Market profile
A small, wealthy, fully urban market that most groups use as a regional base, a flagship location and a talent pool rather than as a source of volume.
- Capital
- Singapore
- Population
- around 6 million
- Currency
- Singapore dollar (SGD)
- Leading channel
- Malls and modern trade (62%)
- Cash on delivery
- 3% of online orders
- Lead region
- Central region (48%)
Retail value by channel
- Malls and modern trade 62%
- E-commerce 20%
- Independent and specialty 12%
- Travel and duty free 6%
- Orchard Road
- Marina Bay
- Jurong
- Tampines
- Woodlands
Property is the biggest fixed commitment a retailer makes, and it is the hardest one to reverse. In Singapore, listed reits and institutional landlords with professional leasing teams.
Base rent plus a turnover component, service charge and marketing levy, and three years is the norm, with rent review at renewal is the normal term.
The landlord landscape
Listed REITs and institutional landlords with professional leasing teams. Base rent plus a turnover component, service charge and marketing levy.
Lease structure
Turnover rent clauses cut both ways: they lower risk in a weak year and hand the landlord visibility of your trading in every year. Negotiate the reporting obligation as carefully as the percentage.
| Term | Typical Singapore position |
|---|---|
| Length | Three years is the norm, with rent review at renewal |
| Rent basis | Base rent plus a turnover component, service charge and marketing levy |
| Deposit | Two to three months, sometimes more for new entrants |
| Fit-out | Rent-free fit-out period is negotiable, especially in secondary centres |
“Turnover rent clauses cut both ways: they lower risk in a weak year and hand the landlord visibility of your trading in every year.”
Choosing a location
Demand concentration matters more than city population. Central region carries roughly 48% of modern retail sales, so the first stores belong there unless there is a specific reason otherwise.
- Priority catchments: Orchard Road, Marina Bay, Jurong, Tampines and Woodlands
- Test the catchment on a weekday evening and a weekend afternoon before signing
- Check the anchor tenant mix and the vacancy rate on upper floors
- Ask what the landlord's marketing levy actually pays for
- Central region48%
- East20%
- West19%
- North and north-east13%
Indicative regional split, the first filter in a location plan.
Occupancy cost discipline
Track occupancy cost as a percentage of sales, including service charge and marketing levy, and set an exit threshold before opening. Stores are rarely closed early enough because the decision rule is written after performance disappoints.
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