Thursday, August 20, 2009

IR Fills 75% Retail Space

Source : The Straits Times, Aug 20, 2009

MARINA Bay Sands said it had secured tenants for three-quarters of its retail space, including French luxury brand Chanel, which will open its largest boutique in Singapore.

The integrated resort is expected to have about 300 stores for the well-heeled shopper in more than 800,000 sq ft of retail and restaurant space.

But only half of the retail space will open with the resort early next year along with the casino, 1,000 hotel rooms and most of the convention centre.

Marina Bay Sands said it is confident of its success as a 'compelling shopping destination'.

'We have enjoyed enthusiastic responses from retail tenants from all over the world,' said Mr David Sylvester, vice-president of Asia retail at parent company Las Vegas Sands.

Chanel is the first tenant to be announced. More names will be revealed at a later stage, said the resort's spokesman.

The Chanel boutique will be the third store in Singapore and its largest.

At 7,600 sq ft, the two-level boutique will be more than double the size of its first flagship outlet opened here in 1990 at Ngee Ann City. In March, it opened a second outlet specialising in watch and jewellery, also at Ngee Ann City.

Chanel said it expects Asia to be a growing market for upscale brands. The new outlet will be designed by New York-based architect Peter Marino, who is behind Chanel's most notable boutiques.

One of them is the 10-storey Chanel building in Ginza, Tokyo, built in 2005. It features a shimmering facade made of liquid crystal glass, woven stainless steel, and more than 700,000 LED lights.

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