Isetan Singapore closing Parkway Parade store by March 2022

[The_King]

SINGAPORE - Department store operator Isetan Singapore will be closing its Parkway Parade outlet when its lease expires next March.

The company has no plans to find a replacement store and will continue its operations at its remaining stores in Shaw House, Tampines Mall and Nex, it announced in a bourse filing on Friday (Aug 13).

The lease for Isetan's Parkway Parade store expires on March 9, 2022. It had been extended for 15 months from the end of its previous term.

 

Isetan said that negotiations with the landlord for a further extension of the Parkway Parade lease "did not yield a positive result".

Isetan Katong opened at Parkway Parade back in 1983 - marking the Japanese retail giant's penetration into suburban Singapore. 

It currently occupies retail space on two floors of the Marine Parade Road mall, after starting with three floors when it  opened.

 

 

In March 2020, Isetan discontinued operations of its Westgate store in Jurong East. It decided not to renew the lease for the store after failing to come to an agreement with its landlord, and noted in a regulatory filing in 2019 that the outlet was loss-making. 

Isetan’s shrinking presence here reflects the tough outlook for the retail sector, which has taken a battering amid the Covid-19 pandemic and related health measures. 

Retailers which have exited the Singapore market or shifted their operations online in recent months include home-grown department store Robinsons, sporting goods store Sportslink and fashion brand Topshop. 

Separately on Friday, Isetan announced its latest financials, posting a net profit of $1.25 million for the six months ended June 30, reversing the net loss of $317,000 for the year-ago period.

This was due to a recovery in sales from its stores being able to remain operational throughout the six-month period, it said.

Isetan's earnings per share stood at 3.03 cents, compared with the losses per share of 0.77 cents a year ago.

Its revenue for the period was $38.4 million, 12.8 per cent higher than a year ago. This was due to higher sale of goods from the retail segment, higher consignment income and higher rental income from the Isetan Wisma Atria investment property, the company said.

The higher sale of goods came in contrast to last year's enforced closure during the circuit breaker period between April 7 and June 18.

Revenue also received a boost from Isetan’s investment in Wisma Atria compared with last year, when mandatory rental rebates were given to its smaller tenants in line with the Government’s Covid-19 support measures.

But the recovery in sales seen in the first half of this year was disrupted by tighter measures imposed during Singapore's phase two (heightened alert) from May 16 to June 13, Isetan said.

[XianGe]

Wasted... East coast has lich ppl... Tink issue is the rental... So far Robinson/isetan/takashimaya web store don't have those bazaar item... Maybe bhg or tiongland shops will take over

[socrates469bc]

2 hours ago, The_King said:

SINGAPORE - Department store operator Isetan Singapore will be closing its Parkway Parade outlet when its lease expires next March.

The company has no plans to find a replacement store and will continue its operations at its remaining stores in Shaw House, Tampines Mall and Nex, it announced in a bourse filing on Friday (Aug 13).

The lease for Isetan's Parkway Parade store expires on March 9, 2022. It had been extended for 15 months from the end of its previous term.

 

Isetan said that negotiations with the landlord for a further extension of the Parkway Parade lease "did not yield a positive result".

Isetan Katong opened at Parkway Parade back in 1983 - marking the Japanese retail giant's penetration into suburban Singapore. 

It currently occupies retail space on two floors of the Marine Parade Road mall, after starting with three floors when it  opened.

 

 

In March 2020, Isetan discontinued operations of its Westgate store in Jurong East. It decided not to renew the lease for the store after failing to come to an agreement with its landlord, and noted in a regulatory filing in 2019 that the outlet was loss-making. 

Isetan’s shrinking presence here reflects the tough outlook for the retail sector, which has taken a battering amid the Covid-19 pandemic and related health measures. 

Retailers which have exited the Singapore market or shifted their operations online in recent months include home-grown department store Robinsons, sporting goods store Sportslink and fashion brand Topshop. 

Separately on Friday, Isetan announced its latest financials, posting a net profit of $1.25 million for the six months ended June 30, reversing the net loss of $317,000 for the year-ago period.

This was due to a recovery in sales from its stores being able to remain operational throughout the six-month period, it said.

Isetan's earnings per share stood at 3.03 cents, compared with the losses per share of 0.77 cents a year ago.

Its revenue for the period was $38.4 million, 12.8 per cent higher than a year ago. This was due to higher sale of goods from the retail segment, higher consignment income and higher rental income from the Isetan Wisma Atria investment property, the company said.

The higher sale of goods came in contrast to last year's enforced closure during the circuit breaker period between April 7 and June 18.

Revenue also received a boost from Isetan’s investment in Wisma Atria compared with last year, when mandatory rental rebates were given to its smaller tenants in line with the Government’s Covid-19 support measures.

But the recovery in sales seen in the first half of this year was disrupted by tighter measures imposed during Singapore's phase two (heightened alert) from May 16 to June 13, Isetan said.

 

2 hours ago, XianGe said:

Wasted... East coast has lich ppl... Tink issue is the rental... So far Robinson/isetan/takashimaya web store don't have those bazaar item... Maybe bhg or tiongland shops will take over

 

general merchandise aka departmental store business model is alrdy half-dead in 2015 liao.

 

now, it is fully dead liao.

 

wahahahahhahahha

 

today the price abt sgd0.011/share liao.

 

 

 

[The_King]

16 minutes ago, socrates469bc said:

 

 

general merchandise aka departmental store business model is alrdy half-dead in 2015 liao.

 

now, it is fully dead liao.

 

wahahahahhahahha

 

today the price abt sgd0.011/share liao.

 

 

 

Buy high sell low.

 

Time to buy and buy