Singapore retail needs a rethink, not a eulogy

[SINGAPORE] They say the lights never go out in Orchard Road. But these days, they dim a little earlier. With iconic cinemas shuttered, retail institutions disappearing and foot traffic thinning, one cannot help but wonder: Is Singapore’s retail scene slowly fading into irrelevance?

For over a decade, Singapore’s retail has been haemorrhaging, caught between rising rents, labour crunches and digital disruption. Covid-19 pressed fast-forward on that trend: Consumers retreated online and landlords clung to pre-pandemic rents; leading to retailers getting caught in a perfect storm of higher costs and lower margins.

But before we mourn the death of brick-and-mortar, let’s pause and reflect. Retail isn’t dying; it’s evolving. The question is whether Singapore wants to evolve with it.