Event report
Past Event | Asia's Retail Landscape: Trends, Performance, and Forecasts
The French Chamber of Commerce in Singapore (FCCS) in partnership with the Italian Chamber of Commerce in Singapore, co-hosted an insightful overview discussion on the Retail Market in SEA and Singapore.
Thank you to Simon Smith, Regional Head of Research Asia Pacific at Savills and Nick Bradstreet Head of Retail Asia Pacific at Savills for delving into current market cycles, identifying high-performing regions, and exploring emerging trends. They focused on specific markets like China, Hong Kong, Japan, and Thailand, covering topics such as brand positioning, rental forecasts, and the retail outlook for the year.
Please find below the key learnings of the session:
- While the retail downturn seems largely over in the region, recovery has so far been soft, with early signs that it may be gathering momentum.
- We await falling interest rates, clearer signs of stronger economic growth, and a return of regional tourists, especially from China. Fewer geopolitical tensions would help!
- Despite the generally subdued sentiment, there are bright spots. In China, domestic tourist numbers are above pre-covid levels, while in Hong Kong, Hongkong Land is spending over US$1 billion in a major renovation of its Central portfolio. Japan continues to enjoy the benefits of a weak Yen with record visitor spending and Bangkok is looking forward to the completion of some transformative large-scale mixed-use projects over the next year or two.
- Looking ahead, most markets are in a late downswing or early upswing and recovery should gather momentum into next year. Longer term, Asia-Pacific continues to offer a potent cocktail of youthful demographics, rising numbers of middle-class consumers, rapid urbanisation and a growth story like no other.
For more information, please contact Vanessa Hobbs vhobbs@fccsingapore.com
