Top Stories 12-16 June 2017

These are the top headliners during the week of 12-16 June 2017.

True Fitness Malaysia shutters on very bad termsTrue Fitness Malaysia shutters on very bad terms
On 9 June, the popular fitness chain True Fitness announced that it will be closing its entire business in Malaysia, causing havoc for its members and its staff. According to a fitness trainer at one of the branches: “They robbed us, the staff and members. They just up and closed, without warning, that’s why there’s so much drama going on.” True Fitness issued a statement expressing regret and remorse, directing its members to Chi Fitness to redeem memberships and personal training sessions at the competing fitness centres. Quickly following, CHi Fitness released a statement saying that there is no agreement between True Fitness and CHi Fitness to honour membership transfers. According to Ashley Paulus [read more…]

 

Second Premium Outlet to open in Genting HiglandSecond premium outlet to open in Genting Highlands
The second Premium Outlet in Malaysia will be opened in Genting Highlands by the second quarter of the year. The Genting Highlands Premium Outlets will be the first hilltop Premium Outlet in Southeast Asia with a gross leasable area of 275,000 sq ft. It will have  150 retail brand stores offering 25 to 65 per cent discounts. Among the confirmed tenants include Adidas, Aigner, Brooks Brothers, Calvin Klein Jeans, Charles & Keith, Coach, Furla, Gap, Guess, Hugo Boss, Kate Spade, Michael Kors, Polo Ralph Lauren, Puma, Samsonite and Swatch. Food and beverage outlets will include Absolute Thai, Baskin Robbins, Dame Cafe, Starbucks and TCBY Frozen Yogurt. The Premium Outlet is a [read more…]

 

China deepens its ties with Malaysia's economyRetail sales dropped 1.2 per cent during 1Q17
Candour trumps optimism. According to the latest report compiled by Retail Group Malaysia (RGM), the Malaysian retail industry’s growth rate has dropped 1.2 per cent during the first quarter of 2017 due to weak Chinese New Year sales. “This latest quarterly result was again below market expectation,” writes the report. “It was lower than the estimate made by members of Malaysia Retailers Association (0.9%), as well as projection made by Retail Group Malaysia (1.5%) in March 2017.” Meanwhile, MRCA’s president Gerry Chua believes that retail sales will recover and see a growth of 4.5 per cent by the end of 2017, brought on by [read more…]

 

The truth about True Fitness MalaysiaThe truth about True Fitness Malaysia
Opinion by Physical Trainer Ernie Tng: Having gone to various gyms over the course of 16 years of training, I was a member of the True Fitness franchise (I trained there almost daily for 3 years from 2012-2015) that abruptly closed down overnight, leaving many of their members and staff hanging, very angry and upset. In my three years of training there, what I observed on a daily basis already had me come to the conclusion that, at any moment, the chain will fold. I quit my contract with them in 2016. Here are my personal opinions as to why they failed, and I hope other big franchise gyms can learn from their mistakes [read more…]

 

Ascenda Retail to close up to 650 storesAscena Retail to close up to 650 stores

Over a half century old retailer based out of New Jersey will be shuttering up to 650 stores over the next two years. Ascena Retail Group, owner and operator for Ann Taylor, Cacique, Dress Barn, Catherines, Lane Bryant, Lou & Grey, Maurices, Loft, and Justice, will be closing somewhere between 250-650 stores amidst “persistent traffic decline,” said David Jaffe, chief executive, Ascena Retail Group. The company said that 250 stores will definitely close with the other 400 stores subject to rental negotiation. In 2015, Ascena Group made its largest acquisition of a brand with Ann Inc, closing at USD2.16 billion for the Ann Taylor and [read more…]