F&B operators rescue struggling mall landlords as fashion brands downsize
Restaurants fuelled leasing activity in Q3.
Restaurants are propping up Singapore's lacklustre retail scene, according to a report by JLL.
Food and beverage enterprises have overtaken fashion retailers as the top driver of retail demand, JLL said.
This is on back of muted retail sales, particularly sales of consumer goods such as watches and jewellery.
"Leasing activity in the Marina submarket increased in the quarter. The refurbished Suntec City Mall and recently completed Capitol Piazza leased space to several new-to-market entrants, mainly restaurants. However, overall occupier demand was generally subdued," said JLL.