Sustainable fashion an opportunity for mall operators to boost green credentials
They can offer rental discounts or rebates under lease agreements that consider sustainability attributes
[SINGAPORE] The sustainable fashion market in Singapore seems to be expanding, with the recent news that popular Japanese second-hand clothing store 2nd Street will soon be arriving on its shores.
While second-hand fashion currently accounts for just a tiny portion of the overall apparel market in Singapore, projections by Boston Consulting Group show the segment is growing at a faster rate than the broader market. This means second-hand fashion could be an opportunity for mall operators – including those structured as real estate investment trusts (Reits) – to boost their green credentials.
Presently, most Reits are focusing their environmental, social and governance (ESG) efforts on greening their buildings, whether through integrating renewable energy sources or utilising smart sensors to improve energy efficiency. The Building and Construction Authority’s Green Mark is now a sought-after certification by building owners.
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