Page 50 - RLI September 2019

A Powerhouse Already home to more than half of the world’s population, and comprising approximately

of Retail one-third of consumer expenditures, the Asia-Pacific region is already a global

powerhouse. With its projections for continued population and economic growth in the
future, the region is putting itself at the forefront of the global retail industry. Here, RLI
takes a look at some of the key markets and projects in the region.

APAC’s already large population will grow by 400 In terms of individual markets, this year will most likely Key MarKets in the region
million people by the end of 2030, and over the see China become the world’s top retail market, displacing Australia, officially the Commonwealth of Australia,
next decade, disposable income is expected in the US, a feat that few would ever have thought possible is a country comprising the mainland of the Australian
A increase by roughly US$12 trillion, accounting for even just a few years ago. According to eMarketer’s recent continent, the island of Tasmania and numerous smaller
nearly two-fifths of the global increase during that period, worldwide retail and ecommerce forecast, China’s retail islands. It is the world’s sixth –largest country by total
according to ICSC’s Industry Insight ‘Asia-Pacific’s Retail sales this year will surpass that of the US by more than area. Australia has the world’s 13th-largest economy and
Renaissance: Success Through Omni-Channel Experiences.” $100bn. China’s total retail sales grow by 7.5 per cent to ninth-highest per capita income (IMF). Australia’s capital is
These factors will put the APAC region on pace to make-up reach $5.636tn, whilst US retail sales will grow 3.3 per Canberra, and its largest urban area is Sydney.
about half of total consumer expenditures by 2050. cent to reach $5.529tn. The People’s Republic of China (commonly known
as China or the PRC) is located in East Asia. A decade of
strong economic growth, rising household incomes and rapid
urbanisation has fuelled rapid growth in China’s retail sector.
China is now an essential part of the business strategies of
many global retailers and for many is a must-win market.
According to a study from McKinsey & Company, there will
likely be 350 million more new urban residents and upwards
of 200 cities with a population of over one million by 2025,
that is approximately three times that of the US.
Asia-Pacific evolving because of growth in per capita income, rapid
Indian consumers’ preferences have been constantly
urbanisation and a burgeoning and well-travelled middle
class. The Indian government has taken several steps to
boost the growth of the retail sector with 100 per cent
foreign direct investment (FDI) in single brand retail and
allowing 51 per cent FDI in multi-brand retail. Organised
retail has been gaining importance across all segments and
RAffLES CITy ChONgqINg, ChINA Developer: CapitaLand the total retail market in India.
as per Cushman and Wakefield’s research; it will attain a
10-11 per cent share by 2020 from a current 9 per cent of

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