Retail resets: Mall owners reposition shopping centres as Singapore’s consumer landscape evolves
Major landlords are investing heavily to revamp malls, reshape tenant mix to map new consumer habits for better returns
[SINGAPORE] Major mall owners are embarking on a new wave of asset enhancement initiatives (AEIs), pouring hundreds of millions of dollars into repositioning their malls to map shifting consumer tastes and improve returns.
The revamps bring a fresh round of tenant churn, with the departure of long-standing names such as cinemas and department stores grabbing headlines. While stirring nostalgia, the changes reflect a steady shift in how malls are being remade, with experience and lifestyle-led concepts and mixed-use spaces.
Among the biggest projects is CapitaLand Integrated Commercial Trust’s (CICT) S$160 million revamp of Plaza Singapura and The Atrium@Orchard, which will be carried out in phases from the third quarter of 2026 to end-2028.
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