Tuesday, June 25, 2024
HomeVoyagerIconic Retail Destinations - Cream of the Crop

Iconic Retail Destinations – Cream of the Crop

Over the last two game-changing years, the retail landscape has undergone monumental changes. Through all of this, major retail cities around the world have continued to be shining lights in the face of adversity. Utilising Cushman & Wakefield’s ‘Global Cities Retail Guide’ and RLI’s research into the main schemes recently opened or under construction, over the coming pages we highlight 12 unique cities that are the best of the best in the world of retail.

2Dubai-Hills-Mall copy
Dubai Hills Mall, Dubai, UAE Developer: Emaar

Dubai
This city, situated in the UAE, has developed into the retail hub of the Middle East and is the most sophisticated retail market in the region. New retail entries to the market include Maison Assouline, American Girl, Centerpoint, Dusoul, The Lexus Experience Lounge and Jollibee.
Recent developments include Circle Mall, the newest community mall by master developer Nakheel which opened its doors in April 2021. Located at Jumeirah Village Circle, just off Hessa Street, the mall is a family-friendly destination for residents of JVC and nearby areas, with leading retailers, food and entertainment brands. Circle Mall spans 532,000sq ft and opened with a collection of brands including Spinneys supermarket, Nesto Hypermarket, Daiso, Medicina Pharmacy, Du, Etisalat and everything a community needs for convenient shopping close to home. The rooftop, which will be home to the first community club in JVC, will feature state-of-the-art amenities, including an outdoor pool, two tennis courts and a host of coffee shops and dining options.
Developed by Emaar and having just recently opened its doors, Dubai Hills Mall features up to 600 outlets, including retail stores, restaurants and cafés. Part of the Dubai Hills Estate project, the scheme invites residents to live in a sophisticated address, surrounded with luscious landscaped greens and pristine fairways with the iconic backdrop of the Burj Khalifa and the Dubai skyline. The scheme itself encompasses the Dubai Hill Malls, an 18-hole championship golf course, 1,450,000 square metres parks and open spaces and 180,000sq m Dubai Hills Park, as well as much more.

Iconic Retail Destinations - Cream of the Crop 1
11 Skies, Hong Kong
Developer: New World Development

Hong Kong
Officially known as the Hong Kong Special Administrative Region of the People’s Republic of China, Hong Kong is a city on the eastern Pearl River Delta in South China. It is home to one of the most mature and thriving retail markets in Asia and it has undergone a structural change in its retail sector after enjoying more than a decade of phenomenal retail growth. New retail entrants to the marker include Victoria’s Secret, Adidas, Skechers, Decathlon, GU, Elegant Watch, Lululemon, Versace, Eslite Bookstore, Nike, M.A.X., Kiko Milano, NYX and Lao Feng Xiang.
A game-changing retailtainment destination, 11 SKIES will be Hong Kong’s largest hub for retail, dining and entertainment and the first to combine wealth management and wellness services in one complete ecosystem. Opening in phases from 2022 to 2025 by New World Development, is set to bring brand new experiences for consumption, entertainment and wellness services for everyone. 11 SKIES will bring together 3.8 million square feet gross floor area; 2.6 million square feet of retail space, encompassing over 800 shops and more than 120 dining concepts; 570,000sq ft of experience-based entertainment facilities including immersive, fun and interactive role-play learning experience KidZania, and Grade-A office towers. Strategically located right next to the Hong Kong International Airport, Hong Kong-Zhuhai-Macao Bridge, and Tuen Mun-Chek Lap Kok Link, 11 SKIES will benefit from a high volume of passengers who travel through Hong Kong International Airport and it will become a centrepiece within the GBA ‘one-hour living circle’ and a gateway to the rest of the world.

Iconic Retail Destinations - Cream of the Crop 2
Topkapi 29, Istanbul, Turkey
Developer: Akzirve Gayrimenkul

Istanbul
Arguably the most unique location on this list, Istanbul stands on its own across two continents, and its strategic location bridging Europe and Asia has made it regional powerhouse and a hub for international diplomacy, business and finance. Separated by the Bosphorus, which connects the Black Sea to the Marmara Sea, the busiest shipping lane in the world, Istanbul is the largest city in Turkey and a favourite tourist destination for millions each year. Offering a blend of both ancient history and modern life, this truly is a city that never sleeps. New entrants to this global beacon include Pandora, Intimissimi, Atelier Rebul, Gizia and
Galvin Restaurant.
Currently scheduled to launch this year by developer Çalik Real Estate, Taksim 360 will offer distinctive architecture, an unrivalled location, an historic yet modern, warm and welcoming and a sophisticated, comfortable and prestigious lifestyle concept that is distinctive from every angle. Taksim 360’s unique concept combines neighbourhood life, an urban lifestyle and professional life with the exclusive benefits of serviced residences. The project, which offers different styles and sized apartments, offices, diversity of choices and appeals to every taste, it creates a 24/7 live concept of life.
The concept of the mixed-use development at Topkapı, a site of historical significance in Istanbul, has just been unveiled to the Turkish market. Chapman Taylor has developed innovative architectural solutions to bring this neighbourhood to life with parks, shopping streets, offices, a five star hotel and residences and a Lifestyle Centre to create a major new attraction for the city. Due to launch next year by developer Akzirve Gayrimenkul, the scheme will be set in a superb location to the west of central Istanbul with direct access to the major E5 highway, Topkapı 29 will have further transportation links to the West with a new metro station. A two-level retail street provides active frontage to the south of the project and wraps around the central residential community. By making use of the level changes the retail street creates two ground levels sinuously flowing from the Metro Plaza in the west to the Lifestyle Centre in the east.

Iconic Retail Destinations - Cream of the Crop 3
Merdeka 118 Mall, Kuala Lumpur, Malaysia
Developer: PNB Merdeka Ventures Sdn Bhd

Kuala Lumpur
The capital city of Malaysia, Kuala Lumpur is officially known as the Federal Territory of Kuala Lumpur and is the largest city in the country. Covering an area of 243sq km and with an estimated population close to two million people, it is among the fastest growing metropolitan regions in Southeast Asia, both in population and economic development. Kuala Lumpur is the retail and fashion hub of both Malaysia and
Southeast Asia.
Launched in January this year, the Mitsui Shopping Park LaLaport BUKIT BINTANG CITY CENTRE (“LaLaport BBCC”) is the very first overseas retail facility in Southeast Asia by developer Mitsui Fudosan Co., Ltd.. LaLaport BBCC is a Japanese-originated lifestyle proposal shopping mall that creates interaction, livelihood and relaxation through its core mix of commercial facilities, offices, residential sites, hotels, and other facilities. The mall boasts a wide range of tenants and brands with some of the familiar names in Japan that are making its first appearance in Malaysia over a total store floor space of 82,660sq m.
A seven storey-glass domed shopping centre which sits within the podium of a 118-storey skyscraper, the Merdeka 118 Mall development by PNB Merdeka Ventures Sdn Bhd is set to attract a wider customer base whilst creating an arresting landmark for the city. A clear and sound retail strategy created by Buchan Group will be implemented to incorporate a diverse range of experiences with the podium holding over 200 stores and a state of the art cinema complex. Meanwhile, a large, inviting and bright event space is available for hosting a wide variety of events and exhibitions and breakfast, lunch, high-tea and dinner are available via a selection of local and international al fresco restaurants. The heart of the development will be a dramatic multi-storey water feature with an interactive screen offering customised messages for shoppers’ engagement called ‘The Raincloud.’ Opening in late 2022, Merdeka 118 Mall will offer a spectacular blend of the historic and contemporary at the very heart of Kuala Lumper with around one million square feet of retail opportunities, showcasing Malaysia to the rest of the world.

Iconic Retail Destinations - Cream of the Crop 4
The Market Building Wood Wharf, London, UK
Developer: Canary Wharf Group

London
What else can be said about London other than it truly is the highest echelon of retail sites in the world. For decades it has led the way in terms of innovation, fashion and retail trends and it is the focal point for new retailers seeking representation in the UK. New to market entrants include Microsoft, Flannels, ASICS, Givenchy, Valextra, Sergio Rossi, Columbia, Decathlon, Apple, Escada and Balenciaga.
The upcoming Nine Elms district in Vauxhall, with a contract value of £673M, 998,000sq ft of space and a completion date of this year, is being developed by Multiplex. The project will culminate in two landmark residential towers – the tallest residential towers in Europe – linked together with a glazed bridge that will provide access to City Tower facilities. On completion, the development will provide in excess of 730,000sq ft of residential apartments, 267,000sq ft of hotel accommodation and 1,000sq ft of retail outlets. A large residential lounge and sky garden will be located on level 50 offering panoramic views of London across the River Thames.
Wood Wharf is the latest chapter in the transformation of the historic West India Docks. Once part of the world’s busiest port during the 1800s, it now welcomes 120,000 office workers every day. The docks closed in 1980, and over the past 30 years, the district has become one of Europe’s largest centres for finance, business and tech, with more than 16 million sq ft of office space. Expected to be completed by 2023, the scheme is to be a new London neighbourhood that is being created for the curious, the imaginative, and the challengers of convention. It will be a place to inspire creativity and collaboration, designed for people shaping the future of one of the world’s most exciting cities. The upcoming development will include two million square feet of work space that is being designed by some of the world’s leading architects, five million square feet of office, residential, retail and educational uses and up to 4,000 new homes including up 25 per cent affordable housing, 350m of waterfront walks and 350,000sq ft of hand-picked retailers and leisure space.

Iconic Retail Destinations - Cream of the Crop 5
Hollywood Park, Los Angeles, US
Developer: Wilson Meany

Los Angeles
The entertainment capital of the world, Los Angeles is a globally recognised travel destination for millions of tourists each year. Such an iconic place, its influence reaches far beyond the glitz and glamour of Hollywood. Fuelled by the nation’s largest manufacturing and trade centres, a vibrant start-up ecosystem and a robust professional services industry, Los Angeles boasts GDP of over $700bn. New retailers on-site in the city are Innisfree, MUJI, Alo Yoga, Athleta, Drybar, Orangetheory Fitness, Carlo’s Bake Shop, Ippudo Ramen, Cayton Children’s Museum, Warby Parker, Leon Max and AR.
Upcoming schemes include the retail component at Hollywood Park, a 300-acre mega-development in Inglewood centred on SoFi Stadium, is well underway. In total, there will be up to 890,000 sq ft of retail surrounded by creative office space. Residences, a park and the stadium are nearby as well. Stan Kroenke is leading the Hollywood Park development with Wilson Meany acting as the development manager. Kroenke owns the Los Angeles Rams. Christopher Meany, Managing Partner at Wilson Meany, added that in order to create that special sense of place you need retail to give visitors and residents a walkable area. The retail component of Hollywood Park, which is already 65 per cent leased or under negotiations, is scheduled to open next March. The shells for the buildings need a few more months before spaces are further improved for specific tenants. Hollywood Park will have a combination of large tenants, such as a Cinepolis movie theatre and smaller tenants, including Sky’s Gourmet Tacos, Red Bay Coffee and Antojitos Martin, a juice and snack bar.
Meanwhile, California-based private-equity real-estate developer, owner and manager DJM has announced that the Hollywood & Highland retail complex has been renamed Ovation Hollywood. Signage at Ovation Hollywood as well as the web domain and social-media accounts will transition to reflect the new identity.
During the summer of 2020, DJM and Gaw Capital USA announced a $100M reimagining of the centre. In addition to the new name, plans included major design improvements, an updated tenant mix and an additional 100,000sq ft of creative office space will be completed by the end of summer.

Iconic Retail Destinations - Cream of the Crop 6
Milanord2, Milan, Italy
Developer: Nhood

Milan
This magnificent city remains the most sought after location in Italy, both in the luxury and mass market sectors, and has further improved its ranking amongst the top high street locations worldwide, in terms of prime rental values. A distinctive feature of Milan, the famous so called “Quadrilatero dellaModa”, represented by Via Montenapoleone and adjacent streets, is characterised by the high concentration of luxury brands, featuring approximately 300 top domestic and international brands. Recognised worldwide, these streets have achieved global status. Recent entrants to the market include Urban Outfitters, Nike, NBA Store, Apple, Asics, Pittarosso, Woolrich, CMP, Calzedonia and Acne Studio.
Construction is set to complete this year by developer Nhood and architects Chapman Taylor on Milanord2, a dynamic and strategically well-located retail and leisure destination which will house 99,100sq m of retail stores and 19,000sq m of cinema and multimedia space and 9,100sq m of restaurants, cafés and bars. The 41,000sq m Sky Plaza will host free, open-air games and sports activities along with many cultural events. The centre, which is only 30 minutes from central Milan, will include a cinema, children’s play areas and a marketplace for fresh, local produce as part of the family-friendly offering. The aim of the new development is to create a day-out experience for people of all backgrounds and generations in a unique new style of multi-use shopping environment, which will provide a community hub for the city and the wider region.
Due to launch at the end of 2023, Maximall Pompeii is inspired by the structure that characterised the ancient city plan of Pompeii, the Maximall Pompeii complex was born from the idea of creating a pole of tourist attractions near the archaeological site of Pompeii and all other areas of tourist interest in the area. The need to provide the visitor and tourist with an integrated premium service has led to architectural choices where multiple functions coexist within a single structure capable of creating involvement that gives a unique experience to the visitor as a primary element of attraction, excellent shopping with the exclusivity of the offer in much more.

Iconic Retail Destinations - Cream of the Crop 7
Bronx Point, New York, US
Developers: L+M Development Partners, Type A Projects and BronxWorks

New York
The heart and soul of America, New York City, with its blend of global commerce, international diversity and culture, entertainment and tourism, this city sets the bar for all American markets and generates the pulse for the US economy. With a population of more than 20 million residents, the New York metropolitan area is the largest in the US. Over the last several years, New York City has become a magnet for the millennial generation to work and live. New entrants to this illustrious metropolitan city are Pele Soccer, Soarin’ by Discovery, Taco Bell Cantina, Oliver Peoples, Suitsupply, William Barthman, Rebag, Five Iron Golf, Life Time Fitness, Jennifer Furniture, Deciem, Ralph & Russo, The Westside, Santoni, Traum Safe and La Fonde amongst many others.
Developments in the pipeline include Bronx Point, which represents a transformative mixed-use development of approximately 530,000sq ft that will bring permanently affordable housing, interactive and educational community facilities, dynamic retail spaces, and engaging new open space adjoining the Harlem River waterfront in the South Bronx. Being developed in a joint partnership between developers L+M Development Partners, Type A Projects, and BronxWorks, the first phase of Bronx Point will deliver in 2023 approximately 540 units of permanently affordable housing, world-class open space, unique cultural destinations, and will create many permanent and construction job opportunities.
One of the biggest ongoing projects in the world is Hudson Yards, which is New York’s newest neighbourhood and home to more than 100 diverse shops and culinary experiences, offices for leaders in industry, significant public art and dynamic cultural institutions including The Shed, modern residences, 14 acres of public plazas, gardens and groves and the world’s first Equinox Hotel®. Hudson Yards has become the cultural center of Manhattan’s New West Side. A template for the future of cities, this new neighbourhood has not only changed the way New York looks to the world, but the way the world sees New York. The ongoing development has begun opening, with the first of its phases launching in 2019 and the final completion of this ground-breaking development is scheduled to complete in 2024.

Iconic Retail Destinations - Cream of the Crop 8
McArthurGlen Paris-Giverny Designer Outlet, Paris, France
Developer: McArthurGlen

Paris
About as iconic as a destination as you can find, this city is still regarded as the fashion capital of the world and is the retail, administrative and economic capital of France, accounting for near 20 per cent of the French population and 30 per cent of national GDP. Paris is one of the top global cities for tourists, offering many cultural pursuits for visitors. New entrants to the market feature the likes of Apple, Chanel, JM Weston, L’Occitane, Le Petit Souk, Aroma Zone, Thierry Marx, Xiaomi, Leroy Merlin, Charles Jourdan, Kenzo, Granado, Dinh Van, Maison Mamori and Patrick Roger.
The first phase of Claye-Souilly, the new retail and leisure precinct near Paris, opened to the public last year. Due to Covid-19-related delays to the construction schedule, developer Frey Group chose to open the first 20 units completed out of the 40 stores and 15 restaurants initially planned. The others opened their doors later last year. Located in a premium shopping area which is already home to the most successful Carrefour hypermarket in the Paris region, Shopping Promenade Claye-Souilly is a new concept in French retail, housing 40 shops, leisure functions and eight restaurants in its 40,000sq m GLA of space. Among the brands available will be well-known national and international fashion, beauty, F&B and other names, including the Mos Eisley, a bar designed to replicate its namesake in the Star Wars film franchise.
Currently due to launch in 2023 by developer McArthurGlen, McArthurGlen Paris-Giverny will be the first and only luxury designer outlet to the west of Paris. Located near Monet’s Giverny, one of the most prestigious cultural and tourist sites in France, and just 45 minutes by car from the French capital, this upcoming designer outlet is set to become a key attraction for its fashionable local population and for the 40 million tourists who visit Paris every year. With its proximity to Paris, McArthurGlen Paris-Giverny will appeal to a regional population of 13 million residents. With 20,000sq m of contemporary retail space on 9.5ha within a larger park, McArthurGlen Paris-Giverny has been thoughtfully designed to bring together international fashion, local culture and
artisanal design.

Iconic Retail Destinations - Cream of the Crop 9
Resorts World, Singapore
Developer: CapitaLand

Singapore
A major business and retail hub in Southeast Asia, Singapore boasts one of the most preferred destinations for multinational corporations as well as global brands looking to establish their presence in the region. Singapore is a beacon for tourists, especially from Asian countries. Key new entrants to the market include Delvaux, Rue Madame, LaPrendo, Castaner, Zadig & Voltaire, Manifesto, Carmina, Joli, Julie Nicole, Napapiji, Sulwhasoo, Rabeanco, Etude House, Girard-Perregaux, Audemars Piguet, Bread Street Kitchen, In Good Company and APM Monaco.
Raffles City Singapore is a predominant project in the area and it is on course to reach the end of its rejuvenation in Q4 2022 that will integrate luxury and unique experiences. Over 50 new brands, inclusive of specialty retail stores or experiential concepts, are entering the mall as part of the asset enhancement initiative that started in late 2021, to offer shoppers more trend-setting, luxurious and seamless shopping experiences. The mall rejuvenation, which has been in progress since late 2021, will reconfigure about 111,000sq ft of the retail space to add over 50 new brands across Levels 1 to 3, to create an elevated and international outlook. Shoppers can expect a specially curated mix of well-established, premium brands, across fashion, beauty and lifestyle categories, new retail formats and exciting digital experiences that make shopping at Raffles City engaging, enriching and delightful every time.
Genting Singapore’s $4.5bn expansion of Resorts World Sentosa (RWS) will begin in the second quarter of this year with an initial investment of $300M. The first phase includes expanding Universal Studios Singapore. Universal Studios Singapore will feature the new Minion Land, home to multiple rides including Despicable Me Minion Mayhem, an immersive motion-simulator 3D ride featuring a realistic projection system. The Singapore Oceanarium will be three times the size of the current S.E.A. Aquarium, with state-of-the-art technology, immersive exhibits and multi-sensory zones. In addition, RWS is renovating three of its hotels – the Hard Rock Hotel Singapore, Hotel Michael and Festive Hotel. The refurbishment works will be carried out in phases from the second quarter of this year through 2023.

Iconic Retail Destinations - Cream of the Crop 10
Harbourside Shopping Centre Sydney, Australia
Developer: Mirvac Group

Sydney
The state capital of New South Wales and the most populous city in Australia and Oceania, Sydney is located on Australia’s east coast, the metropolis surrounds the world’s largest natural harbour, and sprawls towards the Blue Mountains to the west. A retail hotspot, new entrants to the market include Oroton, Country Road, Witchery, Sportsgirl, Microsoft, Apple, Event Cinemas, Rebel Sport, Tommy Bahama, Miu Miu, Tony Bianco, Zimmermann, Calibre, Scotch and Soda, The North Face and Thomas Sabo to name just a few.
The Harbourside Shopping Centre at Darling Harbour in Sydney, Australia, is proposed to be redeveloped by the property owner, investment firm Mirvac Group. The redevelopment project was approved by the New South Wales Government’s Independent Planning Commission in June 2021. The shopping centre has been in existence since 1988 and is currently outdated. Set to be built in stages, the redevelopment project is anticipated to involve an investment of $518M. The plan comprises the demolition of the existing shopping centre to create a new 87,000sq m mixed-use development including a new retail shopping centre, a residential tower, and significant enhancements to the public realm. The Harbourside Shopping Centre’s redevelopment will deliver one of the most innovative retail, entertainment and tourist destinations in Sydney. The mixed-use project aims to improve the experience for shoppers and establish Harbourside as a revitalised retail and residential quarter in the city.
Meanwhile, the Art Gallery of New South Wales is opening its A$344M ‘Sydney Modern’ expansion on 3 December this year, nearly doubling the museum’s exhibition space. Designed by Japanese architects SANAA, the new building is connected to the existing museum by a public art garden. It includes a permanent Aboriginal and Torres Strait Islander gallery. The building features galleries for 21st century art and is home to a vast underground art space for special commissions and performances, repurposed from a decommissioned WWII naval oil tank. The Sydney Modern project will be the most significant cultural development to open in the city since the Sydney Opera House, with construction of the new building by Richard Crookes Constructions close
to completion.

Iconic Retail Destinations - Cream of the Crop 11
Tokyo Tokiwabashi, Tokyo, Japan
Developer: Mitsubishi Estate Co

Tokyo
Born of commerce and complexity, Tokyo is the very definition of a metropolis. Twenty-three wards, 39 municipalities, and 13.6 million people join to form Japan’s capital. Include the three surrounding prefectures of Kanagawa, Saitama and Chiba, and you have a population base that exceeds 36 million people. New retailers at this global metropolis include Dior, Apple, Bottega Veneta, Cartier, Mikimoto, Diesel, Van Cleef & Arpels, Max Mara, Forever 21, Paul Stewart, Fendi, Snow Peak, New Balance and Columbia.
The large-scale redevelopment of Tokyo Tokiwabashi by Mitsubishi Estate Co in the Tokiwabashi District in front of Tokyo station covers an area of 3.1ha and will be the largest project in the vicinity. This project entails the development of a 390m super-high-rise tower (Building B) that will become a new landmark for Tokyo, and a plaza of approximately 7,000sq m to support the area as a busy global centre. The project comprises four buildings of 140,000sq m, 490,000sq m, 20,000sq m and 30,000sq m, providing a mix of offices, retail and parking. The opening dates for this project are spread between 2021 and 2027.
Tokyo Disney Resort is gearing up for the launch of the Fantasy Springs expansion, which is due to open at Tokyo DisneySea in 2023. Fantasy Springs is the eighth port at the Tokyo DisneySea theme park. It features three themed areas and attractions based on Disney movies Frozen, Tangled and Peter Pan. Covering an area of 140,000sq m, Fantasy Springs will also include a new luxury hotel. The development has received an investment of $2.2bn from Oriental Land Co (OLC). Each themed land will house attractions, restaurants and immersive spaces. These include Rapunzel’s Tower (Tangled), Neverland (Peter Pan) and Arendelle Castle (Frozen). OLC also opened the Tokyo Disney Resort Toy Story Hotel on 5 April 2022. Operated by Milial Resort Hotels Co Ltd, the hotel immerses guests in Disney and Pixar’s Toy Story films. Upon arrival, guests will encounter giant Buzz Lightyear and Jessie toys at Slinky Dog Park, as well as oversized Woody and Bo Peep action figures at Toy Friends Square.

RECENT ARTICLES

UK & Ireland

Africa

MIPIM Insight