Singapore ranks fifth among global alpha cities for new luxury store openings: Savills
Shanghai and Beijing won and 2nd, respectively, followed by Tokyo. All 3 cities showed y-o-y growth in regards to brand-new launches, as did Singapore and Hong Kong, the latter of which rated ninth. On the other hand, New York, Paris and London all saw less new deluxe store launchings in 2024 compared to the year before, which Savills says reflects accessibility difficulties, as opposed to an absence of appetite.
Anthony Selwyn, co-head of worldwide retail at Savills, believes core luxury market place will certainly become progressively tough. “Therefore, upward pressure on prime rents in these industry will proceed, albeit expansion will slow, with availability of space becoming much more constrained,” he adds.
Singapore ranked fifth amongst worldwide alpha metros for brand-new high-end store launchings in 2024, according to a study report by Savills. In its Global Luxury Retail 2025 article, the real estate consulting business identified that the city-state was among several Asia Pacific (Apac) cities that prevailed the rankings.
The report found that around the world, prime retail space rentals grew in 2024, upheld by the return of international trip. Of the 21 places tracked by Savills, more than 75% registered saw best headline rentals rising y-o-y or keeping consistent in 2024.
Regardless, global new luxury shop openings rose 12% y-o-y in 2024, mostly supported by China, which accounted for 40% of all brand-new openings around the world. Leaving Out China, Apac was still the greatest buildup area in store total terms, representing 24% of all brand-new starts around the world.
In regards to scaled-down location and gateway metropolitan areas, Apac markets also dominated positions, with Bangkok coming in top for new openings.
Marie Hickey, director of commercial study at Savills, mentions that whilst the deluxe retail market’s performance secured in 2024, minimized consumer view in the United States and China can weigh on growth. She anticipates this to form real estate investment, with the emphasis over the short-term to remain “on the most ideal opportunities”.
Amongst luxury retail industry destinations, Hong Kong maintained its number one placement as the most costly retail haven worldwide, with prime heading retail rentals coming at EUR17,132 ($25,549) per sqm per annum. New York’s Madison appeared 2nd at EUR15,559 per sqm per annum, climbing from fifth area last year, while London’s Bond Street arrived in 3rd at EUR15,333 per sqm per year, increasing from 4th location in 2024. Singapore’s Orchard Road placed 19th, with prime hires at EUR1,725 per sqm per annum.
In spite of a greater number of shop openings in Singapore in 2024, available realty for high-end brands continues to be limited, notes Sulian Tan-Wijaya, executive director for retail and lifestyle at Savills Singapore. Consequently, she believes this can limit the development and development of deluxe brand names in the city, unless new source comes on flow in the form of new retail developments aim at premium retailers.
