The world is indeed a vibrant place. We have people lamenting low salaries in Malaysia but yet cafes serving RM12 lattes are mushrooming. Plus the bubble tea scene is now getting very hot, again, somehow. The fact that some ingredients are now boiled / cooked in front of customers meant that premiums could be charged. A cup of iced coffee is still RM3.50 in many restaurants but that new premium bubble tea is 3-4 times and yet there’s a lane in SS15 full of these new bubble tea brands. So, premium is indeed in demand. What about luxury handbags then? Perhaps flying to Bangkok for one? Okay, let’s talk about London first before Bangkok.
If we need a new luxury handbag but does not want last season’s? Fly to London. Just within 2018 alone, luxury store openings in London topped 33 new luxury retailers. This is nearly 10% of the world’s total. Article in edgeprop.my London is the most active city for luxury retailers and this is ahead of Paris, Tokyo and Singapore. These three cities used to be ahead of London in 2017. Luxury fashion brands dominate accounting for 45% of all store openings, while specialist accessory brands that are focused on bags, footwear and eyewear, increased their share from 20% to 24%. Specialist jewellery and watch brands also continued to account for a sizeable number of store openings, at 24%.
Anthony Selwyn, head of London and international retail at Savills, said: “Last year we saw the big luxury brands retrench to the core cities and we expect these global destinations to remain the key focus for luxury brands wanting to expand or improve their physical profile in 2019. For the UK market, it’s great to see London leading the way, and with the core cities predicted to be the main areas of interest for brands this year, the future looks positive for the capital.” Article in edgeprop.my
Before we think the world’s economy is getting hotter, the research by Savills found that globally, luxury brands opened 16% fewer new stores in 2018 compared with the previous year. Now, let’s talk about Bangkok. Right behind London is Bangkok in terms of new luxury store openings. It means Bangkok is number 2 in the world where luxury retailers are opening new stores. Bangkok alone accounted for 6.7% of the world’s total openings! So, pack your bags or perhaps hey just buy that ticket and fly to Bangkok without a luggage and come back with a few fully loaded ones. Okay, the one major reason why Bangkok is right up there is also because of the opening of the RM6 billion ICONSIAM mall. Happy understanding.
<Featured Image is courtesy of Stock Photos from By TZIDO SUN>
written on 5 April 2019
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