The Shoppes at Marina Bay Sands sets new revenue record
Revenue for The Shoppes at Marina Bay Sands set a new record last year as the centre achieved an occupancy rate of 95.4 per cent.
The giant luxury mall beneath Singapore’s most-photographed building, the Marina Bay Sands hotel towers, achieved revenue of US$179 million last year, 7 per cent more than in 2017. And despite relatively static Singapore retail-sales growth last year, tenants’ sales at The Shoppes lept 19 per cent year on year to US$1898 per square foot.
According to a statement, The Shoppes retained its top position in tourism shopping, accounting for an estimated 25 per cent of the tax-free tourist market in the city state, an estimate based on tracked tax-refunded tourist receipts.
“Last year was exceptional for the mall, as we not only achieved our highest sales revenue in history, but also solidified a leading position in tourism shopping,” said John Postle, senior VP of retail at Marina Bay Sands. “This is so rewarding, given the competitive retail landscape and growth of online shopping.”
Postle said the mall’s strategy, coupled with promotional activity such as late-night shopping, in-store exclusives and a generous loyalty program, resulted in an average daily footfall of 120,000 shoppers last year.
The performance is the result of an ongoing retail remix strategy that started in 2012, which saw the mall double its footprint thanks to luxury brands opening duplexes and expansion into luxury childrenswear.
That process will continue this year with the addition of an Apple ‘island’ store expected to boost the average per-square-footage turnover as well as boost footfall given the customer lure of Apple in any shopping centre.
Several new or expanded expansions or luxury flagship stores are scheduled for opening in the first half of this year, apart from Apple.
Following the recent opening of a Moncler flagship duplex and the expansion of Hermes from single-story to duplex, Philipp Plein will launch its largest store in Southeast Asia this quarter.
Other brands opening at The Shoppes this year include new-to-market Italian luxury shoe label Gianvito Rossi with its first standalone store in Southeast Asia, and French designer label Roger Vivier’s Singapore flagship. Delvaux, the fine-leather luxury-goods brand, has opened its second boutique in Singapore, ahead of other new openings including Cos, Lululemon, Polo Ralph Lauren and SK Gold. Bally also opens a newly expanded boutique this month.
French high-jewellery brand Van Cleef & Arpels will triple the size of its existing boutique.
“The Shoppes boutique will be our largest in Southeast Asia and a true jewel,” says Hugues de Pins, MD Southeast Asia and Australia at Van Cleef & Arpels. “It will offer a unique experience to our esteemed clients, with an Art Deco salon where guests can be treated to their very own bespoke experience. Another key feature will be our 1906 Room, an occasion to travel back in time and discover historical creations from Van Cleef & Arpels’ private jewellery and decorative objects collection.”
Other retailers that will almost double in size include Italian fashion brands Loro Piana, Stefano Ricci, and luxury Japanese pearl company Mikimoto. The latter will bring in a series of high-jewellery collections exclusive to The Shoppes.
Tomotsugu Ito, Managing Director of Mikimoto Singapore, said: “Marina Bay Sands is a recognised destination in Singapore for those who appreciate luxury. With our expansion and move to a new location within The Shoppes, we will showcase our latest high jewellery collections and hope to provide shoppers with an elegant shopping environment, modelled after our main Mikimoto boutique located in Tokyo’s Ginza.”
Parisian jeweller Chaumet recently relaunched with a double facade and an interior design inspired by the 18th century Parisian private mansion. The maison now carries the brand’s exclusive premium bridal collections, only available in Singapore at The Shoppes. Sportswear label Adidas will unveil a 6000sqft flagship store – nearly twice the size of its existing 3500sqft boutique.