Detail

Singapore retail veteran Metro has announced that it will close its last two department stores at Paragon and Causeway Point when their leases expire, marking its exit from the traditional large-format department store business in Singapore. Industry observers said Metro's departure reflects the continued decline of the department store model, driven by changing consumer preferences and the rise of e-commerce. SP's Diploma in Business Practice (Business Management) Course Chair, Mr Jonathan Lok, said successful retailers today stand out through their prime locations, clear positioning, and carefully curated mix of products, services, and experiences. He noted that leading retailers are no longer just selling products but have become part of a broader lifestyle and shopping destination. Experts added that the decline of department stores is a global trend, not unique to Singapore. They pointed to shopping malls in cities such as Shanghai and Hangzhou, where traditional department stores have largely been replaced by experiential offerings such as restaurants, IMAX cinemas, spas, DIY workshops, and fitness centres—experiences that cannot easily be replicated online.

[Lianhe Zaobao]