A huge wave of new luxury mixed-use casino developments in construction, developers has left developers also gambling on a retail boom to match the gaming explosion. With government revenues up by 50 percent, and 85 percent of total revenue coming from the gaming industry, Macau is riding the crest of a mainland tourism boom.

According to research by CBRE, Macau currently has 5.5 mil sqf of retail in development. Andrew Ness, Executive Director, CBRE Research Asia says that growth will be fuelled by new transportation links to the mainland, with a new ferry terminal and bridges scheduled for completion in line with the massive projects on the Cotai strip.

Leasing for retail is progressing, according to Ness “The 1 mil sqf Venetian retail podium is now 90% pre-committed, with 50% of the tenancy agreements already signed and 40% at M.O.U. stage.” With another rumoured master lease transaction for an entire podium of 1 mil sqf by a European high-end retail conglomerate in the works, it seems that Macau is set to become the next Asian shopping destination.

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