Although retail sales across various segments registered growth in H2 2020, many retailers retained a cautious attitude towards expansion. Average high street rents in Taipei declined by 6.9% y-o-y in Q4 2020.
The number of new openings by foreign retailers dropped by 75% y-o-y over the quarter, reflecting the conservative approach adopted by international brands in what is traditionally a busy period for new leases.
Some retailers opting to open new stores in 2021 may adopt a wait-and-see attitude in the short term. However, leading local F&B groups will remain active in opening new outlets.