The Business Times
business-time-50
SUBSCRIBERS

Jewel Changi Airport regains its glitter, but for some tenants it’s too little, too late

google-preferred-sourceAdd BT as a preferred source
Chong Xin Wei

Chong Xin Wei

Published Mon, Feb 27, 2023 · 05:50 AM
    • In 2022, some 54 new tenants opened in Jewel Changi Airport, translating to more than a new store every week, according to chief executive officer of Jewel Changi Airport Development James Fong.
    • In 2022, some 54 new tenants opened in Jewel Changi Airport, translating to more than a new store every week, according to chief executive officer of Jewel Changi Airport Development James Fong. PHOTO: BT FILE

    JEWEL, the 1.46 million square feet (sq ft) mall at Changi Airport, recorded its best ever monthly retail sales in December 2022 as shoppers and tourists returned in force.

    Prospects look rosy with airport passenger traffic and retail footfall recovering strongly. But the going has been tough on tenants at the glossy new mall that opened some nine months before the Covid-19 pandemic paralysed businesses.

    Some 74 tenants have exited the three-year-old mall over the last two years, more than half due to a revamp of Jewel’s Basement 1 space. British retailer Marks & Spencer will soon shut its Jewel store too. The mall, connected to the arrival hall of Terminal 1 of Changi Airport, opened in 2019 with more than 280 tenants operating.

    Changi AirportSingaporeSingapore propertySpotlight

    TRENDING NOW

    Longest-serving chief minister Taib Mahmud’s legacy looms large over Sarawak as a family feud over his estate threatens to expose skeleton’s in the eastern state’s political closet.

    On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart

    Thailand’s target is to export seven million tonnes of rice globally in 2026, but the Middle East war has turned the world topsy-turvy with supply disruptions, high oil prices and economic uncertainty.

    Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why

    Senior Minister of State for Digital Development and Information Tan Kiat How said the government is working with partners who have access to Anthropic's Mythos to understand its capabilities.

    MAS convenes bank CEOs over AI cyberthreats; boards told to own risks, not leave to IT teams

    Electric vehicles and the changed dynamics of mainstream and luxury car segments mean Certificates of Entitlement should not be used to classify cars.

    Is it time to scrap COE categories for cars? 

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More