Let me weigh in why I’m estatic and rejoicing over this sorry state of affairs over our downtown retail scene.
Not too long ago, if your wages had been stagnated or lowered, or worse if you had lost your job because your employer couldn’t afford to keep you, high chance it was because of rising costs. The key riding cost- retail space rentals. While landlords had a field day raising rentals and laughing their way to the bank, the workers have been on the suffering end of escalating rentals, all vulnerable with no real unions to protect them.
Well, now I’m glad to see the camels back has broken. Businesses find it too expensive to operate here. Business are pulling back. Some even pulling out of Singapore.
Time for landlords to suffer. Time to lower their rentals. After all this is a free market.
For example, This is how bad things are at Marina Square nevermind Orchard Rd.