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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
+5.4%
CHARTOFTHEWEEK
STATOFTHEWEEK
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D E B O R A H W EI N S W I G M A N A G I N G D I R E C T O R
F U N G G L O B A L R E T A I L & T E C H N O L O G Y d e b o r a h w e i n s w i g @ f u n g 1 9 3 7 . c o m
U S : 6 4 6 . 8 3 9 . 7 0 1 7 H K : 8 5 2 . 6 1 1 9 . 1 7 7 9
C H N : 8 6 . 1 8 6 . 1 4 2 0 . 3 0 1 6
July 1, 2016 • Inthisweek’snote“FromtheDeskofDeborahWeinswig,”welookathowtheUK’shistoricdecisiontoleavetheEUwillaffecttheUK,theUSandtherestofEurope,fromourvantagepointontheUSsideofthePond.
• Retailers are shifting to hold less inventory in stores, aiming to increasesales by15%while keeping inventory levels flat oreven decreasing themslightly. As consumers increasingly shop online, retailers are working tofigureouthowtoprofitablyallocate inventorytomeetconsumers’needs.Sinceinventoryisoneofretailers’highestcosts,holding lessof itcanfreeupcapitalforbuildingonlineoperationsorcoveringwageincreases.
• According toexperience-marketing platformMonetate,more thanhalfofonline shoppers spend time shoppingondifferentdevices beforemakingtheir purchase. Cross-device reconciliation allows customers to pick upwheretheyleftoff,eveniftheyswitchdevices.
• Thetotalnumberofsmartphones inChina isexpectedtoreach1.4billionby2020,withan increaseof34millionmobilephoneusers, according toresearch firmCanalys.Chineseconsumersareembracingdigitaldevices—including smartphones, smarter vehicles, virtual reality devices andInternet-of-Things connected devices—and adoption rates have beenboostedbythegovernment’s“InternetPlus”initiative.
10.5%• Accordingtomarket-measurementfirmKantarWorldpanel,GermandiscountersAldiandLidlachievedarecordcombinedshareof10.5%oftheUKgrocerymarketinthe12weeksendedJune19,2016.Aldi’ssharewas4.4%andLidl’ssharewas6.1%.
• Tescoretainsthelargestmarketshare,at28.2%,butsalesfellforeachofthebigfourgrocers.Duringtheperiod,salesdeclinedby1.3%atTesco,by2.4%atMorrisons,by1.4%atSainsbury’sandby5.9%atAsda.
ForecastUKExportLossesPost-BrexitForecastLossesinUKTotalExportsinaPost-BrexitScenario,byMainEUMarket(GBPBil.)
*FreeTradeAgreementSource:EulerHermes,November30,2015
(0.2)
(0.2)
(0.3)
(0.5)
(0.5)
(0.7)
(1.0)
(1.2)
(1.3)
(1.9)
(0.5)
(0.7)
(1.1)
(1.7)
(1.7)
(2.4)
(3.4)
(3.8)
(4.3)
(6.1)
(7) (6) (5) (4) (3) (2) (1) 0
Denmark
Poland
Sweden
Italy
Spain
Belgium
Ireland
France
Netherlands
Germany
NoFTA* FTA
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
FROMTHEDESKOFDEBORAHWEINSWIG
Brexit:TheViewfromThisSideofthePond
On June23,British citizens cast ahistoric vote for theUK to exit the European Union (EU), with the “leave”votes outnumbering the “stay” votes by a margin of52%to48%.
The US has a “special relationship” with the UK andstrong, long-lasting ties with Europe as well, throughNATO and other transatlantic links, and US PresidentBarack Obama issued strongly worded remarks urgingtheUKtoremainintheEU.
By exiting the EU, the UK will be able to increase itscontroloveritsbordersandeconomy,anditwillhavegreaterfreedomtotradewiththerestoftheworldwithouttariffs,butboththeUKandtheEUwillpayapriceforBrexit,aswillothercountries,includingtheUS.
ChallengesfortheUK:UncertaintyregardingthetimingandprocessofwithdrawalfromtheEUislikelytotakeanimmediatetollontheUK’seconomy,currencyandmarkets.SomeeconomistsarepredictingthatthedecisiontoexittheEUcouldthrowtheUK’seconomyintorecessioninthesecondhalfofthisyear,andthereisconsensusthatthefallinthepoundwillraiseinputcostsand,so,consumerpricesinthecomingyears.However,wethinksomesectorswill struggle to pass on higher costs to consumers,meaning that retailerswill have to bear someor all of them.Weakconsumerdemandforapparelandpricewarsingrocerymeanthatthesesectors’marginsarelikelytotakeahit.On thepositive side, a fallingpound shouldboostUKexports, and theattractivenessof the currencyalreadyappearstobedrivingupglobalinterestinUKtourism.
Therewillbeother,unspecifiedcostsandbenefits,too.LondonisthefinancialhubofEuropeanddrawstalentfromacrossthecontinent.FinancialservicesfirmscouldhavetomoveresourcestootherEuropeancapitals,andabraindrainof talent could result.After theexit,which is a coupleof years away,UK companies couldbenefit fromnolonger needing to invest the time and expense necessary to complywith EU regulations aswell as from theUKresettingitsowntariffsatamorecompetitivelevel.
Challenges for the rest of Europe: Economists also predict that the UK’s decision is likely to create a drag onEuropeanGDPgrowth,thoughtheycannotagreeonhowmuchitwillbeaffected.CitiexpectsEUandeurozoneGDPtotakeahitof100–150basispointsoverthenextthreeyears,butBarclaysseeseurozoneGDPbeingimpactedby140basispointsin2017alone.Ireland,Germany,theNetherlandsandBelgiumarelikelytobehitthehardest,giventheclosenessoftheirtradingtieswiththeUK.ThefallinthepoundwillmakeexportsfromtheUKcheaper,whichmeanstheycouldtakesharefromcontinentalsuppliers.Furtherahead,aftertheexit,boththeEUandtheUKmayface additional costs due to the reintroduction of taxes and tariffs on the transfer of goods and services acrossborders,andconsumersmaylosetheabilitytocomparepricesforgoodsacrosscountries.
Challenges for theUS:TheUKwastheUS’sseventh-largesttradingpartner in2013,accordingtothemostrecentdataprovidedbytheUSCensusBureau,withtotalimportsandexportsamountingto2.6%oftotaltrade.Lookingatother large EU trading partners, Germanywas fifth, with 4.2% of total trade; Francewas eighth, with 2.0%; theNetherlandswas13th,with1.6%;andItalywas15th,with1.4%.Ifthepoundfalls,theUSwillbenefitfromcheaperimportsfromtheUK.ThemostexposedUSretailers,basedonUKsalesasapercentageoftotalsales,areWalmart(11.1%ofsales),WalgreensBootsAlliance(8.9%),Amazon(8.4%)andApple(5.0%).Inthenearterm,theseretailersfacethechallengeofcurrencyfluctuations.And,oncetheUKhaslefttheEU,theymayfaceadditionalcosts,astheywillhavetoreallocateresourcestoservethenew,separateUKmarket.ExposuretotheEUoutsidetheUKisalsoarisk,giventhat“Brexitcontagion”threatensthecohesivenessoftheEU.
Theupshot:Despiterecentmarketgyrations,theseparationprocesswilloccurslowlyoverseveralyears.Thismeansthat,despitetheeuphoriaamongthe“leave”voters,therewillbelittleimmediate,tangiblechangetotraderules,andcompaniesandconsumerswillhaveample time toadjustandposition themselves foraUK-freeEU. It is stillpossiblethattheEUandtheUKwillarriveatsomekindofbusiness-friendlypoliticalandeconomicarrangementthatminimizestheeffectsof theexiton international trade.Thenear-term impactprimarilydependsontheextenttowhichthedecisionwillhiteconomicgrowthandhowbusinesseswillbeaffectedbyasharplydevaluedpound.Witheconomistsdivided,itislargelyacaseofwaitandsee.
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
USRETAILEARNINGS
Source:Companyreports
USRETAIL&TECHHEADLINESHowFashionBrandsAreStartingtoDesignLikeTechCompanies(June24)FastCompany• LululemonandMinistryofSupplyareamongtheretailnamesthatareembracingthelabconcept
totestdesignsandfabricsbeforetheyofficiallyenterthemarket.Thismethodallowsretailerstostaymoreintouchwithconsumersandcontinuethedesignprocessafteraproducthitsstores.
• Inthisprocessoftestingandprototyping,consumerfeedbackiskey,especiallyforsmallercompaniesthatcanswiftlyadjusttomeettheircustomers’needs.Socialmediaanddirect-to-consumermodelshavealsochangedhowretailersinteractwithconsumers.
TheSnapchatEffect:FashionDesignersAreMakingtheEphemeralFab(June29)Glossy• Inthefashionindustry,designersandbrandsareusingSnapchatastheycompetetowinover
customerswithbehind-the-sceneslooksatcollectionsandevents.Afavoredplatformamongteens,SnapchathasseenitsnumberofviewsincreasefourfoldsinceMay2015;itnowgarnersupto8billionviewsperday.
• Whilethefashionindustryhashistoricallybeenastepbehindintermsofadoptingthelatesttechtrends,digitallynativebrandshavefoundparticularsuccesswithSnapchat.Theseyounger,moredigitallysavvybrands,suchasRebeccaMinkoffandKateSpade,arehelpingpavethewayformoreestablishedheritagebrandsonthedisappearing-messageapp.
RetailersRethinkInventoryStrategies(June27)TheWallStreetJournal• Retailersareshiftingtoholdlessinventoryinstores,aimingtoincreasesalesby15%while
keepinginventorylevelsflatorevendecreasingthemslightly.Asconsumersincreasinglyshoponline,retailersareworkingtofigureouthowtoprofitablyallocateinventorytomeetconsumers’needs.
• Sinceinventoryisoneofretailers’highestcosts,holdinglessofitcanfreeupcapitalforbuildingonlineoperationsorcoveringwageincreases.Additionally,byputtingmoreinventoryondisplay,retailerscanavoidfrustratingconsumers,whodonotliketobepresentedwithbareshelves.
HowE-CommerceShoppersActuallyShop(June28)Women’sWearDaily• Lessthanhalfofcustomerpurchasesaremadewithinthefirsthourofbrowsing,soretailersare
turningto“cross-devicereconciliation”tomakethesale.Accordingtoexperience-marketingplatformMonetate,morethanhalfofonlineshoppersspendtimeshoppingondifferentdevicesbeforemakingtheirpurchase.
• Cross-devicereconciliationallowscustomerstopickupwheretheyleftoff,eveniftheyswitchdevices.Andwhileconsumersareincreasinglyshoppingonmobiledevices,Monetateadvises
Company
Revenues($Mil.) ChangeYoY GrossMargin(%) ChangeNetIncome($
Mil.) ChangeYoY StoreFleetEOP
Period 2016 2015 (%) 2016 2015 (BP) 2016 2015 (%) 2016 2015
Nike 4QEMay 8,244 7,779 6.0 45.9 46.2 (26) 846 865 (2.2) 919 832
WEINSWIG’SWATCHING
Thisweek,theUSFungGlobalRetail&TechnologyteamattendedthePIApparel2016conferenceinNewYorkCity.
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
retailerstocontinuefocusingondesktops,astheaverageordervalueis46%higherondesktopsthanonmobiledevices.
EUROPERETAILEARNINGS
Company
Revenues(USDMil.)
ChangeinUSD(%)
ChangeinReportingCurrency
(%)Gross
Margin(%)Change(bps)
NetIncome(USDMil.)
YoY%Change
StoreFleetEOP
Period 2016 2015
2016 2015
2016 2015
2016 2015
Ocado1HEMay15,2016 848 775 9.5 15.1 34.1 33.6 49 12.5 11.0 13.6 N/A N/A
DixonsCarphone*
FYEApr30,2016 14,636 13,239 10.6 18.0 N/A N/A N/A 242.0 155.6 55.5 2,243 2,308
*FY16wasthe12monthsendedApril30,2016;FY15wasthe13monthsendedMay2,2015.CarphoneWarehouseandDixonsRetailmergedonAugust6,2014,sotheFY15resultsareproforma.Source:Companyreports
EUROPERETAILHEADLINESH&M’sNetSalesRisebyLessthanPlannedintheSecondQuarterof2016(June22)Companypressrelease• H&MreportedthatgroupsalesincludingVATgrewby5%inlocalcurrenciesduringthesecond
quarterendedMay31,2016.Inreportingcurrency,salesincludingVATincreasedby2%,toSEK54.3billion(US$6.6billion).Thegroup’sprofitaftertaxfortheperiodwasSEK5.4million(US$0.65million).
• Thecompanycommentedthatcoldspringweatherinmanyofitsmarketsweighedonsales—whichwerebelowthecompany’splan—whileprofitwasaffectedbyhigherpurchasingcostsduetothestrengthoftheUSdollar,increasedmarkdownsandthecostofthecompany’slong-terminvestments.
TescoReportsItsSecondStraightQuarterofUKComparableSalesGrowth(June23)Companypressrelease• Tescoreportedgroupcomparablesalesgrowthof0.9%forthefirstquarterofitsfiscalyear2017.
UKcompsincreasedby0.3%,whileinternationalcompswereup3.0%.ThisisthesecondsuccessivequarterofUKcomparablesalesgrowthfortheretailer,signalingthatitsrecoveryismakingsteadyprogress.
• Tescoisrefocusingitsbusinessonitscoregroceryoperations.TheretailerannouncedthesaleoftheHarris+HoolecoffeeshopchainonJune23,2016.EarlierinJune,itannouncedthesaleoftheGirafferestaurantchain,DobbiesGardenCentresanditscontrollingstakeinKipainTurkey.
SchwarzGrouptoInvestinStoreRevampinGermany(June23)RetailWeek• SchwarzGroup,theownerofLidlandKaufland,announcedaplantoinvest€6.5billion(US$7.4
billion)instorerevampsforthetwochainsinGermanyinordertoregainsomeofthemarketshareithaslosttorivals.
• Morethan€3.0billion(US$3.4billion)ofthetotalwillbeusedtorefurbish3,200LidlstoresinGermanyinanefforttoimprovetheshoppingexperience.
PoundlandRejectsTakeoverOfferfromSteinhoff(June24)Companypressrelease• AccordingtoastatementreleasedbySteinhoffonJune24,PoundlandhasrejectedSteinhoff’s
proposalregardingacashtakeoveroffer.
• SteinhoffcommentedthatitisconsideringitspositionfollowingPoundland’srejectionoftheproposal.Earlierthisyear,Steinhoffattempted,unsuccessfully,toacquireHomeRetailGroupandDarty.
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
OcadoGainsMarketShareDespiteIncreasingCompetition(June28)Companypressrelease• Ocadoreportedanincreaseinrevenueof15.1%,to£584.2million(US$844.9million),forthe
firsthalfoffiscalyear2016.Profitbeforetaxincreasedto£8.5million(US$12.3million)fortheperiod,comparedwith£7.2million(US$10.4million)inthefirsthalfof2015.
• Ocadocommentedthatitsincreasingscaleandoperationalefficiencieswillenableittogrowprofit—albeitataslowerrate—andgainshareinonlinegrocery,despitethemarketremainingcompetitive.
ASIATECHHEADLINESUberChinaRepositionsItselfasanAll-in-OneSolutionsProvider(June27)TechCrunch• Thisyear,UberChinawillpromotetwonewofferingsthroughoutChina,UberLIFEandUber+
Travel.UberLIFEprovidesuserswithadigitalmagazinethatcoverssports,arts,playsandotherlocalevents.Uber+Travelaimstoimproveusers’travelexperience.
• UberChinaisrepositioningitself,movingfromcar-hailingapptoall-in-onesolutionsprovider,aserviceforwhichthereishighdemandintheChinesemarket.Thecompany’svisionistoprovidecomprehensivesolutionsfortransportation,foodandentertainment.
ChinatoSee1.4BillionSmartphonesinUseby2020(June28)ZDNet• ThetotalnumberofsmartphonesinChinaisexpectedtoreach1.4billionby2020,withan
increaseof34millionmobilephoneusers,accordingtoresearchfirmCanalys.
• Chineseconsumersareembracingdigitaldevices—includingsmartphones,smartervehicles,virtualrealitydevicesandInternet-of-Thingsconnecteddevices—andadoptionrateshavebeenboostedbythegovernment’s“InternetPlus”initiative.
XiaomiWillGoPublicin2025(June28)TechinAsia• Xiaomiwillgopublicin2025,onceitsbusinessmodelhasmaturedandconsumershavebecome
loyaltoitsproducts,accordingtoLeiJun,thecompany’sCEO.
• XiaomiwantstodevelopintoaretailchainmuchlikeJapan’sMuji,whichsellsavarietyofproducts.Xiaomihasbeenbuildingitsnetworkofretailstores,sellingsmartphones,smartlamps,dronesandscooters,sinceitsestablishmentin2010.
Singapore’sFundnelCooperateswithBANSEA(June27)e27.co• Singapore’scollaborativeinvestmentplatform,Fundnel,hasformedapartnershipwiththe
BusinessAngelNetworkofSoutheastAsia(BANSEA)tobuildanearly-stageinvestmentvehicle.
• BANSEAwasestablishedin2001topromotethedevelopmentoftheangel-investingcommunityinSoutheastAsiaandFundnelisanonlinefundraisingplatformthatconnectsinvestorsandprivatecompanies,includingstartups.Underthepartnership,FundnelcantapintoBANSEA’sextensivenetworktofindindustryexpertstoleadthefundingofdealsontheplatform.
India’sGovernmentAbolishesthe“AngelInvestmentTax”(June27)ZDNet• TheIndiangovernmenthasabolishedthe“angelinvestmenttax”oninvestorswhofundstartups.
Themoveismeanttohelpstartupsraisemorecapitaltocoverdailyoperations.
• However,manystartupswillhaveadifficulttimemeetingthetermsandconditionsoftheamendedtaxlaw.Tobecomeeligibleforthebenefits,startupsmustbelessthanfiveyearsoldandhaveanannualturnoveroflessthan25crorerupees.
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
LATAMRETAILHEADLINESElcatexofHondurastoInvest$500MillioninSyntheticFabricsPlant(June27)WWD.com• GrupoElcatex,basedinSanPedroSula,Honduras,issettoinvest$500milliontobuildanew
syntheticsandstretchapparelfactoryandanewtextilesindustrialpark,andtoboostitsrenewableenergycapacitytofeedfuturefacilities.
• ThefirmisanintegralpartoftheHonduras20/20developmentplan,whichaimstodoublethecountry’stextileexportsinthenextfiveyears.Constructionofthenew,$120-millionplantwillbegininlate2016,anditisplannedtoopeninthesecondhalfof2017.
PanamaInauguratesExpandedCanal(June26)WSJ.com• TheexpandedPanamaCanalformallyopenedonSunday;the$5.4-billionprojectdoubledthe
waterway’scapacityandtooknineyearstocomplete.ThecanalnowincludesnewlocksonboththeAtlanticandPacificsidesthatarewideranddeeperthantheoriginals.
• ChinesemerchantshipCoscoShippingPanama,namedinhonoroftheproject,reachedthelocksonthePacificsideafterenteringfromtheAtlanticside.
HighDollarDrivesGapandBananaRepublictoLeaveColombia(June24)AméricaRetail• Amidliquidationsanddeepdiscounts,AmericanbrandsGapandBananaRepublicaresaying
good-byetoColombiaduetoboththedevaluationofthepesoagainsttheUSdollarandrisinginflation.
• SuperiorBrandsHoldingownsthebrandsforCentralandSouthAmerica,andithasmadethedecisiontostepbackacrosstheregion.StoresarealsosettocloseinCostaRica,asbrandssuchasForever21andZarascalebackaswell.
BrazilianRetailerTheBeautyBoxPlansFurtherExpansionin2016(June27)PremiumBeautyNews• TheBeautyBoxcombinesitsownbrandswithinternationalcosmetics,fragranceandaccessories
brands.ThecompanyisownedbyBrazil’sBoticárioGroupandisinitsfourthyearofoperation.Itcurrentlyhass37storesacrossfivestates.
• Thechainhasplanstoopenanadditional15pointsofsalein2016,andtocontinueinvestingheavilyinitse-commerceplatforminordertomaintainasoundomni-channelapproach.
LatinAmerica’sChronicInefficiencyCouldDriveMoreO2OCommerceGrowth(June25)TechCrunch• BrazilleadsO2OcommercesectorgrowthinLatinAmerica,withappssuchasRapiddoandLoggi
growingquicklytoprovideon-demandmotorbikedeliveryservicesintraffic-plaguedRiodeJaneiroandothercities.
• Amidastrugglingeconomy,Braziliansaresearchingformoreformsofemployment;thus,appssuchasDogHero,adog-sittinganddog-walkingapp,arebecomingverypopular.
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
EARNINGSCALENDAR
E=estimated
Company
EarningsReleasePeriod Date
Sales(Mil.) EPS
CurrencyConsensusTY LYActual ConsensusTY LYActualAlimentationCouche-Tard(ATD-B.TO) 4Q16 Jul5(E) 8,297 7,286 0.39 0.26 USD
Prada(1913.HK) 1Q17 Jul5(E) 781 828 0.02 0.02 EUR
WalgreensBootsAlliance(WBA) 3Q16 Jul6 29,717 28,795 1.13 1.29 USD
FastRetailing(9983.JP) 3Q16 Jul14 423 398 180 271 JPY
SuperGroup(SGP.L) FY16 Jul14 583 487 0.69 0.60 GBPeBay(EBAY) 2Q16 Jul20(E) 2,172 4,379 0.42 0.59 USDAmazon(AMZN) 2Q16 Jul21(E) 29,573 23,185 2.47 0.19 USDIconixBrandGroup(ICON) 2Q16 Jul20(E) 95 96 0.21 0.32 USD
Amazon(AMZN) 2Q16 Jul21(E) 29,545 23,185 2.45 0.19 USD
Skechers(SKX) 2Q16 Jul21(E) 894 801 0.53 0.52 USD
UnderArmour(UA) 2Q16 Jul21(E) 1,000 784 0.04 0.03 USD
Unilever(ULVR.L) 1H16 Jul21 26,671 26,991 0.94 0.91 EUR
VFCorp.(VFC) 2Q16 Jul22 2,528 2,514 0.34 0.40 USD
Baidu(BIDU) 2Q16 Jul25(E) 18,811 16,575 9.01 1.02 CNY
Kimberly-Clark(KMB) 2Q16 Jul25 4,567 4,643 1.47 1.40 USD
LuxotticaGroup(LUX) 1H16 Jul25 4,852 4,753 1.16 0.82 EUR
Apple(AAPL) 3Q16 Jul26 42,140 49,605 1.40 1.85 USD
SuperValu(SVU) 1Q17 Jul26(E) 5,300 5,407 0.22 0.24 USD
ExpressScripts(ESRX) 2Q16 Jul26(E) 25,410 25,454 1.58 1.04 USD
Hanesbrands(HBI) 2Q16 Jul27(E) 1,531 1,522 0.53 0.50 USD
Facebook(FB) 2Q16 Jul27(E) 6,002 4,042 0.81 0.25 USD
Loblaw(L.TO) 2Q16 Jul27 10,817 10,535 0.94 0.50 CAD
SimonPropertyGroup(SPG) 2Q16 Jul27 1,347 1,349 2.62 2.63 USD
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
EVENTCALENDAR
Event Location Date(s)
FungGlobalPresenting/Attending
PerformanceMarketingInsights:Europe Amsterdam,Netherlands Jul4–5 ICSCEuropeanRetailPropertySchool Prague,CzechRepublic Jul4–6 BrazilianRetailFair PortoAlegre,Brazil Jul6–8 AppPromotionSummit London,UK Jul7 FortuneBrainstormTech Aspen,CO Jul11–13 WearableTechnologiesConference SanFrancisco,CA Jul12–13 InnovationEnterpriseDigitalPublishingInnovationSummit NewYork,NY Jul13–14 RILAOmnichannelLeadersCouncil NewYork,NY Jul13–14 √ICSCMichiganIdeaExchangeandP3RetailProgram Novi,MI Jul14 ICSCNorthAmericanResearchTaskForceSummerMeeting NewYork,NY Jul14–15 √ProjectSOLE NewYork,NY Jul17–19 CasualConnectUSA2016 SanFrancisco,CA Jul18–20 Shop.orgDigitalExperienceWorkshop RanchoPalosVerdes,CA Jul18–20 WearablesTechCon2016 SanJose,CA Jul18–20 LatinAmericanElectronicsShow SãoPaulo,Brazil Jul18–21 ICSCNewEnglandConference&DealMaking Boston,MA Jul19–21 AAFATraceabilityWorkshop Austin,TX Jul20 OnlineRetailerSydney Sydney,Australia Jul20–21 Comic-Con SanDiego,CA Jul21–24 FórumE-CommerceBrasil SãoPaulo,Brazil Jul26–27 ColombiamodaFashion&Sourcing Medellín,Colombia Jul26–28 BlackHatUSA LasVegas,NV Jul30–Aug4 NACDSTotalStoreExpo Boston,MA Aug6–9 √NRFTech SanDiego,CA Aug7–9 ICSCMOCIAL+MarketingAdvertising&SponsorshipinaDigitalAge SanFrancisco,CA Aug10–12 eCommerceDayBuenosAires BuenosAires,Argentina Aug11 MAGIC LasVegas,NV Aug15–17 √StoreBrands’Innovation&CollaborationSummit Orlando,FL Aug15–17 ICSCFloridaConference&DealMaking Orlando,FL Aug21–23 LATAMRetailShow2016Congress&Expo SãoPaulo,Brazil Aug23–25 InnovationEnterpriseWearableTechinSportSummit SanFrancisco,CA Aug24–25
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected] :917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comAmandaByrneMarketingAssociate
RachaelDimitResearchAssociate
JohnHarmon,CFASeniorAnalyst
AragornHoResearchAssociate
JohnMercerSeniorAnalyst
KirilPopovSeniorAnalyst
StevenWinnickResearchAssociate
HONGKONG:10thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223002470NEWYORK:1359Broadway,9thFloorNewYork,NY10018Tel:6468397017LONDON:242–246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988FBICGROUP.COM
