New mall openings boost leasing activity for retail in Q1 23

The demand stemmed from food & beverage operators.

In the first quarter of 2023, leasing activity for retail properties remained strong due to new mall openings including Sengkang Grand Mall and Shaw Plaza Balestier, CBRE report showed.

Demand continued to be supported by F&B operators, especially cafes which sought to capitalise on the return of the office crowd.

Fashion stores also increased their presence whilst several new-to-market overseas brands, such as WOAW Gallery and Kave Home, entered Singapore as a hub for Southeast Asia.

Retail sales rebounded in February 2023, growing 8.4% YoY mainly because of increases in food & alcohol and wearing apparel & footwear demand. 

“Despite dealing with ongoing cost and operational challenges, retailers remain optimistic about tourism recovery and consumer spending,” said CBRE.