Starbucks Attempts to Stir Things up and Focus on Chinese Retail
Starbucks is restructuring its management team to put more effort behind developing its retail business in China and further its turnaround in Europe.
Jeff Hansbury becomes the new President of Starbucks's China and Asia-Pacific region, reporting to his predecessor John Culver, who will take the reins on Starbucks Global Channel Development and Emerging Brands portfolio as well.
Starbucks senses a major opportunity for growth in the retail segment in China, as the compan's cafes and loyalty cards have been widely accepted. The company expects China to become its largest market away from the US by 2014 taking over from Canada. Starbucks also wants to more than double its cafe number to 1,500 by 2015.
Madame Tussauds Opens in Tokyo
The fourteenth Madame Tussauds attraction has opened at Decks Beach Mall in Tokyo, Located in the city's most popular shopping and entertainment district, theattraction was designed by award-winning British architects Kay Elliott in conjunction with Merlin Entertainments' own unique in-house development and creative team - Merlin Magic Making.
The new 2,000sq m attraction uses state-of-the-art technology, and dramatic backdrops to showcase a range of incredibly lifelike wax figures of Hollywood A-listers, sports stars, historic figures and icons of Japanese culture.
Phil Webb, Director at Kay Elliott, said: "Madame Tussauds Tokyo is expected to become a must for visitors to the city."
Benoy Celebrates Awards Success
Benoy is celebrating in style after winning multiple awards at the recent India Shopping Centre Awards hosted in Mumbai. Presented at the India Shopping Centre Forum, Phoenix Marketcity was awarded 'Most Admired Shopping Centre of the Year: Non-Metro (West)' and 'Most Admired Shopping Centre Marketing & Promotions of the Year: Non Metro'.
On top of this, Pacific Mall scooped the coveted 'Most Admired Shopping Centre of the Year: Retailers Choice'.
Komal Datta, Benoy's Director in Mumbai commented: "India is a unique environment and we believe it to be a fitting place for Benoy to realise some of its most interesting and innovative work."
Youngest Business Head in Organised Retail is Just 23
Shashwat Goenka, son of RP-Sanjiv Goenka Group Chairman Sanjiv Goenka, has taken charge of the Spencer's Retail chain, making him the youngest business leader in India's organised retailling business. Shashwat has taken charge as the 'retail sector head' of the Rs 15,000-crore group.
Mohit Kampini, Chief Executive at Spencer's Retail, now reports to Shashwat. Sanjiv Goenka confirmed that his son will now 'independantly drive the retail business'. The senior Goenka has decided not to get involved in the day-to-day running of the retail business, and instead will play the role of mentor to his son.
Shashwat has big plans for the business and stated: "We want to expand our total selling area by 50 per cent for the next two years and improve merchandise mix."
IKEA Gains Approval for 105-Billion-Rupee Expansion
In May, India's Cabinet Committee on Economic Affairs (CCEA) apprroved a proposal made by IKEA to invest $1.95bn in the country to open 25 new stores over the next ten years. This was the last hurdle IKEA had to overcome as any foreign investment over 12 billion rupees must have the consent of the CCEA.
The planned investment is the largest by a foreign retailer in India since the country amended its laws in late 2011 to allow 100 per cent foreign ownership in single-brand retail ventures, Previously, this figure had only been 51 per cent.
IKEA Group Chief Executive Mikael Ohisson stated that IKEA already sources products from the country and: "Will continue to increase our sourcing in India from both existing and new supplier, building on long-term relations and shared values."
IKEA's expansion could help transform the country's largely unorganized $500bn retail sector and provide some relief for policymakers who have been eager to attract foreign investment.
Speaking about the cabinet panel's decision, the: "Commitment of the govenment for maintaining a liberal economic agenda." On top of selling its world famous furniture, IKEA has secured approval to operate cafes and restaurants in its stores. However, it will be 4-5 years before Indians can purchase the iconic flat-pack furniture.