http://sbr.com.sg/economy/commentary/wh ... -singapore
Property services firm Cushman & Wakefield latest report reveals an expected drop in retail rental in the coming 12 months after witnessing a decline in Q1. For now the drop appears to concentrate in the city fringe areas such as City Hall and Marina Square Centre.
"Consolidation of space among various trades has been more evident since the start of 2015. Fashion apparel and accessories brand Lowrys Farm exited the market earlier this year, while other tenants such as Marks & Spencer and Cold Storage in Centrepoint, John Little stores at Marina Square and Tiong Bahru Plaza, and Japanese department store Isetan at Wisma Atria are expected to cease operations by the second quarter of 2015," Cushman said.
To me the knock-out punch came from Isetan. The rest comes and goes during good and bad times. But mainstay such as Isetan is your unwavering tree even during a full-blown hurricane. They didn’t shut down their Wisma flagship store during 9/11, Sars, or Global Financial Crisis.
The gaining popularity of e-shopping, increasing competition along Orchard Road, and (especially) the curb of foreign-workers are redefining the concept of business challenges for the sector. And we have not even touched on the workers that you CAN hire, the job-hopping self-centred generation y and z that disappear from work after lunch or show hints of staging a walk-off after a week of employment so they can get an increment.
Why do they deserve the increment? Well, probably because we owe them a living (or so they think).