Despite the changing restrictions, delays and safe-management measures resulting from the pandemic, Singapore is still seeing many businesses being formed, with the number of businesses formed exceeding that of closures. According to the Accounting and Corporate Regulatory Authority, 44,317 new businesses were created while 33,230 ceased operations, while a report by Knight Frank stated that the number of new businesses created was more than that of pre-pandemic years. Additionally, it also stated that at least 1,000 new food and beverage and retail businesses have opened each month on average between June 2020 and June 2021.
With outlets closing down as a result of safe management measures, which have reduced the number of dine-in customers, landlords are looking to refresh their tenant mix is by bringing newer retail concepts and new tenants into their malls. In the F&B sector, brand names and independent businesses continue to expand in Singapore, including brands such as Eggslut, Shake Shack, Chinese hotpot chain Haidilao and lifestyle group Zouk.
Other retail businesses have also gone ahead with expansion plans. This includes local leather goods store Bynd Artisan, which opened a new multi-concept space that is four times larger than its previous location, baby product retailer Mothercare, which has revamped its store in Paragon shopping mall, as well as local fashion retailer Love, Bonito, which has hired about 200 part-time retail staff for its five physical shops in Singapore.
(Source: Business Times)