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During the time period when Singapore saw the strictest COVID-19 measures put in place, 7 April 2020 to 1 June 2020, the proportion of online retail sales to total retail sales was more than triple that of the pre-pandemic level.
The growth and come up of e-commerce has forced Singapore’s Real Estate Investment Trusts (REITs) to recalibrate their tenant mix as well as to incorporate digital channels, reported Singapore Business Review citing S&P Global Ratings.
From 7 April 2020 to 1 June 2020, or the period when the city-state was under its tightest restrictions, the proportion of online retail sales to total retail sales grew by more than three-fold the pre-pandemic level.
And with consumers expected to continue to gravitate towards e-commerce, S&P Global Ratings said retail landlords should “enhance their value proposition to both retailers and consumers to stay relevant”.
It noted that even suburban retail landlords – which would likely fare against their city-centre peers due to their proximity to work-from-home professionals and their tenant mix – should not take their client base for granted.
“They will need to adapt to stay relevant,” added S&P.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
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