ARE retailers on the verge of crisis or not? As their representative body cries out for help, shoppers who rub shoulders in crowded malls on weekends may be wondering. And at least one major landlord insists, there is no reason to panic, and no justification for an across-the-board cut in rentals. Last week, the Singapore Retailers Association sounded the alarm bells Sales have dropped 20 to 30 per cent...
Retail Rental
I REFER to the report "A plea for survival" (Feb 27) about the Singapore Retailers Association (SRA) asking landlords to reduce rentals significantly to help retailers cope with the severe economic downturn. The report was an eye-opener, showing that while businesses are trying their best to survive these difficult times, some landlords are trying to earn as much as they can in the short-term. The SRA is...
Association calls for landlords to cut rents by 20-30 per cent, with 20,000 jobs on the line WITH sales plunging by 20 to 30 per cent and profit margins "almost negligible if not negative", 20,000 jobs - that's a fifth of retail employees - are at stake as stores face the real prospect of folding. This is red alert sounded by the Singapore Retailers Association (SRA) after an emergency meeting on...
The Singapore Retailers Association (SRA) says that 20,000 employees may be retrenched as a result of store closures, if landlords do not lower rentals. It says members' incomes have contracted by 20 to 30 per cent over the last few months, and that margins are now almost negligible, if not negative. Yet, rental rates have not come down for many retailers, says the association. Occupancy costs have...
Landlords and their retail tenants are seeking the same present from Santa as Christmas approaches - a return to the good times. The shop tenants are worried that there will be a dip in consumer spending as a result of the economic downturn. Meanwhile they are still paying top dollar for retail space. While market watchers say they certainly are not expecting rents to rise in the final quarter of this...
The dip in consumer spending due to the economic downturn has caused concerns among many retailers who are paying top dollar for retail space. Market watchers said they do not expect any rental growth in the 4th quarter, but some retailers may be holding out for concessions. Orchard Road, Singapore's prime shopping district, is set to welcome four new malls next year - ION Orchard, 313@Somerset, Orchard...
Mid-range retail spaces in Singapore are likely to see a fall in rental rates, due to a drop in tourist arrivals and slowing domestic spending. Properties which are having rental rates renegotiated in the midst of the current economic downturn are likely to be the most vulnerable. Experts said landlords will have to rent out their spaces for less as retailers are hit by lower earnings. Eugene Lim,...
With half its shopping space snapped up, it is on track to reach target for launch RETAILERS have already bagged 50 per cent of shopping space at ION Orchard, a highly-anticipated development slated to open beside Orchard MRT station next year. As for the remaining half of the 663,000 square foot of new retail space, landlord Orchard Turn Developments says it is “in negotiations”. Secured tenants...
Positive consumer sentiment and the Great Singapore Sale have provided some support for the retail property market in Singapore, according to property consultants DTZ. It said given the general uncertain global outlook, tenants have resisted committing to higher rents, and this has kept the retail sector stable during the second quarter. Going forward, analysts said they see at most a marginal increase...
Captive shoppers in heartlands - like Jurong, Woodlands, and Tampines - are catching the eye of retailers. And analysts say that is why some suburban malls can even command rentals similar to some prime downtown locations. Some of Singapore’s heartland malls have been as big a hit with shoppers as their more upscale cousins in Orchard or the Raffles City area. AMK Hub in Ang Mo Kio is the latest...