Singapore ranks fifth among global alpha cities for new luxury store openings: Savills
Shanghai and Beijing won and 2nd, respectively, followed by Tokyo. All three cities showed y-o-y growth in regards to new openings, as did Singapore and Hong Kong, the latter of which rated nine. On the other hand, New York, Paris and London all saw much less new luxury outlet launchings in 2024 compared to the year prior to, that Savills says reflects availability challenges, as opposed to an absence of appetite.
Anthony Selwyn, co-head of international retail at Savills, thinks core high-end market place will become increasingly affordable. “As a consequence, upward strain on prime rents in these industry will definitely proceed, albeit development will slow, with availability of space ending up being extra constricted,” he includes.
Singapore rated 5th among international alpha cities for new high-end establishment launchings in 2024, according to a research information by Savills. In its International High-end Retail 2025 report, the realty consulting firm found that the city-state was amongst several Asia Pacific (Apac) cities that prevailed the rankings.
Among high-end retail locations, Hong Kong preserved its leading position as the most costly retail destination on the planet, with prime headline retail rents reaching at EUR17,132 ($25,549) per sqm per annum. New York’s Madison appeared second at EUR15,559 per sqm per year, rising from 5th place last year, while London’s Bond Street arrived in 3rd at EUR15,333 per sqm per year, climbing from 4th area in 2024. Singapore’s Orchard Road placed 19th, with prime rents at EUR1,725 per sqm per annum.
Regardless of a greater amount of shop startings in Singapore in 2024, available property for luxury brands remains limited, notes Sulian Tan-Wijaya, executive director for retail and lifestyle at Savills Singapore. Consequently, she believes this could restrict the development and growth of high-end brands in the city, unless new source comes on stream in the form of new retail developments aim at premium merchants.
In any case, international brand-new high-end store openings up climbed 12% y-o-y in 2024, mostly backed by China, that accounted for 40% of all new openings globally. Excluding China, Apac was still the greatest growth region in shop total terms, making up 24% of all brand-new openings around the world.
The report found that around the world, prime retail space leas expanded in 2024, upheld by the return of global holiday. Of the 21 destinations tracked by Savills, over 75% registered saw best headline rents ascending y-o-y or maintaining constant in 2024.
In regards to smaller location and entrance cities, Apac industry additionally dominated rankings, with Bangkok coming in top for brand-new openings.
Marie Hickey, executive of commercial study at Savills, mentions that while the luxury retail market’s performance stabilised in 2024, weakened consumer view in the US and China can weigh on growth. She anticipates this to form real estate investment, with the focus over the short term to stay “on the most ideal possibilities”.
