Bangkok retail lags in expansion

Space in core areas of Tokyo remained highly sought after despite the mixed signals in the economy and an increase in the sales-tax rate introduced in April, 2014.

Singapore followed Tokyo with 58 new retail brands while Taipei came in fourth, climbing seven places from 2013’s new entrants’ rankings with 49 new brands last year compared with 29 the year before. Other cities in the region making up the top 15 markets included Hong Kong with 45 new entrants, Beijing with 34 and Manila with 24.

London retained its position as the world’s most international shopping destination with 57.9 per cent of international retailers present there, which was closely followed by Dubai with 55.7 per cent of international retailers present and Shanghai with 53.4 per cent.

James Pitchon, head of research and consulting at CBRE Thailand, said that in the first quarter of this year, the total Bangkok retail supply was 6.8 million square metres, increasing by 7.8 per cent year on year. The volume of occupied retail space increased by 4.8 per cent.

The largest new retail development in the quarter was the 50,000sqm EmQuartier luxury shopping mall on Sukhumvit Road.

Jonathan Hsu, head of occupier markets research for CBRE Asia Pacific, said the continued desire for expansion into new cities remained high for international brands.

“We are seeing a great deal of expansion into Asia and in particular into Tokyo, Singapore and Taipei.”