Singapore ranks fifth among global alpha cities for new luxury store openings: Savills
Amongst deluxe retail destinations, Hong Kong retained its number one position as one of the most pricey retail place on the planet, with prime headline retail rentals coming at EUR17,132 ($25,549) per sqm per year. New york city’s Madison appeared in 2nd at EUR15,559 per sqm per year, increasing from 5th place last year, while London’s Bond Street came in third at EUR15,333 per sqm per annum, increasing from 4th area last year. Singapore’s Orchard Road rated 19th, with prime rents at EUR1,725 per sqm per annum.
Anthony Selwyn, co-head of international retail at Savills, believes core high-end market place will end up being increasingly tough. “Therefore, higher pressure on prime rents in these markets will definitely continue, albeit expansion will slow, with availability of space ending up being extra constricted,” he adds.
Shanghai and Beijing came in first and 2nd, respectively, followed by Tokyo. All three cities proved y-o-y development in terms of new openings, as did Singapore and Hong Kong, the latter of that rated nine. Meanwhile, New york city, Paris and London all saw less new luxury outlet openings in 2024 compared to the year before, which Savills says reflects accessibility challenges, rather than a lack of appetite.
Regardless of a higher number of shop startings in Singapore in 2024, available property for luxury brands continues to be limited, notes Sulian Tan-Wijaya, executive director for retail and lifestyle at Savills Singapore. Consequently, she thinks this might limit the growth and development of high-end brands in the city, unless new source comes on flow in the form of brand-new retail property developments targeting high-end sellers.
In regards to much smaller location and entrance metropolitan areas, Apac industry likewise controlled positions, with Bangkok appearing in top for brand-new openings.
Regardless, global new luxurious outlet openings up rose 12% y-o-y in 2024, primarily backed by China, which accounted for 40% of all new openings worldwide. Omitting China, Apac was still the greatest growth region in store count terms, accounting for 24% of all new openings worldwide.
Marie Hickey, director of commercial research at Savills, points out that whilst the luxury retail market’s performance stabilised in 2024, minimized consumer sentiment in the US and China might weigh on growth. She expects this to shape real estate investment, with the focus over the short-term to stay “on the most ideal possibilities”.
Singapore placed 5th amongst worldwide alpha metros for new high-end store launchings in 2024, according to a research information by Savills. In its International Deluxe Retail 2025 article, the property consulting firm discovered that the city-state was among a number of Asia Pacific (Apac) urban areas that dominated the positions.
The report found that globally, prime retail spot rentals expanded in 2024, backed by the return of international holiday. Of the 21 places tracked by Savills, more than 75% signed up saw prime headline rents ascending y-o-y or keeping steady in 2024.
