Business
Robinsons Singapore throws in the towel after 162 years
LYNETTE TAN
ROBINSONS Singapore, one of the oldest retailers in the Republic with more than a century in business, will close down for good following losses in recent years. But its last two stores at The Heeren and Raffles City Shopping Centre may remain open for a while more for final sales.
The Business Times (BT) on Thursday found that the department store operator had been put under a creditors’ voluntary winding-up.
Robinson & Co (Singapore) confirmed it in a statement on Friday. Its senior general manager, Danny Lim, said: “We regret this outcome today. Despite recent challenges in the industry, the Robinsons team continued to pursue the success of the brand. However, the changing consumer landscape makes it difficult for us to succeed over the long term and the Covid-19 pandemic has further exacerbated our challenges.”
He added that it has been “an honour” for Robinsons to serve the Singapore market and that he was “grateful for the dedication of (the) team, and for the support shown by (its) customers over the years”
Robinsons employees have been informed by management and the provisional liquidators of this news. The company said that employees will be paid in line with the next payment cycle, “well in advance of the usual liquidation process timing which would usually take months”.
The exit puts an end to at least six years of losses that Robinsons has chalked up against declining revenues.
Financial records show that the company made a loss after tax from continuing operations of S$26.5 million in 2014. It sank further into the red up until 2018, when it recorded losses of S$54.4 million. The exception to this was in 2015, when it narrowed its losses to S$17.4 million.
Meanwhile, Robinsons’ topline shrunk. It generated S$153.8 million in revenue in 2018, down from the S$257.3 million it made in 2014.
Amid the coronavirus pandemic, Robinsons has shown signs of further strain with the closure of its 85,000 sq ft outlet at Jem shopping mall in May. At the time, it had similarly told BT that competition from the rapid increase in suburban malls had made having multiple, large-scale department stores in Singapore unsustainable “well before” the pandemic surfaced. Even so, “the challenges we are facing with the ongoing Covid-19 situation are extremely difficult and the uncertainty is very unsettling for all”, it added.
Robinsons said its stores in Malaysia, located at Shoppes at Four Seasons Place and The Gardens Mall, will also undergo a similar liquidation process concurrently.
Other department stores could find themselves in Robinsons’ shoes.
In August, Japanese department store operator Isetan Singapore recorded a net loss of S$317,000 for the quarter to June 30, compared with a net profit of S$1.6 million in the same period a year earlier. This was mainly due to a decline in sales as well as impairment losses on financial assets.
It had also warned that the retail environment remains “very challenging” and that a material recovery is not expected in 2020.
Robinson’s Singapore, set up over a century ago in 1858 by John Spicer, an immigrant from Australia and Philip Robinson, a former jail keeper in Singapore, in Commercial Square (now Raffles Place) as Spicer and Robinson, once one of Singapore’s largest retailers. It was apparently to Malayans what Harrods is to Londoners. Spicer left the business in 1859 when it became Robinson and Co.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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