E-commerce pushes SG REITs to rethink retail

Online shopping boom forces landlords to recalibrate tenant mix, incorporate digital channels.

The rise of e-commerce has forced Singapore's REITs to rethink retail.

From April 7, 2020 to June 1, 2020, the period when Singapore had the its most stringent restrictions in place, the proportion of online retail sales to total retail sales was more than triple the pre-pandemic level.

S&P Global Ratings, in its report, said consumers' gravitation towards e-commerce will continue and retail landlords need to "enhance their value proposition to both retailers and consumers to stay relevant."

Analysts said the boom in online-shopping has also forced landlords to recalibrate their tenant mix and incorporate digital channels.

Even suburban retail landlords, who will likely fare against their city-center peers due to their tenant mix and their proximity to work-from-home professionals, cannot take their client base fro granted, the analysts added.

"They will need to adapt to stay relevant," S&P reiterated.

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