Singapore ranks fifth globally for new luxury store openings

Shanghai, Beijing, and Tokyo claimed the top three spots, with Hong Kong placing ninth.

Singapore ranked fifth globally amongst alpha cities for new luxury retail store openings in 2024, according to the latest Savills Global Luxury Retail Report.

The city’s strong showing underscores its appeal to high-end brands, but future expansion could be constrained by limited available real estate, the report warned.

The findings highlight Singapore’s resilience in the luxury market, alongside other Asia-Pacific cities. Shanghai, Beijing, and Tokyo claimed the top three spots, with Hong Kong placing ninth.

All five cities reported YoY increases in new store openings, supported by a resurgence in international travel and a concentration of high-net-worth individuals (HNWIs) sustaining demand.

According to Savills, the broader Asia Pacific region, excluding China, accounted for 24% of global new luxury store openings, surpassing both North America and Europe in 2024. Japan, fuelled by strong domestic and Chinese visitor spending, remained the largest market for new openings outside China.

Whilst Singapore’s position as a luxury hub remains secure for now, Savills cautioned that future growth will depend on new high-end retail developments.

"The available real estate for luxury brands remains limited, which could somewhat limit the growth and expansion of luxury brands in the city in the near future," said Sulian Tan-Wijaya, Executive Director, Retail & Lifestyle at Savills Singapore.

The report also noted that the return of international tourists and the resilience of ultra-luxury brands like Chanel and Hermès have helped bolster demand for prime retail spaces.

However, with competition intensifying across global alpha cities, building quality and location will become even more critical factors in the luxury retail race.