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The expansion of luxury retail, both in the present and the foreseeable future, extends beyond major Indian metropolises like New Delhi, Mumbai, Hyderabad, and Bangalore, encompassing upscale towns across the nation. The number of millionaires in India is expected to double to 1.6 million within the next three years.
Luckily, Vietnam has never been dependent on tourism to drive demand to the same extent as some of its neighbours, notably Thailand, so it is mainly domestic consumption that will underpin retailsales growth. The real engine of occupancy growth is likely to be the expansions of the latter. So far, it’s doing the trick.
Kearney, a renowned global consultancy firm, recently unveiled its latest findings in the 2023 Global Retail Development Index (GRDI) report , shedding light on emerging market potentials and strategic pathways for retailexpansion. It was valued at $3.8 trillion in 2022 and grew at a CAGR of 8 per cent from 2017 to 2022.
Like other online marketplaces, Better That takes a commission from all retailersales on its platform, but unlike the competition, it donates up to 25 per cent, with a minimum of 10 per cent, of its net commission revenue to charities and community organisations. We’ve already got 40-odd New Zealand retailers signed up.
So much so that Gotemba’s most recent expansion was opened confidently in the middle of the pandemic, bringing its store floor area to 61,000sqm and its store count to 290. The centre’s tenant lineup is a who’s who of high-end retail, featuring designers from all around the world. Thus, three expansions at Gotemba.
China’s online retailsales increased by approximately 12 per cent last year, despite the period of lockdown earlier in the year, and the latest forecasts suggest we will see further advances. The future of China’s retailmarket is all about e-commerce.
With total retailsales projected to reach $350 billion this year, Vietnam is rapidly becoming a key player in Asias retail landscape. Savills explores the key drivers of growth, market challenges and future opportunities shaping Vietnams retail industry this year. per cent year-on-year in Q4 last year.
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