Texere 2022 Outlook From Industry Leaders - APAC Retail Experts

Feb 21, 2022

"While the pandemic still clouds the outlook, market conditions are expected to improve in 2022 amid strengthening economic growth. The recovery has been delayed amid the new waves of infection but not derailed, given the various relief measures deployed by governments and rising vaccination rates.

Local consumption will continue to support leasing demand, lending resilience to the mature markets of Hong Kong, Singapore, Tokyo, and Seoul. Luxury retailers in these markets can capitalise on the tenant-favourable stance and secure prime units while aiming for cost efficiency and reductions. For brands looking beyond the near term, less developed markets such as Vietnam, Thailand, Malaysia, the Philippines, and even Cambodia hold the appeal with rapid urbanization and high-quality retail supply pipelines. China will remain strong and lead growth across the region in 2022. Its stringent containment policy has fueled domestic tourism and subsequently the emergence of new retail hotspots. Among which, we see the most potential in Hainan, as the full island will be a duty-free zone by 2025.

Aside from the luxury market, athleisure wear and wellness-related brands are still enjoying strong demand, riding on the back of new health-conscious trends. Electric vehicles have also gained in popularity in recent years, and as such we expect to see more showrooms open in 2022. Experience-based retailers should resume their expansion once new infection waves are brought under control. F&B operators also help drive momentum with an interest in the residential/suburban areas, expanding their footprint to capture the remote working population."


"With a sound +20% YoY performance in 2021, the overall Korean department store sales, demonstrates that Korea retail market remains very dynamic! 2022 started on a high note and the outlook is rather bright with an expected continuous increase in domestic demand. We can expect main retailers to continue to intensify their renovation and marketing plans around the following strategies: bring new customer experience in every store; create pop-up spaces for new brand introductions and animations; increase lifestyle living accessories visibility; target young generation clientele renewal by growing key luxury and beauty categories; continue to accelerate digital e-commerce integration."


"My quick summary about the Australian market is that we have come off the back of two great years and this year I believe we will see a slow down as inflation comes in higher than expected and omicron cases affect consumer confidence."


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