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Macau targets retail as mall unveils campaign
by Benjamin Li 20-Aug-08, 08:19
ASIA-PACIFIC - The launch of another luxury shopping mall in Macau is boosting hopes that more high-end shoppers from around the region will be lured to a city that has been better known for gambling and prostitution.
The Shoppes at Venetian Macau’s Four Seasons hotel will open for business on 26 August, and has rolled out an advertising campaign developed by McCann Erickson.
The mall follows the opening of two other high-end retail centres in Macau: the Venetian’s Grand Canal Shoppes, and the Wynn Macau’s shopping mall.
However, the Four Seasons effort is expected to put its predecessors in the shade, housing a luxury brand range that includes Louis Vuitton, Hermès, Chanel and Cartier, along with Asia’s first Moët et Chandon bar.
But Gabriel Chan, research analyst at Credit Suisse, dismissed Macau’s attempts to position itself as a luxury shopping player, pointing out that the impulse shopping model is under-developed among mainland tourists.
“Chinese have a different mentality towards shopping.” said Chan. “Unlike with Americans, impulse buying is uncommon among Chinese.”
Chan added that several luxury watch retailers he had spoken to in Macau were only just breaking even.
“Unlike in Hong Kong, which has a large enough population to support the luxury retail segment on its own, Macau relies entirely on visitors,” added Chan. “There are currently about four to five million high-end retail spaces in Hong Kong. And in the next few years, Macau will have about the same number. Given that Hong Kong’s population is 12 times larger than that of Macau, and receives more visitors, we believe there could be an oversupply of retail spaces in Macau.”
“One of our challenges is to change people’s perceptions of coming to Macau - not just to visit the casinos but also to shop,” admitted McCann business director Alexis Chiu.
Taubman Asia president Morgan Parker, whose company is developing the upcoming Macau Studio City mall, believes the city is well placed to become a new luxury shopping destination, despite the challenges.
“Chinese gamblers in the past have not spent so much time shopping in Macau, as historically Macau tended to attract visitors for gambling, prostitution and basic food and hotels,” said Parker. “But supply can lead to demand, as Macau is offering luxury hotels, spas, shopping malls, theatres and world-class entertainment. In addition to gambling, we are hoping to encourage people to spend more time in Macau.”
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