BRUNCH

Next change: As anchor tenants evolve, so must mall operators

Cinemas were once a crowd puller for shopping centres. The most popular malls were often also those with a box office – typically spanning the top floor like a crown jewel. More recently, however, it appears the silver screen has lost some of its appeal. How does this change the way mall operators try to draw the crowds?

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Jude Chan

Published Fri, Feb 17, 2023 · 12:00 PM

The silver screen appears to have lost some of its appeal as a crowd puller. How does this change the way mall operators try to draw the crowds? Illustration: Simon Ang, The Business Times
Frasers Property Retail’s Northpoint City houses Singapore’s first community club to be located in a shopping mall. It is also the first to pilot a service centre that offers over 200 government services, providing more convenience to the community. PHOTO: BT FILE
Cathay Cineplex closed last year as “retail traffic demographics have changed” over recent years, says Chang Long Jong, chief executive officer of mm2 Asia, which operates the Cathay Cineplexes chain in Singapore. PHOTO: BT FILE
CapitaLand is embarking on the transformation of Clarke Quay into a day and night destination with a wide range of lifestyle and F&B offerings. The enhanced development, called CQ @ Clarke Quay, is expected to be completed in the third quarter of this year. PHOTO: CAPITALAND
RHB analyst Vijay Natarajan: “With the rapidly changing retail dynamics and threat of e-commerce, mall curation, differentiation and customisation to the catchment population are becoming more and more pertinent in order to stay relevant." PHOTO: RHB
DBS analyst Geraldine Wong points out that cinemas are no longer the sole platform for new film releases, with some movies now making their debuts on online streaming platforms. PHOTO: DBS

WHEN the curtain came down mid-last year on the iconic The Cathay Cineplex at Handy Road, something changed forever in the city-state’s landscape. One of Singapore’s oldest cinemas, in operation since 1939, The Cathay Cineplex hosted more than a few hot dates as the first air-conditioned theatre on the island.

Of course, there is still a market for cinemas. And it might be premature to herald the end times for film theatres.

But The Cathay Cineplex’s closure is a symbol of the declining attraction of cinemas within shopping centres. They are no longer a big draw for shoppers, and no longer a differentiator for mall operators.

Brunch mm2 asia CapitaLand Investment CapitaLand Integrated Commercial Trust frasers property frasers centrepoint trust

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