As Singapore recovers from it’s worst-ever recession luxury fashion brands are infiltrating the city in droves as it becomes an increasingly trendy playground for Asia super-rich.
Several new malls have or are soon to open in Singapore’s main shopping belt Orchard Road, which already encompasses over twenty malls, alongside two new casino resorts next year. The new openings are aimed at the Southeast Asian financial centre. Where the world’s highest density of millionaires reside amongst the apartments with luxury-yacht berths and six star hotels. Paul Husband, managing director of Husband Retail Consulting and author of a book on luxury trends in Asia, claims “Singapore offers flagship-style stores and strong facades, so it is a good opportunity to present a brand in an important street that hasn’t seen that much new luxury retailers for some years.”
Orchard Road, which already has over 20 malls, opened its latest offering, the Ion Orchard, In July retailers such as jeweller Harry Winston and designer Diane von Furstenberg opened at the Ion Orchard as well as brands including Louis Vuitton, that already have boutiques in the area. Opening in October the Mandarin Gallery mall, will see stores from world-class designers such as Marc Jacobs and Giorgio Armani, while its neighbour, Knightsbridge, will host 8 to 10 luxury tenants when it opens in May next year. New rival outlets the Marina Bay Sands and Resorts Worlds Sentosa will together house over half a football fields worth of retail space when open in 2010.
In his latest book “Succeeding Like Success: The Affluent Consumers of Asia,” economist Yuwa Hedrick-Wong predicts the number of rich households in Singapore to rise to 31,700 or 2.5 percent of total households by 2015, with each estimated to spend close to $150,000 on discretionary, or non-essential, items. Singapore’s is also a magnet for wealthy Malaysians, Thais and Indonesians, whose ranks are increasing. “This is creating a bigger mass affluent market, dominated by well-educated and therefore more technologically savvy and sophisticated consumers,” Hedrick-Wong wrote in the book.
Although the expansion seems vast, it appears that from a retailing point of view, Singapore’s got, and attracts, more than enough local and Asian shoppers willing to spend on luxury goods.
On September - 12 - 2009
I will use your advice from now on. Jaap
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]…
SEO Marketing and Web Developement…
[...]the time to read or check out the content or places we have linked to underneath the[...]…
Yahoo results…
While browsing Yahoo I found this page in the results and I didn’t think it fit…
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
Automotive News and Reviews…
[...]just below, are some interesting sites[...]…
computer disposal…
[...]below you’ll see the links to some pages that we think you will like[...]…
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……
Great website…
[...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
Superb website…
[...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
Auto Warranty Reviews…
[...]places worth checking out[...]…
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……