Singapore ranks fifth among global alpha cities for new luxury store openings: Savills
Amongst deluxe retail destinations, Hong Kong maintained its leading position as one of the most expensive retail haven in the world, with prime heading retail rents reaching 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 location last year, while London’s Bond Street came in third at EUR15,333 per sqm per year, rising from fourth area in 2024. Singapore’s Orchard Road placed 19th, with prime rents at EUR1,725 per sqm per annum.
In terms of smaller location and gateway cities, Apac markets additionally dominated positions, with Bangkok coming in top for brand-new openings.
Marie Hickey, executive of commercial research at Savills, mentions that while the luxury retail market’s efficiency secured in 2024, minimized consumer view in the United States and China can weigh on growth. She expects this to form real estate investment, with the emphasis over the short-term to remain “on the most ideal opportunities”.
Regardless, global new luxury outlet openings climbed 12% y-o-y in 2024, mostly assisted by China, which made up 40% of all brand-new openings around the world. Omitting China, Apac was still the biggest growth area in shop total terms, representing 24% of all new openings globally.
The report discovered that internationally, prime retail location rents grew in 2024, backed by the return of international holiday. Of the 21 places tracked by Savills, over 75% signed up saw best headline leas rising y-o-y or maintaining steady in 2024.
Regardless of a greater number of store openings in Singapore in 2024, available real estate for luxury brands remains limited, notes Sulian Tan-Wijaya, executive director for retail and lifestyle at Savills Singapore. Consequently, she thinks this might restrict the growth and growth of luxury brand names in the city, unless new supply comes on stream in the form of brand-new retail property developments aim at high-end stores.
Anthony Selwyn, co-head of worldwide retail at Savills, believes core high-end markets will become increasingly tough. “Consequently, higher pressure on prime leas in these markets will definitely proceed, albeit expansion will slow, with availability of space becoming extra constricted,” he adds.
Singapore rated 5th amongst international alpha metros for brand-new luxury store launchings in 2024, according to a study information by Savills. In its Worldwide Deluxe Retail 2025 article, the realty consulting business discovered that the city-state was amongst several Asia Pacific (Apac) cities that dominated the positions.
Shanghai and Beijing came in first and second, respectively, followed by Tokyo. All three cities presented y-o-y growth in with regards to brand-new launches, as did Singapore and Hong Kong, the latter of that ranked 9th. On the other hand, New york city, Paris and London all saw less new deluxe shop openings in 2024 compared to the year before, that Savills says reflects supply difficulties, as opposed to an absence of appetite.
