Hong Kong, Singapore and Beijing are expected to become the world’s most important cities for luxury retail over the next five years, driven by demand for international brands from Asia’s emerging middle class.
Hong Kong was named the Asia Pacific region’s gateway for international retailers despite commanding the highest rents in the region.
With an expanding and urbanising population and high economic growth, the region is expected to lead the way in retail, according to a report from JLL.
By 2020, Asia Pacific will account for 46 per cent of the world’s middle class, up from about a third now, and 40 per cent of the world’s economy, up from 36 per cent now.
Shanghai, Singapore, Beijing and Tokyo round out the region’s top-five cities with the highest concentration of luxury and mid-tier brands, the report said.
Most of these brands come from the United States, such as Tommy Hilfiger and Coach in the luxury segment and Victoria’s Secret and American Eagle in the mid-tier level.
Companies from Italy and the UK followed.
Home-grown fashion brands are also gaining market share in the region. They are led by Japan’s Uniqlo, which expects to open 400 stores globally in the next few years, Singapore’s Charles & Keith, Australia’s Cotton On and Oroton, Japan’s Muji and FamilyMart, and South Korea’s Samsung and The Face Shop.
In Hong Kong, where space is in short supply, shopping centre rents were almost the double of the next most expensive city, Tokyo. Annual rents in Hong Kong were US$14,634 per square metre, compared with $7,149 per square metre in Tokyo.
Sydney, Seoul and Melbourne followed, ranging between $5,700 and $7,100 per sq metre. Retail rents were the lowest in India and South East Asia, where space can cost a one-tenth that of Hong Kong.
In Dubai, according to a recent JLL study, rents in prime shopping malls were less than half compared with the top tier Asia Pacific cities. In the second quarter, at the prime shopping malls, annual rents were $2,100 per sq metre, a rise of 54 per cent over the same period last year, and at secondary locations, rents were $640 per sq metre, a rise of 36.8 per cent.
Despite the rise in rental prices, vacancy rates at Dubai’s shopping areas fell to 8 per cent in the second quarter from 13 per cent during last year.
The UAE’s retail sector is expected to grow by 32.9 per cent next year to Dh151 billion from Dh114bn in 2012, according to a Dubai report on foreign investment in June.
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World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
Why are you, you?
Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.
Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.
Ben Okri,
More from Rashmee Roshan Lall
UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
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