, Singapore
377 views

New mall openings boost leasing activity for retail in Q1 23

The demand stemmed from food & beverage operators.

In the first quarter of 2023, leasing activity for retail properties remained strong due to new mall openings including Sengkang Grand Mall and Shaw Plaza Balestier, CBRE report showed.

Demand continued to be supported by F&B operators, especially cafes which sought to capitalise on the return of the office crowd.

Fashion stores also increased their presence whilst several new-to-market overseas brands, such as WOAW Gallery and Kave Home, entered Singapore as a hub for Southeast Asia.

Retail sales rebounded in February 2023, growing 8.4% YoY mainly because of increases in food & alcohol and wearing apparel & footwear demand. 

“Despite dealing with ongoing cost and operational challenges, retailers remain optimistic about tourism recovery and consumer spending,” said CBRE.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
Retail
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.