Finance
unan, one of Singapore’s best-known and most enduring retail icons, reopens its doors to shoppers today after three years of redevelopment, starting a new chapter in its storied evolution. Home to a rich variety of more than 190 brands clustered around six passion themes Tech, Craft, Play, Fit, Chic and Taste, the new Funan is set to become the centre of commercial, social and cultural activities in Singapore’s Civic District. Injecting vibrancy to Singapore’s retail scene, more than 30% of Funan’s brands are new-to-market brands, concepts or flagships. As a showcase for local talents, more than 60% of Funan’s brands originate from Singapore.
In a nod to its past, the new Funan will go beyond selling IT products to incorporating the tech experience throughout the entire development. Executives entering Funan’s twin office blocks enjoy the convenience of facial recognition turnstile access. Using one of the about 40 smart directories in Funan, shoppers can browse and search for trending merchandise before mapping the shortest route possible to reach a store with the wayfinding system. Enabled by sensors, these smart directories can also make product recommendations based on the shopper’s demographic profile. By year-end, shoppers can expect a robot-enabled handsfree shopping and 24/7 click-and-collect drive-through service.
Out of approximately 400 carpark lots at Funan, 36 lots are set aside for its carpark reservation system, whereby drivers can book a day in advance via the CapitaStar app. Upon arrival, drivers will be guided to their allocated lots by the video-based smart carparking facility. Users of Funan’s Bicycle Hub gain access to the shower rooms using the CapitaStar app, which is also leveraged by tenants The Ark and Golden Village to offer seamless online-and-offline experiences for their customers. Access to the Makers Studios at Funan’s Tree of Life is also fully automated via QR codes. Behind the scenes, Funan utilises video analytics to measure and analyse footfall throughout the mall and entering each store. In-store smart terminals further capture transaction data so that tenants can use the analytics to refine their offerings and enhance customer experiences.
Mr Chris Chong, Managing Director, Retail, CapitaLand Singapore, said: “From Funan Centre in 1985 to Funan The IT Mall in 1997, and from Funan DigitaLife Mall in 2005 to Funan today – each change represents an evolution of the mall’s positioning to serve the needs of different generations of consumers. The reimagined Funan relaunches the mall as a social retail space for discovery, learning and shopping, underpinned by a digital layer of customer experience to enhance satisfaction. With this configuration, CapitaLand aims to support retailers in embracing opportunities in the brave new world of bricks-and-clicks by attracting and growing a responsive and vibrant community, powered by an ecosystem of sensors and analytics to deepen consumer insight. As Funan enters a new era, we remain committed to innovate Funan’s offerings to keep its retail platform dynamic and relevant.”
Mr Tony Tan, CEO of CapitaLand Mall Trust (CMT) Management Limited, said: “As Singapore’s largest retail real estate investment trust, we are cognisant of the importance to stay competitive by adapting to the evolving retail landscape, so that we can deliver sustainable long-term returns to our unitholders. Conceived to support retailers’ omnichannel strategies, the redevelopment of Funan represents CMT’s effort to pave the way forward in serving the needs of present and future generations of shoppers. We are heartened that Funan’s latest transformation has been well-received by the market, having achieved robust levels of 95% for retail leasing and 98% for office leasing. We will remain vigilant in monitoring market trends and continually identify ways to future-proof the malls in our portfolio.”
