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...
Singapore Retail
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...
AS air traffic falls, more than$60 million has been set aside to give retailers at Changi Airport a much needed lift. The Civil Aviation Authority of Singapore (CAAS) will provide a rental relief package - $43 million in rebates and $20 million for a newly set up "Promotions Development Fund" - for retail, F&B and services concessionaires to help them remain viable, Senior Minister of State...
The Civil Aviation Authority of Singapore (CAAS) will extend S$70 million to help airport partners tide over the economic downturn. This is over and above the S$130 million Air Hub Development Fund announced earlier. The CAAS had, in December last year, announced an extension on this fund till end-2009. The money will go towards rental rebates and a Promotions Development Fund for retail, food and...
Singapore's Marina Bay Sands integrated resort will unveil details of plans for its retail space after the Chinese New Year in January next year. Recent reports said its parent company, Las Vegas Sands, is facing financial difficulties. But the Singapore firm remains confident about prospects for its retail business. The S$5.4-billion Marina Bay Sands project is still being built. When completed, it will...
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...
Young and old, local and foreign, the vision includes all SOME 100,000 plants will be introduced. The neighbourhood park will be transformed into a theme park for both young and old. Boon Lay Shopping Centre will be revamped. The vision is to transform Boon Lay into a tranquil suburban residential enclave with a distinctive identity, and it's not just to cater to the district's aging population. By...
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,...