Empty storefronts in Singapore’s prime shopping district may become a more common sight.
Vacancies in the city’s main Orchard Road area, a magnet for tourists lured by malls and Japanese department stores such as Takashimaya, have risen to a five-year high and across the island, they’ve soared to the highest since 2009. As economies around the region struggle with sluggish growth and consumers rein in spending, property brokers are expecting more retailers to scale back and close shop. And while rents have slumped from a peak in 2014, they haven’t fallen nearly enough to convince some brands to stay.
Here’s five reasons why Singapore can’t expect its status as a shoppers’ paradise to be restored anytime soon:
Tech Savvy
Singaporeans are among the most tech-savvy shoppers in Asia, with a greater percentage turning to online shopping than consumers in Hong Kong and Malaysia.
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Vacancies in the city’s main Orchard Road area, a magnet for tourists lured by malls and Japanese department stores such as Takashimaya, have risen to a five-year high and across the island, they’ve soared to the highest since 2009. As economies around the region struggle with sluggish growth and consumers rein in spending, property brokers are expecting more retailers to scale back and close shop. And while rents have slumped from a peak in 2014, they haven’t fallen nearly enough to convince some brands to stay.
Here’s five reasons why Singapore can’t expect its status as a shoppers’ paradise to be restored anytime soon:
Tech Savvy
Singaporeans are among the most tech-savvy shoppers in Asia, with a greater percentage turning to online shopping than consumers in Hong Kong and Malaysia.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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