IT products and services provider Challenger Technologies will shut its 53,000 sf flagship store at Funan DigitaLife Mall after the building closes for redevelopment in 3Q2016.
On Thursday, the manager of CapitaLand Mall Trust (CMT) announced that it will be redeveloping Funan DigitaLife Mall into an integrated development to maximise the full potential of its site.
Challenger’s CEO Loo Leong Thye noted that the mall’s redevelopment had been in CMT’s plans over seven years ago. Challenger has also been making plans since then.
It relocated its entire back office operations from Funan to its Ubi Link corporate building in 2009. This was followed by rapid retail expansion with a total store count at 47 as of December 12. It also has three new leases confirmed for 1H2016.
Loo expects the impact from its flagship store closure is “significantly reduced” thanks to the extensive planning efforts over the last seven years. In 3Q15, the Funan flagship store contributed 20% to Challenger’s revenue compared with 60% in 2004.
“Over the last seven years, many of our members and even tourists have also begun shopping at our heartland mall stores because of proximity convenience,” he says.
In addition, Challenger is taking steps to grow its presence in the digital space. It restarted its retail e-commerce engine in 2014 and is investing in a digital lifestyle ecosystem by establishing Challenge Ventures in 3Q2015 to invest in digital businesses and services.
One such service is the group’s existing end-to-end integrated marketing solutions provider, inCall System which has been injected to Challenge Ventures. Another business is e-commerce marketplace Andios, which provides customers a platform to buy or sell their smartphones online.
The group has plans to establish a logistics hub in Singapore for e-commerce warehousing and fulfilment. It is also planning to attract more customers to its e-commerce platform with its mobile-first revamp coming in early 2016. Customers who shop on this platform will enjoy member only deals and rebates to their e-Wallets and same-day express delivery.
Loo pointed out that the idea of a destination specialist shopping mall is not as relevant as being able to provide a wider range of products for customers to browse on the go. “We can stock ten times more products online than at our megastore,” he says.
Challenger Tech closed 4.6% lower at 42 cents.
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On Thursday, the manager of CapitaLand Mall Trust (CMT) announced that it will be redeveloping Funan DigitaLife Mall into an integrated development to maximise the full potential of its site.
Challenger’s CEO Loo Leong Thye noted that the mall’s redevelopment had been in CMT’s plans over seven years ago. Challenger has also been making plans since then.
It relocated its entire back office operations from Funan to its Ubi Link corporate building in 2009. This was followed by rapid retail expansion with a total store count at 47 as of December 12. It also has three new leases confirmed for 1H2016.
Loo expects the impact from its flagship store closure is “significantly reduced” thanks to the extensive planning efforts over the last seven years. In 3Q15, the Funan flagship store contributed 20% to Challenger’s revenue compared with 60% in 2004.
“Over the last seven years, many of our members and even tourists have also begun shopping at our heartland mall stores because of proximity convenience,” he says.
In addition, Challenger is taking steps to grow its presence in the digital space. It restarted its retail e-commerce engine in 2014 and is investing in a digital lifestyle ecosystem by establishing Challenge Ventures in 3Q2015 to invest in digital businesses and services.
One such service is the group’s existing end-to-end integrated marketing solutions provider, inCall System which has been injected to Challenge Ventures. Another business is e-commerce marketplace Andios, which provides customers a platform to buy or sell their smartphones online.
The group has plans to establish a logistics hub in Singapore for e-commerce warehousing and fulfilment. It is also planning to attract more customers to its e-commerce platform with its mobile-first revamp coming in early 2016. Customers who shop on this platform will enjoy member only deals and rebates to their e-Wallets and same-day express delivery.
Loo pointed out that the idea of a destination specialist shopping mall is not as relevant as being able to provide a wider range of products for customers to browse on the go. “We can stock ten times more products online than at our megastore,” he says.
Challenger Tech closed 4.6% lower at 42 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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