Singapore Retail – Nightlife returns! From spin classes to DJ spinning at Zouk (finally)
- Nightlife operators to resume operations from April 19th, entry will require a negative ART test 24h before
- Although a small percentage of GRI at 2%, this is the prominent last lap we see for the retail sector to overcome
- Alongside border reopening, the return of night life will be instrumental in attracting tourists back
- Remain OVERWEIGHT on Retail
What’s new?
- Nightlife businesses to resume from April 19th onwards
- This includes karaoke outlets, nightclubs and discotheques amongst others
- A negative ART test 24 ahead will be of entry will be required
- This follows shortly after the announcement of dine-in cap relaxation to 10 pax and a higher work from home cap of 75%.
Freed from all chains. Nightlife has been the trade sector most affected by the pandemic, and operators had long sourced for ‘other income’ apart from entertainment to tide through cash flows such as operating as restaurants or even as a venue for spin classes. This is no more, as we will soon start seeing DJs spin at Zouk, after 2.5 years of spin classes. Entertainment as a trade sector is generally a small component of retail mall GRI at 2%, with most of the listed landlords exposure within prominent night venue Clarke Quay (CICT portfolio). Rental rebates in recent quarters, although kept to the bare minimal, has generally been channelled to these operators due to non-operation. Singapore has long been a tourist destination well-known for shopping and her night life entertainment, this news will move the needle in positioning Singapore for the return of leisure tourists. With this prominent last hurdle surpassed by the sector, we see no more obstacles holding the sector back!
