Singapore ranks fifth among global alpha cities for new luxury store openings: Savills
Singapore ranked 5th amongst global alpha cities for brand-new luxury establishment openings in 2024, according to a research information by Savills. In its Worldwide Deluxe Retail 2025 article, the realty consulting firm found that the city-state was amongst several Asia Pacific (Apac) cities that dominated the positions.
Shanghai and Beijing won and 2nd, respectively, followed by Tokyo. All 3 cities showed y-o-y development in regards to brand-new launches, as did Singapore and Hong Kong, the latter of that rated 9th. Meanwhile, New york city, Paris and London all saw fewer new deluxe store openings in 2024 compared to the year before, that Savills says reflects availability difficulties, rather than a lack of appetite.
The report found that internationally, prime retail space rentals expanded in 2024, upheld by the return of worldwide travel. Of the 21 locations monitor by Savills, over 75% signed up saw best headline rentals increasing y-o-y or maintaining constant in 2024.
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In any case, international new luxurious outlet openings climbed 12% y-o-y in 2024, primarily assisted by China, that made up 40% of all brand-new openings worldwide. Omitting China, Apac was still the greatest buildup region in store total terms, representing 24% of all new starts worldwide.
Anthony Selwyn, co-head of worldwide retail at Savills, thinks core high-end market place will become increasingly affordable. “As a consequence, upward strain on prime rents in these markets will continue, albeit development will slow, with availability of space ending up being more constrained,” he includes.
In terms of smaller location and entrance cities, Apac markets likewise dominated positions, with Bangkok coming in top for brand-new openings.
Amongst high-end retail destinations, Hong Kong retained its number one placement as the most pricey retail haven worldwide, 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 annum, rising from 5th area last year, while London’s Bond Street appeared in third at EUR15,333 per sqm per year, increasing from fourth area in 2024. Singapore’s Orchard Road ranked 19th, with prime rentals at EUR1,725 per sqm per annum.
Marie Hickey, director of commercial research study at Savills, explains that whilst the high-end retail market’s efficiency stabilised in 2024, weakened consumer belief in the US and China could weigh on growth. She expects this to form real estate investment, with the focus over the short-term to stay “on the most ideal possibilities”.
Despite a higher number 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 might limit 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.
