123
Singapore’s status as the world’s third monthly income of S$1,500. Maxi- But the mall also includes what
most popular convention destination. mum success in the non-gaming sector Sylvester calls “cutting edge brands”
The Lion King production builds on the requires appealing to Singapore’s so- such as China’s Marsfrolg, Hong Kong’s
audience developed at the Esplanade called middle income Heartland as well Rabeanco and Italy’s Paul & Shark, en-
entertainment complex for previous as the top of the pyramid. suring a broad range of price points for
Broadway touring companies and other Universal Studios Singapore ticket shoppers.
international shows. prices are set at S$66 for adults, S$48 Even the celebrity chef roster offers
In addition to the tourist market, for children and S$32 for seniors, well choices for a variety of budgets, from
which Singapore hopes to increase to 17 below prices for Universal Studios parks Gus Savoy’s Michelin three-star French
million annual visitors by 2015, the IRs in the US and Japan. cuisine to Mario Batali’s decidedly mid-
can count on keen interest, at least at the In retail, Marina Bay Sands (MBS) range Mozza pizzeria.
start, from Singapore residents. will include an 800,000 square-foot The food court also has a star touch,
The city-state has the world’s fourth shopping mall which will “redefine the with award-winning local operators
highest gross domestic product per cap- luxury category in Singapore to include Makansutra and Koufu teaming up to
present a range of Southeast Asian cui-
sines at popular prices.
Resorts World has limited shopping,
partnering with VivoCity on the Singa-
pore “mainland” for the bulk of its retail
offerings, directly connected by mono-
rail.
A million square foot mall that is
part of the Harbourfront complex on
Singapore’s southeast coast, VivoCity
opened in 2006, part of a recent surge in
retail construction, including 2.6 million
g
n square feet added last year, according to
u
o
DTZ Research.
e Y
e
w
Before the building boom, Sin-
w H
gapore had less than half as much re-
o
tail square footage per capita as Hong
P
A | H
Kong, so there was ample room to
: E
grow.
t
o
o
h Even with last year’s new additions
P
Croupiers wait for customers
and another 2.4 million square feet due
ita (in purchasing power parity terms) at gaming tables before the opening
to come on line this year, retail execu-
and a ridiculously high savings rate of
of Singapore’s first casino to the public tives think there’s room to grow.
nearly 50 percent, much of it through the
“VivoCity believes that there is
government’s mandatory Central Provi- more customer segments and profiles,
space in the market for competition,
dent Fund. increasing the total pie for retailers
as long as players can offer innova-
So there’s room for consumer here,” says LVS Asia Retail Vice Presi-
tions that can attract the consumer,”
spending to grow amid the temptations dent David Sylvester.
VivoCity General Manger Chang Yeng
of the IRs. The government has imposed “I believe there is money to be
Cheong says.
a S$100 (MOP563) daily fee, or S$2000 spent here,” restaurant and catering
His property does it with a roof-top
per year, for casino entry, but there group Menu Managing Director Devin
wading pool, outdoor children’s play
are no similar barriers to non-gaming Kimble says.
areas, and a full spectrum of retail and
spending. “All these 30-somethings who’ve
dining options, plus a transport hub.
“The Singapore government is am- studied overseas and have 75 TV sta-
Of course, the IRs will have another
bivalent and split over both casinos and tions are a very different generation.
key attraction.
private consumption,” Professor Peter Their parents had to struggle but they
“The casinos are supposed to be the
Coclanis, a business historian at the Uni- haven’t. Fifteen years ago, no one here
things that will prop-up the econom-
versity of North Carolina notes. knew what pasta was. Now we’ve got
ics of both IRs,” Menu’s Devin Kimble
“The IRs will certainly raise con- more Italian restaurants than anywhere
observes. “Getting the rest right will be
sumer spending some in Singapore as outside Rome.”
where the cream is.”
will the government’s systematic efforts
The developers’ strategies and
over the past decade or so to increase Luxury on a budget
the market profiles suggest that there
Singapore’s population, which is now A flagship attraction of The Shoppes at
could be plenty of cream, if the IRs
approaching five million.” Marina Bay is a three-story Louis Vuit-
can find the right formula for skim-
ton boutique housed in a glass and steel ming it.
Shoot for the heartland pavilion that seems to float on Marina
As the two integrated resorts ma-
Like Macau, Singapore has uneven Bay, connected to the main mall by an
ture, we’ll see how well Singapore plays
income distribution, with a median underwater walkway.
the winning hand it’s been dealt.
March 2010
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