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The future of luxury retail in Asia Pacific
Over 90% of international luxury retailers have stores in Asia Pacific as the region reaches saturation, with 5 of the top 10 most expensive global retail markets located in Asia. In the past 3 years, 237 luxury retailers opened first stores in 27 Asian cities as penetration is high in markets like China at 87% and Hong Kong at 81%. While Australia has lower penetration at 50% primarily due to department store dominance, it offers opportunities for luxury retailers as 16 entered the Australian market in 2014, double the total from 2012-2013. Emerging trends that will drive further leasing demand include affordable luxury brands, food & beverage in stores, and luxury childrenswear.
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The future of luxury retail in Asia Pacific
- 1. THE FUTURE OFLUXURY RETAIL IN ASIA PACIFIC NEW DEMAND DRIVERS AND SHIFTING OCCUPIER REQUIREMENTS
- 2. Asia is reachingsaturation point Over 90% of international luxury retailers have at least one standalone store in the region
- 3. 5 of the10 most expensive global retail markets are located in Asia Pacific: Hong Kong Toyko Melbourne Sydney Beijing
- 4. Over the past3 years, 237 luxury retailers have opened stores for the first time in 27 cities across Asia Pacific Luxury retailer penetration is high in most APAC markets CHINA 87% HONG KONG 81%
- 5. Over the past3 years, 237 luxury retailers have opened stores for the first time in 27 cities across Asia Pacific Luxury retailer penetration is high in most APAC markets CHINA 87% HONG KONG 81% Australia only has 50% penetration, primarily due to the dominance of department stores Therefore Australia offers significant opportunities for luxury retailers In 2014, 16 luxury retailers entered the Australian market, double the total of 2012 and 2013 combined
- 6. Penetration of luxuryretailers in Asia Pacific:
- 7. Total luxury salesby region: Global sales of personal luxury goods totalled EUR 224 billion in 2014. One-third was accounted for by Asia Pacific.
- 8. Several emerging trends whichare set to provide the sector with a source of leasing demand: - Affordable luxury brands - Food & beverage in luxury retail stores - Luxury childrenswear
- 9. TO VIEW THEFULL REPORT VISIT THE RESEARCH CENTRE AT WWW.CBRE.COM