Singapore finally seems to be putting its recession hit days behind with the future of Singaporean Retail market looking comparatively brighter. According to the Wall Street Journal, Asian shares have been going up, and Singapore’s Strait Times Index noted an increase of 0.7%. The Singaporean economy is largely trade and consumer based. A closer look at the individual and associated components of the Retail sector helps to gauge its future trajectory. The overall Retail market in Singapore is closely tied up with its retail leasing market, consumer and essential goods, and the tourism and hospitality sector.
The Retail Leasing Sector seems to taking a better turn. According to a news report published by Channel Asia, the Retail Leasing Sector has been well active for the first half of 2011, with progressive and stable economic growth being an underlying factor. Rents have been decreasing due to good competition as supply has been forthcoming. In the next four years, Singapore will need to meet an additional demand of 4.3 million square feet in the retail leasing market. Buying and leasing of property will continue well into the next five years when even areas in 1-2 km radius of Jurong MRT East will be needed to meet a requirement of around 1.2 million square feet.