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Metro will close its City Square Mall store once its lease expires by year-end, a joint statement by City Developments Limited (CDL) and Metro Holdings Limited revealed Monday (14 September).
The 56,000 sq ft store has been at City Square Mall in Little India since the opening of the complex in 2009.
According Metro and CDL, which owns City Square, the mall “will be introducing new concepts and brands by next Chinese New Year (February 2016). Tenants with these brands will take the place of Metro Department Store.”
Meanwhile in recent months, Metro department stores have been downsizing in the face of staff shortages, the rise of e-commerce and tighter labour policies.
Metro also closed its outlet at Compass Point in Sengkang in August. With these closures, Metro is left with only three stores in Singapore – at Paragon, Causeway Point and The Centrepoint, which is its newest.
The company’s spokesman revealed that Metro does not plan to open a new store in Singapore, noting that “the considerations for a new store opening… depend on opportunities, location and conditions,” as cited in media reports.
Metro’s retail division incurred a S$1.2 million loss from operating activities in Q1 ended 30 June.
Image: Screenshot of Metro website.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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