SINGAPORE. Times NewsLink, a Joint Venture between Times The Bookshop and Hachette Distribution Services, today advised that the acquisition of the WH Smith retail business in Singapore was completed.
The Times NewsLink joint venture was established and commenced operations in 2000 after successfully tendering for the largest bookstore concession at Singapore Changi Airport. The venture is managed jointly by Times The Bookshop (an Asia-based retailer of books and magazines, owned by the Times Publishing Group) and NewsLink (the Australian travel retail specialty operator, owned 40% by Hachette Distribution Services).
The purchase of the WH Smith operations in Singapore, gives Times NewsLink an additional six stores in Changi Airport including two children’s educational stores branded “˜Kaboom’, thereby increasing the number of stores operated by the joint venture to ten. The WH Smith stores at Changi Airport will be re-branded TimesNewsLink.
This acquisition is part of a broader plan to increase the joint venture’s travel retail presence in the Asia Pacific region. Spokesperson for TimesNewsLink, Scott Raisin, said: “This acquisition will enable us to leverage significant operational synergies within the Singapore business and build a firm base from which to pursue further expansion in southeast Asia.”
MORE STORIES ON TIMES NEWSLINK AND WH SMITH
TimesNewsLink acquires WHSmith in Singapore – 14/05/04
WH Smith wins Changi tender for children’s area – 09/02/04
WH Smith Travel Retail signs new chief operating officer – 30/01/04
