As the Government eases COVID-19 measures, slowly returning to pre-COVID-19 normalcy, prime retail rents should bottom out and stablise in the next six months after having declined by about 5% in 2021. Malls in the City Fringe and Suburban areas are generally already bottoming out and should show signs of recovery in the coming months.
With economic recovery on the horizon, the retail sector has to move forward and evolve to adapt to the changing dynamics in consumer lifestyles and behaviours. The pandemic showed that e-commerce and traditional brick-and-mortar stores need not be opposing or competing forces, but could instead complement each another in a symbiotic fashion.