Landlords are now more open to new concepts regarding obtaining a limited established group of retailers due to the heightened competition in Cairnhill Nine Capitaland, which are concentrated on location or unique brand positioning.
Pontiac Land’s Millenia Walk has seen that the strategy of being able to attract activity driven tenants has certainly been very beneficial.
Double digit growth has been the yield for Millenia Walk during the past year for their rental conversions. There has been an increase in occupancy by over 20 percent and there is a planned target to reach over 95 percent occupancy for the Takashimaya Shopping Centre mall during the next year, according to the assistant manager for corporate communications at Cairnhill Nine, Orphelia Huang.
Cairnhill 9 Takashimaya Shopping Centre
Additionally, special F&B offerings have been brought in by Millenia Walk, which include the opening of Nihon Street where every Japanese food outlet already has the privilege of having a strong following. There has been more outreach to male purchasers by the offering of more brands. They will continue to cautiously curate their selection of Paragon Shopping Centre tenants by various planned strategies, as stated by Ms Huang.
In the diverse retail atmosphere near Cairnhill Nine, in the near term there are department franchises that seem likely to consolidate due to weakened retail sales, business costs at Ion Orchard that are high, along with constraints regarding manpower, an suggested by an analyst.
Cairnhill 9 Service Suites
Marks & Spencer closed their store at the Centrepoint, John Little decided to close the stores at Marina Square and Tiong Bahru and Metro had to close its store at Compass Point in the month of August and has reached the decision that it must close the outlet at Cairnhill Nine by the end of the year. Plans to close some of its retail stores come to Wing Tai, which sells such brands as G2000 and Topshop in Singapore.
Landlords are very aware of the fact that they have to refresh their mall offerings due to the Cairnhill Nine Condo retail environment that is proving most challenging.
Cairnhill Nine Condo
Tampine Mall’s level 5 open roof was currently converted to a new educational hub that comprises well known educational centres that include Yamaha Music School, Julia Gabriel Centre, Mind Champs and Stalford Learning Centre by Capita Land. It also has plans to redevelop Cairnhill Nine near Takashimaya Mall to become an integral development.
As part of an integrated development, malls then have the ability to tap into the existing abundance of residents, working professionals, along with business and leisure travellers, as explained by Teresa Teow who is the head of retail management in Singapore for CapitaLand. In order to be able to meet the needs of shoppers who use the mall as a one stop lifestyle destination, more F&B spaces will be allotted, which will increase from the rate of 19 percent for the past five years to now close to 22 percent.