Retail: Tenant Sales CICT's retail portfolio tenant sales remained resilient, surpassing 2019 levels since 2022. On a YoY basis, tenant sales per square foot (psf) and tenant sales by quantum increased by 3.4% and 6.7% respectively in FY 2024. This was driven by a two-month contribution from ION Orchard, partially offset by ongoing AEI at IMM Building and an increase in outbound travel during school and year-end holidays. Suburban malls remained resilient, registering stable tenant sales psf growth in FY 2024. Excluding ION Orchard, tenant sales psf for the retail portfolio and downtown malls eased by approximately 1% YoY. This was due to an increase in outbound travel by Singapore residents, which impacted local consumer spending in downtown malls, partially cushioned by the 21.5% YoY uplift in tourist arrivals in Singapore. FY 2024 TENANT SALES PSF1 1 Tenant sales psf adjusted for non-trading days. FY 2024 TENANT SALES BY QUANTUM Retail Portfolio +3.4% YoY Downtown +8.8% YoY Suburban +0.4% YoY Retail Portfolio +6.7% YoY Downtown +19.4% YoY Suburban -3.0% YoY Retail: Performance of Tenant Sales by Trade Categories The top five retail trade categories contributing over 71% of FY 2024 retail GRI (including gross turnover rent) were Beauty & Health, Food & Beverages (F&B), Fashion & Accessories, Digital & Appliance, and Leisure & Entertainment. These categories saw a 1.7% YoY increase in FY 2024 on a psf basis. Within the Beauty & Health trade category, beauty services were the main growth driver, reflecting the growing demand for quality offerings in this sub-category. F&B trade category sales showed resilience despite rising costs, driven by strong consumer dine-out trends. Conversely, Fashion & Accessories trade category faced resistance in expansion plans due to changes in consumer spending patterns amid job market uncertainties and moderating wage growth. Notably, tenants in the Hobbies trade category saw growth driven by the collectible blind boxes trend. In contrast, sales for Shoes & Bags trade category declined YoY, mainly due to higher sales in travel essentials in FY 2023. Sales for Home & Living trade category dropped with the trend of homeowners shifting to online purchases or cross-border deliveries. 39 Annual Report 2024
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