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. Continue reading
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