Retailers look to China with expansion plans | 11 March 2014
More than one fifth of global retailers see China as a primary location for their expansion efforts in the coming years, a new report shows.
In a survey of shopping brands carried out by real estate consultancy CBRE, 22 per cent of the respondents listed China as one of their main targets for the opening of new stores. This puts the country at fifth in a list of the most popular areas.
China’s commercial property market is also benefiting from the fact that a limited number of Asian brands are looking beyond their own region to expand.
More than half (58 per cent) of Asia Pacific-based firms are targeting retail space in mainland China, with Vietnam (40 per cent), Indonesia (39 per cent) and Hong Kong (29 per cent) also popular locations, according to warc.com.
These figures are, to some extent, supported by a change in consumer attitudes across the region. CBRE’s executive director of retail, Sebastian Skiff, says that as the countries’ middle-classes grow, more shoppers are willing to buy local products, with Asian retailers benefiting from new opportunities for domestic expansion as a result.
He was quoted by businessinsider.com as saying: “A growing number of consumers are now confident enough to adventure away from the ‘typical’ core luxury brands, and we are seeing a great deal of interest in niche luxury product and bridge brands that make more of an individual, unique statement about the person.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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