MORE than half of the 86 retail tenants at Shaw Centre have moved out since early this year as the mall appears to be a casualty of the supply glut of retail space downtown. Tenants that Today spoke to say an exodus of retailers has led to a significant drop in foot traffic for Shaw Centre. “It looks eerie in the evenings,” said a shop assistant whose employer is among a dwindling number of businesses still operating in the five-storey retail mall along Scotts Road. For others, it is understood that the landlord Shaw Foundation had wanted to double their rents when their leases came up for renewal.
One former tenant, who had recently relocated, is understood to have been paying around $7 per square foot for her unit before the proposed renewal of her lease. Shaw Centre is owned by the Shaw Foundation and the rental revenue is distributed to charities. Shaw Centre’s management declined to comment when contacted by Today. Some retailers did say that the lack of clarity over whether the mall would be redeveloped soon was also a thorny issue.
They said there had been talk that Shaw Centre would be redeveloped or revamped to keep up with impending competition posed by newer malls, such as ION Orchard across the road, and others like Orchard Central, 313@Somerset and Knightsbridge further down Orchard Road. Continue reading
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