China continues to attract expansion-conscious retailers but emerging markets in Southeast Asia are also getting increased attention.
About 64 percent plan to open a new store in the Chinese mainland this year compared with 33 percent in Vietnam, Hong Kong and Singapore, real estate consultant CBRE said Wednesday, citing its own survey.
The survey tracked 11 key Asian markets including India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Taiwan and Thailand, along with Australia and New Zealand.
“Despite slower growth, the Chinese economy continues to expand at a rapid pace and is luring international retailers looking to tap into booming consumer spending and a growing appetite for western fashion products and services,” Jonathan Hsu, director of CBRE Asia Pacific research, said.
“Retailers continue to view this market as having significant upside potential as the government plans to further boost domestic consumption and double household income by 2020.”
Beijing and Shanghai were the top cities with 36 percent of respondents planning to open stores there this year.
Half of the retailers consider expansion opportunities as excellent or good, with the expectation that Asia Pacific will outperform other major regions in 2014 and that private consumption will continue to grow, albeit at a slower pace, CBRE said.
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