Singapore ranks fifth among global alpha cities for new luxury store openings: Savills
Amongst high-end retail locations, Hong Kong kept its number one placement as one of the most pricey retail haven on the planet, with prime heading retail rents clocking in at EUR17,132 ($25,549) per sqm per annum. New york city’s Madison appeared in 2nd at EUR15,559 per sqm per year, rising from fifth location last year, while London’s Bond Street came in third at EUR15,333 per sqm per annum, increasing from fourth location in 2024. Singapore’s Orchard Road rated 19th, with prime rentals at EUR1,725 per sqm per annum.
Shanghai and Beijing came in first and second, respectively, followed by Tokyo. All 3 cities showed y-o-y development in with regards to new launches, as did Singapore and Hong Kong, the latter of which placed 9th. On the other hand, New York, Paris and London all saw fewer brand-new high-end shop launchings in 2024 compared to the year prior to, which Savills says reflects accessibility difficulties, instead of a lack of appetite.
Regardless, international new luxury outlet openings up climbed 12% y-o-y in 2024, predominantly assisted by China, that accounted for 40% of all brand-new openings around the world. Leaving Out China, Apac was still the greatest growth area in store total terms, representing 24% of all new openings globally.
In terms of scaled-down location and gateway metropolitan areas, Apac industry additionally controlled rankings, with Bangkok appearing in top for brand-new openings.
The report saw that internationally, prime retail space rents increased in 2024, supported by the return of international vacation. Of the 21 places monitor by Savills, over 75% signed up saw prime headline leas ascending y-o-y or maintaining consistent in 2024.
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Despite a higher amount of shop startings in Singapore in 2024, available real estate for luxury brands continues to be limited, notes Sulian Tan-Wijaya, executive director for retail and lifestyle at Savills Singapore. Consequently, she thinks this can restrict the growth and growth of luxury brand names in the city, unless new source comes on stream in the form of new retail developments aim at high-end merchants.
Singapore ranked fifth amongst global alpha cities for brand-new deluxe establishment startings in 2024, according to a study report by Savills. In its International Deluxe Retail 2025 article, the real estate consulting company identified that the city-state was among numerous Asia Pacific (Apac) metros that dominated the positions.
Anthony Selwyn, co-head of worldwide retail at Savills, thinks core luxury market place will become progressively tough. “As a consequence, higher pressure on prime rents in these industry will definitely continue, albeit growth will slow, with availability of space becoming much more constrained,” he includes.
Marie Hickey, head of commercial study at Savills, points out that whilst the luxury retail market’s efficiency secured in 2024, decreased consumer sentiment in the United States and China might weigh on growth. She anticipates this to form real estate investment, with the focus over the short-term to remain “on the best chances”.
