The current downturn has shown up one distinctive feature of the retail scene in Singapore: brand-name bags and bling-bling are recession-proof items. Shoppers continue to throng the Louis Vuitton and Cartier outlets at the month-old Ion Orchard shopping complex, for example. Tiffany and a leading local jeweller, Larry Jewelry, say their business has been healthy.
The revitalisation of Orchard Road and new developments in the retail landscape are drawing luxury retailers and their franchisees to set up impressive shops and flagship stores. Besides Ion Orchard, big developments coming up are Knightsbridge, a four-storey retail podium connected to Park Orchard Hotel; the revamped Mandarin Gallery which used to be the frontage of the Meritus Mandarin Hotel, now moved around the corner; and the the two casino-resorts’ merchandise space.
The Prada group opened its Miu Miu store at Ion Orchard last month. It has plans to have at least two more by the end of the year.
Fashion-goods makers like Prada cite two reasons for being bullish on Singapore: the new complexes opening up and the fact that the South-east Asian region is growing. This is fuelling a hunger for designer apparel and accessories.
Singapore should try to project itself as the centre for luxury goods in the region. It has long been known for its shopping, but so are Hong Kong and Bangkok. But Singapore has an advantage when it comes to luxury retail: it does not sell imitation goods that are commonly found in Hong Kong, Shenzhen and Bangkok. When a customer here gets her Hermes Birkin bag for $10,000, after her turn in the queue comes up, she can be sure it is the genuine article. This is a precious competitive edge. Only Tokyo is better for dependable high-end luxury.
Source : Sunday Times – 16 Aug 2009
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