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Singapore
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06 January 2023 by Savills (Singapore) Pte Ltd
Welcoming a new supply peak
Economic Review
Total retail sales declined 4.5% YoY to RMB1,021.95 billion in the first nine months of 2022. General retail sales fell 3.9% YoY to RMB946.71 billion whilst F&B sales also fell 11.6% YoY to RMB75.24 billion. The retail market performed well in Q1/2022, driven by the Winter Olympic Games and Spring Festival but it was heavily impacted by the epidemic outbreak in Q2/2022. The market however began to recover and saw a new supply peak in Q3/2022.
Supply and Stock
Located in non-prime and suburban markets, seven new projects were launched, bringing the total shopping mall stock to 11.02 million sq m, whilst the total department store stock remained at 2.03 million sq m by the end of Q3/2022. The new projects included: