A surplus of shop space and not enough shoppers — these pinpoint the crux of the problem faced by downtown malls as the local retail scene slides into a slump. First, the vacancy rates in Orchard area malls hit a five-year high. Now, it seems the Marina Bay area is also struggling.
Even Suntec City, which recently underwent a $410 million revamp over three years, has vast amounts of space but not enough tenants to fill them all. Some sections in the mall are almost empty, what with numerous tenants coming and going at an alarming rate — some close down mere months after opening up shop.