Luxury Shopping Destination in Singapore Sees Record Revenues in 2018

Feb 2019

The Shoppes at Marina Bay Sands witnessed its most successful year ever in 2018, with revenues of USD 179 million, a 7% rise from 2017. Retail tenant sales at The Shoppes, which enjoys an occupancy of 95.4%, jumped 19% to USD 1,898 per square foot compared to the preceding year. The Shoppes also retained its top position in tourism shopping, representing an estimated 25% of the tax-free tourist market in Singapore. This is based on industry metrics that track tax-refunded tourist receipts. 

This performance of the luxury shopping destination comes in the midst of struggles for most brick-and-mortar retail, in the face of competition from e-commerce. 

A press release from Marina Bay Sands attributed the success to an ongoing retail remix strategy that started in 2012, which saw the mall double its footprint with luxury brands in the form of duplexes, as well as expansion into luxury childrenswear. This strategy was coupled with other attractions such as late-night shopping, in-store exclusives, and one of the most generous loyalty programs in Singapore, has resulted in 120,000 shoppers walking through the doors of the mall daily. 

There are plans to unveil several new-to-market brands, expansions, and luxury flagship stores in the first half of 2019. Following the recent opening of Moncler’s flagship duplex and biggest store in APAC; as well as the expansion of luxury fashion house Hermès from a single unit to a duplex store, Philipp Plein will launch its biggest store in South East Asia this quarter at the Shoppes. These new additions will bring the mall’s total number of luxury duplexes to 17. Other brands joining The Shoppes this year include new-to-market Italian luxury shoe label Gianvito Rossi with its first standalone store in Southeast Asia, and French designer label Roger Vivier’s Singapore flagship store. Delvaux, one of the world’s oldest fine leather luxury goods purveyors, has also just unveiled its second boutique in Singapore, ahead of a host of new openings including COS, Lululemon, Polo Ralph Lauren and SK Gold. Italian fashion brands Loro Piana, Stefano Ricci, luxury Japanese pearl company Mikimoto, and French High Jewelry Maison Van Cleef & Arpels will expand their presence at the Shoppes.

(Sources: Business Times; Marina Bay Sands)

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