Several Parkway Parade mall tenants leave as rents go up

Long-time tenants say they struggle with costs, tepid sales and more building work

- Joyce Lim Senior Correspondent and Sheo Chiong Teng

British retailer Marks & Spencer will be closing its Parkway Parade store on Feb 16, marking another major departure from the 42-year-old mall in Marine Parade.

Its impending closure after more than two decades at the mall comes amid rising rental costs and ongoing concerns about foot traffic among tenants at the shopping complex, which opened its doors in 1983.

At least seven other tenants have vacated in the past year, with at least one citing rental increases of up to 30 per cent, following the opening of Marine Parade MRT station on the Thomson-East Coast Line in June 2024.

These are Ole Ole, a Malay kueh stall that had been at the mall for more than 30 years; home-grown restaurant chain Putien, which closed in September 2024 after 15 years; eatery Go Noodle House; household appliance firm Dyson's demo store; convenience store 7-Eleven; restaurant Treasures Yi Dian Xin; and Gadget Solution, which sells game consoles and mobile phone accessories.

Despite the increase in foot traffic reported to some of the retailers by the mall's management Lendlease, they told The Straits Times they have not seen a corresponding increase in their sales.

The ongoing construction of an underground linkway to Marine Parade station from the mall's basement, due to be completed in 2027, is also expected to affect business further, said the tenants.

Marks & Spencer, which opened its second-floor store at Parkway Parade in May 2004, told ST that its upcoming closure is part of an ongoing effort to refine its store portfolio and focus on key locations and the online business in Singapore.

Although the company did not specify how many staff would be affected, a spokesperson said: "We are committed to supporting all affected colleagues through this transition. This includes offering opportunities for redeployment to other stores or roles, where possible, as well as providing resources and assistance."