Serious Isetan To Close Shop At Westgate!! Time To Renovate Westgate And Build Jewel No.2 ?

[JohnTan]

SINGAPORE - Isetan Singapore will not renew its lease with JG Trustee (JGT) for its "loss-making" store in Westgate, the Japanese department store operator said in a regulatory filing on Monday (May 6) before the market opened.

According to terms of the lease, the company has the option to renew the lease for a period of three years by notifying JGT no later than six months prior to the expiry of the lease on Dec 22, 2019.

Isetan Singapore noted that it has had discussions with JGT on the lease renewal, but that both parties did not reach an agreement. Therefore, the company has decided not to renew the lease.


"The rationale for the company's decision not to renew the lease is due to both parties not being able to reach an agreement on the renewal terms of the lease favourable to this loss-making store," Isetan Singapore said.

It added that the financial effect on the non-renewal of the lease for the current and future financial years "cannot be reasonably estimated" as at the date of this announcement.

"The decision not to renew the lease is part of the company's ongoing exercise of continuous assessment, realignment and consolidation of its operations to enable better deployment of existing resources among its other business units," Isetan Singapore added.

The counter last traded at $3.10 on May 2, down 0.96 per cent, or three cents.

Isetan Singapore has a market cap of about $128 million, and sits on bond investments worth around $68.5 million, as well as $50.7 million in cash.

https://www.straitstimes.com/business/property/isetan-not-renewing-lease-of-loss-making-westgate-store

 

[laksaboy]

Let's see which store(s) replace Isetan.

It's has an interesting layout. B2 is just next to the carpark. B1 is near a big food court. And one of escalators to the ground floor leads out to the Sephora shop.

 

[wontonmee]

sell jipun stuff ao expensive who will buy. prices much more expensive than dondondonki

 

[eatshitndie]

too out of reach and sexpensive for sinkie losers, jiuhukia, tiong and neh blue collar workers who live in jurong and west coast. any reasonable retailer should avoid the jurong shithole at all cost.

 

[JohnTan]

That's why we need 10 million locals instead of our current population. Otherwise, our malls can't survive and there won't be enough demand for Singapore property. We also need a stronger domestic demand for our own local economy and to support our local start ups. Oppies can help by not opposing so much. Kindly stop trying to fuck up Singapore so that your own loser parties can win local elections.

 

[laksaboy]

too out of reach and sexpensive for sinkie losers, jiuhukia, tiong and neh blue collar workers who live in jurong and west coast. any reasonable retailer should avoid the jurong shithole at all cost.

Isetan is not going to thrive in a place with very few nihonjin, where the only attractions nearby are: Banglas having picnics on the vast grass field, Pinoy maids thronging the Jollibee outlet at the MRT station, and a periodic pasar malam selling the usual crap.

There's also the possibility that online shopping has eaten up the business of these retailers, or the landlord is greedy and trying to milk dry one of the anchor tenants, foolishly thinking it will meekly comply with rental demands.

P.S: Second CBD in Jurong... my ass.

 

[eatshitndie]

Isetan is not going to thrive in a place with very few nihonjin, where the only attractions nearby are: Banglas having picnics on the vast grass field, Pinoy maids thronging the Jollibee outlet at the MRT station, and a periodic pasar malam selling the usual crap.

There's also the possibility that online shopping has eaten up the business of these retailers, or the landlord is greedy and trying to milk dry one of the anchor tenants, foolishly thinking it will meekly comply with rental demands.

P.S: Second CBD in Jurong... my ass.

even nihonjin don’t go to isetan anymore. they would rather avoid big malls and shop at quaint hole-in-walls in katong, holland village, tiong bahru, haji lane - where they can find other atas visitors other than sinkies. so called “lake district” shall crumble and becum “leak district” where banglas, pinoys, tiongs, nehs go to lake to take a leak.

 

[maxxi]

Today got big article about Reits being popular

 

[wontonmee]

Today got big article about Reits being popular

Reits..Haha.. contributing to at least 70% of cost of living increases via their PAP rent seeking behavior.

 

[laksaboy]

Today got big article about Reits being popular

Fake news pressttitutes like to publish similar articles to puff up the property market. Some twit from ERA etc or an 'industry expert' would be interviewed.

 

[red amoeba]

There is Westgate there is Jem then there is j-west. A sleepy Jurong east needs so many shopping mall for fuck ? Those betting on HSR can all go eat shit liao

 

[wontonmee]

Those betting on HSR can all go eat shit liao

There's a ferocious woman here who has invested in a property there. Haha.

 

[laksaboy]

There is Westgate there is Jem then there is j-west. A sleepy Jurong east needs so many shopping mall for fuck ? Those betting on HSR can all go eat shit liao

IMM - Westgate - JCube form the Capitamalls cartel trinity in Jurong East. Capitaland is a GLC and you can accumulate and redeem points at all Capitamalls malls islandwide.

Jem is owned by Aussie developer Lendlease. Lendlease is also about to complete a new mall in Paya Lebar: the Paya Lebar Quarter (PLQ mall). It's near to Geylang Serai.

I've witnessed many retail casualties in those malls, even the 'big names'. For example, JCube used to have a Nandos restaurant by the ice skating rink, now it's a vacant space.

 

[rushifa666]

Useless idiot cannot even use an isetan photo correctly! That is orchard

 

[rushifa666]

IMM - Westgate - JCube form the Capitamalls cartel trinity in Jurong East. Capitaland is a GLC and you can accumulate and redeem points at all Capitamalls malls islandwide.

Jem is owned by Aussie developer Lendlease. Lendlease is also about to complete a new mall in Paya Lebar: the Paya Lebar Quarter (PLQ mall). It's near to Geylang Serai.

I've witnessed many retail casualties in those malls, even the 'big names'. For example, JCube used to have a Nandos restaurant by the ice skating rink, now it's a vacant space.

Imm free parking. Why did they think that happened? Bdcause of hoards of shoppers

 

[congo9]

They should try to reduce parking fee ma.

 

[borom]

How to compete with a holding coy that can lose billions and still boldly proclaim its a long term investments -with "unlimited" access to funds from you know where !