Buoyed by the end of pandemic restrictions and the resumption of travel, Asia Pacific retail property is recovering, but it is not resting on its laurels.

This year has seen a raft of new concept stores opening across the region, with a strong focus on providing unique customer experiences which online shopping cannot offer.  

“Retail in Asia Pacific always had a significant ‘experiential’ aspect as shopping centres have traditionally included F&B and entertainment options,” says Simon Smith, Head of Research and Consultancy, Asia Pacific at Savills. “This region has always led the way with experiential retail and, as retailers and asset owners adapt to the omni-channel retailing world, we are seeing even more innovative openings.” 

Experiential retail aims to provide customers with physical experiences and service levels which cannot be matched online. Bespoke and personalised products are often an important part of this offer, or blending retail, F&B and entertainment.  

In some cases, entire buildings are becoming experiential. In Tokyo, the 47-floor Tokyu Kabukicho Tower is an entertainment high-rise which is home to two hotels above retail floors, which primarily feature facilities such as cinemas and live entertainment venues.  

Tetsuya Kaneko, head of research and consultancy at Savills Japan, says: “This development could represent the beginning of a shift toward more retail outlets focusing on customer experiences which cannot be duplicated online. Many shopping areas may look to introduce a greater proportions of shops which focus heavily on in-person experiences.” 

Here is a small selection of the innovative retail stores which have opened in the Asia Pacific region this year:  

Namco has opened a venue in the Kabukicho Tower (pictured, top) which features a heady combination of arcade games, capsule toy-dispensing machines and a cocktail bar. The store also offers AI DJ performances, with favourite characters such as Pacman spinning the virtual discs.   

Earlier this year, Japanese retailer Muji opened a new “farm-themed” store in Shanghai, which caters for an increasing demand for healthy, organic food. The store offers locally-sourced organic food and a farm-to-table dining experience for customers, along with selling Muji’s range of homeware items. 

Online platforms were expected to bring an end to physical travel agents, however Australia’s Luxury Escapes has bucked the trend by opening a store in Melbourne. The store was inspired by the belief that “planning and booking travel is as important as the trip itself” and offers coffee and champagne as well as travel advice and booking. 

Chinese investment broker Futu Securities has opened a physical store on Nathan Road, one of Hong Kong’s busiest shopping streets. The 4,000-square-foot store serves as a hub for investors to interact and learn about the financial world, in addition to displaying Futu’s technological and product capabilities.  

Luxury carmaker Bentley opened the Bentley Cube in Seoul earlier this year, offering a bespoke commissioning and customer experience to Korean customers. It is Bentley’s first concept store and is expected to be a model for future openings around the world.

Further reading:
Asia Pacific Retail Spotlight

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Tetsuya Kaneko