Retail REIT CapitaLand Mall Trust's property, Bugis +Retail REIT CapitaLand Mall Trust's property, Bugis +

In what may be a sign of softer demand for retail spaces in the quarters ahead, Singapore’s Department of Statistics announced on 15 February that it has seen a year-on-year decline for retail sales in Singapore.

Excluding figures for purchases of motor vehicles, retail sales figures in Singapore saw a year-on-year decline of 3.6% in December 2015.

Sales of food & beverage services declined 5.7% while retail sales of optical goods & books, furniture & household equipment, wearing apparel & footwear, watches & jewellery, recreational goods, mini-marts & convenience stores and department stores declined between 1.4% and 6.2% in December 2015 over December 2014.

“Compared to December 2014, sales of restaurants, other eating places and food caterers decreased between 1.6% and 7.8% in December 2015”, said the department. “In contrast, turnover of fast food outlets grew by 2.4% during the same period”, it added.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.