Most Asia Pacific retailers expect increased sales and plan for store expansion in 2023
The Asia Pacific retail sector is on track for a full recovery in 2023, with most retailers in the region expecting increased sales, while planning to open new stores this year, according to the latest research from CBRE.
The survey finds that 72 percent of the retailers expect their sales to rise from 2022, while 71 percent intend to open new stores despite rising costs, with expansion driven by domestic retailers. As the pandemic eases, retailers believe that the “return to the office” will benefit CBD retail and some online sales will shift back to brick-and-mortar retail. Nearly half of the respondents expect physical store footfall to return to pre-pandemic levels.
Although inflation in Asia Pacific is forecasted to