It has been reported that as many as 457 companies have called it quits on the Singapore market in September.
Retail continues to be amongst the hardest hit industries impacted by the effects of the ongoing Covid-19 pandemic. Given the continuation of lock downs across the globe, stores are reassessing their operations in a number of countries. It has been reported that a number of brands have quit the Singapore market, including British fast-fashion retailer Topshop and Hong Kong apparel retailer Esprit. The retailers have either ceased operations in Singapore completely or have shifted their focus entirely online.
Robinsons, the 162-year old department store chain has also announced that it will be closing its remaining two stores in Singapore as a result of rent costs and slower demand and footfall due to ever-changing consumer demands.
Singapore’s rent relief to protect tenants who are unable to pay their rent from being evicted ends on November 19 and it is expected that this will cause another wave of closures in the market as stores continue to rely on this relief to continue operating in this market.
