Vietnam, 11 September 2017 – The future of retail is being shaped by powerful forces from the rapid growth of ecommerce to fast-changing consumer expectations and the rise of automation.
In Asia Pacific the retail scene is confronting these challenges head-on by adopting new strategies to satisfy consumers.
In Hong Kong, one of Asia’s top shopping capitals, lower rental rates have sparked a sense of optimism for new entrants and expansion. “Business is booming again for many retailers and the reduced high street rentals have created a great opportunity to open up in prime retail spaces,” says James Assersohn, Director of Retail, JLL Asia Pacific.
He adds that fashion labels across different price points have been opening in recent months. Victoria’s Secret has reportedly committed to a giant flagship in prime Causeway Bay while Decathlon has just opened up its first stores, French luxury speaker company Devialet has expanded quickly across the city and British fashion brands like Whistles and Phase Eight have also entered the market.
Others cities such as New Delhi and Sydney are refreshing and re-positioning their malls and retail precincts, whether reinventing their shopping centers to encouraging new brands to consider previously overlooked space.
“Mall operators and retailers are learning they need to adjust to the new climate,” says Assersohn. “By paying close attention to what consumers want and anticipating the trends ahead, a more resilient and dynamic retail landscape in Asia is emerging.”
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