Singapore has seen over 50 years of major road projects, from the PIE to the North-South Corridor. Zara's owner is closing nearly 4,000 stores worldwide / REUTERS. There are pointed flats. Robinsons closed its The Centrepoint store at the end of its … When you buy through links on our site, we may earn an affiliate commission. The owner of Zara has closed 3,785 stores globally following the outbreak of coronavirus. | The Newshour Debate, Is there a connection between rising fuel prices and state elections? ZARA owner Inditex said it is permanently closing as many as 1,200 stores - 16 per cent of its outlets worldwide - as the world's largest fashion retailer moves to boost online sales after posting its first-ever loss due to the Covid-19 pandemic. It will instead focus on expanding its larger stores. The retail giant’s financials took a knock, as it was forced to shut down nearly 90% of its stores worldwide during the lockdown. | The Newshour Agenda, Tamil Nadu Polls: Kamal Haasan to likely seal alliance with SDPI; BJP slams ‘Hate Bandhan’, Is CM Mamata Banerjee's attack claim a turning point for West Bengal Elections? The store closures mean H&M’s net shop additions will drop to just 220 this year, the lowest level since 2010. After more than 160 years in Singapore, Robinsons is closing its last two department stores at The Heeren and Raffles City Shopping Centre. On the mainland, Esprit reduced its China investment last December. VICTORIA’S Secret will permanently close about 250 stores due to the coronavirus pandemic, reports say. No need to rush down to queue up at the stores. Inditex said it would invest 900 million euros a year in the next three years to accelerate its strategy of focusing on large stores in prime shopping areas and in its online business. The UK-based retailer has been an anchor tenant in JEM shopping mall since its opening back in June 2013, taking up over 32,000 square feet of retail space in a 2-storey setup. Zara plans to close more than 1,000 stores to focus on e-commerce. Dive Brief: Zara owner Inditex on Thursday said it will close 1,000 to 1,200 stores over the next two years, at a pace of 500 to 600 each year. The total store count will fall from 7,412 to between 6,700 and 6,900 after the reorganisation, which will also include the opening of 450 new shops. It expects stores in all key markets to open by the end of June. India’s FY 22 GDP growth to be fastest in the world: OECD, Zara to shut down shutters of 1,200 stores worldwide, Company forced to shut down nearly 90% of its stores worldwide during the lockdown, It reported a net loss of 409 million euros, sales tumbled to 3.3 billion euros, Online sales rose by 50% year-on-year during the quarter, and were up 95% year-on-year in April. "We were making strong progress with the transformation of our business to tackle these challenges; however, the impact of the Covid-19 pandemic has put too much pressure on our business and our cash flows," said David Bensadoun, CEO of Aldo. 2/10. Meanwhile, online sales rose by 50% year-on-year during the quarter and were up 95% year-on-year in April. Jun 12, 2020, 5:00 am SGT MADRID • Zara owner Inditex said it is permanently closing as many as 1,200 stores - 16 per cent of its outlets worldwide - … Singapore News - Almost two months ago, former DJ-turned-restaurateur Daniel Ong went on Instagram to make a public plea to landlords for additional rental waivers for … The Spanish apparel retailer intends for online sales to make up a quarter of sales by 2022. Unfortunately, that will soon become history. Located in VivoCity is the last of Topshop’s outlets in Singapore. 18 March 2020. Zara is one of the world’s most successful fashion retail brands – if not the most successful one. American clothing brand Guess plans to close around 100 stores across the globe, as sales have taken a hit due to the ongoing pandemic. As reported by South China Morning Post, the retail giant will be forced to close over 52 stores across Asia outside of China, as it battles […] The exact affected locations have not yet been… According to the staff, the store’s last day of operation will be on 9 June this year. Well known Spanish fashion retailer, Zara is closing most of its stores across the globe. This will take the total store count around 6,700-6900 from the current 7412. Take 65% off selected women’s outerwear lines – including coats, puffers, and trench coats. The company laid out ambitious plans to spend $1.7 billion on upgrading its stores to become more integrated with its online platform. By . The total shop floor space would grow by about 2.5% a year during 2020-2022 with its focus on larger stores. Inditex, which also owns other brands like Massimo Dutti, Pull & Bear and Bershka, will focus on large stores and online sales instead. Singapore is one of the affected countries, alongside Malaysia, Hong Kong, Macau and Taiwan. From our latest Woman collection and TRF lines, we have dresses, jeans, shoes, bags and more to suit every woman and every occasion. "As a normal course of business and similar to other retailers, we periodically review our real estate portfolio, to open or close stores accordingly to ensure we have the right stores in the right places to best serve our customers," Gap told South China Morning Post. Zara: 1,000 stores worldwide (over 2 years) If there are any additions to include, please email me at walterfloeb@gmail.com . After reporting its first quarterly loss, the company plans to close nearly 1,200 stores worldwide. Hennes & Mauritz, the Swedish company that owns H&M, Monki, Weekday and more as well as Inditex, the owners of Zara, Bershka and other clothing lines, are starting to close down physical stores in order to expand on online offerings. As of now though, it is still unclear if Singapore stores are affected. Victoria Secret is planning to close 250 stores in the US and Canada permanently in the coming months. "After conducting an exhaustive review of strategic alternatives, we were determined that filing [for bankruptcy protection] is in Aldo's best interest to preserve the company for the long term and survive through this challenging period," he added. Tag Archives: closing down sale Robinsons JEM Closing Down Sale has lots of ZARA fashionwear with prices as low as $10 till end-August August 15, 2020 11:51 pm in Fashion Tata Motors, Honda among others plan to reduce workforce. The … Find out which stores could be closing near you. Inditex, the parent company of Zara and Massimo Dutti among other brands, is closing between 1,000 to 1,200 stores over the next two years. US clothing retailer Gap has stated that it will close five of its eight stores in Hong Kong. Should you buy now? The folks at Singapore Atrium Sale were taking a jaunt in JEM shopping mall when they came across the Robinsons outlet having massive closing down sales on their Zara products. It … More restaurants and eateries in Singapore will close down if dining-in restrictions are extended past the circuit breaker period, according to a recent survey by online restaurant reservation platform Chope. But as we all know, Covid-19 has been one heck of a game changer for everyone and it looks like the apparel industry has been unable to escape unscathed either. "The … Zara's parent company, which owns several other brands, said Wednesday that it would close between 1,000 and 1,200 stores globally over the next two years. | The Urban Debate, Be prepared to respond to difficult situations: Xi Jinping, Expert says origins of COVID-19 could be known in few years, Congress announces list of 26 candidates for Assam polls, Attack on Mamata: 'RG Varma is better scriptwriter than PK'. With its dramatic introduction of the concept of “fast fashion” retail since it was founded in 1975 in Spain, Zara aspires to create responsible passion for fashion amongst a broad spectrum of consumers, spread across different cultures and age groups. Zara deal: 65% OFF! Malaysian fashionistas, take note. After reporting its first quarterly loss, the company plans to close nearly 1,200 stores worldwide. … Shop the latest clothing trends with our weekly edit of what’s new in online at Zara. Zara promo: 55% OFF! Get up to 80% off men’s coats and jackets when you shop at Zara Singapore. The group, which owns Robinsons, will shutter at least ten stores this year as it restructures its bleeding Singapore operations. Looking for new shoes to complete your outfit? Esprit shares hit a record low of HK$6.95 ($0.90) on September 26, 2011 as the company struggled with loss-making stores and closing down its North American operations. From our latest Woman collection and TRF lines, we have dresses, jeans, shoes, bags and more to suit every woman and every occasion. 7. Retail giant Inditex de Diseño Textil – the name behind Zara and Bull&Bear chains – has temporarily closed 3785 stores in an effort to stem the spread of the virus. If a company, or its creditor(s), considers that the company is/will be unable to pay its debts and there is a reasonable probability of rehabilitating the company, instead of resorting to a winding up, the Court may upon an application, order that … Major Retailers that Closed in 2021 (Or Are Closing Lots of Locations) 2020 saw a rash of retail store closings and bankruptcies, and 2021 looks like that trend will continue. H&M Group CEO Helena Helmersson noted: "It is clear that the rapid changes in customer behaviour caused by the pandemic will further speed up the digitalisation of fashion retail.". 7. Business Insider 11th June 2020 – (Spain) Inditex, the parent company of Zara and Massimo Dutti among other brands, is closing between 1,000 to 1,200 stores over the next two years. Spanish clothing and accessories retailer Zara has shut down its biggest flagship store in China. FACED with a challenging retail environment, the Al-Futtaim group will continue to close stores in Singapore, but expand its footprint elsewhere in promising Asian markets. Find new arrivals, fashion catalogs, collections & lookbooks every week. October 19, 2020, 05:57 PM JJ Lin hosting YouTube … : 201815023K, filed for bankruptcy protection from creditors in Canada, closure of all its Asian stores by June 30, close 250 stores in the US and Canada permanently, close five of its eight stores in Hong Kong. This is forcing us to look at the contribution all markets make to the group's performance," said Anders Kristiansen, CEO of Esprit. Shop the latest clothing trends with our weekly edit of what’s new in online at Zara. Marks & Spencer will be closing down their JEM store in the west.. The Spanish clothing retailer is shifting its focus to online shopping amid the … Beloved Bistro & Bar Closing Down All Singapore Outlets. How long will EPF account earn interest after leaving job? The closures are part of the company's restructuring initiatives to focus resources and recalibrate operations amid the pandemic, according to the company. The decision was made to focus their resources at the time and has nothing to do with anything else, says Gap. The brand saw a downward spiral of its sales, which got worse after the Covid-19 pandemic hit. October 19, 2020, 05:57 PM JJ Lin hosting YouTube … Zara offer: 80% OFF! New Look, H&M, The Body Shop, Harrods, and Zara join growing list of retailers voluntarily shutting their UK stores until further notice. 18 March 2020. This store has been operating for less than three years.Parkson in its Facebook update on Thursday (Dec 26) put up a post that read "Clearance … The company estimates closing its Asian stores will result in one-off costs for severance pay and to exit leases of between HK$150 million and $200 million (US$19 million to $26 million) which will be incurred in the current June quarter. Gold down 19% from all-time high. "We would expect to have a meaningful number of additional store closures beyond the 250 that we're pursuing this year, meaning there will be more in 2021 and probably a bit more in 2022," said Victoria's Secret Chief Financial Officer Stuart Burgdoerfer. Zara sale: 65% OFF! It also plans to drive its online business and turn its attention to online sales. The company said that in markets where stores were already open, sales were down 16% during June 2-8. The Swedish fashion brand reported a 50 per cent drop in sales during the second quarter of 2020 due to stores being closed during lockdowns worldwide. Mumbai: Bad news for fashion lovers. The Peel 1889 in Serangoon Gardens will shut after its lease ends in July, while former DJ Daniel Ong, owner of the Rookery Group, said revenue has dipped 85 per cent in … Zara's owner Inditex will close 1,200 stores worldwide by 2021, due to losses from the closure of its stores over the coronavirus crisis. $10 Zara shoes Robinsons closing down sale Robinsons JEM Level 2 50 Jurong Gateway Rd, Singapore 608549 In April, ESPRIT announced that it will be closing down all its Asian stores (except in China) by 30 June. One of the fastest growing fashion stores might be closing one Australian shop And you'll be surprised by the big names on the list of physical store closures worldwide, as it may be unthinkable that they would be facing financial issues. But Jay Gee Melwani Group was forced to close them all down, along with all the New Look outlets, due to poor sales. Explore the latest fashion trends here and now with us. The exact affected locations have not yet been announced. 2 / 10. While retail businesses are gradually reopening their physical stores after months of closure due to the coronavirus pandemic and subsequent lockdowns, some have unfortunately been unable to recover and are shuttering permanently. Shop women's, men's, kids' and baby clothing, as well as homewares, all at Marks & Spencer Offers.com is supported by savers like you. Its remaining 16 outlets have been gradually shutting down throughout 2019, and the last two outlets at Tampines One and Tanglin Mall will close this week. Jacob Jarvis. This list will be updated as new information becomes available. If you don’t like our faces, listen to our fortnightly podcast E-Junkies where we lepak one corner with famous people, AsiaOne Online Pte Ltd. Company Registration No. The well-known Canadian footwear brand, which has over 3,000 stores in about 100 countries, said the measures were taken due to the coronavirus pandemic which had shut its outlets amid lockdowns. Instead, it will be shifting its focus to its online business in wake of the ongoing pandemic. Tata Power likely to announce Renewables InVIT soon? 7. The company reported a net loss of 409 million euros ($465 million) as sales tumbled to 3.3 billion euros, down from 5.9 billion euros in the same period a year earlier. ... Al-Futtaim's retail portfolio in Singapore includes Marks & Spencer, Royal Sporting House, Zara, Mango, Vans and Lacoste. Similarly, Zara closed 355 stores last year and is set to close another 250, although the Spanish brand does plan on opening 300 more. The owner of Zara is to close between 1,000 and 1,200 retail stores across the globe, outlining a plan to “reinforce all of its brands’ e-commerce capabilities”. Image: MS News. Latest trends in clothing for women, men & kids at ZARA online. Al Futtaim Group also operates Marks & Spencer, Zara and Ted Baker in Singapore. Explore the latest fashion trends here and now with us. Judicial Management. The lingerie company's UK arm has already been placed into administration, putting its 25 stores and 800 jobs at risk. River Island. Zara PHOTO: Reuters. Robinsons Closing Down: Empty Shelves & No Clearance Prices. In May, it was reported that Aldo had filed for bankruptcy protection from creditors in Canada to stabilise the business. SINGAPORE: About 3,800 companies closed down in April, comparable to the average of 3,700 recorded in the same month over the past five years, said Senior Minister of … British high street fashion label River Island was popular among teens for its stylish shoes, bags and other accessories. Dive Brief: Zara owner Inditex on Thursday said it will close 1,000 to 1,200 stores over the next two years, at a pace of 500 to 600 each year. The fact is, we don’t have a strong DIY culture in Singapore … All Zara stores in the United States are temporarily ... Singapore or Beijing). For all latest Business News, Market News , Income Tax News, Share Market, Sensex Today live updates follow Times Now, CM Mamata claims attack & mishandling; Locals allege mishap; What is the truth? In April, clothing company Esprit announced the closure of all its Asian stores by June 30, with the exception of stores in China. By . After 4 years letting kids role-play in adult occupations, KidZania Singapore got hit hard by Covid-19 and decided to close down its 81,000 sq ft Sentosa theme park for good. Opened in Singapore: Jun 2012 Left Singapore: 2nd half of 2016. The Spanish fast-fashion giant announced the news Wednesday as it reported its first-quarter earnings. One of the most well-loved and remembered brands in retail fashion, ESPRIT, will be closing down for good in Malaysia by the end of June. This year, another ship goes sinking – Topshop is closing down its last physical outlet in Singapore. Inditex, one of the world’s largest retailers and owner of the popular ‘Zara’ brand has not been spared by the adverse impact of the lockdown. The 162-year-old Robinsons announced the closing of its last 2 stores in Singapore, and will be exiting the retail scene. The cash-rich retailer plans to boost online sales significantly and expects online sales to account for more than a quarter of business by 2022, compared to 14% now.