, APAC
385 views
Photo by Wendy Wei.

China leads new stores opening in 2022

The country accounted for 41% of all stores that opened last year.

China remains the leading market in terms of new luxury store openings, accounting for 41% of all the new stores that were launched in 2022 due to brands that continue to focus on the market.

In a report, Savill said Chinese luxury spend remained in the domestic market. 

However, there is a decline in new openings in the market. In 2021, China comprised 55% of the new stores that opened.

“This was not wholly unexpected considering the acceleration in openings the year before and the weakening in occupier confidence in the face of the rolling lockdowns seen in some parts of China throughout 2022,” the report read. 

READ MORE: Luxury retailers to expand China offerings to other festivals: report

Globally, new stores increased by 11% year-on-year in 2022.

Savills said the wider Asia region and Europe were the main beneficiaries of the “marginal softening” in China. Europe came second to China as it accounts for 23% of the new stores opening, with a 77% year-on-year growth.

Europe also saw a fast recovery in luxury spend due to the return of international visitors and rebasing in rents in some of the key luxury streets in the region along with improved availability which supported the leasing activity.

Asia excluding China meanwhile, saw its share of new store openings grows to 12%.e. Prioritising relatively underserved markets with a growing high-net-worth population such as Vietnam also helped in spurring luxury brand activity in the region. 

Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
Stores
Thai developer says malls stand out as ‘offline super apps’
The tangible business model for entertainment, dining, and retail under one roof still works, and improves with technology.
E-commerce