Both Singapore branches of home-furnishing shop Iwannagohome are being closed.
A spokesperson for parent company Gil Capital says no employees will lose their jobs as they will be redeployed to other stores run by the company, which manages fashion chain H&M and confectionery store Candylicious, among others, in Singapore.
Meanwhile, the company has not responded to inquiries as to whether Iwannagohome’s other stores in Australia and Malaysia will be affected, reports Channel NewsAsia.
Other retailers at Great World City and Tanglin Mall say the poor economy and dwindling foot traffic in the malls have affected them.
“Business is really bad because Singapore has too many malls. Most of the shops are struggling,” a Tanglin Mall sales assistant told The New Paper. She said two clothings shops are also closing, and some days her shop does not make a single sale.
Great World City stationery store manager Lily Tan says sales have dipped, with the number of customers dropping from more than a 100 a day to about 30 to 40.