SINGAPORE - The increased activity in Singapore's retail sector hints at a bottoming out of rents by the end of this year or early next year, Knight Frank's research team said in a report published on Friday .
"As physical retail stores resumed operations, shopper traffic also returned to a greater extent in the suburban malls compared to the centrally located ones that are more reliant on the tourist dollar," Knight Frank analysts wrote. This drop was largely led by the 11 per cent fall in gross rents for prime retail spaces along the Orchard Road shopping belt, as stores there continued to struggle with the absence of international tourists, Knight Frank noted.
More on this topic "As more employees work from home, the malls located within residential population centres were visited by many for daily necessities and household sundries," the analysts wrote. While traditional retailers such as Topshop at VivoCity and Robinsons at Jem closed during the latest quarter, there were also newcomers to the scene. For instance, 100-year-old Hong Kong bakery Hang Heung opened its first Singapore outlet at Ion Orchard, Knight Frank noted.
I was in this mall-it's amazing. Got a haircut there and lunch!
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