Expectations differ on impact of F1 event on businesses

Nearly half of 40 ST spoke to expect, hope to earn more; others think footfall and earnings will drop by 15%-40%

- Amanda Lee  Consumer Correspondent and Sarah Koh

Close to half of 40 businesses interviewed say they expect or hope to emerge victorious, earnings-wise, over the three-day Formula One Singapore Grand Prix from Sept 30.

Those which predict that profits and footfall will take a hit cite road closures, which begin on Wednesday, to set up the race infrastructure for the glitzy event after a two-year hiatus.

From 12.01am on Wednesday, some roads around the Marina Centre and Padang areas, such as Nicoll Highway, Beach Road and Collyer Quay, will be closed.

Traffic flow will be back to normal by 5.30am on Oct 4.

Despite the road closures, 19 of the 40 retailers in the area that The Straits Times spoke to are hopeful that the race will drive up profits and footfall by between 10 per cent and 40 per cent.

Mr Jacob Folkoff, general manager at Black Tap Craft Burgers and Beers at The Shoppes at Marina Bay Sands, expects business to pick up by 30 per cent to 40 per cent during the F1 week.

Based on previous seasons of F1 race weekends here, he said the restaurant usually saw more people before and after the race.

"Usually we close at 11pm. But we will be extending operating hours over the F1 weekend till lam to cater to people coming over after the race," he added.

Similarly, Ms Esther Chai, manager at clothing store Zara at the mall, expects footfall to rev up with shopper traffic from tourists staying at Marina Bay Sands.

"Business during the previous F1 seasons before Covid-19 was pretty good," she said.