Sorry we're closed: Some Singapore retailers forced to cease operations on rising costs

Some switch to cheaper locations.

According to Savills, despite stronger demand for retail products, businesses are still coping with high rents amid rising operating costs.

This, to a certain extent, has caused some retailers, such as gourmet burger restaurant Relish at Cluny Court and Japanese-inspired cake shop Kki at Ann Siang Hill, to move their businesses to relatively cheaper locations or to cease operations until affordable premises can be found.

Therefore, we expect prime Orchard Road rents to dip slightly in 2014. Rents in prime suburban malls on the other hand, may remain strong, as businesses in these malls tend to be more profitable.

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Tourism spending is expected to increase at a faster rate in 2014 compared with the previous year. Consumer confidence remains stable despite locals feeling less positive about future prospects.

According to Nielsen, a firm specialising in consumer behaviour research, 54% of Singaporean consumers surveyed consider their personal finances to be strong, while 49% reported having high intentions to spend on travel (the highestglobally).

Hence, we believe that optimism in personal finances as well as a willingness to spendon travel indicates strong consumer confidence.

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