The Shoppes at Marina Bay Sands saw revenues rise by around 41% year-on-year to US$55 million in the three months to 30 June 2022, aided by the resumption of travel and easing of restrictions in Singapore.
The update was contained in a media release last week in which Marina Bay Sands (MBS) flagged an expanded luxury footprint among its expansive retail mall with the addition of brands such as Buccellati, Tag Heuer, Bell & Ross, Baccarat, Acne Studios, Giuseppe Zanotti and AMAFFI.
MBS said the easing of COVID-19 restrictions has “proven to be an important factor in reviving the retail landscape,” with retail occupancy in the June quarter reaching 99.7%.
“The strategy that we adopted in the last two years – maintaining our tenant mix integrity with a continued focus on the luxury sector and refocusing our efforts to acquire more local clientele – has paid off,” said Hazel Chan, Vice President of Retail at Marina Bay Sands.
“With the reopening of borders, we are also witnessing an influx of tourists with higher spending power and who desire curated experiences. Our strong ‘premium to luxe’ positioning has set us apart, allowing us to retain, acquire and grow our clientele base, especially ultra-luxe shoppers.
“We will continue to identify and bring in even more exciting concepts to the retail mix that will elevate the overall shopping experience for our customers.”