UPDATE: A spokesperson from One Raffles Mall says that H&M is not leaving the mall’s list of tenants, and defended the mall for having one of the highest human traffic in the area.
I am a tenant in One Raffles Place shopping mall, above Raffles Place MRT.
I own a clothing store selling Korea Labels in level 3 of the mall (Not convenient to reveal shop name).
Our lease is 3 years, starting 2014, and I have just renewed my lease till next year.
I am shocked to find out the the anchor tenants are all ceasing operations next month June, including the Food Leisure Foodcourt, Melissa shoe store, H&M, Uniqlo (Just left 9 May), Paris Baguette, Evergreen Stationary.
It had been very tough for us throughout the last 3 years, with various tenants already close shop.
I renewed the lease as the rental was reduced for us, though it’s still on the high side. But even so, it wasn’t revealed to us that so many tenants, including anchor tenants would be closing shop.
It realli show how bad the retail market is, and our landlord, OUE C-Reits are still charging us exorbitant rentals, such that even big retail players are exiting.
I wonder what would happen in June, when most of the stores are gone, and mall is all hoarded up.
I hope this news can be brought to the public and landlord to assist us small retailers.
All the anchor tenants have left, or willing be leaving next month. I’m quite sure it will become a retail dead town next month onwards.