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U.S. Stock-Index Futures Fall Before Confidence Report
By Inyoung Hwang -
2013-08-27T10:35:10Z
tiffany U.S. stock-index futures slid,
signaling the Standard & Poor’s 500 Index will drop for a second
day, as investors awaited data that may show consumer confidence
fell and tension grew over possible military action in Syria .
cheap tiffany & co jewelry Cisco Systems Inc. and Microsoft Corp. declined at least
0.8 percent in early trading, pacing losses in the biggest U.S.
companies. J.C. Penney Co. (JCP) retreated 2.1 percent after Bill
Ackman ’s Pershing Square Capital Management LP sold its stake in
the retailer for $504 million. Tiffany & Co. rose before
reporting quarterly results.
wholesale tiffany jewelry Futures on the S&P 500 (SPX) expiring in September retreated 0.6
percent to 1,644.9 at 6:32 a.m. in New York. The benchmark gauge
fell 0.4 percent yesterday after Secretary of State John Kerry
said the U.S. will hold Syria’s government accountable for using
chemical weapons. Contracts on the Dow Jones Industrial Average
dropped 74 points, or 0.5 percent, to 14,857 today.
cheap tiffany & co jewelry “We have seen a little bit of a pullback in risk appetite
when it applies to equities,� Russ Koesterich, the chief
investment strategist at New York-based BlackRock Inc., said in
a television interview on “Bloomberg Surveillance� with Tom
Keene and Sara Eisen. “The recovery is gaining momentum but it
is very predicated on a recovering housing market.�
cheap tiffany & co President Barack Obama is under growing pressure from U.S.
allies and Congress to go beyond denunciations of Syria and take
military action after the Aug. 21 attack that opposition groups
say killed more than 1,300 people. Iran’s Foreign Ministry
warned that a U.S. attack on Syria would drag the whole region
into conflict.
Confidence Gauge
tiffany outlet locations The Conference Board is due to release its consumer
confidence index at 10 a.m. New York time. The gauge fell to 79
this month from 80.3 in July, according to the median forecast
in a Bloomberg survey of 71 economists. The S&P/Case-Shiller
measure may show house prices climbed 12.1 percent in June from
a year earlier, following a 12.2 percent gain in May, a separate
survey before data due at 9 a.m. showed.
Cisco, the world’s biggest maker of networking equipment,
lost 1 percent to $23.60 in pre-market New York trading.
Microsoft, the largest software maker, fell 0.8 percent to
$33.86.
J.C. Penney retreated 3.6 percent to $12.87 in German
trading as Pershing raised $504 million selling 39.1 million
shares in the department-store chain at $12.90 apiece.
Tiffany (TIF) added 0.2 percent to $81.85 in German trading. The
world’s second-largest luxury jewelry retailer is scheduled to
report second-quarter earnings today.
To contact the reporter on this story:
Inyoung Hwang in London at
[email protected]
To contact the editor responsible for this story:
Andrew Rummer at
[email protected]
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Tiffany Reports Its Second Quarter Results
August 27, 2013 06:59 AM Eastern Daylight Time
tiffany NEW YORK--( BUSINESS WIRE )--Tiffany &amp; Co. (NYSE:TIF) today reported an increase in net earnings in
its second quarter ended July 31, 2013 reflecting sales growth and an
improved operating margin. As a result of better-than-expected earnings
in the quarter, management increased its full year forecast.
<a href="http://www.goodstiffany.com">tiffany jewelry outlet</a> “Total
sales growth met our objective due to solid performance in most regions,
and with particular strength in our statement and fine jewelry product
categories. We were pleased with the results of our efforts to improve
gross margin which, combined with well-controlled expenses, yielded a
solid increase in operating margin.”
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In the three months (“second quarter�) ended July
31, 2013:
Worldwide net sales rose 4% to $926 million. On a
constant-exchange-rate basis that excludes the effect of translating
foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP
Measures� schedule), worldwide net sales rose 8%, and comparable store
sales rose 5% due to growth in most regions.
Net earnings increased 16% to $107 million, or $0.83 per diluted
share, compared with $92 million and $0.72 per diluted share in the
prior year.
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In the six months (“first half�) ended July 31,
2013:
Worldwide net sales increased 7% to $1.8 billion. On a
constant-exchange-rate basis, sales rose 10% with comparable store
sales increasing 7%.
Net earnings rose 10% to $190 million, or $1.48 per diluted share,
from $173 million, or $1.36 per diluted share, in the prior year.
Expenses of $9 million, or $0.05 per diluted share, had been recorded
in this year’s first quarter for staff and occupancy reductions;
excluding those costs, net earnings in the first half rose 13% to $196
million, or $1.53 per diluted share (see “Non-GAAP Measures� schedule).
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Michael J. Kowalski, chairman and chief executive officer, said, “Total
sales growth met our objective due to solid performance in most regions,
and with particular strength in our statement and fine jewelry product
categories. We were pleased with the results of our efforts to improve
gross margin which, combined with well-controlled expenses, yielded a
solid increase in operating margin.�

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Net sales highlights were as follows:
In the Americas region, total sales increased 2% to $444 million in
the second quarter and 4% to $852 million in the first half. On a
constant-exchange-rate basis, total sales also rose 2% and 4% in the
respective periods; comparable store sales were unchanged in the
quarter and rose 1% in the half, led by growth in Tiffany’s New York
flagship store sales.
Total sales in the Asia-Pacific region rose 20% to $208 million in the
second quarter and 17% to $432 million in the first half. On a
constant-exchange-rate basis, total sales also rose 20% and 17%, and
comparable store sales increased 13% and 11% in the respective
periods, led by especially strong sales growth in Greater China.
Business in Japan continued to be strong in the second quarter. The
negative translation effect from a substantially weaker yen caused
total sales to decline 14% to $136 million in the second quarter and
7% to $281 million in the first half. However, on a
constant-exchange-rate basis, total sales increased 7% in the second
quarter and 14% in the first half, due to comparable store sales
growth of 8% and 14% with strong growth in engagement and higher-end
jewelry categories.
Total sales in Europe rose 11% to $111 million in the second quarter
and 9% to $204 million in the first half. On a constant-exchange-rate
basis, total sales rose 10% and 9% in the respective periods and
comparable store sales rose 7% and 6% due to sales growth in the
United Kingdom and most of continental Europe.
Other sales increased 33% to $26 million in the second quarter and 87%
to $53 million in the first half, primarily reflecting the conversion
in July 2012 of five TIFFANY &amp; CO. stores in the United Arab Emirates
from independently-operated to Company-operated.
Tiffany opened three stores in the second quarter: in Hong Kong, in
Verona, Italy and in Villahermosa, Mexico, and closed one in Tokyo,
Japan. At July 31, 2013, the Company operated 277 stores (116 in the
Americas, 67 in Asia-Pacific, 54 in Japan, 35 in Europe and five in
the U.A.E.), versus 260 stores (106 in the Americas, 61 in
Asia-Pacific, 55 in Japan and 33 in Europe and five in the U.A.E.) a
year ago.
Other financial highlights:
Gross margin (gross profit as a percentage of net sales) increased to
57.5% in the second quarter from 56.3% a year ago, and gross margin
was unchanged at 56.8% in the first half. During the second quarter
and first half, gross margin increasingly benefitted from diminishing
product cost pressure and price increases taken earlier in the year. A
shift in sales mix toward higher-priced, lower gross margin products
continued to impact gross margin.
SG&amp;A (selling, general and administrative) expenses increased 3% in
the second quarter and 6% in the first half. The growth in both
periods was due to store-related costs and higher marketing spending,
but was partly mitigated by the translation effect from a stronger
U.S. dollar. In addition, $9 million of expenses had been recorded in
the first quarter tied to specific cost reduction initiatives related
to staffing reductions, as well as subleasing of office space (see
“Non-GAAP Measures� schedule).
Other expenses, net of $15 million in the second quarter were up from
$14 million last year, and were $27 million in the first half versus
$25 million last year.
Effective income tax rates were 34.2% in the second quarter and 34.5%
in the first half, compared with 34.6% and 34.5% in last year’s
respective periods.
Cash and cash equivalents were $490 million at July 31, 2013, versus
$366 million a year ago. Total short-term and long-term debt of $964
million at July 31, 2013 represented 35% of stockholders’ equity,
compared with $940 million and 39% a year ago.
Net inventories of $2.3 billion at July 31, 2013, were 4% higher than
a year ago. Finished goods inventories rose to support new stores and
expanded product assortments, while combined raw material and
work-in-process inventories declined slightly from last year. Net
inventories rose 7% on a constant-exchange-rate basis.
Mr. Kowalski added, “We are pleased to have achieved healthy earnings
growth in the first half of the year. Looking forward, we are equally
excited about the initiatives we are pursuing in product development,
marketing communications and store expansion, all intended to further
enhance Tiffany’s strong brand position and take fuller advantage of its
long-term growth opportunities in the global luxury market.�

Outlook for 2013:
For the fiscal year ending January 31, 2014, management now forecasts
net earnings in a range of $3.50-$3.60 per diluted share, compared with
$3.43-$3.53 per diluted share in its previous outlook and $3.25 per
diluted share in 2012. This forecast is based on the following
assumptions, which are approximate and may or may not prove valid:
a) Worldwide net sales increasing by a mid-single-digit percentage in
U.S dollars (a high-single-digit percentage increase on a
constant-exchange-rate basis).
b) Adding a net of 14 Company-operated stores (opening six in the
Americas, seven in Asia-Pacific and three in Europe, and closing one
each in Asia-Pacific and Japan).
c) Operating earnings increasing at a higher rate than sales growth.
This assumes gross margin at least equal to the prior year (the benefits
from favorable product costs and price increases being offset by sales
mix skewed toward higher-priced, lower margin product categories), and
an improvement in the SG&amp;A expense ratio due to sales leverage on fixed
costs.
d) Interest and other expenses, net of $58 million.
e) An effective income tax rate of 35%.
f) This forecast excludes $0.05 per diluted share of expenses tied to
specific cost-reduction initiatives that were recorded in the first
quarter.
g) Net inventories increasing 5%; capital expenditures of $230 million
(versus $220 million in 2012); and free cash flow (cash flow from
operating activities less capital expenditures) of $300 million (versus
$109 million in 2012).
Today’s Conference Call:
The Company will conduct a conference call today at 8:30 a.m. (Eastern
Time) to review actual results and the outlook. Please click on http://investor.tiffany.com
(“Events and Presentations�).
Next Scheduled Announcement:
The Company expects to report third quarter financial results on Tuesday
November 26, 2013. To receive notification of future announcements,
please register at http://investor.tiffany.com
(“E-Mail Alerts�).
Tiffany &amp; Co. operates jewelry stores and manufactures products through
its subsidiary corporations. Its principal subsidiary is Tiffany and
Company. The Company operates TIFFANY &amp; CO. retail stores in the
Americas, Asia-Pacific, Japan, Europe and the United Arab Emirates, and
also engages in direct selling through Internet, catalog and business
gift operations. For more information, visit www.tiffany.com
or call the shareholder information line at 800-TIF-0110.
This document contains certain “forward-looking� statements concerning
the Company’s objectives and expectations with respect to sales,
products, store openings and closings, operating margin, interest and
other expenses, the effective income tax rate, net earnings,
inventories, growth opportunities, capital expenditures and free cash
flow. Actual results might differ materially from those projected in the
forward-looking statements. Information concerning risk factors that
could cause actual results to differ materially is set forth in the
Company’s Form 10-K, 10-Q and 8-K reports filed with the Securities and
Exchange Commission. The Company undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events or
circumstances.
TIFFANY &amp; CO. AND SUBSIDIARIES
(Unaudited)
NON-GAAP MEASURES
The Company reports information in accordance with U.S. Generally
Accepted Accounting Principles (“GAAP�). The Company’s management does
not, nor does it suggest that investors should, consider non-GAAP
financial measures in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. The Company presents such
non-GAAP financial measures in reporting its financial results to
provide investors with an additional tool to evaluate the Company’s
operating results.
Net Sales
The Company’s reported sales reflect either a translation-related
benefit from strengthening foreign currencies or a detriment from a
strengthening U.S. dollar. Internally, management monitors its sales
performance on a non-GAAP basis that eliminates the positive or negative
effects that result from translating sales made outside the U.S. into
U.S. dollars (“constant-exchange-rate basis�). Management believes this
constant-exchange-rate basis provides a more representative assessment
of sales performance and provides better comparability between reporting
periods. The following table reconciles sales percentage increases
(decreases) from the GAAP to the non-GAAP basis versus the previous year:
 
 
 
 
Second Quarter 2013 vs. 2012
 
 
First Half 2013 vs. 2012
GAAP Reported
 
 
Translation Effect
 
 
Constant- Exchange-Rate Basis
 
 
GAAP Reported
 
 
Translation Effect
 
 
Constant- Exchange-Rate Basis
Net Sales:
 
 
 
 
 
 
 
 
Worldwide
4 %
(4)%
8 %
7 %
(3)%
10 %
Americas
2 %
–
2 %
4 %
–
4 %
Asia-Pacific
20 %
–
20 %
17 %
–
17 %
Japan
(14)%
(21)%
7 %
(7)%
(21)%
14 %
Europe
11 %
1 %
10 %
9 %
–
9 %
Comparable Store Sales:
Worldwide
1 %
(4)%
5 %
3 %
(4)%
7 %
Americas
–
–
–
1 %
–
1 %
Asia-Pacific
13 %
–
13 %
11 %
–
11 %
Japan
(13)%
(21)%
8 %
(6)%
(20)%
14 %
Europe
8 %
1 %
7 %
6 %
–
6 %
 
Net Earnings
The accompanying press release presents net earnings and highlights
expenses tied to specific cost reduction initiatives in the text.
Management believes excluding such specific items presents the Company’s
quarter-to-date results on a more comparable basis to the corresponding
period in the prior year, thereby providing investors with an additional
perspective to analyze the results of operations of the Company at July
31, 2013. The following table reconciles GAAP net earnings and net
earnings per diluted share (“EPS�) to non-GAAP net earnings and net
earnings per diluted share, as adjusted:
 
 
 
 
 
Six Months Ended July 31, 2013
( in thousands, except per share amounts )
 
 
 
 
$ (after tax)
 
 
 
 
Diluted EPS
 
 
 
 
Net earnings, as reported
$
190,358
$
1.48
 
Cost reduction initiatives a
 
5,785
 
 
 
 
 
0.05
 
Net earnings, as adjusted
$
196,143
 
 
 
 
$
1.53
 
 
a
 
On a pre-tax basis, includes charges of $9,379,000 within SG&amp;A for
the first half of 2013 associated with severance related to staffing
reductions and subleasing of certain office space for which only a
portion of the Company’s future rent obligations will be recovered.
 
 
TIFFANY &amp; CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited, in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended July 31,
Six Months Ended July 31,
2013
2012
2013
2012
Net sales
$
925,884
$
886,569
$
1,821,368
$
1,705,739
 
Cost of sales
393,755
387,407
786,015
737,559
 
Gross profit
532,129
499,162
1,035,353
968,180
 
Selling, general and administrative expenses
355,243
344,582
717,309
678,615
 
Earnings from operations
176,886
154,580
318,044
289,565
 
Interest and other expenses, net
14,694
14,250
27,406
24,804
 
Earnings from operations before income taxes
162,192
140,330
290,638
264,761
 
Provision for income taxes
55,411
48,529
100,280
91,426
 
Net earnings
$
106,781
$
91,801
$
190,358
$
173,335
 
 
Net earnings per share:
 
Basic
$
0.84
$
0.72
$
1.49
$
1.37
Diluted
$
0.83
$
0.72
$
1.48
$
1.36
 
 
Weighted-average number of common shares:
 
Basic
127,826
126,631
127,572
126,677
Diluted
128,771
127,663
128,606
127,920
 
 
 
 
 
 
TIFFANY &amp; CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
July 31,
January 31,
July 31,
 
2013
 
2013
 
2012
ASSETS
 
Current assets:
Cash and cash equivalents
$
489,664
$
504,838
$
366,080
Accounts receivable, net
161,746
173,998
171,463
Inventories, net
2,328,510
2,234,334
2,230,474
Deferred income taxes
77,948
79,508
105,212
Prepaid expenses and other current assets
182,049
158,911
131,485
 
Total current assets
3,239,917
3,151,589
3,004,714
 
Property, plant and equipment, net
814,593
818,838
777,387
Other assets, net
677,208
660,423
542,645
 
$
4,731,718
$
4,630,850
$
4,324,746
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Short-term borrowings
$
207,412
$
194,034
$
155,137
Accounts payable and accrued liabilities
276,810
295,424
259,608
Income taxes payable
36,731
30,487
26,901
Merchandise and other customer credits
67,921
66,647
63,112
 
Total current liabilities
588,874
586,592
504,758
 
Long-term debt
756,807
765,238
784,409
Pension/postretirement benefit obligations
342,361
361,246
316,319
Other long-term liabilities
221,692
209,732
198,176
Deferred gains on sale-leasebacks
86,688
96,724
112,285
Stockholders' equity
2,735,296
2,611,318
2,408,799
 
$
4,731,718
$
4,630,850
$
4,324,746
 
 
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Italy's Tamburi seeks investments to follow Moncler Reuters &ndash; Wed, Aug 14, 2013 4:32 PM EDT
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RELATED QUOTES Symbol Price Change TIP.MI 1.82 0.00 AMP.MI 4.01 -0.03 PRY.MI 17.38 +0.07
moncler MILAN (Reuters) - Italy's Tamburi Investment Partners (TIP) (MIL:TIP) is looking for further purchases after leading a consortium to buy into luxury ski wear maker Moncler, chief executive Giovanni Tamburi said on Wednesday.
moncler jackets outlet TIP, which Tamburi said has investments worth about 1 billion euros ($1.3 billion), acquired an indirect stake in Moncler this month when its majority-owned vehicle Clubsette bought 14 percent of Moncler President Remo Ruffini's holding company.
moncler outlet The independent investment bank, which also holds stakes in hearing aid maker Amplifon (MIL:AMP) and cable maker Prysmian (MIL:PRY), is mulling deals in the technology, fashion and retail sectors in Europe, at a pace of between one and three a year.
moncler outlet store locations "We have absolutely not finished," Tamburi told Reuters. "We still have liquidity, we still have investors who want to join us, so we're still looking at potential deals - and there are lots of opportunities in Europe."
<a href="http://www.discountmonclerco.com">women moncler boots</a> TIP booked a capital gain worth about 33 million euros in July from the sale of its stake in holding companies for French department store chain Printemps, but the cash will not make it any less choosy about its investments, Tamburi said.
<a href="http://www.discountmonclerco.com">moncler kids outlet</a> "We won't let having lots of money make us rush to invest."
The 103 million euro investment in holding company Ruffini Partecipazioni, which owns 32 percent of Moncler, is primarily a bet on the ski wear brand, Tamburi said.
"Ruffini Partecipazioni effectively means 32 percent of Moncler," Tamburi said, adding that its other investments, in secondary brands in the Moncler group such as Henry Cotton's and Marina Yachting, are valued far below the flagship label.
The goosedown jacket label is set to list - without the secondary brands - on the Milan bourse in the last quarter of this year. Sources have told Reuters that Ruffini plans to keep his 32 percent stake.
Sources close to the matter have said the IPO values Moncler at about 2 billion euros, but Tamburi declined to put a value on his stake.
Tamburi said the decision to invest in Ruffini was taken regardless of whether Moncler would list or not.
"Our participation in Ruffini Partecipazioni completely disregards the possible effects of a listing - whether it takes place sooner or later."
($1 = 0.7538 euros)
(Reporting by Isla Binnie; Editing by Anthony Barker)
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Is there enough wealth in Adelaide for Tiffanys to work in the town?
By
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Tuesday, 27 August 2013
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Tiffany &amp; Co will open up shop in Adelaide next year, marking the first South Australian store for the glitzy jewelry brand.</p><strong><a href="http://www.goodstiffany.com">tiffany rings</a></strong>
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The Adelaide store will be the eighth Australian store for the little blue box.</p><strong><a href="http://www.goodstiffany.com">sell tiffany and co jewelry</a></strong>
Do you think there is enough wealth for a Tiffany shop to work in Adelaide?
Do you think there is enough wealth for a Tiffany shop to work in Adelaide?
Yes
No
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Asia’s mega-mall boom is headed toward bust
August 27, 2013
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<p><strong><a href="http://www.bagsguccistoer.com">gucci bags</a></strong> When the United States was choosing a location in Indonesia for its first @America cultural center —a new, interactive, social-media focused face of diplomacy—it decided to stay far away from the embassies of the city center. A stand-alone building would be too inconspicuous in dense, traffic-clogged Jakarta. What it needed was a space near heavy foot-traffic, ready parking, and good name recognition.</p>
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<p><strong><a href="http://www.bagsguccistoer.com">gucci messenger bags</a></strong> East Asia’s gigantic developing megalopolises—Beijing, Shanghai, Jakarta, Manila, Bangkok, and Saigon—are building vast new urban landscapes centered on what was once the purview of suburban America: the indoor, privately-owned shopping mall, the sizes of which are beyond anything in the global north.</p>
<p><strong><a href="http://www.bagsguccistoer.com">gucci bags</a></strong> In modern economics, a developing country’s middle class is defined by its ability to consume at levels at or near those of the US, Japan, or Europe. Asia’s new malls are bubbles of modernity, built on vast scales as symbols of this growing class. They are meeting spaces, glossy, air-conditioned indoor parks, where you can ignore the air pollution, poverty, and heat of the real world.</p>
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<b>A brief history</b>
<p><strong><a href="http://www.bagsguccistoer.com">gucci online</a></strong> In 1992, the year Bill Clinton was elected president, the largest mall in the world, the Mall of America, opened outside of Minneapolis, Minnesota. It was a behemoth that quickly became one of the top tourist destinations in the country and also a symbol of American consumer excess. On the outside, it was just a large, ugly square surrounded by football fields of parking lots, but that was not the point. What mattered was what was inside: over 200 shops, an amusement park, 14 screens of cinemas, and a giant food court with every single American fast-food option. The richest country in the world had built a symbol for its own version of modernity.</p>
<p>It was also in the early ’90s that China’s massive economic expansion began, joining the Asian Tigers of Singapore, South Korea, Malaysia and Taiwan to form the world’s second engine of growth. However, it wasn’t until the onset of the new millennium, after the 1997 financial crisis that Asia really took off with Indonesia, Vietnam, and the Philippines rapidly developing. Then, the malls became bigger and bigger. Today, there are 18 malls in Asia (and one in Canada) larger than the Mall of America, with several more under construction.</p>
<p> </p>
<b>The new public space</b>
<p>It is not only the size but also the sheer number of malls that is mind-boggling. The boom has transformed Indonesia’s capital, Jakarta, into the proud owner of over 170 shopping malls, the most in the world.</p>
<p>These malls have been built on what were once parks. As recently as 1983, the city still had 35% of its land in open, green areas. Today, according to Green Map Jakarta, that number has dropped to an astounding 6%, one of the lowest in the world.<b> </b></p>
<p>When Jakartans go for a walk, they have few options beside the malls. Sidewalks are non-existent, overtaken by motorcycles or vendors, the parks are gone, and getting in and out of the city to the countryside a nightmare. As the urban heat effect and lack of trees make Jakarta both hotter and drier, the malls become a refuge of air-conditioning (from reliable, generator-sourced electricity) for a population increasingly more accustomed to living in a climate-controlled world.</p>
<p>As money flows into real estate from foreign investors and revenue from Indonesia’s rich natural resources, the construction boom continues. Cheap money is turned into malls, often built right beside each other. There’s the question whether such high demand even exists. Grand Indonesia, a vast complex build not far from Monas, Indonesia’s towering national monument, offered free rent for a time to many of its tenants in order to keep them from moving elsewhere.</p>
<p>That means that today in Jakarta, the poor can actually pay more for housing (on average $20-$60 per square meter) than multinational chains like Gucci, Prada, or Gap pay for retail space, which can be $50 a month per square meter at the few top malls and nearly nothing at less popular ones.</p>
<p>In China, home to the world’s largest ( and mostly empty ) mall, the boom is leading to such a high vacancy rate that many malls have not only been waiving rent, but actually paying retailers like H&amp;M and Zara to move in. </p>
<p>There are speculations that China’s mall boom has been funded by easy credit, lax central oversight, and corruption. Despite high vacancy rates and numerous “ghost malls,â€� China still has more new malls in development than any other country in the world, by a wide margin . This is the real estate bubble that may be the cause of China’s recent slowdown. Profit margins are thin, despite China’s growing middle class, though international brands are cashing in on the newly rich’s love of high-end goods. China is soon expected to overtake Japan and the United States as the world’s top luxury market.</p>
The city of malls
<p>But it is Singapore, Asia’s crowning economic jewel, which has the world’s shopping mecca—Orchard Road, a street where 22 malls are lined up one against another for over a mile. The street is in a perpetual state of flux, as malls constantly remodel, rebuild, and renovate in order attract customers. Most are owned by conglomerates like CapitaMalls Asia, which operates over 100 malls in Asia. The vast crowds on the street are a mix of locals, but mostly, tourists from Europe, China, and neighboring countries, attracted by Singapore’s status as a trade hub, its low sales tax, and access to the widest variety of luxury goods in Asia.</p>
<p>That’s how vacancy rates stay low, and the malls, amazingly, stay profitable.</p>
<p>Singapore, however, is a small country in a strategic location alongside the world’s busiest shipping route, the Straits of Malacca. It is also a regional hub for trade and investment, and its malls, not to mention vast land reclamation projects and glistening new skyscrapers, are funded by foreign investors who see the country as a safe investment. While this model might work here, it is ill-fitted for larger, more economically diverse countries like China and Indonesia. Hence, empty mega-malls in Dongguan, and bare-bones rents in Jakarta. No matter how fast China’s middle class grows, it cannot sustain a city like Chengdu having four times as many malls as similarly sized Los Angeles. Despite government attempts to spur consumer spending, retail sales are already slowing . Foreign luxury brands are making money, but margins are thin, or negative, at stores targeting middle and lower-class Chinese.</p>
<p>All this evidence points to the fact that peak-mall in Asia may be closer than people think. In Jakarta, despite the crowds that pack Pacific Place and its now popular @America center every weekend, the young, consumer-savvy urban population is seeking something different. In one of this first decisions after being elected, the new, young, and incredibly popular Mayor of Jakarta, Joko Widodo, whose no-nonsense attitude and unwavering dedication to fighting corruption have many calling him “Indonesia’s Obama,” put in place a moratorium on new shopping malls, a decision received with popular support.</p>
<p>The reality that malls and consumerism only cater to a small percentage of the population is becoming more and more apparent. Remember—Asia’s economic growth was built on manufacturing and natural resources. It’s the transition to an American-style consumer economy that is faltering, perhaps because that mode—built in an era of cheap oil and plentiful space—is untenable in today’s world. What is now needed is sustainable consumption, one in which assets are spent not on giant shopping malls, but health, the environment, and transportation. China, Indonesia the Philippines, and China might be leading the world in malls, but they rank a paltry 101st, 114th, and 121st, respectively, in the United Nations Human Development Index country rankings.</p>
<p>Here, shopping malls are not symbols of a developed economy, but of misplaced priorities and inefficiencies, surface monuments trying to hide the darker reality.</p>
<p>In the coming years, expect Asia’s economic reality to come in balance. Until then, we’ll see how many more giant, empty malls it will take before development priorities finally change.</p>
<p> You can follow Nithin on Twitter at  @excinit . We welcome your comments at  ideas@ .  </p>
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WWE and Lionsgate Teaming Up for See No Evil 2, Once Again Starring Kane
by CB on August 6, 2013
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swiss replica iwc watches WWE and Lionsgate have teamed up for See No Evil 2, which will once again star Kane as Jacob Goodnight. The movie will shoot this fall and Kane will likely miss some WWE TV time as a result.
<a href="http://www.copyiwcwatches.com">iwc replica</a> In the sequel to the 2006 original, Goodnight will be resurrected from a morgue. Specifically, WWE.com states:
iwc swiss replica “‘See No Evil 2′ revives the nightmare of the first film when Jacob Goodnight rises from the dead in the city morgue after his killing spree at the Blackwell Hotel. In this ominous, underground locker for the dead, a group of medical students fight to survive as this deranged psychopath once again starts to pick them apart one by one.”
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SuperJ
Wonder which porn director they get to direct this one. Is Max Hardcore out of jail yet? Plenty of experience there in making young girls look scared.
Penny Marie Sautereau
Yes, because the first one was SO well-received.
So any idea which awkward and talentless big man indy wrestler will get to be Fake Kane this time?
SuperJ
As a fan of all Slasher and B-Grade (okay C-Grade in this case) cinema, I do have to defend this movie a little. It was mindless fun with some goofy and fun deaths (the dogs eating the girl who fell out of the window was one of my favorites), which is all you really want or need from this genre. Plus, when you add in DVD sales, the movie made over 60 million on a budget of 8. Any movie producer would be happy with that return and other sequels have been greenlit on less profit than that.
Steven Gepp
I’m with you. I liked the forst one for what it was, and it was certainly better than the vast majority of later Friday the 13th, Nightmare on ELm Street, etc, sequels. It was just a standard slasher film, and it didn’t take itself too seriously. I think this – along with Goldberg’s ‘Santa’s Slay’ – get bad press; both were certainly far easier to watch than, say, The Marine 3 (I liked The Marine 2 with Ted Jr…).
Oh God, I’m praising wresters’ movies. There goes my IWC membership card…
Penny Marie Sautereau
You have to give back the Decoder Ring too.
Penny Marie Sautereau
Ehn, true enough I suppose.
flamingwombat
�本�ん�
See no Evil was perfectly acceptable slasher fare, and Kane was fine in it.
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