High-class Shopping, Anyone?

Forget about the high-class retail malls like Millenia Walk, Paragon, and the like. Have you realized that even departmental stores like CK Tang and Robinsons are now catering to high-class shopping? The merchandise and brands, and the price carried in them, have moved up the higher end of the ladder, sometimes beyond the reach of mass shoppers like you and me.

Is Singapore evolving into a high-class shopping paradise?
No doubt it is.

High-end consumer goods segment is growing, as the number of millionaires, billionaires or high net worth individuals (HNWIs) grow. The speed of wealth creation and accelerating growth of HNWIs is driving the luxury goods segment. In Singapore, there were around 410,000 wealthy individuals (defined as those with US$60,000 liquid assets, excluding property) in 2006, up from 340,000 in 2002. And according to Datamonitor estimates, the group of super-rich with at least US$1 million in liquid assets is projected to grow to 29,000 in 2011.1

The tiny red dot is undergoing a renaissance of sorts, rapidly transforming into a hip and trendy city with the upcoming casinos and F1 races. It has also spawned a host of new industries that cater to the world’s ultra-rich, from high-end property to luxury goods and fine dining. Everybody is rushing in to get a piece of the pie. Even a small piece is satisfying. They’d sure be rewarded by Singapore’s bulging millionaire ranks and the fast rising tourist arrivals.

Already in the redevelopment pipeline, Clifford Pier and the Customs House will be radically transformed. Clifford Pier will be more than a mere high-end retail and F&B offerings, while the Customs House will house a cluster of four to five world-class signature restaurants with different cuisines. Recently, we also saw the opening of the St Regis hotel, which set a new standard of luxury in the local hospitality industry. Luxury goods retailer like FJ Benjamin, The Hour Glass, Sincere Watch, and many others are beaming away.

High-class shopping is coming your way…