The shopping malls in singapore are like its HDB estates-they all look the same and have the same owners/tenants.
If you go to these HDB estates mall, you will find the shoppers are mostly locals (with low purchasing power) while the foreign talents Pinoy, Indian Ft's and PRC's prefer Orchard, Little India or Chinatown areas.
The most popular shop in the heartland malls would be Daiso -selling things at $2 and you find these supposedly world/1st class locals buying all the cheap stuff there while wondering when they will lose their jobs to foreigners.
Anyway most locals are not Christians and so why should they bother about X'mas?