More than 70% of retailers plan to expand in 2023: CBRE
F&B retailers meanwhile are planning a period of consolidation.
Brick-and-mortar stores remain appealing to consumers driving 71% of retailers to consider expansion in 2023, CBRE reported.
In its 2023 Asia Pacific Retail Flash Survey, CBRE found that around 15% are intending to right-size; whilst the remaining 14% have no plans to downsize or upsize.
“Expansionary demand will be driven by the general fashion, entertainment and other services trades, which were hit hard by pandemic-related restriction and were forced to consolidate store networks over the past two years,” the report read in part.
Sporting goods and F&B retailers, meanwhile, plan a period of consolidation after expanding aggressively in recent years.
CBRE observed the return to the office has led to an increase in footfall in central business districts across Asia.
The report particularly found that 68% of respondents agree that the return to office benefitted CBD retail, whilst others agreed that some online sales will shift back to physical retail (48%), and that physical store footfall will return to pre-pandemic levels (42%).