Five Things Friday APAC Retail Media’s Surge | Thailand’s Mega‑Malls | MUSINSA×ANTA | Urban Revivo - The Retail Podcast

Episode Transcript
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(00:01):
Hi, I'm Ruth Quayle, Managing Director of NRF Retails Big Show
Asia Pacific and this is Five Things Friday, APEC edition.

(00:22):
Hello. Hello, Alex.
I'm enjoying you, Alex. I'm yeah, very good mate.
I'm very good. I'm getting good at these intros
I think. They're fantastic.
I know, Alex. We're going to try and keep this
to 15 minutes. We'll start with your two top of
mind items and then I'll let youcrack on and then I'll share my

(00:44):
my 3. Yeah, OK, fantastic.
Yeah, I'm going to go 1st. I'm going to talk about my two.
OK, fine. Let's me talk about my 2:00.
But the first one we really in an age of the 3rd and 4th
digital media waves. The first digital media wave was
search. Now search would took about

(01:06):
6:15, 14-15 years to hit $30 billion US right.
Then we had social led by Facebook, took about 11 years to
hit $30 billion. Then the next, the 3rd wave and
this is the one we're most interested in.
The third wave in retail media is led by Amazon, and it soared

(01:29):
to $1 billion in 2016 to $30 billion in just five years.
Right now that is incredible. So where, let's say if you think
of that, that was led by Amazon.But now the world is changing.
So in 2025, the share of retail media will 3rd globally. 37% of

(01:50):
that will come from China. So retail media in Asia Pacific
is absolutely booming. Yeah.
So this is pretty fascinating because we've we've we've had
the launch, but really now Chinaand the rest and Asia Pacific is
really, really growing dramatically and contributing a
significant share. the US is only around 40%.
So we're only talking 3% difference between China and the

(02:13):
US where, you know, this all started with Amazon in 2016.
Go ahead. So when we think about retail
media, though, in Asia Pacific, you're looking, you're looking
at the markets and it's very, very diverse.
So China is incredibly mature. It's this is retail media is
essentially embedded as part of e-commerce.

(02:33):
So JD, Alibaba, those big platforms also in the social
commerce players, Tiktok, obviously, and the other Chinese
social players and and these arereally are just dominating the
landscape domestically and then starting to reach outside of
China, Japan N Asia is pretty advanced all the way through.
So we're looking at places like Japan and South Korea are also

(02:56):
pretty advanced. So Rakatan and Yahoo in New
Zealand. Oh, sorry, in New Zealand, I
said New Zealand R Rakatan and Yahoo in Japan coupon in, in
South Korea. These these are hugely mature
platforms already. But when I look at the other
markets, it's really, it's all still about scale.
There's so much upside. So and this is where I think
that we'll see Asia Pacific go past North America and Europe in

(03:20):
terms of as, as a region in terms of retail media in
Australia, retail media is scaling quickly, but it's still
nascent. It's still at the beginning and
and SCA, you know, it's really scaling really, really quickly.
And then you've got these other early stage high growth
potential. Mar.
So India, we haven't even talkedabout India yet.
And that is small and early stage.

(03:40):
But as you can imagine with the scale of India and you think
how, you know, India is going tobe bigger than China and we've
only, we only just, it's only just starting there.
Yeah. And then we look at places like
the Philippines and Vietnam, which are having, are having,
you know, huge economic growth in those markets.
They're youth markets, they're very well connected.
So we're going to see some massive and big populations too.

(04:01):
So we're going to see some pretty significant growth in
that region. And I would suspect in the next
5 years, the dominant retail media region in the world will
be Asia Pacific. So that's our first point.
OK. And I think.
It's when I we, I mean, if Chinais 30 for 7% and the US is 40%,
look out the rest of the world when these other markets come on
stream because it's going to be big, big, big, big.

(04:23):
The second thing I'm going to talk about is shopping malls and
shopping malls in Southeast Asia.
Now, Southeast Asia shopping malls are real destinations and
a sense of culture, dining, entertainment.
But what we're finding really, and that's a lot to do with
temperature, that's a lot to do with the way lifestyle is in
these markets because it's, it'smost time it's pretty hot.

(04:45):
So they're quite nice and cool and air conditioned.
But one of the things we're starting to see is a real
separation of Thailand from the rest of the region and Thailand
in a country with both scale andmaturity.
So if I look at on this graph here, I want to talk a little
bit about what sets them apart because because Bangkok is the
epicentre of shopping malls in Southeast Asia.

(05:09):
So when I talk about if you go to Southeast Asia and start to
look around in terms of in termsof malls, you've got Icon, Sam,
your MBK, you've got Central Group in Thailand, also a big
conglomerate who are running malls.
So these malls are amazing. You know, the there's
entertainment options, there's dining options.
They are real centres of the world for this.

(05:30):
And and what if you go and have a look at some of these malls
websites, when you have a look at the you know, it, it'll take
your breath away. Yeah.
But in terms of I just wanted toplot this because it sort of
gives you a bit of a sense of where they are.
And Thailand I when I speak to people in sort of Korea,
Thailand, Korea, China, Japan, they see Thailand as the tipping
off point. You they see it as the

(05:51):
experiential mall capital of Southeast Asia.
You know, this is where, you know, big malls, big flagship
shop stores are. And Thailand really as in
Southeast Asia now leads the wayin terms of retail tourism of
the six Target missions. For me, if you look at this,
this, this, this little more maturity curve in into the is

(06:12):
indicative I found online, but it sort of reflects the values
in terms of. So it on the on the on the on
the vertical axis, it's asset quality and experience, yeah.
And, and on the and on the horizontal axis it's scale and
pipeline and growth, right. And So what we're seeing here is
on the top left hand corner, youcan see Singapore, which is, has

(06:34):
amazing assets in quality. And quite often it's off the
scale as you can dwell over 9, but Singapore only has a
population of 5 million people. So it's, it's, it's tapped out
pretty much. And you've got to start saying
where does the point where infrastructure right exceeds
population in terms of the cost per person in and cost per

(06:56):
person living there. And, and, and also in terms of
retail tourism, it's pretty muchtapped out.
But then you come over to the down the bottom here and you can
see we've got huge growth opportunities.
Malaysia obviously is about 35 million people.
It's got obviously a fair ways to go to cash up to Singapore in
terms of asset and experience. But we've got this it's pipeline

(07:17):
of growth. Then we've got those Asian
nations on the bottom with big populations, Philippines,
Vietnam and then obviously course Indonesia.
These, these are where they've got, you know, patchy malls.
I mean, if you look at, if you look at someone like lattes are
mall in, in Vietnam, it's mind blowing.
It's like it's reflecting what malls are in, in, in Korea and
in Thailand. But they're, they're up and

(07:39):
down. They're they're, they're
variable. The Philippines quality is
generally quite low, but that's,but the, with their population
sizes, the ability to, to grow and create more malls and more
developments. There's, there's a lot of
development going on in these markets because their population
supports it. And with Asia, with Southeast,
with Asia Pacific's population, you know, there's 303 point 5

(08:01):
billion people joining the middle class in this decade.
You know, these there's, there'shuge potential and pipeline of
work. But then we've got Thailand.
Look at that. And that's an outlier top right.
You know, the dream quadrant, ifyou will.
Now they've got amazing asset and quality, but they're still
because they've topped into quality.
They really aren't. They really have.

(08:22):
They've still got more, much more growth.
Thailand is 60 million people. Bangkok is a city of 15,000,000
people. It's a mega city, right?
You don't you don't travel between 9:00 and 8:00 and 10:00
in the morning and four and six in the evening because it's
impossible to get around. There's so many people.
So you've got a population supports this and also a more
operators. You know, like I said, icons,

(08:42):
MBK Central Group are deliveringunbelievable development
experiences. Yeah.
And, and if you are going on a shopping tour in Asia to go and
see iconic global brands and flagship retail, Thailand is
your place. Got you.
It will blow your mind. And so, well, people think about
white sandy beaches in Thailand and, and temples and, and, and

(09:05):
those sort of things like don't,don't forget the shopping malls
in Thailand. Believe me, they will blow your
mind. So a little bit about shopping
malls in in Southeast Asia. Perfect.
Thank you. OK, well listen, I will let you
crack on, finish the show and I look forward to doing this again
with you next week. Absolutely.
In two weeks time, what will we will be civil casting live from

(09:27):
NRF Europe. I know we will.
I'll be I'll be a bit. We'll have you there, we'll have
Jill there and we'll have Alexander there.
Alexander is my EU correspondentand so.
Maybe we could do A5. Maybe we could do a 5 things
Friday. Global.
Edition. Fine.
Global edition, Just a one off special edition, yeah.

(09:48):
Absolutely. NRF Europe, I think, yeah.
So she'll be busy and so she'll be in hometown.
So yeah, I think, I think if we can, that would be fantastic.
Let let me see if I could talk to the NRF crew in Europe and
see if we can get the mainstage and see if we can get quite some
quality time on the curve. Actually we can do the NRF
payback. Correct.
Let's do that. I'll I'll let let let me work by

(10:09):
work my magic and see what I've had shared here.
Yeah, I'll say. Well, I'll hold you to that
mate. Don't worry, I can be very
persuasive when I need to be. Alright.
Thank you. Alright, thanks mate.
Thanks Reef. So let's crack on with the three
other major news stories across the region, and we start with
Uni Glow. Uni Glow is deepening its

(10:29):
commitment to sustainability through its recycling fibres and
turning them into new garments, which we've got to love, right?
Polyester made from used plasticbottles is already in many core
lines and recycled down from oldjackets, and it's being reused
in fresh collections. And it's not just APR move, it's

(10:49):
part of the fast retailing 2030 climate road map.
For shoppers, it means that sustainability is no longer a
niche option, but increasingly woven like into the very basics
that they buy a season after season.
Moving on next from South Korea we have Muzinza, the country's

(11:11):
dominant online fashion platform.
It's stepping into a bigger stage by strategically
partnering with Anta Sports, oneof China's most popular
authentic wear companies. The collaboration gives MU Xin
SA something it has long wanted,a clear path into the vast
Chinese market. With Anta's retail network and

(11:34):
cultural footprint, Resinsa can bring K Fashion to a consumer
base that is both massive and Ben driven.
This deal reflects A wider theme.
K Fashion is no longer content with regional success.
It's aiming for a mainstream adoption in the world's largest

(11:55):
battleground. I think this then this deal
reflects A wider theme. K Fashion is no longer just
content within within regional success.
It's actually a brand that is expanding globally within the
verticals that they operate, whether that's culture, whether
that's beauty and that's fashion.
And I think this is a great example of that continued

(12:17):
expansion. And finally, China's Revivo is
making headlines again, and that's because it takes fast
fashion globally. Already dubbed as China's answer
to Zara, the brand is opening new flagship stores in London,
Singapore and Dubai with more destinations on the horizon.
Unlike some Chinese said is thatmainly target their domestic

(12:37):
market, Urban Revivo is positioning itself as a global
trend setter. It's formula is sharp, runway
inspired, designs are accessible, prices delivered at
speed. If successful, Urban Revivo
could join the ranks of the global fast fashion giants and
shift perceptions of Chinese retail from follower to leader.

(13:00):
Together, I think these three stories highlight the diversity
of Asia's retail momentum. Uniglow shows how Japanese
leaders are embedding sustainability into their
businesses. Mazinsa underscores Korea's
growing cultural and commercial influence.
And Urban Revivo signals China'spush to export not just

(13:22):
products, but brands with globalstaying power.
And I think the message is clear, and it's one that you
hear from Reef time and time again.
Asia Pacific isn't just shaping the future of retail, it's
setting the pace. And with that, thank you so much
for giving me your time and earsfor today and I look forward to
being back with Reef and the team next week.

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