Mid-level retailers proving popular in Singapore | 23 April 2013
Asia’s mid-level retailers are moving ahead their luxury counterparts, with consumers displaying a preference for ‘fast fashion’.
That’s according to a report from wsj.com, which revealed that clothing chains such as Zara and H&M are doing particularly well – perhaps due to the continuous growth of Asia’s middle class.
This trend is especially evident in Singapore, wherein these types of brands are growing at a faster rate than the likes of Gucci and Louis Vuitton. In fact, a spokesperson for Gucci confirmed that it is ‘slowing the pace’ of its new shop openings, leaving plenty of commercial real estate free for mid-range brands to snap up instead.
One such brand doing just that is Uniqlo, which opens around two stores per week in Asia at the moment. Plus, pedestrian.tv revealed that Uniqlo just opened its first branch in Australia, such is the demand for its stock.
The chief executive of CBRE Retail for Asia, Sebastian Skiff, commented on the findings: “This is the first time this has happened. It’s only natural that after being here for so long [the luxury retailers] are likely to grow at a slower pace.”
What’s more, the president of Gap China, Jeff Kirwan, suggested that the reason Asian residents are turning towards more value-for-money, inexpensive brands is that younger consumers have have greater opportunity to see the world.
“They are knowledgeable about brands, good customer service and inviting shopping environments,” he said.
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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