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Can malls woo digital shoppers with experiences they can't find online?

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Can malls woo digital shoppers with experiences they can't find online?

Avid shopper Kelly Chiew has not been to a bricks-and-mortar mall in two years.

There is เล่นสล็อต site. Online Slots A lot of reborns, more players, too. A lot of people started playing slot games. 

The 28-year-old buys everything online – from everyday consumer goods to big ticket items including S$40,000 worth of renovation items.

Kelly is not alone. More shoppers are going online - and this has accelerated during the COVID-19 pandemic.

According to data from the Urban Redevelopment Authority (URA), retail property prices have been on a general downtrend since the first quarter of 2016.

On the e-commerce end, the proportion of online spend has tripled in the past three years.

This lower footfall is pressuring rentals. Retail rents started falling at the beginning of 2020 and have been declining for seven straight quarters, according to URA data.

Despite this, Cushman & Wakefield’s Wong Xian Yang believes that a retail recovery could come in 2022.

“What will support rents further is a limited supply of new retail space," said Mr Wong, who is Cushman & Wakefield’s head of research in Singapore.

"New retail supply will only come in at about half a million sq ft per annum over the next few years. This compares to about 1 million sq ft from 2016 to 2019. Retail rents could recover by about 1 to 2 per cent, with suburban malls taking the lead.”

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