Isetan Singapore to close Westgate store
Isetan Singapore is to close its loss-making department store at Westgate.
The Japanese retailer said it during discussions with JG Trustee on the renewal of its lease, the two parties were unable to reach an agreement.
Isetan Singapore has the option to renew the lease for a period of three years by notifying JGT no later than six months prior to the expiry of the lease on December 22, 2019.
“The rationale for the company’s decision not to renew the lease is due to both parties not being able to reach an agreement on the renewal terms of the lease favourable to this loss-making store,” Isetan Singapore said.
“The decision not to renew the lease is part of the company’s ongoing exercise of continuous assessment, realignment and consolidation of its operations to enable better deployment of existing resources among its other business units.”