nd has nine shopping malls in a relatively small area. But each has a different identity and demographic. For example, some are targeted more towards women, others to more affluent shoppers, and others for the professionals working nearby. Then there is Ion Orchard, which is luxury-driven, targeting tourists and locals alike, and Plaza Singapura, which appeals to students.  Chris Chong has been CEO of retail and workspace (Singapore and Malaysia) at CapitaLand Investment since September 2021 and is responsible for the transformation strategy and development of new concepts. He advocates that a successful mall is an ecosystem in which different retail concepts and offers – and mall management – complement each other to appeal to consumers and optimise sales.  “For a shopping mall to thrive it must have a very vibrant ecosystem. Within every retail ecosystem, there are different players doing different things, different attractions, and different roles,” he explained. “When we look at the consumer journey, we always need to wear the hat of the consumer because, at the end of the day, there’s a consumer part of us in every one of us. When we devise these different journeys, we need to keep in mind what’s relevant in terms of our shopping habits: the frequency and the kind of destination are very important. That’s where, when we talk about coming together and identifying what makes it work, the partnership with the retailer stands out as the most important because each of them has different ideas of what retail is about.” Chong said CapitaLand believes that every shopping mall should have its own identity.  “One of the key things we always hear people complain about is that every shopping mall these days looks the same. Well, I beg to differ, because if you have a strong ecosystem, then you can stand out in terms of what you stand for, and serve a certain community.  “For example, there are certain locations which are very lifestyle, sports and leisure-driven. So you have a very different kind of F&B, a different mix [of tenants] and a different environment. Then you have another location that is luxury, so you put in place different marketing campaigns and touchpoints, working together with the retailers, who have to be first convinced that they are part of the ecosystem.  “I cannot be a one-size-fits-all. That’s one of the key challenges. But at the same time, if we can overcome that, then the retailers will see a lot of benefits that when they customise their storefronts, even their ranges, that will go a long way in the conversion of sales.” Pursuing this strategy led to CapitaLand changing its retailer management structure. Three years ago there was a separate account management team for each CapitaLand shopping centre, leading to a very segregated culture. Now the company has more of a key account mindset, with retailers having one point of contact to discuss opportunities or plans across the whole local mall network.  “This bears a lot of fruit in terms of customisation, and being able to work closely [with tenants] on different properties. Because retail is so segregated now, we see the benefit of maintaining different micro markets, even in a small city like Singapore. When you have nine properties, you have to start thinking about how to differentiate, but at the same time, you have a huge team to do different things in different directions, yet working with pretty much the same number of retailers,” Chong said. Evidence of the new strategy paying off is the successful adaptation of the Clarke Quay property which has fronted the Singapore River for more than 40 years as a tourist drawcard renowned for restaurants, bars and live entertainment.  “Along the way, we realised that – especially after Covid – the drinking crowd were not coming back. People drink less, they don’t hang out as late and the problem was that our trading hours were very short,” he said. Among CapitaLand’s initiatives to draw crowds back was a new-generation FairPrice Xtra supermarket where customers can order food and have it cooked on the spot, taste wines or stock up on groceries to take home.  Chong cited this as an example of collaboration with retailers – it’s not just about ensuring that a supermarket is there to serve people’s needs, but about what people might want as well. “It’s all about creating a communal experience. People step into the supermarket and they’re pleasantly surprised,” he said. Next door is a music shop where customers can enjoy an ice cream or a beverage and listen to vinyl. For the opening, CapitaLand hosted a Chanel pop-up store with a masterclass.  “These are experiences that in the past, we would not have imagined in that location, where there were a lot of pubs and bars. If you make something that is a little bit novel and interesting, that creates a new landmark in the minds of young consumers,” he said. Chong said the supermarket collaboration involved many discussions over a period of time.  “Both sides shared the need to have new concepts all the time,” he explained. “FairPrice is eager to attract new consumer groups and this concept kind of changes the perception of what a supermarket is. When you talk about supermarkets, people generally will shop online for bulky items, but when it comes down to the [physical] supermarket, we need to feature interesting things that make people think ‘this is nice, maybe I should enjoy something different and pamper myself today’. With that in mind, how do you make [supermarket customers] stay longer and dwell? So I guess it’s a win-win because we like new concepts like these and for them, it is a new experience.” From gadgets and gear to rock-climbing and food Another example is Funan Mall, once a destination for discounted electronic goods and components, which began to suffer lower footfall when consumers started buying such stuff online instead of visiting stores.  “We had to make a strategic decision to change it or to tear it down and rebuild. From an asset management standpoint, from just one shopping mall, we redeveloped it into retail with serviced apartments and two office blocks,” Chong said. He said it was a success because the retail served the office crowd above, and in adjacent buildings, and it offers lifestyle and sporting goods and activities, complete with a rock-climbing wall in the podium and a cycle path.  At weekends, it’s a popular destination for millennials with people watching or enjoying rock climbing, or hanging out at the sports and leisure stores or the eateries. “In the recent survey that we had, Funan was top in terms of people wanting to just chill.” Adapting to changing demographics Chong said the tenant mix in shopping malls is always a constant challenge, especially when many of CapitaLand’s locations in Singapore are pushing 40 and others are nearly new. The company has to keep finding ways to unlock value for its retailers and keep each mall relevant.  With every asset enhancement initiative – or refurbishment to the layperson – brainstorming is essential, with retailers and consumers having their say in what has changed with the property, and whether and why people still go there.  When planning, CapitaLand always adopts a strategic approach as to whether the properties are going to age together with their original target demographic or be adapted to focus on younger generations.  “Perhaps this location started off selling to millennials, it is very young, very trendy. But 10 or 15 years later, do you want to include their families and their children?” Chong asked. “You want to include new [offers] because people who would love to come to this location have probably grown old with their kids. These are strategic decisions: do you want to be the latest kid on the block constantly and rejuvenate and reinvest, or do you want to go the other way, which is continuing to grow together with that same group of consumers? “We always keep an open mind about what the next trend will be because one of the dangers we always fall into is that we assume that what we did last year, could work next year. But as good retailers and good marketers, we never want to do the same thing.”  Chris Chong was a speaker at the NRF Big Show 2024 Apac edition held in Singapore recently.