Third Kinokuniya branch opens in Raffles City, weeks before planned date
The celebratory occasion bucked prevailing trends of bookshop closures amid laments of declining book-buying habits.
The ribbon-cutting ceremony for the "hidden literary haven", designed by award-winning architect Tan Kay Ngee, took place weeks before its initial scheduled date of August and immediately welcomed about 30 patrons.
Kinokuniya vice-president of domestic and overseas business Keijiro Mori said Singapore may be more digitalised than other countries, but trends away from screens in Britain and the United States offer hope.
"I'm confident this will come to Singapore," he added. "Meanwhile, we have to try to include more non-book items. But we will try to keep these book-related. We don't want to become a general miscellaneous store."
Totalling 3,433 sq ft, the third-floor space had, up till April, been leased by tech gadget retailer Challenger. It may be a far cry from Kinokuniya's Ngee Ann City flagship - at about 10 times the size - but news of its opening, announced three months ago, still came as a salve to bibliophiles after worrying scenes of bookshelves in Ngee Ann City being emptied.
Totalling 3,433 sq ft, the third-floor space had, up till April, been leased by tech gadget retailer Challenger. ST PHOTO: KEVIN LIM
In February, The Straits Times reported that the 38,000 sq ft store was being downsized after rental negotiations with landlord Toshin Development arrived at the conclusion that the front portion of the bookstore would be taken over by a cafe. Kinokuniya has since assured the public that its range of titles remained intact.
Its Raffles City branch is similar in size to the Bugis Junction store, which opened in 2013.
Kinokuniya Raffles City was "designed not to shout, but to invite", which architect Tan has attempted with a long central axis leading to a blue-hued Reading Room, an alcove that reuses some of Kinokuniya's signature shelves from Ngee Ann City.
The bookstore at Raffles City is divided into the Reading Room (left) and main area (right). ST PHOTO: KEVIN LIM
Exclusive stationery is being touted as a key feature, such as cat-themed products from Japanese designer Matsuo Miyuki and the anthropomorphic Pickles the Frog. "We put the honey in front," said Kinokuniya consultant Kenny Chan.
Exclusive merchandise such as Pickles the Frog in Kinokuniya's new outlet at Raffles City. ST PHOTO: KEVIN LIM
There are other subtle differentiations from other branches, for instance, a greater focus on English-language and business-related books to cater to the Central Business District crowd.
Mr Ervin Yeo, chief executive of commercial management at CapitaLand Investment, said customer satisfaction surveys have long indicated a demand for Raffles City to have a bookstore again, which would allow browsing between appointments while also supplying nearby Fairmont Hotel and Swissotel The Stamford guests with holiday reads. Raffles City is managed by CapitaLand.
There could be "cross-activations", he added, suggesting collaborations with brands like Chinese milk tea chain Chagee, wine concierge Grand Cru and cafe Alice Boulangerie. "With the right trade mix, we hope that sales for all tenants will improve."
According to a National Library Board 2024 study, 28 per cent of adults read books and e-books more than once a week. Among these, 75 per cent still prefer physical books, and more people buy physical books from bookstores (54 per cent) than borrow from libraries (51 per cent).
After the outpouring of grief over Kinokuniya's reduction at Ngee Ann City, Mr Yeo urged the public to put their money where their mouth is.
"Rather than bellyaching over their closures and lamenting their disappearance, the best thing we can all do to support bookstores is to visit bookstores and buy books."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Japan trade deal sparks hope for US investors, frustration for automakers
[DETROIT] Shares of General Motors, Ford Motor and Jeep-maker Stellantis, some of the biggest automakers in the US, rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars, as investors saw it as a sign of more deals to come. But the companies are not celebrating. Automakers importing vehicles into the US from Japan now face a 15 per cent levy, according to terms of the deal outlined on Tuesday by US President Donald Trump, down from 27.5 per cent. GM shares rallied 9 per cent and Stellantis rose 12 per cent, as market watchers said they anticipated further agreements could reduce other trade barriers that have hurt the companies' profits. Ford shares rose about 2 per cent. The automaker is less exposed to tariffs because it produces more of its US-sold vehicles domestically. On Wednesday, the European Union and United States were nearing a trade deal that would also set a 15 per cent tariff on European imports. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up GM, Ford and Stellantis have been paying up to 25 per cent on vehicles imported from Mexico or Canada, depending on how much US content is in the vehicles. The companies are concerned they could soon be paying higher tariffs on vehicles assembled in Mexico or Canada than on vehicles with significantly less US content made in Japan or the United Kingdom. Some lobbyists also expressed alarm that if South Korea strikes a similar deal with the US, it could become a low-cost market to assemble cars and trucks. 'They could be the new Mexico,' one lobbyist told Reuters. The American Automotive Policy Council, which represents the Detroit Three, criticised the deal, saying it creates an easier path for Japanese imports than for some cars built in North America. Even before Tuesday's deal, Detroit automotive executives raised concerns that Trump's trade policy could end up giving an edge to foreign automakers who do not invest as heavily in US manufacturing. 'This is a bonanza for our import competitors,' Ford CEO Jim Farley said in February, when Trump initially proposed levies on Mexico and Canada, but not on major automotive centres such as South Korea. The United Auto Workers union, which represents workers at the Detroit Three automakers, said it was 'deeply angered' by the deal. 'What we've seen so far makes one thing clear: American workers are once again being left behind,' the union said in a statement on Wednesday evening. The Japan trade announcement came the same day General Motors said tariff costs knocked US$1.1 billion from its bottom line, hurt by a battery of levies including 25 per cent taxes on imports from Canada and Mexico, and 50 per cent on steel and aluminum imports. Industry consultant and former GM executive Warren Browne said the Japan deal 'put all vehicles produced in Mexico and Canada by the Detroit Three at a disadvantage' because they face higher levies than Toyota vehicles shipped in from Japan, for example. That could allow the foreign brands to undercut US car companies on price. Toyota, Subaru and Mazda are among the most reliant companies on Japan-produced vehicles for their US sales, and stand to benefit most from the lower tariffs, according to business-analytics firm GlobalData. Toyota imported roughly 500,000 vehicles from Japan last year. Japanese automotive stocks soared after the trade deal announcement. Autos Drive America, which represents those Japanese automakers along with other foreign car companies operating in the United States, on Wednesday praised the trade deal, saying it would lead to further factory investment in the US The deal is good news for Wade Kawasaki, executive chairman of the Wheel Group, a collection of aftermarket wheel, tire and accessory companies based in California. Kawasaki said the group has been trying to break into some aspects of the Japanese market, and the lessening levies will help with that. 'There is a certain group of customers who want American-made products. Those are the ones we were going to get,' he said. REUTERS
Business Times
2 hours ago
- Business Times
Japan, EU pledge deeper economic, defence ties as US tariffs hit
[TOKYO] Japan and the European Union said they would deepen economic and defence industry cooperation as both parties navigate their relationships with the US and face challenges from China. In a statement released after a meeting between Japanese Prime Minister Shigeru Ishiba, European Commission President Ursula von der Leyen and European Council President Antonio Costa, the two sides said they would launch a 'competitive alliance' to support 'a stable and predictable rules-based fair and free economic order.' While neither side referred to US President Donald Trump's global tariff offensive, the announcement came hours after Tokyo confirmed it had reached a bilateral trade deal with Washington. That agreement eases a major concern for Japan's critical export sector. The outlook is less clear for the EU, which is engaged in intensive talks with the US to avoid a tariff rate of 30 per cent threatened by Trump on most of its exports to America, unless a deal can be reached by Aug 1. The EU-Japan statement highlighted shared interests and values but offered little detail beyond pledges to work closely together in areas such as supply chain resilience, countering economic coercion, cybersecurity and critical mineral supply including rare earth elements. No specific reference to China was made in the statement. The Japan-EU Economic Partnership Agreement, which entered into force in 2019 to lower trade barriers, will remain the cornerstone of bilateral trade relations, the two sides said. In one new initiative, the statement said a 'Japan-EU Defence Industry Dialogue' would be launched to foster cooperation in the defence industry, a field of growing importance as global defence budgets rise. Von der Leyen and Costa are scheduled to visit China on Thursday, where they are scheduled to meet Chinese Premier Li Qiang. BLOOMBERG
Business Times
2 hours ago
- Business Times
Bank of Japan watchers still predict next rate hike in October or January
[TOKYO] Bank of Japan (BOJ) watchers increasingly expect authorities to raise the benchmark interest rate either in October or January, according to a Bloomberg survey conducted before US President Donald Trump announced a trade deal with Japan. All 56 economists forecast governor Kazuo Ueda's board will leave the benchmark rate at 0.5 per cent at the Jul 31 conclusion of its next two-day policy meeting, according to the poll. Those predicting the next rate action in October edged up to 32 per cent from 30 per cent, while the percentage seeing a move in January also slightly increased to 36 per cent from 34 per cent, the poll showed. In all, almost 80 per cent anticipate a move by January. Trump said Japan's across-the-board tariff would be set at 15 per cent, down from the 25 per cent rate that had been flagged to start from Aug 1. The timing of the deal was much earlier than analysts had forecast, as only 12 per cent expected a deal by Aug 1. Ishiba said duties on US imports of Japanese cars would be reduced to 15 per cent from 25 per cent as part of the deal. 'A rate hike is possible in September or October amid improvement in underlying inflation' if the tariff deal is reached by Aug 1, Junya Takemoto, an economist at Sumitomo Mitsui Banking, wrote in a survey response. 'I'm paying attention to whether there will be the hint of a hawkish tone' in the BOJ's assessment of inflation. Speaking shortly after the trade deal was announced, deputy governor Shinichi Uchida said the agreement would boost the likelihood of the BOJ's forecasts being met, a key condition for another rate hike. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up With the outlook on tariffs now clearing, a primary focus of next week's BOJ gathering will be its quarterly economic outlook report. As inflation has stayed at or above 3 per cent this year, the BOJ is widely expected to raise its price outlook and revise its assessment of the risk balance for price growth. 'Inflation is running well ahead of the BOJ's May forecasts,' said Marcel Thieliant, head of Asia-Pacific at Capital Economics. 'While the bank will need to lift its inflation forecasts for the current fiscal year, the key question is whether it retains its downbeat forecasts for fiscal year 2026 and still sees downside risks.' Ueda's board will be debating monetary policy after Prime Minister Shigeru Ishiba's Liberal Democratic Party suffered a historic setback in Sunday's (Jul 20) upper house election that left Ishiba's coalition without a majority in either house of parliament. No BOJ watcher said the result of the vote would bring forward the timing of a rate hike. Some 35 per cent said that it would push it back, while almost the same ratio called it a neutral factor. A key investor focus is the size of any fresh fiscal spending by the government after Ishiba's party promised cash handouts to help households cope with elevated inflation. Many opposition parties called for the more costly step of lowering a sales tax for the first time, and the ruling coalition's electoral setback makes it more vulnerable to opposition demands. Analysts are divided as to whether the expected fiscal expansion will bring forward a rate hike. Roughly 30 per cent said it would do so, while 20 per cent said it would push the timing back. The rest said either the impact will be neutral or is hard to gauge. 'Given the result of the upper house election, momentum for fiscal expansion is likely to build up,' Hiroaki Muto, economist at Sumitomo Life Insurance. 'The hurdle has gotten higher for the BOJ to hike rates further from the perspective of the policy mix' with the government. BLOOMBERG
