Retailers favor China for expansion
Print Edition
THE Chinese mainland continues to be favored by retailers eying expansion in the Asia-Pacific this year while emerging markets in Southeast Asia are also attracting rising attention, global real estate adviser CBRE said in a report released yesterday.
The report’s second annual edition found that 64 percent of the retailers plan to open a new store on the mainland this year, ahead of Vietnam, Hong Kong and Singapore, which came in joint second with 33 percent seeking new openings, according to CBRE.
“Despite a slower growth, the Chinese mainland economy continues to expand at a rapid pace and is luring international retailers looking to tap into booming consumer spending and a growing appetite for Western fashion products and services,” said Jonathan Hsu, director of CBRE Asia-Pacific research.
“Retailers continue to view this market as having significant upside potential as the government plans to further boost domestic consumption and double household income by 2020.”
Beijing and Shanghai top the list with 36 percent of retailers surveyed planning to open stores in the two cities this year.
The report tracks 11 key Asian markets — the Chinese mainland, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand — as well as Australia and New Zealand in the Pacific region.
Half of the retailers surveyed rated prospects to grow as excellent or good as they hoped the Asia-Pacific will outperform other major regions in 2014, the report said. It also found that private consumption demand will grow more slowly.
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