Singapore ranks fifth among global alpha cities for new luxury store openings: Savills
Singapore ranked 5th among international alpha cities for brand-new high-end establishment launchings in 2024, according to a research study report by Savills. In its International Luxury Retail 2025 report, the real estate consulting firm discovered that the city-state was among a number of Asia Pacific (Apac) cities that prevailed the rankings.
Anthony Selwyn, co-head of international retail at Savills, believes core high-end market place will certainly come to be significantly affordable. “As a consequence, higher pressure on prime rents in these markets will definitely carry on, albeit expansion will slow, with availability of space coming to be more constricted,” he includes.
In terms of much smaller destination and entrance metropolitan areas, Apac industry additionally controlled rankings, with Bangkok appearing in top for brand-new openings.
The report found that globally, prime retail spot rentals increased in 2024, supported by the return of international holiday. Of the 21 locations tracked by Savills, more than 75% registered saw best headline leas rising y-o-y or holding constant in 2024.
In spite of a greater number of shop openings in Singapore in 2024, available property for high-end brands stays limited, notes Sulian Tan-Wijaya, executive director for retail and lifestyle at Savills Singapore. Consequently, she believes this might limit the development and development of high-end brands in the city, unless new source comes on flow in the form of new retail developments targeting premium sellers.
Marie Hickey, head of commercial study at Savills, explains that while the luxury retail market’s performance stabilised in 2024, weakened consumer sentiment in the United States and China could weigh on growth. She expects this to form real estate investment, with the emphasis over the short-term to remain “on the best chances”.
Shanghai and Beijing came in first and second, respectively, followed by Tokyo. All 3 cities proved y-o-y development in with regards to new openings, as did Singapore and Hong Kong, the latter of which ranked 9th. On the other hand, New york city, Paris and London all saw much less brand-new luxury outlet openings in 2024 compared to the year before, that Savills says reflects supply challenges, instead of a lack of appetite.
Regardless, international brand-new high-end shop openings climbed 12% y-o-y in 2024, primarily backed by China, that made up 40% of all new openings around the world. Excluding China, Apac was still the biggest growth area in establishment count terms, accounting for 24% of all new openings around the world.
Among high-end retail places, Hong Kong preserved its leading setting as the most pricey retail destination worldwide, with prime headline retail rentals clocking in at EUR17,132 ($25,549) per sqm per year. New York’s Madison appeared second at EUR15,559 per sqm per year, climbing from fifth area last year, while London’s Bond Street appeared in third at EUR15,333 per sqm per year, climbing from 4th area in 2024. Singapore’s Orchard Road placed 19th, with prime rentals at EUR1,725 per sqm per annum.
