Despite the first quarter traditionally being a quiet period for leasing activity, retailer demand was solid amid the positive outlook for key Asian markets
F&B remained the major driver of retail leasing demand. Luxury retailers returned to cautious expansion in Hong Kong, Singapore and Japan on the back of strong sales growth. However, weaker sales saw fast fashion retailers review their portfolios and close stores in Singapore and Australia.
Entertainment and experiential retail continue to gain traction across the region. In China, several recently completed shopping malls have allocated a substantial proportion of space to entertainment facilities catering to families and children as part of an overarching focus on placemaking.
Upbeat markets included Japan, where Tokyo and regional cities continued to report solid leasing demand from a broad range of sectors. India also saw a positive quarter thanks to a steady flow of new entrants across a variety of categories, along with further expansion by existing retailers.