Top Thailand Property News Of The Week - 24 May 2021

The top residential and commercial real estate news of the week - 24 May 2021

CBRE’s weekly property news snapshot features the latest residential and commercial real estate stories in Thailand and elsewhere that you cannot afford to miss - be it regarding residential, industrial, retail, office, hotel, land, or investment property.

CPN set to develop four plots
Bangkok Post
SET-listed Central Pattana Plc (CPN), a property and retail developer, is looking to develop several mixed-use projects and residential projects on four land plots formerly owned by Grand Canal Land after acquiring them three years ago.

Fashion brands feeling the pinch as earnings plummet
Bangkok Post
Most fashion categories are suffering this year as the pandemic continues to ravage the economy. Major fashion companies such as Minor Group, the marketer of Esprit, Bossini, Charles & Keith and Anello brands; ICC International Plc, the marketer of Arrow and Guy Laroche; and Greyhound Co, the marketer of Greyhound and Smileyhound by Greyhound lifestyle fashion brands, reported their revenues fell by an average of 20%-40%.

Chinese shoppers, stuck in China, revive Local malls
Bangkok Post
Don't tell Chinese consumers that the shopping mall is in decline. While shoppers on the mainland like to browse for items online, during the pandemic many said they rediscovered the joy of making purchases at bricks-and-mortar stores after being cooped up at home for weeks.

Gap is launching a home line through Walmart
CNN Business
Gap and Walmart have teamed up to launch Gap Home, a Gap-branded home decor, bedding, tabletop and bath collection set to debut next month. The collection of more than 400 items, including products made with organic cotton and recycled materials, will be sold exclusively on Walmart.com beginning June 24.

Nordstrom reports bigger-than-expected loss as markdowns hit margins
Reuters
Nordstrom Inc (JWN.N) posted a bigger-than-expected quarterly loss on Tuesday, hurt by price markdowns the department store chain had to initiate due to excess holiday inventory and increasing competition in the retail sector.

FTI warns against missing jab target
Bangkok Post
The Federation of Thai Industries (FTI) is warning the government against missing its target of securing 10 million doses of Covid-19 vaccines in June because shortages may affect the national inoculation plan. The government must speed up the process and allow private companies to import extra vaccines from a variety of brands, said the FTI.

Covid hits rental, spurs website
Bangkok Post
The recent Covid-19 wave blew away rental residential demand in some cluster locations but boosted a growth of 50% for a website for purchase and rental, according to property portal website DDproperty.com.

Chinese buying shows signs of post-Covid rebound
Bangkok Post
The coronavirus pandemic has been tragic and prolonged beyond most expectations, with a severe impact on economic activity including real estate. Yet, new data suggests that residential property acquisition by buyers from China and other parts of Asia will rebound as the pandemic recedes.

D.C. attorney general sues Amazon over price hikes
NBC News
Washington, D.C., Attorney General Karl Racine announced Tuesday he’s suing Amazon on antitrust grounds, alleging the company’s practices have unfairly raised prices for consumers and suppressed innovation.

Vonovia upends German apartment market with $23 billion deal
Bloomberg
Germany’s apartment market is being upended after Vonovia SE agreed to acquire rival Deutsche Wohnen SE for about 19 billion euros ($23 billion) in a deal that risks further stoking tensions over affordable housing.

CBRE sets B300m sales target for Elite partnership
Bangkok Post
Government stimulus schemes, a successful vaccination rollout, easing of travel restrictions and a partnership with Thailand Elite Card can triple the growth of residential sales from foreign buyers by the end of this year, says property consultant CBRE Thailand.

M&S profit seen crashing 90% in "lost year" of pandemic
Reuters
Britain's Marks & Spencer (MKS.L) is set to report on Wednesday a 90% slump in full-year profit after the COVID-19 pandemic hammered its clothing sales.

Grocers need not fear Amazon—for now
The Wall Street Journal
Amazon ’s disruptive streak hasn’t yet extended to the grocery aisles. Supermarkets should still be on their toes. It has been 14 years since Amazon began its grocery-delivery service, Amazon Fresh, and about four years since the company bought Whole Foods. Yet Amazon’s total grocery market share is still underwhelming.