KEY TAKEAWAYS
- Retail sales (excluding motor vehicles) rose in both October and November, while food and beverage (F&B) sales returned to growth in October.
- Although conditions improved in 2H/2025, softer demand in 1H/2025 weighed on overall performance, leaving islandwide retail vacancy broadly unchanged in Q4/2025.
- According to Savills’ basket of retail properties, average monthly rents in both the Orchard and Suburban areas registered modest year-on-year (YoY) growth.
- Supported by a tight supply pipeline and sustained tourism recovery, occupancy and rents—particularly in prime shopping districts—are expected to post modest gains of 1% to 2% this year. For the suburban malls, rents are still forecast to increase by the same amount as vacancies in prime malls remain low
