Shopping malls in Singapore are seeing their tenants moving out, such as Robinsons and Topshop.
The latest brand that will be closing an outlet is Marks & Spencer (M&S).
Dec. 31: Last day of operations for M&S at Raffles City
The British retail chain put out an advertisement about their moving out sale for their outlet at Raffles City in the Straits Times.
The last day of operations will be on Thursday, Dec. 31, 2020, according to the advertisement.
Here's the advertisement:
The outlet will be holding a moving out sale with up to 70 per cent off selected items in the store.
The other deals (with terms and conditions) include:
- Buy one, get second 50 per cent off for all wines
- 12 per cent off with min. S$100 nett spend from Dec. 10 to Dec. 14
According to the advertisement, M&S at Raffles City has had "34 amazing years of memories".
The brand still has 10 other stores across the island, including ones at Wheelock Place and VivoCity.
Struggling to stay profitable
M&S is owned by Al-Futtaim, a large conglomerate based in Dubai.
The parent company also owns brands such as Robinsons, Zara, and Mango.
According to ST in November 2020, M&S had said that it had a "thriving business" in Singapore and had no intention to close its business locally.
However, in 2018, M&S only made profit of S$101,613 after tax, as compared to when it made S$2.9 million in 2017, reported ST.
BBC reported that M&S is aiming to close up to 100 stores by 2022 in the United Kingdom.
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Top images via Ming/Google Maps & Straits Times newspaper