\n<\/p>\n
The role of a mall operator is particularly important when a long-standing anchor tenant leaves, creating a large and visible vacancy.<\/p>\n
There is reputational risk if mall operators take too long to backfill it, said JLL\u2019s Dr Chua, adding that it could appear that the asset is not doing well.<\/p>\n
\u201cNonetheless, it all presents an opportunity to the operator for it to reposition the asset or cut up the space into smaller units, bite-sized units that could command a stronger rent, but also implies more churn and high operational costs,\u201d he said.<\/p>\n
At Paragon, feasibility studies are underway to optimise and selectively reconfigure certain areas, including the space currently occupied by Metro, said CapitaLand\u2019s Mr Yeo.<\/p>\n
CapitaLand Integrated Commercial Trust recently acquired the mall in a S$3.9 billion deal.<\/p>\n
He added that Metro has expressed interest in remaining at Paragon under new retail concept stores, and discussions are ongoing.<\/p>\n
When evaluating any large-format space, their planning begins with the intended positioning in the mall and its relevance to its catchment, said Mr Yeo.<\/p>\n
\u201cDepending on the fit, this could involve introducing another sizeable anchor, right-sizing an existing anchor, or subdividing the space into a curated mix of smaller concepts that collectively deliver destination appeal,\u201d he said.<\/p>\n
At Junction 8, the former BHG space is now home to brands including Uniqlo and Japanese home and living brand Nitori, alongside a mix of beauty and wellness stores.<\/p>\n
At Tampines Mall, rejuvenation plans were well underway ahead of Isetan\u2019s closure, Mr Yeo said. A S$24 million asset enhancement initiative, scheduled for completion in the fourth quarter of this year, will refresh the mall\u2019s environment, he added.<\/p>\n
The spokesperson from Frasers said Metro’s announcement to exit Causeway Point aligns with the operator\u2019s planned asset enhancement initiatives next year.<\/p>\n
They are in discussions with Metro on future arrangements, including opportunities to introduce \u201cnew and exciting\u201d retail concepts.<\/p>\n
\u201cWe are also exploring the subdivision of the existing anchor space, which will enable us to refresh the mall’s offerings and expand retail choices for shoppers across F&B, lifestyle and entertainment categories,\u201d the spokesperson added.<\/p>\n
At Nex, footfall has remained strong following Isetan\u2019s exit in April, the spokesperson added.<\/p>\n
\u201cThe first phase will involve the multi-floor reconfiguration of the space occupied formerly by Isetan to cater to newer and more refreshing store concepts.\u201d\u00a0<\/p>\n<\/div>\n
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