Wing Tai profits to take a beating as retail, residential property languishes in 2016

wing-tai-singapore-1024x683.jpg

It’s already shuttered 30-40 stores year to date.

It’s going to be an uphill battle for Wing Tai’s Singapore retail and residential segments, as analysts believe that the respective sectors will continue to be battered by headwinds.

According to a report by RHB, Wing Tai is not as optimistic for Singapore retail and residential segments. Management expects home buying sentiment for private residential property in Singapore to remain subdued in 2016, with continued overhang from property cooling measures.

Wing Tai has also shuttered 30-40 stores, and has further plans of closing down non-profitable stores. RHB shared, though, that outstanding performers like Uniqlo appear to be bucking the trend and could well drum up growth in the retail segment.

“However, we note the existential threat that e-commerce poses to the fashion industry, something which management reckons will continue to spell gloom for the retail scene, along with falling tourist and local expenditure,” added RHB.

 


About Retail News Asia

Retail News Asia is committed to providing local and global retailers with the latest news from the Asian retail market on a daily basis.

We have resources for everyone from independently owned business owners to online-only retailers and major chains expanding their reach throughout the Asian market. Retail News is “the news source” with over 50 weekly posts and 13,6 million readers.


CONTACT US

CALL US ANYTIME

Most read



Retail updates

Stay up to date of the lates updates and retail news from Asia.








X