Shopping mall with e-commerce logistics services to rise in Singapore
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Construction is now underway for Singapore’s first shopping mall that offers e-commerce logistics solutions as well.
Scheduled to be completed in mid-2017, the new retail mall will be located at the prent open concourse in front of the SPC, located next to Paya Lebar MRT station.
The project’s developer, Singapore Post Limited (SingPost), said it will have 25,000 square meters of retail space and will be built at a cost of S$150 million ($107 million), which includes upgrading amenities and façade for the adjoining office building.
“The redevelopment of the retail mall at SPC is part of our efforts to extract maximum value from our property portfolio and support our accelerated transformation from Singapore mail to global eCommerce logistics,” said Lim Ho Kee, Chairman of SingPost, in a news release.
As a mall that combines both online and offline shopping, SingPost said shoppers could browse in-store, purchase the product and arrange for delivery of the product directly to the home. They could then continue shopping, watch a movie or have a meal at the mall without having to carry bulky shopping bags. The retailer, on the other hand, could save on storage space in the store as fulfilment would be done at the backend of the warehouse.
“The convergence of online and offline will bring exponential benefits to consumers and businesses – therefore we view this as ‘O²’ (O-squared) instead of O2O (Online-to-Offline).”
Dr. Wolfgang Baier, Group Chief Executive Officer of SingPost, said the unique and disruptive concept – converging online and offline – was thought of to allow customers to experience both worlds.
“This is an important shift in mindsets as well as the retail and e-commerce landscapes. The convergence of online and offline will bring exponential benefits to consumers and businesses – therefore we view this as ‘O²’ (O-squared) instead of O2O (Online-to-Offline). The SPC’s O² retail concept puts consumers at the heart of this evolution, allowing them to have greater retail options and more convenience,” he said.
The new retail mall at SPC will consist of four above-ground levels and one basement, an eight-hall cineplex, SingPost’s flagship post office, retail shops, as well as food and beverage outlets. The mall will also come equipped with three levels of underground car park.
Under the Urban Redevelopment Authority masterplan 2008, the area around the Paya Lebar MRT station will be developed into a suburban commercial node, while retaining its cultural identity. The new retail mall at SPC will reinforce the plan and add more buzz into the area by introducing the new O² retail experience. It will also be a smart mall in a Smart Nation, using technology and innovation to support smart living environments while helping businesses to grow.
Questions & Answers
Q.What is the expected completion date for this new retail mall project?
What is the expected completion date for this new retail mall project?
The new retail mall is scheduled to be completed in mid-2017. It is currently under construction, located in front of the SPC and next to Paya Lebar MRT station.
Q.How much retail space will the new development offer and what is its estimated cost?
How much retail space will the new development offer and what is its estimated cost?
The new mall will provide 25,000 square meters of retail space. The project will be built at an estimated cost of S$150 million, which includes upgrading amenities for an adjoining office building.
Q.What is SingPost's strategic motivation behind developing this combined online and offline mall concept?
What is SingPost's strategic motivation behind developing this combined online and offline mall concept?
SingPost aims to extract maximum value from its property portfolio through this development. It also supports their accelerated transformation from a mail service to a global e-commerce logistics provider.
Q.What are some of the amenities planned for the new retail mall?
What are some of the amenities planned for the new retail mall?
The mall will feature four above-ground levels, one basement, an eight-hall cineplex, and SingPost's flagship post office. It will also include retail shops, food and beverage outlets, and three levels of underground car park.
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