, Singapore

Chart of the Day: Tenant sales of local malls slowed in Q1

Suburban malls seem to be holding up better.

This chart from Maybank shows that tenant sales in Singapore’s retail sector slowed following enhanced safe distancing measures, with Wisma Atria and SuntecCity posting the largest decline at 15.4% and 20.2% in Q1, respectively.

Meanwhile, VivoCity and FCT faced single-digit drops at 3.4% and 4% respectively. CMT also dropped by 7.6%.

Amidst the fall in shopper traffic and tenant sales, supermarkets were a bright spot, with many expanding delivery services to meet the surge in online orders. Suburban malls performed better with, and should be more resilient in their occupancies and tenant sales recovery.
 

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