# Singapore prime retail holds firm despite tenant churn

- **Source:** Real Estate Asia
- **Published:** 2026-07-23T04:13:26.000Z
- **Author:** shiena@charltonmediamail.com
- **Original:** https://realestateasia.com/videos/singapore-prime-retail-holds-firm-despite-tenant-churn
- **Topics:** Commercial & Industrial, Regional Markets

## Featured rationale

Demand for smaller productive units in accessible malls signals a two-tier market, potentially enabling prime landlords to backfill vacancies faster and command higher per-square-foot rents.

## AI summary

Food and beverage operators represented slightly more than half of new store openings in Singapore's tier-one malls during the first half.

## Original article

Well-connected malls are securing faster backfills and higher rents as food and beverage operators replace traditional anchors.

Singapore’s prime retail market is holding firm despite tenant turnover, but leasing performance is splitting sharply between well-located malls and weaker assets struggling to replace occupiers.

Wong Xian Yang, Head of Research Singapore and Southeast Asia at Cushman & Wakefield, said mall economics increasingly depend on location, accessibility and tenant mix.

Suburban malls remain anchored by necessity retail, including supermarkets, enrichment centres, food and beverage outlets and services. Their large residential catchments provide stable footfall and greater protection during economic downturns.

City-centre and Orchard Road malls rely more on tourists, luxury brands, department stores and flagship outlets seeking visibility.

“The retail market is a two-tier market,” Wong said. Prime malls with strong accessibility and attractive tenants can backfill vacant units quickly, whilst weaker properties face longer vacancies.

Retailers are also prioritising store productivity over expansion, supporting demand for smaller units in strong locations. This allows landlords to command higher rents per square foot whilst reducing reliance on a few large occupiers.

Mass rapid transit connectivity helps widen a mall’s catchment and lowers the effort required to visit, but Wong said transport access alone does not determine performance. Landlords also need a tenant mix that increases dwell time, repeat visits and spending.

Traditional anchors such as department stores and cinemas still attract footfall but are “no longer a must-have in a mall,” he said. Some large spaces are being converted into food and beverage, fitness, education and entertainment uses.

Food and beverage operators accounted for slightly more than half of new store openings in tier-one malls during the first half, followed by lifestyle and fashion brands.

For landlords, resilience increasingly rests on replacing single large anchors with several smaller tenants that are less exposed to e-commerce and can generate regular visits.

## Chinese translation

> Translation model: grok

### 新加坡核心零售市场在租户更替中仍保持稳健

交通便利的商场正以更快速度回填空置、取得更高租金，餐饮运营商正取代传统主力租户。

尽管租户流动，新加坡核心零售市场仍保持稳健，但租赁表现正明显分化：位置优越的商场与难以替换租户的弱势资产走势分野。

戴德梁行（Cushman & Wakefield）新加坡及东南亚研究主管黄显扬（Wong Xian Yang）表示，商场经济越来越取决于位置、可达性与租户组合。

郊区商场仍以必需型零售为支柱，包括超市、补习中心、餐饮与生活服务。庞大的住宅腹地带来稳定人流，在经济下行时也有更强缓冲。

市中心与乌节路商场则更依赖游客、奢侈品牌、百货公司以及追求曝光度的旗舰店。

“零售市场是一个双层市场，”黄显扬说。可达性强、租户组合有吸引力的核心商场可迅速回填空置单位，而较弱的物业则面临更长空置期。

零售商也更重视单店生产力而非单纯扩张，支撑了对优质地段较小单位的需求。这使得业主能取得更高的每平方英尺租金，同时降低对少数大型租户的依赖。

地铁连通性有助于扩大商场腹地、降低到访门槛，但黄显扬表示，交通便利本身并不能决定表现。业主还需要能延长停留时间、提高回访与消费的租户组合。

百货公司与电影院等传统主力租户仍能吸引人流，但“已不再是商场的必备选项”，他说。部分大面积空间正被改造为餐饮、健身、教育与娱乐用途。

上半年，一线商场新开门店中，餐饮运营商占比略超一半，其次是生活方式与时尚品牌。

对业主而言，韧性越来越取决于能否以若干受电商冲击较小、并能带来稳定到访的中小型租户，取代单一大型主力租户。