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Along with the positive mood amongst consumers in the midst of strong economic and job prospects, increased visitor arrivals in Singapore to approximately 1.1 million in April led to higher retail spending, said a Colliers International report.
According to Colliers International’s retail property market report, the retail sales index in April rose 7.4 percent year-on-year, excluding motor vehicles.
Pending the release of official figures, consumer spending and visitor arrivals were likely to have remained elevated in May and June, strengthened by the two-month-long Great Singapore Sale which commenced on 27 May, as well as Singapore’s hosting of various major events, such as CommunicAsia 2011, Singapore Maritime Week 2011 and BroadcastAsia 2011.
The healthy retail scene continued to foster retailers’ confidence and encourage them to launch new stores or seek expansion opportunities in the second quarter of this year.
Meanwhile, Colliers International’s research noted that prime retail rents in good quality malls on Orchard Road remained steady, at the past six quarters’ level of S$38.50 psf per month.
Similarly, the average monthly gross rents for comparable quality space in the Regional Centres held steady at last quarter’s level of S$33.60 psf per month, as of Q2 2011.
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