Metro to close Sengkang outlet after 12 years

makapaaa · Jun 25, 2015

http://www.channelnewsasia.com/news/business/singapore/metro-to-close-sengkang/1926398.html

SINGAPORE: Metro will shut its Sengkang department store at Compass Point as the lease is expiring in August and will not be renewed, ending a 12-year association with the mall.

"On the exact date of closure, Metro's management is still working on the matter," a Metro spokesman said in response to a query from Channel NewsAsia.

He said Metro would like to continue serving residents in the Sengkang area, but added: "The opening of a new store, not just within Sengkang, depends on opportunities present and whether it is a suitable location with the right conditions."

Following the closure of the Sengkang outlet, Metro will be left with four stores in Singapore: Centrepoint, Paragon, City Square and Woodlands.

Metro, whose main business is property development, had described the Singapore retail scene as challenging during its results briefing last month.

The latest announcement hints at Compass Point closing its doors for renovations by the end of the year.

At least three tenants that Channel NewsAsia spoke to said they would be shutting their stores as early as August, when the lease expires.

TracyTan866 · Jun 25, 2015

makapaaa said:
http://www.channelnewsasia.com/news/business/singapore/metro-to-close-sengkang/1926398.html

SINGAPORE: Metro will shut its Sengkang department store at Compass Point as the lease is expiring in August and will not be renewed, ending a 12-year association with the mall.

"On the exact date of closure, Metro's management is still working on the matter," a Metro spokesman said in response to a query from Channel NewsAsia.

He said Metro would like to continue serving residents in the Sengkang area, but added: "The opening of a new store, not just within Sengkang, depends on opportunities present and whether it is a suitable location with the right conditions."

Following the closure of the Sengkang outlet, Metro will be left with four stores in Singapore: Centrepoint, Paragon, City Square and Woodlands.

Metro, whose main business is property development, had described the Singapore retail scene as challenging during its results briefing last month.

The latest announcement hints at Compass Point closing its doors for renovations by the end of the year.

At least three tenants that Channel NewsAsia spoke to said they would be shutting their stores as early as August, when the lease expires.

Retail business in SG is very challenging. Metro, John Little, Robinsons, Isetan will likely continue to downsize

dredd · Jun 25, 2015

TracyTan866 said:
Retail business in SG is very challenging. Metro, John Little, Robinsons, Isetan will likely continue to downsize

Agreed. Retail is one thing no astute businessman will dabble in. If you have something good to sell, tomorrow you will see a GLC rival you for it. And the funny thing is, stupid sinkies will go for the GLC one, effectively putting you out of business. Sad state of affairs...

TracyTan866 · Jun 25, 2015

dredd said:
Agreed. Retail is one thing no astute businessman will dabble in. If you have something good to sell, tomorrow you will see a GLC rival you for it. And the funny thing is, stupid sinkies will go for the GLC one, effectively putting you out of business. Sad state of affairs...

The pap is killing entrepreneurship by cornering the rental market and continuously increasing rental of retail space and also competing with business.

Govt's job shd be to govern and not make money from businesses.

If Singaporeans don't wake up and allow the pap to continue to compete with businesses, SG is doomed

xebay11 · Jun 25, 2015

dredd said:
Agreed. Retail is one thing no astute businessman will dabble in. If you have something good to sell, tomorrow you will see a GLC rival you for it. And the funny thing is, stupid sinkies will go for the GLC one, effectively putting you out of business. Sad state of affairs...

Huh? Since when GLC will compete in retail? They will collect rent instead, more profitable and no-brainer.

dredd · Jun 25, 2015

xebay11 said:
Huh? Since when GLC will compete in retail? They will collect rent instead, more profitable and no-brainer.

NTUC Fairprice comes to mind....

Reddog · Jun 25, 2015

Sad to see Metro dying. Still remember the excitement of shopping at their first store in Coleman Street with my mother and aunties, over 60 years ago. Then, High Street was THE SHOPPING hub..... Robinsons at Raffles Place, the must go place for Xmas shopping and atmosphere... Trishaw ride from Metro to Robinson was so expensive at twenty cents... time really flies.

bigboss · Jun 25, 2015

TracyTan866 said:
Retail business in SG is very challenging. Metro, John Little, Robinsons, Isetan will likely continue to downsize

The fittest survives. Business strategy plus willingness to sell everything under one roof is the key to running a successful retail business. Look at Mustafa Centre.

MC sells everything you need to buy, except coffin, and it opens 24/7, no holidays, no shut down. Crowds walk in and out MC as if the goods "no need money buy" kind of business.

Can Metro, JL, Robinsons, Isetan, beat MC? They go belly up because they are still logged in to old business concept.

bigboss · Jun 25, 2015

TracyTan866 said:
The pap is killing entrepreneurship by cornering the rental market and continuously increasing rental of retail space and also competing with business.

Govt's job shd be to govern and not make money from businesses.

If Singaporeans don't wake up and allow the pap to continue to compete with businesses, SG is doomed

Bad point is the paps have allowed the rental of HDB shop houses to go on free float so that rent is not controlled and the highest bidder gets the lease. The highest bidder then sub-lease it to make money to a sub-tenant, and the sub-tenant sub-sub it all the way down. When SPR joins in the game and push up the rental, all hell broke loose.

So, it is obvious the paps are dumb and cares for nothing about the consequence of their policies, except to collect the highest bid.

Once the paps have the policy to prohibit SPRs from renting HDB shop units, and rent is controlled, you will see rental coming down.

halsey02 · Jun 25, 2015

dredd said:
NTUC Fairprice comes to mind....

You would not be surprised that NTUC Fairprice, will take over the two floors of retail space vacated soon by Metro at Compass Point, Cold Storage is at the basement.

Kuailan · Jun 25, 2015

Reddog said:
Sad to see Metro dying. Still remember the excitement of shopping at their first store in Coleman Street with my mother and aunties, over 60 years ago. Then, High Street was THE SHOPPING hub..... Robinsons at Raffles Place, the must go place for Xmas shopping and atmosphere... Trishaw ride from Metro to Robinson was so expensive at twenty cents... time really flies.

Metro was next to Khemco at High Street??

Kuailan · Jun 25, 2015

PAP sue WIN policies!

If you want to buy or rent from PAP you bid for the HIGHEST price to get it!!

If you want to do Business with PAP you must bid the LOWEST to get the business e.g.Gebiz!!

Narong Wongwan · Jun 25, 2015

bigboss said:
Bad point is the paps have allowed the rental of HDB shop houses to go on free float so that rent is not controlled and the highest bidder gets the lease. The highest bidder then sub-lease it to make money to a sub-tenant, and the sub-tenant sub-sub it all the way down. When SPR joins in the game and push up the rental, all hell broke loose.

So, it is obvious the paps are dumb and cares for nothing about the consequence of their policies, except to collect the highest bid.

Once the paps have the policy to prohibit SPRs from renting HDB shop units, and rent is controlled, you will see rental coming down.

Rent control is akin to raiding the reserves.....your proposal borders on treason

enterprise2 · Jun 25, 2015

Remembered Metro in the late 80s! No other department stores come close!

blackmondy · Jun 25, 2015

Reddog said:
Sad to see Metro dying. Still remember the excitement of shopping at their first store in Coleman Street with my mother and aunties, over 60 years ago. Then, High Street was THE SHOPPING hub..... Robinsons at Raffles Place, the must go place for Xmas shopping and atmosphere... Trishaw ride from Metro to Robinson was so expensive at twenty cents... time really flies.

Metro Christmas ads and jingles really set the mood for December in the 70s and 80s.

mojito · Jun 25, 2015

No la. Sengang residents are young and poor, having made to bite the bullet for a pigeon hole.

dredd · Jun 25, 2015

enterprise2 said:
Remembered Metro in the late 80s! No other department stores come close!

Yes. Especially the very catchy "Metro Christmas Magic" jingle played in their adverts before Christmas. I get goosebumps hearing that... Brings me down memory lane.

laksaboy · Jun 25, 2015

dredd said:
Yes. Especially the very catchy "Metro Christmas Magic" jingle played in their adverts before Christmas. I get goosebumps hearing that... Brings me down memory lane.

"Metro lights up your Christmas!"

[video=youtube;YbbaGZM3sIE]https://www.youtube.com/watch?v=YbbaGZM3sIE[/video]

dredd · Jun 25, 2015

Thanks Bro!

xebay11 · Jun 25, 2015

dredd said:
NTUC Fairprice comes to mind....

That's only one and supposed to provide affordable household items, other then that the GLCs have been landlords only.

Metro to close Sengkang outlet after 12 years

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