Coffee and food have helped to drive Bangkok into equal 8th position in Asia-Pacific in a list of top retail markets compiled by real estate firm CBRE.
According to the latest report, Retail Hotspots in Asia-Pacific 2014, the Thai capital was ranked in 8th position among the top retail target markets in Asia-Pacific, with 19 new entrants opening stores in 2014.
Cities in Asia-Pacific saw 464 new retail entrants in 2014—23% more than in 2013. Tokyo saw the most new retail entrants (63), followed by Singapore (58), Taipei (49), Hong Kong (45) and Beijing (34).
The luxury and business sector saw the greatest share of new entrants at 22.6 percent, but the biggest climber was the coffee and Rrestaurants sector with 22.4 percent last year, compared to just 14.8 percent in 2013
Retailers from the United Sates made the most new entries into the Asia-Pacific region with 24 percent, followed jointly by Italy and the United Kingdom with 11 percent each, then French retailers at 10.5 percent. Japan was the top Asia-Pacific entrant, ranking in fifth place, with 6.9 percent of the new market entries being Japanese retailers.
James Pitchon, Head of CBRE Research and Consulting, CBRE Thailand, said: “Bangkok is one of the hotspots for retail development in Southeast Asia with approximately 1 million sqm of new retail space due to be completed in 2015.
“With the opening of new retail malls this year, such as EmQuartier last weekend, Central Westgate and Central Festival East Ville, as well as the increased level of international tourist arrivals in Bangkok, especially from China, CBRE anticipates the number of new entrants in 2015 will be more than in 2014.
“The coffee and restaurants sector is expected to create the largest proportion of the new entries in Bangkok, while mid-range fashion brands will continue to expand.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
