# Here's a strategic retail expansion playbook for Southeast Asia

- **Source:** Real Estate Asia
- **Published:** 2026-09-25T02:58:15.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-retail/news/heres-strategic-retail-expansion-playbook-southeast-asia
- **Topics:** Commercial & Industrial, Transactions & Deals, Regional Markets

## Featured rationale

Improving sales-to-rent conditions may encourage regional expansion, but constrained prime supply and market-specific operating challenges could intensify competition for strong sites and favour selective formats.

## AI summary

Retail sales have generally outpaced rents across selected Southeast Asian cities since early 2023, with Bangkok recording the strongest increase in Savills’ index.

## Original article

Singapore and Malaysia offer entry points before larger-scale expansion across the region.

Southeast Asia is emerging as a major growth platform for retail expansion, supported by rising incomes, urbanisation and a young consumer base, but differences between markets mean retailers will need country-specific strategies, according to Savills.

The property adviser said the region's demographics and growing demand for affordable-premium products were creating opportunities across categories including beauty, lifestyle, pet care and food and beverage, with physical and digital retail becoming increasingly integrated.

Retail sales have generally outpaced rents across selected Southeast Asian cities since early 2023, Savills said, although the improvement varies by market. Bangkok recorded the strongest increase in the firm's index, while Ho Chi Minh City and Kuala Lumpur also showed improving sales-to-rent conditions.

Jakarta and Singapore recorded more moderate movements, suggesting a closer relationship between retail trading performance and occupancy costs, according to Savills.

The adviser said the improving sales-to-rent backdrop was supportive of expansion but did not remove the need for retailers and landlords to assess catchment demand, achievable sales density and total occupancy costs on a site-by-site basis.

Vietnam offers opportunities in both established central districts and suburban growth areas, supported by tourism, urban development and improving purchasing power, Savills said.

In Jakarta, limited prime supply and high occupancy at stronger shopping centres favour established assets. Landlords are also repositioning centres around dining, beauty, wellness and entertainment to create lifestyle destinations and increase customer dwell time, potentially increasing competition for the best retail space.

Thailand's opportunity is increasingly tied to tourism and experience-led consumption rather than value retail alone, according to Savills. Wellness, healthcare, entertainment, festivals and sporting events can help attract higher-spending visitors while supporting complementary retail and F&B concepts.

Singapore, meanwhile, can serve as a regional platform for positioning and format testing, while Malaysia provides an accessible market in which retailers can build operational capabilities and network density. Larger-scale opportunities can then be pursued across Indonesia, Thailand, Vietnam and the Philippines, with market entry tailored to individual categories, consumers, partners and regulations.

Savills stressed that this should not be viewed as a fixed expansion sequence. The appropriate market-entry strategy will vary according to the retailer and its available partners and operating capabilities.

Prime retail space remains constrained and competitive in Singapore, while relationships and an established operating track record can be important in Thailand's concentrated landlord market. In Vietnam and Indonesia, limited market transparency, uneven availability of modern retail space and reliance on local partners can add complexity to expansion.

For the region's retail property market, Savills said the growth opportunity is therefore substantial but execution will remain critical. Retailers that roll out standardised formats too quickly risk misjudging local demand, occupancy costs and partner capabilities.

Sustainable expansion will require disciplined site selection, strong local partnerships and retail formats adapted to the conditions of individual Southeast Asian markets, the adviser said.

## Chinese translation

> Translation model: openai_codex_cli

### 这是一份东南亚战略性零售扩张手册

在收入上升、城市化和年轻消费群体的支持下，东南亚正成为零售扩张的主要增长平台，但市场之间的差异

新加坡和马来西亚可在该地区更大规模扩张之前提供切入点。

据 Savills 称，在收入上升、城市化和年轻消费群体的支持下，东南亚正成为零售扩张的主要增长平台，但市场之间的差异意味着零售商需要制定针对各国的策略。

这家房地产顾问公司表示，该地区的人口结构以及对可负担高端产品日益增长的需求，正在美妆、生活方式、宠物护理和餐饮等品类创造机会，实体零售和数字零售也正变得日益融合。

Savills 表示，自 2023 年初以来，选定东南亚城市的零售销售总体上跑赢租金，尽管改善程度因市场而异。曼谷在该公司指数中录得最强劲升幅，而胡志明市和吉隆坡的销售租金比状况也有所改善。

据 Savills 称，雅加达和新加坡的变动较为温和，显示零售经营表现与占用成本之间的关系更为紧密。

该顾问公司表示，销售租金比背景改善支持扩张，但并未消除零售商和业主按具体地点评估客群需求、可实现销售坪效和总占用成本的必要性。

Savills 表示，在旅游、城市发展和购买力改善的支持下，越南在成熟核心区域和郊区增长区域均提供机会。

在雅加达，核心供应有限且较强购物中心的高出租率有利于成熟资产。业主也正围绕餐饮、美妆、健康养生和娱乐对商场重新定位，以打造生活方式目的地并增加顾客停留时间，这可能加剧对最佳零售空间的竞争。

据 Savills 称，泰国的机会越来越多地与旅游和体验导向型消费相关，而不仅仅是价值零售。健康养生、医疗保健、娱乐、节庆和体育活动可帮助吸引消费较高的游客，同时支持互补型零售和餐饮概念。

与此同时，新加坡可作为区域定位和业态测试平台，而马来西亚则提供了一个易于进入的市场，零售商可在其中建立运营能力和网络密度。随后，可在印度尼西亚、泰国、越南和菲律宾寻求更大规模的机会，并根据各个品类、消费者、合作伙伴和监管规定定制市场进入方式。

Savills 强调，这不应被视为固定的扩张顺序。适当的市场进入策略将根据零售商及其可用合作伙伴和运营能力而有所不同。

新加坡的核心零售空间仍然受限且竞争激烈，而在泰国集中度较高的业主市场中，关系和已建立的运营记录可能很重要。在越南和印度尼西亚，市场透明度有限、现代零售空间供应不均以及对本地合作伙伴的依赖，可能增加扩张的复杂性。

Savills 表示，因此对于该地区的零售物业市场而言，增长机会相当可观，但执行仍将至关重要。过快推出标准化业态的零售商，可能误判本地需求、占用成本和合作伙伴能力。

该顾问公司表示，可持续扩张将需要严谨的选址、强大的本地合作伙伴关系，以及适应东南亚各个市场状况的零售业态。