Magazines Archives - 2008 September

Rising rents, dipping tourism challenge Singapore’s mall scene
Story 5 - Focus

As a regional hub, Singapore continues to enjoy high occupancy rates for its chic malls. However, with rental rates projected to keep rising, retailers are starting to feel the heat, Jolene Klassen reports.

Reputed to be the hub of Southeast Asia from where internationally- renowned retailers introduce their brands into the region, Singapore has never been more poised than now for growth. In fact, the Singapore Tourism Board (STB) has announced this year that it plans to attract 10.8 million visitors to the citystate, with a target of S$15.5 billion (US$10.96 billion) in tourism receipts.

To this end, the country has seen the launch of its very own observatory wheel, the Singapore Flyer. Meanwhile, news reports on the highly-anticipated F1 Grand Prix Night Races leading up to its kick-off near the month-end continue to keep Singaporeans on the edge of their seats.

Along with the upcoming Integrated Resorts at Marina Bay and in Sentosa, various medical and educational trade events and conferences, as well as leisure exhibitions, promise a steady influx of visitors.

And, just as shoppers and retailers are starting to feel that they have seen it all, the retail scene in Singapore is “getting a breath of fresh air”, despite criticism that it is “lacking in variety”, enthuses Chua Chor Hoon, senior director for research at property research company DTZ Debenham Tie Leung (SEA) Pte Ltd. “New malls are coming up, existing ones are being redeveloped or renovated, all with exciting facades and new design concepts.

“Landlords are [also] bringing in new retailers which will add much variety to retail offerings, and the government is doing up the pedestrian walkways along Orchard Road to make the walk between the malls even more friendly and comfortable,” Chua elaborates. Indeed, the attention is towards newer, bolder projects in the city area.

The iconic fashion and F&B retail malls of ION Orchard and Orchard Central, along with [email protected] as well as the integration of Plaza Singapura and The Atrium herald a new era of shopping for Singaporeans and visitors alike along the Orchard Road stretch.

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