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Here is Asian retailers' battle plan against Singapore's spiking rents
New business concepts outpoured.
According to Savills, faced with rising costs and slower sales, retailers were generally cautious on their expansion plans. However, there were several strategic expansions involving new business concepts.
It noted that agnes b opened its first outlet store spanning 2,000 sq ft at the IMM Building while Lacoste will open its largest concept store in Wisma Atria. Stores targeting the mass-market and thriving on high turnover volume also continued to strengthen their presence and exposure. For example, the revamped Suntec City will feature popular brands such as H&M, Sephora and Uniqlo.
Here's more from Savills:
Brands from North Asia joined the plethora of international labels making their foray here to tap the fast-growing Southeast Asian markets. Hong Kong fashion retailer i.t has taken up some 10,000 sq ft of space each at orchardgateway and Wisma Atria.
The former project is now 80% pre-committed ahead of its target opening in the second half of the year.
Korean retailers have also increased their footprints, with fashion label Headline Seoul opening its first flagship store in Singapore at Wheelock Place while shoe brand Spur has its fi rst boutique in Plaza Singapura’s new wing.
Lend Lease announced that Jem, its upcoming mall in Jurong East, is now fully committed. Books Kinokuniya will be opening a new outlet after a
14-year hiatus while Korean bakery chain Paris Baguette will have its second outlet in the mall.
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