Vacancy rates for shopping malls in the Philippines is expected to rise
Colliers believes that the pandemic has changed consumers’ shopping behaviours
According to a forecast by real estate consultancy Colliers, shopping mall vacancy rates will grow by 12 percent in 2020, reported Retail News Asia.
They said that the drop in footfalls because of the outbreak and the growing acceptance of purchasing items online will influence the business of physical stores.
The rise in mall vacancy rates is also attributed to the fact that most retailers have now opted to develop their own e-commerce platforms or improved their social media strategies to boost sales online.
More: Vietnam’s retail industry banks on e-commerce to minimise COVID-19 impact
“By expanding online strategies and partnering with apps to facilitate seamless delivery, retailers should be able to offset any softer retail demand due to the COVID-19 pandemic and the government’s implementation of a lockdown,” said Colliers Philippines.
Moreover, a Philippine Payments Management report revealed that online payments grew substantially in April by as much as 32.2 percent, which is around 6.7 million InstaPay transactions.
On the other hand, the same company also discovered that 80 percent of respondents still prefer to do their shopping physically, based on a survey conducted in March.
Recommended
Why everyone is moving to Selangor and Johor: Malaysia’s real estate comeback
Malaysia’s upturn in fortunes is especially prevalent in secondary destinations such as Selangor and Johor
Penang’s silicon boom: How the US-China tech war is supercharging local real estate
Penang’s booming semiconductor industry has created ripples within the local real estate sector
New leader, new opportunities: How Hun Manet is shaking up Cambodia’s real estate game
Hun Manet is overseeing decent economic growth and widening access to the country’s real estate market for foreigners
Singapore embraces inclusive housing reforms amid resilient demand
The Lion City’s regulatory strength continues to exert appeal for international investors