World Class Retail – Spotlight on Asia and Australasia

Looking to the East

From megamalls in Mumbai to lifestyle precincts in Melbourne, retail real estate is being reshaped across Asia and Australasia. As developers respond to shifting consumer habits, digital disruption and urban growth, new projects are redefining what the shopping experience looks like in some of the world’s most dynamic markets.

The retail real estate market across Asia remains highly diverse, shaped by a mix of mature economies and emerging markets. Despite global economic uncertainty and evolving consumer habits, key trends are driving transformation and growth in many urban centres.

As for Australasia – particularly Australia and New Zealand – these markets are adapting to macroeconomic headwinds and changing consumer expectations. In Australia, retail is shifting from traditional shopping centres to mixed-use precincts and experience-based formats. Meanwhile in New Zealand, the market remains stable, with retail development focused on sustainable and community-centric projects.

Across both regions, the retail real estate market is in a phase of reinvention. Mixed-use developments, lifestyle centres and tech-driven retail experiences are becoming key investment themes. Markets with strong urban growth, rising disposable income and resilient tourism (like Vietnam, India and parts of Australia) are especially attractive.

While e-commerce remains a disruptive force, physical retail continues to play a vital role – particularly in driving brand experience, community engagement and omni-channel strategies.

Over the coming pages we take a look at a selection of projectsfrom across both markets to highlight how these trends are being portrayed in recently opened and upcoming schemes.

Projects Across Asia and Australasia
Ingka Centres, experts in creating unique meeting places around the world, opened its ninth site in China and the first in northwestern China in April last year. Livat Xi’an, which is located in the Yanta District of Xi’an City, represents a 4.3bn RMB investment, making it the largest wholly foreign-owned commercial project in Shaanxi Province. With a total leasable area of 125,000sq m, the meeting place is driving 5,000 jobs across 400 mixed-use retail and leisure brands. These are spread across retail, dining, entertainment, children’s activities and lifestyle options including 50 brands making their regional debut, such as MUJI, Bilibili Goods and Tianwen Kadokawa. The meeting place is anchored by IKEA’s second store in Xi’an, with Ingka Centres and its sister company IKEA joining forces on their shared vision of “creating a better everyday life for the many people”. Livat Xi’an offers integrated and convenient visitor experiences, with multiple digital touchpoints for a smooth and valuable interactive shopping journey.  

Launched in summer last year by developer CR Land with design work by 10 Design, under Egis’ Architecture Lin, MixC Changzhou in southern Jiangsu, China is an avant-garde retail oasis designed to contribute to the region’s commercial identity and reinforce its flourishing metropolis, combining a strong F&B offering with a wide range of retail tenants. Among the F&B, lifestyle and apparel brands at MixC Changzhou are % Arabica, Hoka, Anta Sneakerverse, Muji, Uniqlo and Urban Revivo, to name a few. Linked seamlessly to the MTR and the upcoming Line 4 in Tianning District, the 232,000sq m premier establishment beckons visitors to explore its seven floors, promising a sensorial journey. Taking inspiration from tea culture of the region, the project features a range of multisensory spaces and experiences to fulfil the evolving needs of the next generation of consumers. The design explores the spiritual charm of the land, with thoughtful design details and unique craftsmanship to create a retail atmosphere with regional characteristics.

Another project by developer CR Land and 10 Design that was launched in autumn last year was the Tongzhou MixC One retail complex in Beijing. With its expansive 100,000sq m of retail space, Tongzhou MixC One contributes to the city’s revitalisation efforts, while providing a modern retail destination. With seven floors, plus two underground levels, Tongzhou MixC One meets the demand for a quality, all-inclusive shopping mall for the local community. Inspired by the historic Beijing-Hangzhou Grand Canal, the mall incorporates a flowing water concept to create a serene atmosphere. A “bubble” path from levels three to five then leads to a children’s zone featuring rounded shapes and pure white tones inspired by bubbles stirred up by canal boats. A viewing platform on levels four and five provides panoramic city views, with a cantilevered design and transparent glazed curtain wall offering glimpses of the mall’s interior. The top levels, six and seven, feature an open layout sky garden and a link bridge beneath an expansive dome, offering various F&B options with views of the central atrium.

Soft opened in September, the M8 revitalisation project in Macau, China by developer China Construction Engineering (Macau) Company Limited aims to make a positive contribution to cultural tourism within the city. The development revolves around creating a harmonised mixed-use urban cultural quarter that will serve as a contemporary lifestyle retail and cultural destination. With the objective of attracting visitors from both regional and international, this new destination will offer diverse opportunities to enhance Macau’s role as a co-creating hub for the promotion of cultural tourism in the neighbourhood. Taking inspiration from the rich heritage and stories of the past, the nine-storey-high retail destination will provide quality-crafted experiences that evoke an authentic sense of place. The spatial layout will take cues from Macau’s local heritage buildings and feature an open-plan hall that encourages interaction among visitors and activities. The central escalator hall will connect each level, facilitating connectivity between shops, events, exhibitions and restaurants. On the rooftop garden, guests will be able to not only enjoy views of Macau’s local streets, but also participate in diverse events promoting cultural exchange and celebration.

The K11 ECOAST Cultural and Art District opened its doors last month in Shenzhen, China. The project, led by K11 brand founder Adrian Cheng, has been in preparation for over seven years. Adhering to the core philosophy of “Art, Humanity and Nature,” K11 ECOAST leverages the natural scenery and expansive space of Taiziwan to create a “luxurious-style” urban public space where people can enjoy the coast, immerse themselves in art and take leisurely strolls. K11 ECOAST features a total construction area of nearly 230,000sq m and with an overall appearance resembling a giant ship berthed in the harbour, it comprises several key components: the cultural retail landmark K11 ECOAST, the multi-functional cultural space K11 Cultural Centre, the next-generation office space K11 ATELIER and the coastal promenade.

Soft launched in December 2023 and fully opened to the public in June last year, developer MTR Corporation has opened THE SOUTHSIDE shopping centre, which is situated above the Wong Chuk Hang MTR station. The opening of the new mall in Wong Chuk Hang further spurs the transformation of the neighbourhood into a “dynamic and thriving community” according to a statement from MTR Corporation. THE SOUTHSIDE is home to around 130 shops, restaurants and a cinema spanning 510,000sq ft of space. The design draws inspiration from the natural beauty and sweeping coastline of Island South. As such, the aesthetics echo the waves of the surrounding environment with flowing curves paired with a beige palette. In addition, the project fosters an artistic community by infusing art elements into the mall. It also looks to strengthen its connection with the local community.

Set in the thriving neighbourhood of Bangalore, India and being developed by Sai Lakshmi Industries Private Limited, Essensai067 is more than a retail development – it is a reimagined social space where food, fashion, art and music come together to foster human connection. Spanning 5.16 acres and opened last month, this dynamic indoor-outdoor interactive development offers over 155,355sq ft of thoughtfully designed spaces. Key features of the site include retail & culinary delights across 23 premium retail units and 12 diverse F&B outlets. There will be unique experiences on site through an adventure park, a pet-friendly plaza and an amphitheatre for curated performances, highlighting how Essensai067 offers more than just shopping. From yoga and wellness programs to vibrant social events, Essensai067 is designed to become a cultural hub for the neighbourhood’s 26,000 apartments and growing population.

Indonesian property developer Tuan Sing and Mitsubishi Estate Group last summer opened The Grand Outlet- East Jakarta, Karawang. The centre occupies 27,000sq m on an 88,000sq m land area and is easily accessible to visitors from Jakarta and Bandung via the Cikampek toll road and the soon-to-be-operational Karawang Whoosh Station. The outlet features more than 100 stores, including Coach, Kate Spade, Bally, Boss, Calvin Klein, Tommy Hilfiger, Michael Kors, Nike, New Balance, New Era, Victoria’s Secret, Pandora, The North Face, Timberland and Adidas. It also offers various food and dining options, such as Starbucks, The People’s Cafe, Pepper Lunch, Kimukatsu, Imperial Kitchen, Steak 21, Solaria and Subway.

Back in March, Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, announced the opening of Jakarta Premium Outlets in Indonesia. Featuring more than 302,000sq ft of retail space, this is Simon’s first premium outlet in Indonesia and the eighth country to feature the Premium Outlet brand. Located in Tangerang, just outside of the country’s capital city of Jakarta, the centre is nearly fully leased and features more than 150 global and local brands. Key premium and luxury brands include: Bally, BOSS, Coach, Furla, Lacoste, Longchamp, Marc Jacobs, Michael Kors, Kate Spade, Kenzo, Versace, Swarovski, Tumi and The North Face. The centre also features key sporting brands, including the first adidas outlet store in Indonesia, their largest outlet store in Southeast Asia and Nike. Shoppers can also enjoy a variety of international dining options. Jakarta Premium Outlets is a subsidiary of Simon Genting Pte. Ltd., itself a joint venture between Genting Plantations Berhad and Simon.

Snøhetta has designed its largest project in Japan to date with the new Shibuya Upper West Project for Tokyu Corporation, L Catterton Real Estate and Tokyu Department Store. The 119,000sq m mixed-use development includes the Bunkamura cultural complex and will offer high-quality retail, a contemporary luxury hotel and rental residences, as well as art and cultural experiences in the vibrant Shibuya district of Tokyo. Key features include The Hive, a vibrant and lively atrium anchoring the heart of the project and The Sanctuary, a healing space with lush roof terraces for visitors to relax and unwind. The project aims to achieve the highest possible sustainability ratings and is expected to complete in 2029.

The new social heart of Kuala Lumpur, The Exchange TRX is a dynamic retail and lifestyle destination seamlessly integrated within a 10-acre public park. Launched in November 2023 by developers Lendlease and TRX City Sdn Bhd and with architectural work by Leonard Design Architects, it represents the future of experiential retail, sustainable urban living and vibrant cultural expression. Part of the 17-acre lifestyle quarter of TRX, The Exchange TRX brings international placemaking and sustainability standards to Malaysia, strategically located in the nation’s first dedicated international financial district. The large-scale experience-led destination encompasses retail, Malaysia’s first Kimpton Hotels & Restaurants that is connected to the TRX City Park, six premier residential towers, a low-rise large floor plate campus-style office and a dedicated Marr Rapid Transport station. The first part of the development is currently being completed in stages up until 2027 before moving onto plot two.

Sunway Malls, one of Malaysia’s largest mall owner operators, held a ground-breaking ceremony back in August for Sunway Ipoh Mall, which is poised to be Perak’s largest mall upon completion in 2027. With a total development cost of more than RM1bn, the mall in Sunway City Ipoh will span over one million square feet of net lettable area (NLA) across four retail floors and house Perak’s first ice-skating rink, an exhibition centre, a 36-lane bowling centre, a multi-purpose sports centre, a gourmet garden and a 10-hall cinema with a seating capacity of approximately 1,500. Sunway Ipoh Mall will also be built to achieve green certification, in line with Sunway’s commitment to ensuring all new buildings and premises from 2025 onwards will be green certified towards achieving the group’s goal of net zero carbon emissions by 2050.

Shopping mall giant SM Supermalls is set to open three new local branches this year while redeveloping at least ten others across the country as the group ramps up expansion and adapts to changing consumer behaviour in the Philippines. SM Supermalls President Steven Tan has announced that the malls would be built in Laoag City, La Union and Zamboanga City. According to Tan, the gross floor area (GFA) of the new mall in Zamboanga will be bigger than the existing SM Mindpro, which was launched in 2020 and has a GFA of around 38,000sq m. The move comes as part of SM Prime’s goal of opening 100 SM malls by 2027 from 87 currently.

One Bangkok, a landmark project presented by TCC Assets (Thailand) Co, Ltd and Frasers Property Holdings (Thailand), on Rama IV Road in Bangkok opened to the public on 25 October. One Bangkok, the city’s newest neighbourhood shopping centre that connects the business districts of Sathorn and Silom with Rama IV Road, marks a historic moment for Bangkok. The project offers a complete lifestyle experience, featuring premium offices, luxury and lifestyle hotels, upscale residential towers, diverse retail experiences and a pulsating year-round line-up of arts and culture activities. One Bangkok Retail offers a tapestry of heart-centric experiences woven across three beautifully-designed interconnected retail destinations, spanning a total net lettable area of 160,000sq m. With over 900 stores to eventually line the Retail Loop, One Bangkok Retail began with the of Parade and THE STOREYS on 25 October 2024, followed by POST 1928 at a later phase, completing this retail destination in the heart of Bangkok. Away from retail, One Bangkok Forum aspires to be the city’s premier entertainment venue. With a capacity for 6,000 people, this expansive, multi-dimensional arena is able to host a variety of events, from electrifying concerts and live shows to exhibitions. One Bangkok Forum promises an unforgettable experience for every passion.

A $485M food and lifestyle destination was unveiled in March this year, as The Market Pavilion at Chadstone Shopping Centre began welcoming visitors and presents more than 50 market-leading retailers servicing every need from the everyday to gourmet. Encompassing Melbourne’s epicurean spirit, The Market Pavilion captures the diversity of Australia’s food capital. From essentials to artisan produce and specialised buys, Chadstone’s new fresh food precinct will house everything under one roof, affording visitors the luxury of time and convenience. Designed by Buchan in association with Woods Bagot, the design and retail offer in the 26,500sq m pavilion combines the best of the modern fresh food marketplaces common in Europe and reflects the quality, variety and elevated consumer experience which Chadstone is known for. The project is owned by Gandel Group and Vicinity Centres.

Developer GPT Group is set to begin work on a $200M expansion of Rouse Hill Town Centre adding more than 50 new shops to the bustling shopping hub. The transformation will add more than 10,500sq m of retail space and the construction is expected to take 18 months, with the opening date for the extension planned for pre-Christmas 2026. The project is GPT’s largest retail development in 10 years and part of its strategy to leverage strong existing assets and deliver premium experiences to customers. The expansion will grow the scheme to over 80,000sq m and will retain the centre’s distinctive indoor-outdoor design, featuring a continuous walking loop for customer convenience, a revitalised Town Green, upgraded amenities, end-of- trip facilities and 200 additional parking spaces.

Plans for a $65M expansive retail centre have been revealed for the Aura community in Queensland’s sunshine coast. The ‘Aura Home + Life’ project covers 18,000sq m and will house 12 to 16 large-format retail tenancies ranging in size from 350sq m to 5,000sq m. It will occupy a prime location adjacent to the Aura Business Park in Baringa, with easy access to the Bells Creek Arterial Road and Bruce Highway. The venue will include stores selling electrical goods, furniture, pet supplies, homewares, automotive and recreational products, two food and beverage outlets and 400 car parking spaces. Capital Property Group – the developer – expects the project to create approximately 100 new jobs during construction and more than 200 permanent and casual jobs after completion in 2026.

Launched in February last year by developer The Wellington Company and with leasing options proving to be very popular, 126LQ has been designed in collaboration with award-winning architect Stuart Gardyne from Architecture+. The scheme is breathing new life into the outstanding historical and culturally significant Massey House. Strengthened to 100 per cent of New Building Standards (NBS), the restoration and redevelopment of 126LQ has delivered 7,077sq m of reimagined A-Grade premium commercial office and retail space over nine levels, incorporating the 150sq m green roof deck providing a flexible staff and entertaining area overlooking Lambton Quay in Wellington, New Zealand.

Launched in September of last year, right by the water’s edge, set within park-like grounds overlooking the mangroves of Auckland’s Manukau Harbour, you’ll find Mānawa Bay – New Zealand’s premium outlet shopping destination. Mānawa Bay is an outlet shopping centre that has more than 100 stores, mainly outlets and restaurant space, situated under a 35,000sq m building. It is situated by Auckland Airport, on the corner of Tom Pearce Drive and Jimmy Ward Crescent and was developed by Auckland International Airport. With a mix of global fashion houses, athleisure brands and everyday wear, Mānawa Bay aims to redefine outlet shopping in New Zealand. More than just an outlet mall, it’s positioned as a premium retail destination, where the shopping experience itself is intended to be just as significant as the value offered.