CMT pins hopes on mall makeovers as retail outlook dims

It’s trying to be more relevant to customers.

CapitaLand Mall Trust (CMT) has been on a mall makeover frenzy in a bid to optimise its portfolio value, according to OCBC.

As the retail outlook dims, CMT is striving to make its malls more relevant to customers.

For instance, CMT reconfigured Tampines Mall’s second and third level to boost fashion offerings, welcoming new tenants such as fast fashion retailer H&M. CMT is also speeding up phase two of its asset enhancement initiative at its IMM Building.

More recently, the company announced plans to redevelop Funan DigitaLife Mall into an integrated development.

OCBC notes that even though retail landlords are grappling with a host of challenges, CMT is still expected to continue delivering stable growth to unitholders.

“We forecast DPU growth to come in at 2.3% and 2.5% for FY15 and FY16, respectively, partly driven by contribution from its recent Bedok Mall acquisition,” asserted the report.

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