Singapore’s retail sector sees slower growth, affecting performance of downtown malls: S&P

Suburban malls remain resilient against macroeconomic uncertainties.

For Singapore’s retail sector, S&P Global Ratings' annual report on Southeast Asia’s major property players forecasts slower growth due to the tourism recovery experiencing sluggishness, weighing on the performance of downtown malls.

According to the report, the pace of tourism recovery in the country is weakened by macroeconomic uncertainties and a strong Singapore dollar. An active event and business calendar will support tourism activities.

The report also highlighted that suburban malls remain resilient against macroeconomic uncertainties, but high operating costs and soft economic conditions challenge retailers in the country.