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Shanghai ranks the 6th best destination for luxury retailers
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SHANGHAI, which remains the premier shopping destination in the Chinese mainland, is catching up fast on Hong Kong to become one of Asia's leading luxury retail destinations, global real estate consultant JLL said in a latest report.
Globally, the city ranks the sixth-most appealing destination for luxury retailers to set up shops while Hong Kong is second only to London in popularity, according to the Destination Retail 2016 report which tracks 240 international retail brands with significant presence in at least two global regions, those being the Americas, Asia Pacific, Europe and the Middle East and Africa region. Retailers that are opening shops imminently are also covered.
"Hong Kong remains Asia's leading luxury shopping destination with many retailers using it as a springboard for expansion into the Chinese mainland," said James Assersohn, director of retail for Asia Pacific, JLL. "And thanks to a diverse economy and wealthy consumer base, Shanghai has become a favorite place for international brands to test the Chinese market and gain brand exposure, sometimes bypassing Hong Kong in the process."
Retailers are drawn to the dynamism of Shanghai due to its trend-setting nature while Beijing, which secures a No.9 position in the global ranking, is more favored for its high sales potential thanks to the strong base of high-net-worth individuals in the Chinese capital, according to the report.
Asia Pacific cities actually dominate the world's top luxury retail destinations with seven of the 10 most attractive cities for luxury retail being located in the region. Also among the top 10 are Tokyo (No.4), Singapore (No.7), Osaka and Taipei (tied at No.10).
The dominance of Asian cities highlights the attractiveness of the region to retailers, thanks to its burgeoning middle classes and growing levels of affluence. Strong forecast growth of high-income households in Asian cities over the next 15 years, in particular, should help keep Asia at the forefront of luxury spending growth, both domestically and abroad, the report said.
Paris (No.3), New York (No.5) and Dubai (tied at No.7) round up the global top 10 list.
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