With brands from Eggslut to Haidilao closing outlets, are odds worsening for Singapore retail operators?

[SINGAPORE] A recent rash of retail closures is pointing to worsening woes for operators as rents continued to rise last year, squeezing tenants staring at shrinking domestic consumption.

Yet mall vacancy rates remain low, with landlords able to renew leases or fill spaces – and at higher rents, along with new players keen to move in.

Singapore’s retail and food and beverage (F&B) sales were unexpectedly weak in the last two months of 2024, and several well-known brands, from Eggslut to Haidilao, threw in the towel at various locations.