S'pore ranked 2nd in attracting new retailers
SINGAPORE is the second hottest city in the world - after Tokyo - for new retailer expansion, having attracted some 58 new retail brands last year, according to a report by global property adviser CBRE.
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 last year, 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 with 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, followed closely 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 South-east Asian market, given the Republic's cosmopolitan consumer market."
THE BUSINESS TIMES