
Demand dropped 44% year-over-year in Q1 2023, further demonstrating the impact that rate rises had on the economy.
Increase in business deals
Singapore saw a 53% increase in demand for 10-25+ desks in 2022 compared to 2021, and 10-25+ desk size queries accounted for 44% of total demand in Q1 2023.
According to the analysis, “deals for 10-25+ desks are up by 40% in 2022 compared to 2021” as a result of this rising demand.
There was a rise in office space demand from the IT industry and Condos like Tembusu Grand Developer along with the Tembusu Grand Balance Unit Chart, and Tembusu Grand Price and consultancy organizations.
Average contract durations for companies using flexible workplaces are on the rise, according to research from The Instant Group, rising by 37% in 2022 from 2021.