Indeed, rent is the main culprit of escalating costs especially the Capitaland malls.
If you're observant enough you can detect many retail casualties at malls islandwide, the shop space boarded up and occasionally 'a new shopping experience coming soon' sign. The small businesses and lesser brands are especially vulnerable.
If taxation kills businesses, rent kills enterprise.
My favourite banquet and teh tarik restaurant at bedok bite the dust. Business good. But towkay raised the rental i have been told..