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Singapore malls increasingly turning to experiences and activities for repeat customers

Singapore malls increasingly turning to experiences and activities for repeat customers.

SINGAPORE - With the disruption posed by e-commerce, retail malls in Singapore are rapidly evolving beyond mere sales to introduce experiential- and activity-based concepts to entice returning customers, said a new paper by real estate consultancy Edmund Tie.

While Singapore's GDP (gross domestic product) and household incomes have steadily recovered since the 2009 global financial crisis, rising at a compounded annual growth rate of over 4 per cent, retail and F&B (food and beverage) growth has not kept pace, with annual growth barely reaching 2 per cent over the same period, the report noted.

As such, to boost footfall, maintain high occupancy rates and shore up earnings, malls are adding communal spaces and non-retail components into their mix, with the aim of creating communities within their premises.

To read more: https://www.straitstimes.com/business/property/shopping-malls-are-increasingly-turning-to-experiences-and-activities-to-tempt

Adapted from The Straits Times 21 October 2019