Singapore amongst top 10 cities for luxury store openings as rents rise

Its 2% growth outpaced global average of 0.9% in 2025.

Singapore’s prime luxury retail rents rose 2% in 2025, outpacing the global average increase of 0.9%, according to Savills.

This compares with global prime headline rents across 27 luxury destinations, which rose 0.9% in 2025, down from 6.6% in 2024, reflecting weaker rental momentum and growth concentrated in fewer markets.

Singapore remains amongst the top 10 cities globally for new luxury store openings, alongside Tokyo, Bangkok, and Shanghai, supported by continued brand entry into the Asia-Pacific.

Limited availability in prime retail corridors, such as Orchard Road and Marina Bay, has concentrated demand, intensifying competition for flagship space as luxury brands seek both new openings and upgrades in existing locations.

Europe recorded 1.2% average prime luxury retail rental growth in 2025, with gains in London, Paris, and Milan, as well as Amsterdam, Vienna, and Copenhagen.

Anthony Selwyn, Co‑Head of Global Retail at Savills, said prime availability and location quality drive activity as brands compete for space.

“As a result, brands are prioritising securing new space or upsizing in existing prime locations,” he added.

Marie Hickey, Global Retail Research Lead at Savills, said rental growth slowed after 2024 and demand concentrates on a limited number of prime streets under supply constraints.