Soul of the City
From luxury flagships to groundbreaking project developments, this feature will explore the world’s most influential shopping spaces and the cities in which they are based. Read on as we take you inside the world’s most celebrated shopping environments where architecture, culture and commerce collide to redefine the retail real estate experience within these iconic destinations.
DUBAI
Dubai’s retail sector demonstrated robust growth in 2024, driven by economic expansion, increased tourism and evolving consumer behaviours. Approximately 1.8 million square feet of leasable retail space was added last year, including Al Khail Avenue, Dubai Expo Mall and Nad Al Sheba Mall. Dubai’s retail sector is poised for continued growth, supported by strategic investments, technological advancements and a strong tourism industry. The integration of digital platforms with traditional retail, coupled with a focus on experiential shopping, positions Dubai as a leading global retail destination. The world leader in retailtainment, the city is a power house in merging luxury shopping with record-breaking attractions and entertainment. One of its major ongoing projects is Dubai Creek Tower, which is due for completion this year by developer Emaar Properties. The Creek Tower is designed to be the centrepiece of Dubai Creek Harbour and once the construction is completed, the skyscraper will be on its way to becoming the tallest building in Dubai. Meanwhile Palm Jebel Ali, scheduled to be completed in 2028 by developer Nakheel is set to be significantly larger than Palm Jumeirah, the project will include various amenities such as marinas, a water theme park and luxury villas.
Hong Kong
The retail industry is one of the most significant contributors to Hong Kong’s economy and whilst the retail market faced a challenging 2024, analysts anticipate a gradual recovery in 2025. This is contingent on factors like economic stabilisation and increased consumer confidence. Government initiatives aimed at supporting digital transformation and easing operational costs may further aid in revitalising the sector. Developer Hongkong Land Holdings and 10 of its retail tenants, including Hermes and Louis Vuitton, will invest US$1bn to revamp a high-end mall in Hong Kong, in a vote of confidence for the city’s luxury retail industry. The Singapore-listed developer last year announced the plan to expand and upgrade its Landmark-branded retail properties in a bid to cement Hong Kong Central’s status as a luxury retail hub amid falling sales and rising competition. Hongkong Land will invest US$400M of its own funds, while the 10 tenants will foot the remaining US$600M to create individual multi-storey stores across 220,000sq ft of shop space over the next three years. The stores will consist of three each in Landmark Atrium, Landmark Alexandra and Landmark Prince’s and one in Landmark Chater. These four interconnected retail spaces make up the Landmark mall.
Las Vegas
The global capital of immersive retail and entertainment is situated in this desert city of Nevada. Las Vegas boasts a dynamic retail landscape driven by tourism and a growing local population. The Las Vegas Strip features luxury and experiential retail, while suburban areas like Summerlin and Henderson host lifestyle centres and big-box retailers. Outlet malls, such as the North and South Premium Outlets, attract budget-conscious shoppers. The city blends high-end, mass-market and entertainment-driven retail in unique ways. As residential development expands, suburban retail growth continues. Retail in Las Vegas thrives on innovation, consumer experience and its unique position as a global entertainment destination. The second phase of AREA15 is officially called the AREA15 District and is a 20-acre expansion of the existing AREA15 complex. It’s a mixed-use development featuring a hotel, residential housing, office, retail and dining spaces, along with entertainment attractions. A key feature is Universal Horror Unleashed, a year-round Halloween experience from Universal Destinations & Experiences. The expansion also includes a 100,000sq ft project anchored by Universal Studios. This upcoming expansion will offer a curated experience of immersive attractions, monumental art exploration and adventurous food and beverage in this unique retail location.
London
A capital of heritage, retail, luxury shopping and high street innovation, what more need be said about a true retail beacon. Some of its standout areas and stores include Oxford Street, Regent Street, Bond Street, Harrods, Selfridges and Covent Garden. In a city full of upcoming retail real estate developments, two that stand out include the redevelopment of 340 Oxford Street and Canada Water. The building at 340 Oxford Street has undergone a transformation and is being brought to market as a mixed-use complex, with 52,500sq ft of double height flagship retail space (ground, basement, first-floor), expected to open in the final quarter of 2025. It also includes 280,000sq ft of “premium” office space and 13,000sq ft of landscaped terraces with views across the capital, also set to open later this year. The other project, Canada Water, is already one of London’s best-connected places. Its new chapter will include everything from flexible workspace and labs and a new high street and town square to 12 acres of new public realm and a new 3.5 acre park. The first phase of the Canada Water masterplan completes this year, delivering 300,000sq ft of
workspace and 13,000sq ft of retail.
Los Angeles
Los Angeles boasts a dynamic and diverse retail market driven by its large population, tourism and affluent consumers. The city is a hub for luxury, fashion and lifestyle brands, with strong performance in high-street corridors like Rodeo Drive and The Grove. Retail demand is bolstered by entertainment, hospitality and tech sectors. E-commerce growth has prompted omni-channel strategies, while experiential retail and pop-up stores are reshaping physical spaces. Despite challenges from inflation and shifting consumer behaviour, foot traffic and leasing activity are rebounding. Mixed-use developments and revitalised neighbourhoods continue to attract investment, making LA’s retail sector resilient and adaptable. Palisades Village, the open-air shopping and lifestyle destination in Pacific Palisades, is slated to reopen in 2026, with early to mid-year targeted for its return. The relaunch will feature returning tenants, new offerings and a renewed focus on community-centred spaces. Among the notable returns is luxury fashion retailer elysewalker, a cornerstone of the Palisades retail scene. The brand will relocate and reopen its flagship store within the revamped Palisades Village, reaffirming its longstanding ties to the neighbourhood. In addition to legacy retail, a new dining concept is expected to be unveiled in the coming months, adding to the reimagined village experience.
Milan
Milan’s retail market remains one of Europe’s most dynamic, driven by high tourist footfall and strong local spending. The city blends luxury fashion with emerging concept stores, anchored by prime shopping areas like Via Montenapoleone and Corso Vittorio Emanuele II. Demand for flagship spaces remains robust, especially from global brands seeking presence in this fashion capital. Retail rents in prime zones are among Italy’s highest, supported by steady recovery in tourism and domestic consumption. While e-commerce growth influences consumer habits, physical retail continues to thrive, especially in experiential formats. Sustainability and digital integration are key trends shaping future development. Standout projects include Milano Innovation District (MIND), an ideal urban district for building the city of the future, where collective well-being; sustainability and social inclusion are the foundations. Another key location is the Porta Romana Olympic Village, which will consist of a large Central Park, urban continuity, pedestrian and cycle connections, an eco-zone, public squares and the Suspended Forest: these are the defining elements of the Parco Romana Masterplan, which will see nature and the city united in an innovative and sustainable network of public spaces. The site will be converted into student housing and retail space after Milano-Cortina 2026.
New York
A city of flagship stores, immersive experiences and constant reinvention, retail in New York City is a dynamic and diverse sector, reflecting the city’s global status and cultural richness. It ranges from luxury flagship stores on Fifth Avenue to eclectic boutiques in SoHo and large department stores like Macy’s in Herald Square. NYC is also a hub for emerging brands and pop-up shops, offering constant innovation. The city’s retail scene is driven by tourism, high foot traffic and a mix of residents. Retail continues to adapt through experiential shopping, omni-channel strategies and neighbourhood-focused developments in areas like Brooklyn and Queens. One of the major retail real estate projects in the city is Hudson Yards, a transformative 28-acre mixed-use development on Manhattan’s West Side, making it the largest private real estate project in US history. Built over active rail yards, it features over 18 million square feet of commercial and residential space, including office towers, luxury residences, a hotel and more than 100 shops and restaurants. Key attractions include The Vessel, a striking staircase structure and The Shed, a cultural centre for the arts. Hudson Yards aims to contribute nearly $19bn
annually to New York City’s GDP.
Paris
Retail in Paris is a dynamic blend of tradition and innovation, offering everything from luxury fashion houses on Avenue Montaigne to bustling markets and trendy boutiques in the Marais. The city is renowned for its flagship stores like Galeries Lafayette and Le Bon Marché, attracting both locals and international shoppers. Paris also champions sustainable and independent brands, especially in up-and-coming districts like Canal Saint-Martin. E-commerce is growing, but physical retail remains strong due to the experiential nature of shopping in Paris. With a mix of heritage, creativity and global influence, Paris continues to be a retail capital of the world and its most iconic street, the Champs-Élysées, is undergoing a green transformation. While most of the works are slated to be completed by 2030, transformations at the Place de la Concorde were completed in time for the 2024 Olympic Games. The transformation of the Champs-Élysées promises to restore its historic charm while embracing a greener, more pedestrian-friendly future. Around 7,700sq m of street space will be transformed into garden walks. In total, it is a €250M initiative to enhance public space, its retail stores and overall offering will revitalise this timeless avenue for the modern era.
Seoul
Seoul is a vibrant mix of traditional markets, luxury boutiques and cutting-edge digital experiences. The city boasts iconic shopping districts like Myeongdong, Gangnam and Dongdaemun, offering everything from global fashion brands to local beauty products. Department stores such as Lotte and Shinsegae blend luxury with convenience, while tech-savvy consumers embrace e-commerce and mobile payments. Seoul also supports indie designers through concept stores and pop-ups. Traditional markets like Namdaemun and Gwangjang provide cultural depth, selling street food and crafts. Retail in Seoul is fast-paced, trend-driven and reflective of Korea’s dynamic fusion of innovation, tradition and consumer-focused service. One of the biggest projects in the world is due to begin construction here soon, the transformation of an abandoned train maintenance depot in the central district of Yongsan into an international business district, with the construction of a 100-floor skyscraper and a sky trail linking high-rises there as the centrepiece. Under the plans, the Seoul city government will develop the roughly 500,000sq m of land into the world’s largest “vertical” city, with extensive green space. The district is scheduled to be built by 2030 so that businesses will begin to move into the futuristic urban space in the early 2030s.
Shanghai
Shanghai blends traditional markets with high-end malls and e-commerce innovation. As China’s largest city, Shanghai is a key retail hub, home to international luxury brands on Nanjing Road and Huaihai Road, as well as thriving local fashion and lifestyle outlets. The city’s tech-savvy consumers drive strong online sales, supported by platforms like Alibaba and JD.com. Experiential retail, smart stores and omni-channel strategies are reshaping the sector. Despite global economic uncertainties, Shanghai’s retail market remains resilient, fuelled by a growing middle class, tourism and government efforts to promote consumption and develop Shanghai as a global shopping destination. A recently opened project in this city was the Livat Shanghai scheme. This project is the prototype of the new breed of urban centres by Swedish Group Ingka Centres. This unique ‘mixed-use meeting place’ anchored by Ikea connects neighbouring plots and a metro station to offer a green oasis in this busy mega city. Its iconic design digs deep into the Scandinavian roots of Ikea generating a sense of oneness thanks to the simplicity of stacked geometries and carefully selected materials. The mall features over 300 brands, with 71 per cent of them being market firsts or special concept shops.
Singapore
Singapore’s retail market is highly developed, driven by a tech-savvy population, strong tourism and high disposable incomes. It features a mix of luxury brands, local retailers and e-commerce platforms. Shopping malls dominate urban spaces, with Orchard Road as a key retail hub. The market has seen increased digital transformation, with retailers integrating online and offline experiences. Consumer preferences are shifting toward convenience, personalisation and sustainability. Despite challenges from global economic uncertainties and rising costs, the sector remains resilient. Government initiatives and a robust infrastructure continue to support innovation and competitiveness in Singapore’s evolving retail landscape. One of the most unique retail projects here is the Jewel Changi Airport scheme, which highlights travel retail in a way rarely seen around the world. The development is a nature-themed entertainment and retail complex seamlessly integrated within Changi Airport. Its iconic centrepiece is the 40m-tall HSBC Rain Vortex, the world’s tallest indoor waterfall, surrounded by the lush Shiseido Forest Valley. Jewel Changi Airport is constantly enhancing its retail offerings, with a focus on attracting new and established brands while also showcasing Singapore’s unique culture and craftsmanship. Recent enhancements include new retail clusters dedicated to local brands and the introduction of innovative food and beverage concepts.
Tokyo
One of the most dynamic and resilient in Asia, Tokyo’s retail sector is driven by high consumer spending, a dense urban population and strong tourism. Prime retail areas like Ginza, Shibuya and Shinjuku attract global luxury brands and fast-fashion retailers alike. Despite economic fluctuations and demographic challenges, demand for premium retail space remains strong, with limited vacancy and stable rents. The market is also seeing growth in experiential retail, pop-up stores and digital integration. E-commerce continues to expand but complements rather than replaces physical retail. Tokyo’s retail sector remains a key player in global retail trends and innovation. Launched last year, Harakado Mall is a place where people can come together to create and enjoy Harajuku culture. It is home to 75 stores spread across nine floors and includes a rooftop terrace. Harakado is a creative hub, where creators from a variety of fields, including fashion, photography, design, movies, advertising and magazines come together to collaborate and share ideas. Harakado is diagonally across from its sister facility the Tokyu Plaza Omotesando or Omokado – formerly known as the Tokyu Plaza Omotesando Harajuku, which opened its doors to the public on 18 April 2012.
