Retailing and the retail space market in Singapore

Abstract

Singapore’s retail landscape has undergone much change since the 1960s as a result of its economic growth and social change. Fuelling the transformation is the Urban Renewal Authority (URA) whose policies have resulted in modern one‐stop shopping centres. Today’s retail market is highly cosmopolitan, complex and sophisticated with nearly every international brand and retailer found there. However, the retail market has been tough in the last few years owing to problems such as an oversupply of retail space, high labour costs and a tight labour market. Describes strategies adopted by retailers and developers to combat the problems in the industry. Among the strategies adopted by retailers are niche marketing and regionalization. They have also forged strategic alliances with other larger retailers. Developers, on the other hand, have recognized the need to find the right tenant mix as opposed to just securing the highest rents. Less competitive shopping centres have also considered converting their retail space to more sought‐after office space. The government continues to steer Singapore’s urban development with its policies. The URA’s long‐range vision is presented in its concept plan. The broad policies of the concept plan have been translated into detailed development guide plans for specific areas.

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