Shopping Malls Suffer From Too Much Retail Space And Too Few Customers

Shopping malls in Singapore are facing hard times, due to consumer reluctance to spend, falling retail sales, and high rental cost. Data from the country's Urban Redevelopment Authority revealed that the vacancy rate in the Orchard Road area jumped 1.2 percentage points to 8.8 percent in the first quarter of 2016. Malls from Orchard Road to the Marina Bay area are suffering from high vacancy rates and landlords are finding it hard to attract and retain tenants. Claymore Connect, Shaw Centre, Pacific Plaza, and other major shopping malls have too much retail space and have seen falling consumer traffic and sales.