As shopping centres in Bangkok and KL morph into lifestyle destinations, can Singapore's malls keep up?

On a recent trip to Bangkok, Ms Yinn Ong, a Singaporean, was captivated by something she would not expect to see in a mall – an indoor floating market. It sat within IconSiam, a riverside megamall boasting more than 500,000 sq m of retail and entertainment space.

Some other malls she visited in the Thai capital spanned 20 floors but still felt thoughtfully curated, making it easy for her to spend hours shopping through a diverse mix of domestic and international brands.

"There is just so much space to play with, and they're quite intentional with it. Everywhere you go, there's a super-sized mall, but I don't think there is an equivalent of that in Singapore," the 25-year-old public relations associate said of her Bangkok shopping experience.

With such diverse retail offerings and distinctive shopping experiences available overseas, some Singaporean shoppers said that the malls at home pale in comparison to their regional neighbours'.

In conversations with CNA TODAY, they described the retail landscape here as "repetitive", "boring" and "soulless".

Ms Shermaine Low, a social media executive, found malls in Singapore to be "almost exact replicas of each other". 

"The retail landscape feels pretty lacklustre. There aren't many options outside of the same few stores like H&M, Cotton On," the 25-year-old said. 

Ms Low, who usually shops in Bangkok at least once a year and most recently visited Ho Chi Minh in Vietnam, said that the shopping experience in other Southeast Asian countries was "vastly different", with more opportunities to shop at smaller, local independent stores.

Where Singapore's shopping belts such as Orchard Road once drew both tourists and residents in droves, some shoppers said that there is little there to excite them these days.

Retiree Milly Tan, who is in her 60s, said: "If you walk into any Orchard Road mall, there is not much of a difference from going to Tampines Mall. 

Suburban shopping centres such as Tampines Mall, Northpoint and Jem provide for the majority of people living within the town centres, but on the flip side, they "kind of dilute" or lose their character, she added.

"There's nothing special in each of (these malls)."

Shopping habits have also shifted, with Ms Tan noting that there is little incentive to step into a brick-and-mortar shop when the same items cost less online. 

Singaporean businesses with a presence across the region also pointed to differences in retail environments and how their stores at home must cater to a more functional, efficiency-driven shopper.

Mr Tom Ng, founder of footwear and accessories brand Pazzion, said that in cities such as Bangkok or Jakarta in Indonesia, malls often serve as vibrant social and leisure destinations, contributing to higher footfall and longer visits. 

Pazzion has a retail presence across Southeast Asia, including in Indonesia, Malaysia, the Philippines and Thailand.

"In Singapore, shoppers tend to have a more focused approach, valuing efficiency and convenience in their retail journeys. 

"While malls remain central to daily life in some markets, Singapore has seen a strong shift towards online and omnichannel experiences, influencing how customers engage with physical stores," Mr Ng added. 

Cities such as Bangkok and Kuala Lumpur continue to roll out massive destination malls, but Singapore's retail model has taken a different turn due to operational constraints and shifting consumer behaviour, analysts said.
 
Associate Professor Joicey Wei, from the marketing programme at the Singapore University of Social Sciences (SUSS), said that retail momentum is weakening due to a cooling labour market, cautious consumers and a slow post-COVID-19 recovery in tourism numbers. 

"Growth (in retail sales) is currently driven by short-term boosts such as concerts and vouchers rather than sustained demand," she noted. 

Though multiple new malls such as Pasir Ris Mall, New Bahru and Geneo@Science Park have opened recently, these are mostly small, community-level malls for residents and people working around them.

Mr Eric Tan SL, a lecturer at Nanyang Polytechnic's School of Business Management, said the most recent malls in Singapore, including One Holland Village, tend to be integrated developments combining retail, residential and transport nodes instead of standalone mega malls.

"Unlike Bangkok or Kuala Lumpur, where massive destination malls are still being developed, Singapore's retail development strategy has shifted, driven by land scarcity and high population density."

Indeed, more than 1.16 million sq ft – or around 107,000 sq m – of new retail space is set to open this year in Kuala Lumpur, including mega-projects such as KLGCC Mall in Bukit Kiara.

Bangkok's One Bangkok Retail – part of a 16.7-ha integrated district – will add more than 160,000 sq m of high-end retail to its already vast ecosystem.

CNA TODAY takes a closer look at whether Singapore's retail scene – once a regional frontrunner – is losing momentum amid intense overseas competition, and what it will take for the country to once again be the stop to shop.

HOW HIGH COSTS MAKE FOR "SAFE" RETAIL

While malls in cities such as Bangkok, Jakarta and Kuala Lumpur often double as sprawling lifestyle destinations, retailers and experts said Singapore's model is shaped by a far more constrained equation – one where high rents, limited space and a small domestic market leave limited room for experimentation.

Dr Samer Elhajjar, senior lecturer at NUS Business School, said Singapore's retail landscape is polished, efficient and globally connected – but lacks the "raw, experimental energy" sometimes found in Thai or Malaysian retail settings.

In Bangkok, for example, huge retail areas such as IconSiam and even weekend markets feel chaotic and exciting, with independent cafes, small fashion brands and resident artists often sharing space with international tenants.

IconSiam, which is around 750,000 sq m in total area, is around five times larger than VivoCity mall in Singapore.

Domestic brands there enjoy strong visibility and support, while Singapore's malls tend to favour international chains and franchises, Dr Elhajjar said.

"In Singapore, the barriers to entry are higher and the space for experimentation feels smaller. That is largely due to high rental costs, cautious landlords and the dominance of real estate investment trusts (REITs) managing many of the major malls," he added.

REITs are companies that own and run properties like shopping malls, collecting rent from the shops on the premises and paying most of their profits to shareholders. 

"Because REITs need to provide steady and predictable returns to these investors, they usually prefer renting space to big, well-known brands that are less risky, rather than to small, experimental businesses," Dr Elhajjar explained.

Echoing a similar sentiment, Mr Ben Wong, general manager for Southeast Asia and Hong Kong at financial technology firm Adyen, said: "Singapore's retail ecosystem is defined by adaptability and a sharp focus on efficiency."

Adyen, which is headquartered in Amsterdam but has a Singapore office, releases a yearly retail report about key trends in the retail industry. 

"Unlike markets such as Bangkok or Kuala Lumpur, which benefit from more space and lower manpower costs, Singapore's tighter constraints push retailers to maximise every resource, often through technology," he added. 

For instance, this could mean retailers adopting solutions like one-click or autonomous checkouts and mobile point-of-sale solutions to make the buyers' path to purchase as easy as possible. 

Business owners told CNA TODAY that they also have to cater to the expectations of Singaporean shoppers, who are increasingly experience-driven and digitally savvy.

Mr Ng from Pazzion said one of the biggest challenges in operating retail stores in Singapore is managing high rental costs amid a competitive retail environment, which means having to continuously optimise customer engagement.

For example, the brand has integrated lifestyle elements into stores, such as the Pazzion cafe at the Takashimaya Shopping Centre outlet. 

"By creating a space where customers can dine, relax, and explore our collections in one location, we've been able to deepen brand engagement and offer a more memorable, experience-driven visit," Mr Ng said.

Over at music store Swee Lee, managing director David Nam Le of Vista Musical Instruments said that with space being a premium in Singapore, rents are high and store footprints tend to be smaller.

Swee Lee – which has 10 stores across Indonesia, Malaysia, Singapore and Vietnam – is under the Vista Musical Instruments group of brands. 

Mr Le said: "Our Singapore stores are designed with high efficiency to optimise both product display and customer flow. Singaporean shoppers are highly discerning and experience-driven. They expect a refined, seamless experience."

At its recently opened Clarke Quay outlet in Singapore, the store adapted to Singapore shoppers' desire for a space that fosters community and engagement by putting in a cafe, vinyl listening stations and an event space, Mr Le added.

However, shoppers have different wants elsewhere. In Malaysia, for example, they prefer seeing a wider assortment of wares in one place.

And so, at one of its outlets there, a 3,800-sq-ft space in Kuala Lumpur, Swee Lee furnished a standalone two-storey retail unit with an expansive range of musical instruments alongside a music academy.

In contrast, the new Clarke Quay store in Singapore dedicates about half of its 5,500 sq ft to an in-store cafe.

This pressure to maximise limited retail space – while also showcasing impressive store design, seamless service and online-offline integration – is all par for the course for many businesses operating in Singapore. 

Ms Rebecca Ting, the co-founder and creative director of design studio Beyond the Vines, said that space and rental costs are always a consideration in Singapore, but the brand's biggest challenge is figuring out how to stay fresh and surprising to the "discerning and design-conscious" Singapore shopper. 

The brand has stores and pop-ups in countries such as Japan, the Philippines and Thailand, and will soon open a store in Shanghai, China. 

Asked about what it was like to do business in these other markets, Ms Ting said Bangkok "has this incredible buzz and energy". 

"It's such a vibrant, fun city, full of creativity, arts and culture. That spirit translates directly into the way people shop. Malls aren't just places to buy things, they're social spaces, full of life, where people go to explore, connect and be inspired."

However, Ms Ting noted that online channels are often the first point of contact for a growing number of Beyond the Vines' customers in Singapore and elsewhere. 

"They might browse online, check reviews, pop into the store to try things and then purchase later. It's not linear anymore."

THE SINGAPOREAN SHOPPER

Operational limits undeniably contribute towards the more subdued vibes in Singapore's retail scene, but consumer behaviour is a factor as well.

This creates a chicken-and-egg dilemma. When malls become predictable, there is not much of an incentive to visit – but without foot traffic, there is little reason to take creative risks. 

Entrepreneur and content creator Anda Chaudhry, 28, said that she loves to shop in cities including Bangkok or Kuala Lumpur, particularly because of the competitive pricing. 

"In Malaysia, malls often group all their local brands together in one area, which makes it easier for people to support them," Ms Anda added. 

However, back in Singapore, unless there are in-store promotions, Ms Anda prefers shopping online.

She believes that adding more home-brand cafes or unique shops in Singapore's malls, along with offering activities beyond just food and retail, would attract more people like her to shop in person.

For example, given the popularity of pickleball, she believes a rooftop court at a mall would make these venues more engaging.

Similarly, Ms Felicia Lauw, a 56-year-old working in the adult education industry, described herself as a "functional shopper" who goes to malls only to get what she needs.

"All the shops are like sardines, packed next to each other. You don't know what they are about and you walk past. It's not a shopping experience. It feels like a factory,” she said on why some malls in Singapore are a turn-off. 

For Ms Rosemary Kwa, founder of floral tea company Petale Tea, the high rents here partly prompted her to pick a consignment model at stores such as The Green Collective SG at Funan and Love In A Bottle at Marina Square, rather than opening her own outlet in Singapore.

She is looking for retail partners and distributors to expand into Indonesia, where her teas are currently being served in two restaurants. 

Ms Kwa said her market research showed that Indonesian shoppers might be more willing to spend a whole day at a mall as a destination, given the travel time required to reach a particular shopping centre.

"In Singapore, when we go to a shopping mall, it's because we want to go for lunch or dinner. But the mentality there is different, because in Jakarta, traffic is heavy. So you go to a mall for an excursion, unlike in Singapore where we just have lunch and walk around."

Ms Yusrina Yusoff, brand and marketing lead at The Paper Bunny, agreed, saying that the company's recent four-day pop-up in Jakarta saw "overwhelming response" and long queues. It sells clothes, bags, fashion accessories and homeware.

"Based on that, we've noticed that customers in Indonesia seem to really enjoy the in-person shopping experience.

"In Singapore, where we have a more established presence, customers tend to engage on an omnichannel basis across both online and offline channels."

The company has an outlet in Ngee Ann City mall on Orchard Road. 

Mr James Wilson, partner and head of consumer and retail at consulting firm KPMG in Singapore, said that shoppers' behaviour here has undergone "significant transformation" in the past decade.

They are increasingly "experience seekers", with 69 per cent believing that physical stores should be an exciting place to visit, he added, referring to the firm's customer experience excellence report published in April 2025.

While e-commerce has disrupted traditional retail across Southeast Asia, this is especially pronounced in Singapore due to a high internet penetration and a digitally savvy population, Mr Wilson from KPMG said.

"Singapore consumers are adept at navigating between online and offline channels to maximise convenience and value. Singaporeans are not just tech-savvy, they are value-seekers, constantly evaluating options to ensure they get the best deal," he added. 

Agreeing, Mr George Pepes, Asia-Pacific vertical solutions lead for retail at Zebra Technologies, said that 78 per cent of global shoppers now prefer a blend of in-store and online shopping, based on its 2024 survey. The company conducts an annual global shopper study that surveys shoppers, retail associates and retail decision makers.

This shift is especially pronounced among younger consumers, who are visiting malls not just to buy products but looking for an immersive and entertaining experience, or "shoppertainment". 

"Businesses are increasingly turning to social media not only to sell, but to create discovery-led, visually engaging shopping journeys that connect online influence with offline experiences," Mr Pepes added. 

Dr Elhajjar from NUS Business School said shopping malls are no longer the "centre of people's social lives" and they often go to one with a purpose, such as visiting a restaurant seen on social media.  

"People now look for something meaningful in physical experience. They want something worth leaving the house for. Aesthetics, uniqueness and service quality matter more than ever," he added. 

WHAT DEVELOPERS ARE DOING 

For those crafting Singapore's retail spaces, the challenge is clear: To stay relevant, malls cannot just be convenient or functional, but have to offer more. 

Addressing some consumers' fatigue with Singapore's malls, developers said efforts are underway to inject vibrancy and distinctiveness into the shopping experience.

Mr Ervin Yeo, group chief strategy officer and chief executive officer of commercial management at CapitaLand Investment, said there is a recognition that Singapore's malls can feel similar, but that is also because they are "evergreen" by design. His company manages retail developments such as Funan, Raffles City and Junction 8.

This approach ensures that malls adapt to shifting demographics within neighbourhoods, balancing the older generation's needs with the injection of young families from new Build-to-Order public housing developments. 

"Because there's not a lot of new space, the existing space becomes something that you need to serve your daily concerns.

"In Thailand or Malaysia, because there's a lot more supply, the malls are in different locations and can afford to be very focused on one thing."

Retail is also more "democratised" in Singapore, Mr Yeo added, with spending power distributed across the island.

That explains why brands such as Lululemon or Shake Shack – where goods are priced higher than competitors in the same industry – can be seen in suburban malls as well as central ones, which creates a more homogenous trade mix.

This healthy roster of international brands and well-known food and beverage (F&B) options encourages human traffic – but there is also space for Singapore brands, he said.

"You may say, (the mall) is boring, another Din Tai Fung, but a Din Tai Fung helps us to bring in a Beyond the Vines." 

Despite perceptions of a decline in vibrancy in Singapore's retail scene, developers have reported that footfall in malls has increased and remained strong since the COVID-19 pandemic.

Frasers Property Singapore, which has malls such as Waterway Point and Hougang Mall in its portfolio, recorded 167 million in footfall in the financial year 2024, with total sales growing at about 1.2 per cent year on year – averaging around 20 per cent over pre-pandemic levels, it said.

Mr Adrian Tan, its managing director of retail in Singapore, said the company draws on experience with its developments in Australia and Thailand to keep Singapore's retail offerings "competitive, fresh and vibrant".

For example, the firm committed S$38 million to asset enhancement initiatives that rejuvenated Tampines 1, which was completed last August. Of the 68 refurbished retail offerings, 12 were new-to-market concepts spotlighting homegrown brands.

Mr Tan said that Frasers Property Singapore, as a leading prime suburban mall operator, focuses on creating inclusive, community-centric spaces for resident communities, and serves more than half the population with about 2,000 leases across its malls.

These efforts include hosting community-driven events such as a Halloween Maze at Tampines 1, a Teochew Festival at Hougang Mall, and a Taiwan Night Market at Waterway Point.

Ms Callie Yah, the head of global asset management at City Developments Limited (CDL), said that the developer is conscious of the wider perception that malls in Singapore can feel similar in terms of brand mix and layout. 

To address this, it has invested in integrating unique design, interactive features and community-focused programming in its malls. 

At City Square Mall, for example, the firm developed the CDL EcoTrain and MicroForest to provide families with nature-inspired experiences. It also created Gastro Square, a dedicated open space to host regular live performances and exhibitions. 

"Our goal is not to choose between well-known chains and Singapore brands, but to strike a balance that enhances overall shopper appeal and engagement," Ms Yah said.

She pointed to how City Square Mall's anchor tenants, including Don Don Donki, sit alongside domestic brands such as Munchie Pancakes and Kok Sen, a Michelin Bib Gourmand restaurant that serves Chinese stir-fried food.

Over at Lendlease, which operates malls such as Jem and Paya Lebar Quarter, its head of retail and workplace management Jenny Khoo said the firm has seen brands looking to expand into suburban malls after the COVID-19 pandemic, as consumers prefer shopping closer to home.

The opening of Marine Parade MRT station, for example, has improved accessibility to Parkway Parade shopping centre and it has observed a positive trend in visitor numbers there, she added.

To ensure that its malls remain relevant to shoppers, Ms Khoo also said that the company ensures the tenants are aligned with the identity of each mall. For example, 313@Somerset on Orchard Road, which targets millennials and young working adults, has tenants such as Japanese thrift retailer 2nd Street and blind box retailer Pop Play Planet.

Some developers are collaborating with government agencies to inject fresh ideas into the retail scene here. 

In June, Capitaland Investment and government agency Enterprise Singapore launched the Retail Maverick Challenge, which invites homegrown retail brands to showcase innovative store concepts. 

Winners will access up to one year's retail space in one of CapitaLand's central malls and receive Enterprise Singapore's support for the pilot implementation of their concepts of up to S$300,000. 

Ms Jeannie Lim, assistant managing director in services and growth enterprises at the government agency, said: "This challenge aims to build a more innovative and immersive shopping experience for both retailers and consumers and strengthen Singapore’s position as a vibrant retail and lifestyle destination."

She also said that Singapore retailers face stiff competition, higher operating costs in a small domestic market and pressure from global trends such as e-commerce, making it critical for businesses to sharpen value propositions and improve operational efficiency.

Still, there are "promising signs of adaptation", she noticed, including the use of technology in experiential retail, and support for incubator-style projects such as New Bahru and Dors –  a showcase of Singapore designers at Design Orchard, which is operated by Enterprise Singapore in partnership with the Singapore Tourism Board.

She added: "We envision retail spaces becoming lifestyle destinations, offering experiences that cannot be replicated online, by seamlessly combining shopping, dining, entertainment and community engagement."

WHAT'S AT STAKE FOR SINGAPORE'S RETAIL SECTOR

Even as these efforts to refresh Singapore's retail scene are being carried out, deeper macroeconomic challenges continue to weigh on the sector, analysts said. 

Assoc Prof Wei from SUSS said that the retail sales index for May 2025 rose 1.4 per cent year on year, but underlying activity remained uneven. 

"When vehicles are excluded, growth often flattens or turns negative, suggesting weakness in core discretionary categories," she added.

Referring to the May retail sales index, Mr Wilson from KPMG said some categories such as supermarkets and recreational goods saw gains, whereas others such as apparel, department stores and furniture continued to decline. 

Even with government measures, such as CDC vouchers and Budget 2025 cash disbursements, that aim to boost domestic spending, the outlook for Singapore's retail sector remains "relatively volatile and uncertain", he added.

For some Singaporeans, rising costs at home are another factor nudging them to spend elsewhere.

Mr Suraj Raj, 39, a senior manager in communications, said there is a stark contrast between shopping in Singapore and cities such as Johor Bahru.

"A Barbie doll (at Midvalley Southkey mall in Johor Bahru) costs around S$10, versus S$30 to S$50 minimum in Singapore. I can go to GSC or TGV Cinemas there and watch a Tamil movie for around S$4, while a Tamil movie at Golden Village cinemas in Singapore can cost S$16 to S$28 on a weekend."

Mr Suraj also finds some overseas malls to be entertaining destinations "where you can easily spend an entire day without breaking a sweat".

Where Singapore's malls feel "purely transactional", those such as the Exchange TRX in Kuala Lumpur feature a 10-acre rooftop park and host cultural performances and special exhibitions during festivals, he said.

During peak holiday seasons, more Singaporeans are choosing to shop and spend in nearby cities such as Bangkok, Johor Bahru or Kuala Lumpur, where the retail mix is more varied and prices are more attractive, Mr Tan from Nanyang Polytechnic said. 

As this happens, a perceived decline in Singapore's retail vibrancy could have effects on various sectors that depend on mall visitor traffic such as the F&B, transport and hospitality sectors.

"This outflow of local spending weakens the domestic retail ecosystem," Mr Tan said.

However, some experts and shoppers suggested that the perceived vibrancy gap may not be entirely structural.

Factors such as the strong Singapore dollar – and a greater openness to shop while travelling – may influence the way Singaporeans view their experience at malls overseas.

Mr Yeo from Capitaland Investment pointed out that Singaporeans approach shopping abroad with a "tourist hat" that they would not have at home.

For example, they might hesitate to visit bustling tourist areas here such as Bugis Junction mall on weekends, but they would be more likely to seek out similarly crowded malls and areas abroad as part of their holiday experience, making those places feel more vibrant by contrast.

THE FUTURE OF SINGAPORE'S RETAIL SCENE

Even though some Singaporeans might feel like malls here lag behind regional standouts, tourist impressions of the country as a shopping destination offered a more nuanced picture.

Mr Meng Hui, a tourist from Indonesia who works in the auto parts industry, said that he found Singapore's shopping scene to be conveniently organised.
 
When in Singapore, he frequents international brands such as Louis Vuitton and PopMart. If he is on the hunt for a discount, he would even head to suburban malls such as Changi City Point and IMM in Jurong if there are better deals on offer. 

"I've been to Malaysia, but I don't enjoy it, because wherever you go is very far. Whenever I want to shop, I will go to Singapore instead of another country. We have PopMart (back in Indonesia), but it's more expensive," Mr Meng said in Mandarin. 

As for Canadian Wang Hao, 36, she felt that the likes of IconSiam in Bangkok were more "in your face" in their architecture, but she and her sister were also wowed by the Forest Valley at Jewel Changi Airport.

Ms Wang, a pharmacist, was in Singapore recently with her son and sister for three days, at the tail end of a two-week holiday that included stops in Bangkok and Koh Samui in Thailand and the Indonesian island of Bali.

"I think the main difference is that here, your malls try to have more gardens and nature woven into the design. It feels like you're trying to integrate the environment into the design," Ms Wang said of the malls she visited, namely The Shoppes at Marina Bay Sands, Ngee Ann City and Wisma Atria.

"In Bangkok, it was not like that," she noted. However, she said they spent many hours in IconSiam – longer than in any single Singapore mall – because it not only had shops but also exhibitions and various activities.

"Bangkok as a whole felt more authentic and vibrant because aside from the malls, it also has night markets, which are very lively, whereas you don't have that sort of scene in Singapore. Chinatown seems to be something similar, but your Chinatown is too clean."

Mr Tan from Nanyang Polytechnic acknowledged that Singapore has lost some ground as a shopping haven compared to its heyday in the 2000s, where events such as the Great Singapore Sale drew regional tourists in droves.

Yet, even though neighbouring cities may offer greater variety and more affordable shopping, especially in fashion, lifestyle and youth-centric retail, Mr Tan said that Singapore still retains its strength in luxury retail, electronics and airport duty-free shopping, especially for high-income transit tourists. 

"While we may not have large-scale iconic retail builds, Singapore can still lead through smart urban planning, quality tenant mix and mall innovation, especially if we leverage technology, sustainability and hybrid physical-digital experiences," he added.

Despite the barriers to entry in terms of cost and intense competition from global players with deep pockets, Dr Elhajjar said that Singapore remains a launchpad for regional retail expansion.

"The consumer base is trend-conscious, digitally active and responsive to quality. If a local brand succeeds here, it builds credibility and opens doors to other markets in the region. Singapore is seen as a benchmark for quality and professionalism." 

For Ms Ong, the Singaporean who was in Bangkok recently, online shopping may have changed how she shops when she is at home, but she still has hope for the retail scene here.

She pointed to the growing presence of community spaces, pop-ups and hybrid concepts, such as F&B offerings within retail shops, as signs of a changing tide in retail here.

"With the limited resources and the increasing demand for physical spaces to shop, gather and meet like-minded souls, I feel like it's pushing those in the retail scene to go beyond what they've normally done and get even more creative," she said.

Additional reporting by Saw Yone Yone.