CBRE-2018Q1亚太零售市场报告（英文）-2018.5-11页-1mb

Asia Pacific Retail Trends Q1 2018 Summary

Core Content

The first quarter of 2018 saw a mixed but generally positive retail leasing environment across the Asia Pacific region. While some markets experienced challenges, others showed signs of recovery and growth. F&B remained the strongest driver of leasing demand, with luxury and mid-range fashion sectors also showing activity, albeit with some caution. Emerging trends included the rise of experiential retail, pop-up stores, and the integration of technology such as AI and big data analytics.

Main Views

Overall Market Outlook

• Despite the traditional quiet period of Q1, leasing demand remained solid in key Asian markets.
• Most markets reported a positive outlook, with signs of recovery and growth.
• Hong Kong and Singapore showed green shoots of recovery, with prime retail rents reaching the bottom and becoming more affordable.

Sector Demand

• F&B: Strong demand in tier I cities, with new entrants and continued activity.
• Luxury: Steady demand in Hong Kong, Singapore, and Japan, with some retailers expanding and others struggling.
• Mid-Range Fashion: Mixed demand, with fast fashion retailers reviewing portfolios and closing underperforming stores.
• Sports: Robust demand driven by the PyeongChang 2018 Winter Olympics and continued interest in health and fitness.
• Entertainment & Experiential Retail: Gaining traction, with malls allocating more space to family and children-focused facilities.
• Others: Activities from bookstores, personal care, automotive, and supermarkets also contributed to leasing demand.

6-Month Outlook & Opportunities

• Rent: Expected to stabilize or increase as markets recover.
• Supply: Limited new supply in the near term, with landlords focusing on tenant mix optimization.
• Vacancy: Some landlords may use short-term pop-ups or divide space to fill vacancies.
• Opportunities: Expansion and upgrading in prime locations, especially for luxury and F&B retailers.

Key Markets

China

• Major cities saw an uptick in leasing activity and improved retail sentiment.
• F&B and luxury sectors were the main drivers, with a focus on placemaking and experiential retail.
• Retailers are leveraging lower rents to explore expansion or upgrading opportunities.

Hong Kong

• Prime retail locations are showing renewed interest.
• F&B and lifestyle products (especially cosmetics) were key demand drivers.
• Watch and jewellery retailers are expanding in core areas.
• Pop-up stores and relocation within submarkets are on the rise.

Japan

• Tokyo and regional cities reported solid leasing demand across multiple sectors.
• F&B and sports sectors remained active, with some challenges for fast fashion.
• Luxury demand improved, supported by strong sales and tourism.

Korea

• Leasing activity picked up, driven by demand from F&B and sports retailers.
• Department stores remain weak, with operators focusing on beauty and specialty stores.
• Chaebol retailers are seeking opportunities outside the capital.

Singapore

• Strong macroeconomic indicators supported healthy consumer confidence and leasing activity.
• F&B and mid-range fashion were key drivers, with some consolidation in fast fashion.
• Landlords are shifting towards longer-term leases for F&B tenants.

India

• A steady flow of new entrants and expansion by existing retailers drove leasing demand.
• F&B and entertainment-based retail were prominent, with some international brands entering the market.
• Online and offline retail convergence is gaining momentum.

Australia

• CBD locations attracted stronger leasing interest than suburban malls.
• F&B and entertainment sectors were active, with landlords adjusting tenant mix to accommodate these segments.
• Retailers are investing in big data and analytics to enhance operations.

Emerging Trends

• Experiential Retail: Malls are increasing their entertainment and experience-based offerings.
• Pop-Up Stores: Becoming a popular format for brands to maximize exposure and test new markets.
• Technology Integration: Use of AI and big data analytics to differentiate and optimize retail strategies.
• Omni-Channel Retailing: Online and offline retail are converging, with brands expanding both online and in physical spaces.

Selected Leasing Transactions

Contacts

• Henry Chin, Ph.D. – Head of Research, CBRE Research, Asia Pacific
  henry.chin@cbre.com.hk

• Ada Choi – Senior Director, CBRE Research, Asia Pacific
  ada.choi@cbre.com.hk

• Jonathan Hills – Director, CBRE Research, Asia Pacific
  jonathan.hills@cbre.com.hk

• Liz Hung – Associate Director, CBRE Research, Asia Pacific
  lizhung@cbre.com.hk

• Joyce Ho – Analyst, CBRE Research, Asia Pacific
  joyce.ho@cbre.com

• Manish Kashyap – Regional Managing Director, Advisory & Transaction Services
  manish.kashyap@cbre.com.sg

• Alistair Palmer – National Director, Retail Services Group Australia
  alistair.palmer@cbre.com.au