Singapore malls roll out experiential attractions to draw customers

Singapore

WITH the disruption posed by e-commerce, retail malls in Singapore are rapidly evolving beyond mere sales to introduce experiential- and activity-based concepts to entice returning customers, said a new paper by real estate consultancy Edmund Tie.

While Singapore's GDP (gross domestic product) and household incomes have steadily recovered since the 2009 global financial crisis, rising at a compounded annual growth rate of over 4 per cent, retail and F&B (food and beverage) growth has not kept pace, with annual growth barely reaching 2 per cent over the same period, the report noted. As such, to boost footfall, maintain high occupancy rates and shore up earnings, malls are adding communal spaces and non-retail components into their mix, with the aim of creating communities within their premises.