Malaysia
Singapore
Thailand
British clothing retailer Marks & Spencer, which opened its second-floor store at the mall in 2004, will be closing its outlet at Parkway Parade on 16 Feb. Amidst other tenants setting up their branches at the mall in the East, Spencer’s withdrawal marks a significant departure in the slate of tenants that have been leaving the complex over the past 1 year.
At least 7 other tenants, such as Ole Ole, a Malay pastry stall and local restaurant chain Putien, have left. They cite rental hikes of up to 30 per cent after the Marine Parade MRT station opened on the Thomson-East Coast Line in 2024. Although footfall has gone up, this has not translated into a boost in sales, said tenants interviewed by The Straits Times (ST).
Tenants added that the construction of an underground linkway to Marine Parade station from the basement will affect business further. The linkway is due to be finished in 2027.
Ms Jenny Khoo, head of retail at Lendlease, told ST that rental adjustments take into account various factors. These include market conditions as well as tenant performance.
“Responding to changing preferences, Lendlease aims to strike a balance between supporting long-time tenants and ensuring the mall remains vibrant. [This includes having] a tenant mix that caters to the evolving needs of shoppers,” said Ms Khoo.
She also did not confirm the degree of the rental hikes that tenants cited.
Why is Marks & Spencer Closing its Outlet at Parkway Parade?
Marks & Spencer told The Straits Times that the closing of its outlet at Parkway Parade is part of its effort to redevelop its portfolio. It also wishes to focus on other prime locations.
A spokesperson for the company declined to reveal how many staff would be affected. After the closure of its branch at Parkway Parade, Marks & Spencer will have 11 outlets left here.
