Retail sales rise 1.9% YTD as of July

However, department stores saw a 3.7% decline.

Retail sales grew 1.9% year-to-date as at July, led by computer & telecommunications equipment (+9.2%) and watches & jewellery (+7.2%), whilst prime retail rents rose across all submarkets, according to Cushman & Wakefield.

The report said performance amongst categories remained uneven, with department stores recording a 3.7% decline.

In response, retailers and landlords adapt through refreshed tenant mixes and more flexible retail formats, it added.

Prime retail rents in Other City Areas inched up 0.7% quarter-on-quarter (QoQ) to $21.36 per square foot per month in the third quarter, supported by a relatively lower rental base than Orchard and a diverse mix of office workers, commuters, tourists, and local shoppers.

Orchard and Suburban prime retail rents both increased 0.3% QoQ, reaching $36.69 and $33.45 per square foot per month, respectively.

Cushman & Wakefield expects prime retail rents to continue rising across all submarkets, supported by a constrained supply pipeline.

Retail completions are projected to average 0.6 million sq ft annually between 2027 and 2031, below the 0.7 million sq ft annual average recorded between 2017 and 2026.

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