Retail pain for expat enclave of Dempsey Hill

Singapore’s slowing economy is causing retailer pain in the expatriate enclave of Dempsey Hill.

It is a knock-on effect from the economy’s impact on foreigners, reports the Straits Times.

“Retailers in the expatriate enclave, offering high-end purchases such as antique furniture and hand-woven carpets, are adjusting to the ebb and flow of the economy, and its impact on the high-end foreign crowd. They tend to be the first to feel the heat from a slowing economy, whereas the food and beverage sector is more resilient, attracting a broader clientele,” says the newspaper.

“Many of these upmarket retailers rely on high-spending foreigners, usually from the oil and gas sector, but last year thousands of jobs were axed.”

While the overall number of expatriates in Singapore is stable, they tend to be drawing smaller remuneration.

Property investment firm Country City Investment, which runs the Dempsey Hill cluster of eateries and retail outlets, says it has been helping its tenants market their offerings and even introduced shuttle buses for visitors.

Read the full story on the Straits Times website…

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