Southeast Asia
Matured retail market in Singapore comes to a saturated point with rents continuing to fall in Singapore. Small-to-medium scale shops in Singapore were forced to close their businesses in 1Q16, due to high operating cost such as labor and renting. Landlords therefore have to change strategy to cope to slowing in retails sales by landlords by introducing pop-up stores and offered flexible lease terms to bring in new retailers who are testing the market. Despite a difficult retail climate, malls in areas with lower retail penetration tended to do well.
Manila retail remained healthy despite the slowing in the world economy, backed up by relative high demand from local and foreigner. A number of new F&B brands entered the market in 1Q16 including Peperoni Pizzeria, Morganfield and The Dessert Kitchen.