New age retail tenants: A new phenomenon

Abstract

Over the past five years, there is a phenomenon of local shopping malls redefining their retail space to accommodate New Age Retail Tenants upon the exit of some Anchor Tenants who have been dominant for decades. Shopping centre managements are having an arduous task seeking replacement for these anchor tenants who, for a long time, have been perceived as backbones of shopping malls. In view of the above, this research seeks to investigate this new phenomenon through the shoppers' image of anchor tenants and new age retail tenants. The study found the image structures of the two tenant types differing. The research further tested for the impact of sociodemographic factors on consumers' preference of retail tenant type and among the sociodemographic factors, age showed the most significant impact. Further analysis broke down the age groups into two general age groups. The research findings indicated anchor tenants and new age tenants have different target group and thus possible to co-exist in a shopping mall. New age retail tenants have not evolved to replace anchor tenants. In fact, their entry to the local retail landscape have brought an alternative option for mall managers to rejuvenate the shopping centres of Singapore, as well as variety of shops to the shoppers.