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Singapore is the world's second hottest city for new retailer expansion: CBRE
SINGAPORE is the second hottest city in the world - after Tokyo - for new retailer expansion, having attracted some 58 new retail brands in 2014, according to the latest report by global property adviser CBRE, "How Global is the Business of Retail?"
Tokyo, where space in its core areas remains highly sought after despite the mixed signals in the economy and the introduction of a sales tax hike of 8 per cent in April 2014, attracted 63 new brands.
Taipei came in fourth, climbing seven places from last year's new entrants' rankings, with 49 new brands last year compared to 29 in 2013. Other cities in the region which made the top 15 list include Hong Kong with 45 new entrants, Beijing with 34, and Manila with 24.
Going by the report, London retains its position as the world's most international shopping destination with 57.9 per cent of international retailers present there, which is closely followed by Dubai with 55.7 per cent of international retailers present, and Shanghai with 53.4 per cent.
Said Desmond Sim, head of CBRE Research for Singapore and South-east Asia: "Despite the high level of new entrants, the retail market continues to be challenging. Retailers big and small are using Singapore as a test bed for the Southeast Asian market given the Republic's cosmopolitan consumer market."