I was reading the 'Savills Singapore Press Digest 13 March 2015', they're a global property agent, that besides the expected, have other departments such as research, financing, consultancy and so on. Their research is considered of a professional nature, and you'll often see them quoted in the media.
Included in the above was:
'Retail
Scotts Square losing retailers (7 Mar – ST)
According to the Straits Times, there were 10 empty retail units with 28 shops remaining during their visit. Sincere Fine Watches, Ginza Sushi Ichi, Arossa Wine & Grill and Bread & Butter were recent departures from the mall. Fashion brands Anne Fontaine, Kiton and Marina Rinaldi will exit the mall at the end of March.'
10/38 = 26%
13/38 = 34% vacant by end March.
I've heard of the mall, but had to look it up to remind myself where it was, between Tangs and the Hyatt on Scotts Road. Now I realise I have been in there... but I can't imagine why! It's mostly higher end clothing boutiques, with Hermes having a prominent street-facing corner unit. In some ways, it's just 'off-piste' (Off the main Orchard drag), and the brands are also retailed in many other nearby malls.
Maybe the mall's retailers rely on custom from visitors staying in the Marriot and Hyatt, I don't know. Is tourism down? It seems most unusual that a mall so close to the epicentre of retail action appears to be dying a death. I was wondering if there are any other malls where this phenomenon has occurred.
