This article is for the Professionals
Sign up to Inside Retail Professional now for only $5+GST for your first three months.
That's an 85% discount plus you’ll get FREE access to all Masterclasses during Retail Week. 5 retail industry leaders like you’ve never seen them before.Already a professional? Log in
The Ikea mega mall will be a two multi-storey building with more than 20 floors housing retail stores, office and hospitality establishments. The construction project will open new job opportunities in the region and see a growth in the retail and home furnishings sector.
Uniqlo surpasses Zara as most valuable fashion business
Uniqlo’s owner, Fast Retailing, has dethroned Zara’s parent company, Inditex, as the most valuable fashion retailer in the world. The former now has a market value of $103 billion while the latter is at $99 billion.
The financial newspaper Nikkei Asia reported that Fast Retailing’s spike was due to most consumers working from home. Fast Retailing was named as the biggest apparel brand in China last year when it hit a record revenue of $4.8 billion during FY19.
“We don’t chase trends. People mistakenly say that Uniqlo is a fast-fashion brand. We’re not. We are about clothing that’s made for everyone,” Uniqlo chief executive Tadashi Yanai said. “People will select clothes that are comfortable to wear as working clothes, as well as in their home. There will be no need for clothes that are worn for a year and then are discarded.”
Giordano opens mega store
Clothes retailer Giordano has opened a large store in the new Bumi Raya City Mall in Pontianak, Indonesia, spanning 2300-square-metres full of menswear, womenswear and childrenswear.
“This is our second store in Pontianak, which is one of the most culturally diverse cities in Indonesia and the entrance to Singkawang, the renowned City of a Thousand Temples,” said Patrick Yeo, president director of Giordano Indonesia.
Bumi Raya City Mall opened last month and houses more than 190 brands. The shopping centre is the first family lifestyle mall to open in Pontianak. Giordano has more than 2100 stores in Greater China, South Korea, Southeast Asia, Australia, India and the Middle East.
Apple opens second store in South Korea
Apple has expanded its reach in South Korea with the opening of its second store in Seoul. Located in IFC Mall in the city’s main finance district, Yeouido, the store has been described by the tech giant as “a space for everyone to blossom their ideas and creativity”.
While the opening was announced last November, delays caused by Covid pushed the opening date back by three months. During the grand opening, customers had to register to attend and adhere to a capacity limit.
Apple entered South Korea in 2018 when its first store opened in Garosugil, Gangnam area. According to Yonhap News Agency, the retailer aims to accelerate its expansion plan in the country with a third store in popular shopping destination Myeongdong and a fourth in Busan.
Swarovski rolls out new brand identity
Austrian jewellery retailer Swarovski has unveiled its new brand identity and store concept, celebrating crystal in all its forms. The new logo shows a Swarovski Swan that is poised to take a flight and it was designed with an elongated neck and positioning to “reinforce the brand’s ever-forward momentum”. It is framed with candylike octagon wrapping that signifies rebirth.
Swarovski creative director Giovanna Engelbert led the brainstorming for the brand’s new identity. It also rolled out Swarovski Wonderlab which the brand described as a “joyful universe that invites you to ignite your dreams”.
“The Wonderlab is where science and magic meet, where extra and elegance collide, it is a feeling of wonder that everyone should experience as we invite them into our new world at Swarovski,” said Engelbert.
Swarovski will launch the new concept in 28 Instant Wonder stores in key global markets. The jeweller partnered with Paris-based Villa Eugénie on Swarovski’s new store concept that has a sensorial retail space, featuring vibrant colours and textures, metallic sculptures and innovative materials.
The Instant Wonder store opening will be later this year in Australia.