The Philippines has been ranked among the hottest markets for global retail brands, with Manila being ranked in 13th position in a study of 164 cities in 50 countries by CBRE in its How Global is the Business of Retail? research report.
This is the first time Manila has been listed within the top 15.
Of the 50 countries and 164 cities from across the world, international retail brands looking to enter new markets increased by 14 percent in 2014, with six Asian countries on the list.
Top target cities include Tokyo with 63 new entrants, Singapore with 58, Abu Dhabi with 55, Taipei with 49, Dubai and Hong Kong with 45, Moscow with 41, Paris with 40, Beijing with 34, Doha with 30, Berlin with 29, Toronto with 25, Manila with 24, and Stuttgart and Istanbul with 21.
Retailers from the Americas and elsewhere in Asia-Pacific are noted as being the main regions eyeing the Asia-Pacific market.
The study also noted that the inclusion of new entrants in the list — Doha, Toronto, Manila, Stuttgart and Istanbul — suggests that retailers are looking into new markets for retail expansion and investment.
The study showed mid-range fashion retailers are the most active globally, focusing on Europe, Middle East and Africa (EMEA). On the other hand, luxury and business fashion retailers target the Americas and Asia Pacific.
Rick Santos, Chairman of CBRE Philippines, said: “The Asia-Pacific retail market is gaining more ground as a top spot for expansion for international brands.
“In the Philippines alone, the demand and interest from the local retail market and the affordable rates drive more investors into the country. When this trend continues, Asia-Pacific can even compete with the bigger EMEA and American markets.”
The study identified globalisation, technology, and demographic change as core elements affecting the business of retail. The recognition of international brands in different countries, the use of technology in assessing a market, and the growing consumer appetite and spending power of the retail markets across the globe continue to fuel the interest of retailers in expanding.
Similarly, the study reported that as long as consumers continue to flock the malls and shopping centers for leisure, the expansion of more brands will likewise continue to increase.
Main image: By Laika ac licensed under Creative Commons Attribution-Share Alike 2.0 Generic license.
