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Retailers eye Chinese mainland for expansion, report says

By Cherry Cao | 17:19 UTC+8 June 3, 2014 | Online Edition

THE Chinese mainland remains the key target for retailers to expand within the Asia-Pacific region this year while emerging markets in Southeast Asia are also catching increased attention, international real estate advisor CBRE said in a report released today.

The report found that 64 percent of respondents plan to open a new store on China's mainland this year, well ahead of Vietnam, Hong Kong and Singapore, which were equal second with 33 percent, according to CBRE. The advisor tracks 11 key Asian markets -- the Chinese mainland, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand. It also tracks Australia and New Zealand in the Pacific region.

"Despite 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."

By city, Beijing and Shanghai top the list with 36 percent of surveyed retailers planning to open stores in these locations this year.

The report also showed that half of the retailers surveyed rate current opportunities to expand as being excellent or good, backed by the expectation that Asia Pacific will outperform other major economic regions in 2014 and that private consumption will continue to grow, albeit at a slower pace.

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