Its retail tenant sales also jumped 19% YoY to $2,566.95.
The Shoppes at Marina Bay Sands closed the year on strong footing after revenue rose 7% YoY to $242.09m (US$179m) in 2018, an announcement revealed.
The luxury mall which has an occupancy rate of 95.4% also saw its retail tenant sales jump 19% YoY to $2,566.95 (US$1,898) psf from 2017.
“2018 has been an exceptional year for the mall, as we not only achieved our highest sales revenue in history, but also solidified a leading position in tourism shopping,” Marina Bay Sands’ senior VP of retail John Postle said in a statement. “This is so rewarding, given the competitive retail landscape and growth of online shopping.”
According to the statement, the performance can be attributed to an ongoing retail remix strategy the development’s management employed in 2012 which saw the mall double its footprint with luxury brands on the form of duplexes, as well as expanding into luxury childrenswear.
Following the opening of Italian retailer Moncler’s flagship duplex and biggest store in Asia Pacific (APAC), The Shoppes also witnessed the expansion of luxury brand Hermès froma single unit to a duplex store.
The strategy, coupled with initiatives such as in-store exclusives, loyalty programmes and late-night shopping, has resulted in 120,000 shoppers walking through the mall’s doors daily, the firm highlighted.
“The Shoppes at Marina Bay Sands continues to outperform other luxury malls in Singapore to own the greatest share of inbound tourist spend in the luxury sector,” Global Blue’s country managing director for Singapore & APAC sales Jan Moller added in a statement.
The Shoppes is reportedly gearing up to unveil several new-to-market brands, expansions and luxury flagship stores in H1 2019. These will include Italian luxury shoe label Gianvito Rossi, fine leather luxury goods Delvaux, as well as Philipp Plein, COS and Polo Ralph Lauren. The new additions will bring the mall’s total number of luxury duplexes to 17, making it the biggest collection of duplexes in Singapore.
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