3 things that revived Singapore's retail scene in recent years

Thanks to tourism growth.

According to CIMB, the retail sector in Singapore’s CBD traditionally serves the working population in the area by providing them with F&B and ancillary amenities.

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However, the retail scene here has been rejuvenated in recent years by: (i) increasing worker density in the CBD; (ii) the increased incorporation of a live-in residential population in the CBD; and (iii) growth in tourism and entertainment destinations in the vicinity, such as the Marina Bay Sands integrated resort and Gardens by the Bay.

Despite an anticipated supply of new retail and F&B offerings in the CBD in the near term (such as from the redeveloped retail podium of One Raffles Place scheduled for opening in 2014 and the redevelopment of OUE Downtown at Shenton Way), retail rental rates in the CBD are expected to remain firm, in tandem with the expected growth of the working and live-in populations in the area.

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