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Singapore emerged as the 7th most appealing place to open a shop for mainstream, premium and luxury retailers, according to JLL’s Cross Border Retailer Attractiveness Index.
According to the property consultancy, because of Singapore’s “strategic location and attractive business climate,” the city-state is one of the preferred destinations for international retailers to establish a presence in.
Aside from its comparatively mature retail market, retailers target this prized market because of its strong domestic purchasing power, a large contingent of expatriates living there and the influx of tourists going there to shop.
JLL said Singapore’s Orchard Road is considered a paradise for shoppers, with its modern malls, such as Ion Orchard, Paragon, Mandarin Gallery, Orchard Gateway and the recently enlarged Plaza Singapura, all of which houses top international retail brands.
Beyond downtown, Marina Bay’s redevelopment saw the opening of The Shoppes at Marina Bay Sands, an upscale shopping centre offering deluxe boutiques, emerging labels and premium restaurants, while Suntec City Mall in Marina Centre was recently upgraded.
Notable brands that have recently entered Singapore’s retail market include Jack Wills, Lululemon, Vacheron Constantin, Villeroy & Boch, Carmina Shoes and Marimekko.
Meanwhile, JLL’s study revealed that Asian cities are among the most attractive destinations for upscale retailers, with Hong Kong second only to London. Other cities in the region that made it to the list are Tokyo (4th), Shanghai (6th), Singapore (7th) and Beijing (9th), while Osaka and Taipei are both tied at 10th place.
In the overall index, London bagged the top spot, followed by Hong Kong, Paris and Dubai. At the 5th spot is New York, trailed by Shanghai and Singapore. Completing the top ten are Beijing, Kuwait City and Tokyo.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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