Number of new retailers to dwindle as sales crunch intensifies

New-to-market brands will be hard to find.

Fewer international retailers will decide to set up shop in Singapore on back of weak shopper spending and shrinking retail sales.

According to a report by CBRE, Singapore remains one of the top target markets for new entrants but the ongoing sales crunch will crimp retailers' expansion efforts.

"Although many new brands entered the market in 2014, consolidation of networks also occurred during the
second half of the year as a result of declining numbers of visitors from mainland China, weak retail sales growth and labour shortages. New brand entry will decelerate, likely retailers’ store networks will be smaller and entry into the market may take longer," stated the report.