Shopping spree takes one-fifth of an average tourist’s spend.
According to Moody’s, retailers at Singapore’s suburban malls will enjoy stable revenues in 2013, from sustainable levels of domestic spending.
Here’s more from Moody’s:
Such malls offer daily necessities and enjoy steady patronage. They performed well, for instance, even during the SARS outbreak in 2003.
Retail malls in tourist areas such as the Orchard shopping belt will also benefit from stable shopper traffic because of high visitor numbers.
Tourists are attracted to the island by, for instance, the two integrated resorts and high profile events such as the Formula One race. The growing visitor numbers, their average expenditure in retail shops and the limited supply of well located new malls provide both stable rents and occupancy rates to the shopping malls located in prime areas.
According to the Singapore Tourism Board (STB), seven million people visitedthe island state in the first six months of 2012, an increase of 11% over the same period in 2011. The STB plans to grow visitor arrivals to 17 million by 2015. In addition, about one-fifth of average tourist spending is on shopping.
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