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Tag: Funan

  • CapitaLand unveils reimagined Funan to the public

    CapitaLand unveils reimagined Funan to the public

    unan, one of Singapore’s best-known and most enduring retail icons, reopens its doors to shoppers today after three years of redevelopment, starting a new chapter in its storied evolution.  Home to a rich variety of more than 190 brands clustered around six passion themes Tech, Craft, Play, Fit, Chic and Taste, the new Funan is set to become the centre of commercial, social and cultural activities in Singapore’s Civic District.  Injecting vibrancy to Singapore’s retail scene, more than 30% of Funan’s brands are new-to-market brands, concepts or flagships.  As a showcase for local talents, more than 60% of Funan’s brands originate from Singapore.

    In a nod to its past, the new Funan will go beyond selling IT products to incorporating the tech experience throughout the entire development.  Executives entering Funan’s twin office blocks enjoy the convenience of facial recognition turnstile access.  Using one of the about 40 smart directories in Funan, shoppers can browse and search for trending merchandise before mapping the shortest route possible to reach a store with the wayfinding system.  Enabled by sensors, these smart directories can also make product recommendations based on the shopper’s demographic profile.  By year-end, shoppers can expect a robot-enabled handsfree shopping and 24/7 click-and-collect drive-through service.

    Out of approximately 400 carpark lots at Funan, 36 lots are set aside for its carpark reservation system, whereby drivers can book a day in advance via the CapitaStar app.  Upon arrival, drivers will be guided to their allocated lots by the video-based smart carparking facility.  Users of Funan’s Bicycle Hub gain access to the shower rooms using the CapitaStar app, which is also leveraged by tenants The Ark and Golden Village to offer seamless online-and-offline experiences for their customers.  Access to the Makers Studios at Funan’s Tree of Life is also fully automated via QR codes.  Behind the scenes, Funan utilises video analytics to measure and analyse footfall throughout the mall and entering each store.  In-store smart terminals further capture transaction data so that tenants can use the analytics to refine their offerings and enhance customer experiences.

    Mr Chris Chong, Managing Director, Retail, CapitaLand Singapore, said: “From Funan Centre in 1985 to Funan The IT Mall in 1997, and from Funan DigitaLife Mall in 2005 to Funan today – each change represents an evolution of the mall’s positioning to serve the needs of different generations of consumers.  The reimagined Funan relaunches the mall as a social retail space for discovery, learning and shopping, underpinned by a digital layer of customer experience to enhance satisfaction.  With this configuration, CapitaLand aims to support retailers in embracing opportunities in the brave new world of bricks-and-clicks by attracting and growing a responsive and vibrant community, powered by an ecosystem of sensors and analytics to deepen consumer insight.  As Funan enters a new era, we remain committed to innovate Funan’s offerings to keep its retail platform dynamic and relevant.”

    Mr Tony Tan, CEO of CapitaLand Mall Trust (CMT) Management Limited, said: “As Singapore’s largest retail real estate investment trust, we are cognisant of the importance to stay competitive by adapting to the evolving retail landscape, so that we can deliver sustainable long-term returns to our unitholders.  Conceived to support retailers’ omnichannel strategies, the redevelopment of Funan represents CMT’s effort to pave the way forward in serving the needs of present and future generations of shoppers.  We are heartened that Funan’s latest transformation has been well-received by the market, having achieved robust levels of 95% for retail leasing and 98% for office leasing.  We will remain vigilant in monitoring market trends and continually identify ways to future-proof the malls in our portfolio.”

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  • Singapore’s Funan mall Opening Date Revealed

    Singapore’s Funan mall Opening Date Revealed

    Funan mall is set to open its doors on June 28 – ahead of schedule after a three-year redevelopment.

    Located in the heart of Singapore’s Civic District, the mall will host more than 180 brands under six themes: tech, craft, play, fit, chic and taste. One in three of the stores will be new-to-market brands, new concept stores or flagships.

    “Shaped by its unique location in a new-gen live-work-play hub, Funan brings together experiential and activity-based retail at a scale not seen before in Singapore’s Civic District, while providing a collaborative platform for retailers to share their brand stories,” said Chris Chong, MD, retail, at CapitaLand Singapore.

    “With a dedicated community manager, Funan goes beyond a singular focus on achieving a certain retail mix to curate community experiences that consumers are passionate about, as it seeks to build social connections and networks beyond the transactional.”

    Experiential and activity-based retail takes centrestage at Funan – Climb Central will operate the highest climbing facility in the Civic District, extending from the base of the Tree of Life at Basement 2 to Level 1.

    “To date, Funan has achieved about 92 per cent in commitment for its retail leasing and we expect more leases to be signed in the coming months,” said Tony Tan, CEO of CapitaLand Mall Trust Management Limited.

    “The robust demand for Funan’s retail space comes on the back of a strong pre-leasing commitment of 98 per cent for its twin office blocks. With a clear focus on offering differentiated experiences and connections that are not replicable online, Funan aims to anchor and grow its own community of followers who will keep returning. This innovative approach in curating a mall will augur well in creating sustained value for our unitholders over the long term,” said Tan.

    New-to-market brands

    Tech company Dyson will unveil its first standalone store in Singapore at Funan. The beauty-only concept store will be dedicated to its Dyson Supersonic hair dryer and recently-launched Dyson Airwrap styler.

    British folding-bikes maker Brompton Junction will open its first Southeast Asian flagship store, and launch a Lion City special edition bike.

    Golden Village’s seven-screen multiplex in Funan will feature two new seating concepts – Deluxe Plus and Gold Class Express – along with virtual reality pods in its foyer, showcasing popular games and cinematic content for customers.

    FairPrice Finest will introduce a digital shopping experience at Funan, allowing customers to shop and pay through their phones.

    Kopitiam will launch its latest concept KopItech, where patrons can place their orders via one of 17 self-service kiosks or through Facebook’s messaging app.

    Singapore’s True Group will open a flagship TFX fitness centre in Funan, True’s first fitness centre in Singapore with a swimming pool and outdoor deck.

    Other retailers will make their return to Funan, including tech retailer AddOn Systems which will operate Singapore’s Lenovo Flagship Store, and GamePro Shop, which will organise esports tournaments.

    Courts is opening its first uniquely IoT store, featuring simulated smart home concepts where consumers can visualise their dream home fully connected.

    Local eateries Ya Kun Kaya Toast, Qi Ji and Old Chang Kee will also return, with Qi Ji marking its 16th outlet islandwide since its first stall in Funan Centre back in the 1990s.

    Local labels

    More than half of Funan’s tenants are homegrown brands, both established and emerging.  These include artisan jeweller Carrie K’s first standalone boutique and fashion label Love, Bonito’s largest outlet in Singapore. Footwear brand Another Sole will also launch its first menswear collection there.

    Native online brands opening their first brick-and-mortar outlets include fashion retailer All Would Envy and creative confectionery brand Nasty Cookie.

    Specialty coffee roaster Papa Palheta, the group behind Chye Seng Huat Hardware, will be launching Singapore’s first employee-owned cafe, PPP Coffee and Sinpopo will open its first coffee concept in Funan. Designer store Grafunkt will include an in-store bistro.

    At an urban farm on Level 7 operated by Edible Garden City, farmers will work with chefs to curate, grow and harvest pesticide-free produce, supplying the produce straight to restaurants in the building.

    Located in the heart of Singapore’s Civic District, the mall will host more than 180 brands under six themes: tech, craft, play, fit, chic and taste. One in three of the stores will be new-to-market brands, new concept stores or flagships.

    “Shaped by its unique location in a new-gen live-work-play hub, Funan brings together experiential and activity-based retail at a scale not seen before in Singapore’s Civic District, while providing a collaborative platform for retailers to share their brand stories,” said Chris Chong, MD, retail, at CapitaLand Singapore.

    “With a dedicated community manager, Funan goes beyond a singular focus on achieving a certain retail mix to curate community experiences that consumers are passionate about, as it seeks to build social connections and networks beyond the transactional.”

    Experiential and activity-based retail takes centrestage at Funan – Climb Central will operate the highest climbing facility in the Civic District, extending from the base of the Tree of Life at Basement 2 to Level 1.

    “To date, Funan has achieved about 92 per cent in commitment for its retail leasing and we expect more leases to be signed in the coming months,” said Tony Tan, CEO of CapitaLand Mall Trust Management Limited.

    “The robust demand for Funan’s retail space comes on the back of a strong pre-leasing commitment of 98 per cent for its twin office blocks. With a clear focus on offering differentiated experiences and connections that are not replicable online, Funan aims to anchor and grow its own community of followers who will keep returning. This innovative approach in curating a mall will augur well in creating sustained value for our unitholders over the long term,” said Tan.

  • CapitaLand Mall Trust’s 2018 Full-Year Earnings: Steady Growth in Distribution Per Unit

    CapitaLand Mall Trust’s 2018 Full-Year Earnings: Steady Growth in Distribution Per Unit

    CapitaLand Mall Trust (CMT) has achieved a distributable income of S$108.1 million for the December quarter, up 5.1 per cent on the same period a year earlier. CMT’s manager, CapitaLand Mall Trust Management (CMTML), says full-year distributable income reach S$410.7 million, up 3.8 per cent year on year. CMTML chairman Richard R Magnus said the results were achieved through “proactive asset and capital management” and reflect the quality of CMT’s portfolio, underpinned by attractive locations and diverse tenant mix.

    “Cognisant of the challenges ahead – which include slowdowns in the global and Singapore economies, uncertainty in the interest rate environment and competition from the completion of new shopping malls – we remain vigilant and will continually explore new ways to differentiate our malls from the competition and increase customer engagement.”

    CMTML CEO Tony Tan said the portfolio was rejuvenated last year by through the sale of Sembawang Shopping Centre and redeploying the proceeds into acquiring the remaining interest in Westgate – a higher-yielding quality asset.

    “During the fourth quarter, we completed the asset enhancement initiatives at Tampines Mall and Westgate, which are targeted at expanding their retail offerings and improving comfort and accessibility for visitors. In the same quarter, Plaza Singapura welcomed NomadX,

    CapitaLand’s first multi-label concept store featuring digital sensors, ePayment systems and unmanned store technology. By immersing our physical retail space with digital technology, we are empowering our tenants to strengthen interactions with a new set of customers while getting to know our shoppers better,” said Tan.

    “Through continual efforts to refresh CMT’s tenant mix and elevate the shopping experience, we ended the year with a high portfolio occupancy of 99.2 per cent.”

    Tan said the Funan redevelopment continues its leasing momentum and is on track to open in the second quarter of this year.

    “Including leases under active negotiations, the leasing for Funan has reached more than 80 per cent.”

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  • Funan set to open Singapore’s first O&O shopping mall ahead of schedule in 2Q 2019

    Funan set to open Singapore’s first O&O shopping mall ahead of schedule in 2Q 2019

    Funan is racing ahead to open Singapore’s first online-andoffline (O&O) shopping mall integrating online, offline, data and logistics aimed at empowering retailers’ omnichannel strategy and transforming the customer experience. The retail as well as its office components are now slated to open in 2Q 2019, instead of the earlier announced 3Q 2019. The opening of lyf Funan Singapore, a coliving serviced residence component within Funan, managed by The Ascott Limited, has also been brought forward from 2020 to 4Q 2019.

    Owned by CapitaLand Mall Trust and managed by CapitaLand Retail, Funan celebrated its structural completion ahead of schedule. The topping out ceremony held at Funan Showsuite was officiated by Guest of Honour Mr Heng Swee Keat, Singapore’s Minister for Finance. From groundbreaking to structural completion, Funan took about 19 months. To date, 72% of the overall construction has already been completed.

    Mr Lee Chee Koon, President & Group CEO of CapitaLand Group, said: “To succeed in tomorrow’s economy, all players must find a way for the physical and digital realms to coexist. While the current market share of online sales is small, its pace of growth will only speed up as tomorrow’s consumers enter the market. Brick-and-mortar businesses must thus go beyond passively selling products and services, to generating quality retail experiences and emotional connections that are ‘on-brand’ with consumers. Against this backdrop, CapitaLand is committed to help our current and future tenants stay ahead of the curve. We have conceived Funan to embrace new opportunities, with a focus on gathering and building a young and vibrant community by integrating an experiential mall with dynamic coworking and coliving spaces. This starts with top quality building design and space planning, complemented by the right mix of tenants and partners who can breathe life into the building. A digital layer of techenabled customer experience further enriches Funan’s offerings.”

    Mr Lee added: “As Singapore’s largest mall owner and manager, CapitaLand knows that past success is no guarantee of future success. We are taking a close examination of our retail portfolio, in Singapore and abroad, to identify areas for reinvention. The location and catchment of Funan make it the ideal test bed for an O&O mall, where tomorrow’s consumers can shop, sweat, work, bond, live and play. Funan demonstrates CapitaLand’s commitment to reinvention, to always retain our market leadership. As ecommerce becomes a reality, CapitaLand will continue to ensure that the real estate we develop is conducive and complementary to tomorrow’s consumers and economy.”

    Mr Tony Tan, CEO of CapitaLand Mall Trust Management Limited, said: “Including leases signed and in advanced negotiations, the leasing for Funan’s retail and office components has already reached 70% and 60% respectively. Such early commitment of a strong slate of partners from diverse fields, many of whom CapitaLand is working with for the first time, marks a very encouraging start for Funan’s mandate to inspire innovation and create a unique lifestyle proposition for digitally savvy customers in an experience economy. What is even more heartening is that many of these partners have committed to push the boundaries by experimenting with new-to-market experiences at Funan. The significant interest in Funan points to the continued market demand for centrally-located and well-designed retail spaces that enjoy inherent shopper traffic as part of a quality integrated development.”

    At the topping out event, Minister Heng Swee Keat was given a preview of a range of digital innovations coming up at Funan. These include a smart interactive directory that uses facial recognition to provide shoppers with customised recommendations, video analytics that studies shopper traffic and crowd density and an all-in-one app for Ascott’s lyf coliving serviced residence – the first app by a serviced residence company that will allow social networking and room booking; and will also serve as a mobile key. CapitaLand also showcased its groupwide innovations as part of its digitalisation strategy, including a merchant dashboard that enables retailers to tap consumer insights generated by CapitaLand’s CapitaStar loyalty programme and eCapitaVoucher, the digital version of CapitaVoucher – Singapore’s most popular shopping mall voucher – launching this November.

    Funan’s innovation journey has scored several “firsts” in Singapore. These include the first to deploy automated guided vehicles to provide shoppers with a hands-free shopping experience and the first to utilise a robotic arm for its twenty-four-hour drive-through click-and-collect service. As part of Funan’s tech-enabled user experience, building users can also expect conveniences such as app-based booking of facilities within the development, video-based smart carparking facilities and facial recognition turnstiles at its office towers.

    Adopting smart construction technologies

    Despite challenges such as a tight site with limited access, time savings are achieved through innovation in construction methods, and the choice of building materials and equipment to avoid redundancies and inefficiencies in Funan’s construction process. These include applying Virtual Design and Construction at the onset, and adopting a top-down construction method, which allows for the building’s basement and superstructure to be built concurrently. Precast concrete structural building components are also used to further reduce the construction time.

    In addition, the construction of the underpass connecting Funan and City Hall MRT station will deploy the Rectangular Tunnel Boring Machine as it saves time and manpower, and minimises traffic disruption. The underpass is targeted for completion in 2021.

    Upcoming experiential offerings at Funan

    As Singapore’s first commercial development to allow cycling through the building at Level 1, Funan will bring to life cycling amenities and end-of-trip facilities such as cafés and shower facilities. English premium folding bike brand Brompton Bicycle has chosen Funan to be the location of its first flagship store in Singapore. Cycling enthusiasts can take the bikes out for a spin along the cycling lane within Funan before deciding on their purchase.

    Strengthening the tech cluster that already comprises local consumer electronic goods stalwarts Newstead Technologies, AddOn Systems and T K Foto, well-established homegrown gaming store GamePro will be hosting eSports tournaments in a dedicated eSports zone at Funan. Aspiring chefs can whip out their best dishes at a new concept by ABC Cooking Studio, which allows members to conduct their own classes and collaborate with others. On Level 7, diners can look forward to a farm-to-table dining experience by Spa Esprit Group. Edible Garden City will be operating Funan’s rooftop urban farm, with plans to host workshops for the community.

    Ark Futsal has committed to operate the only futsal court in the CBD at Funan, complementing the offerings from Climb Central, the largest rock-climbing facility in the CBD. These new names will synergise with and complement the previously announced tenants including Golden Village cineplex, Kopitiam foodcourt, W!ld Rice theatre and flagship of Carrie K. and Keepers.

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  • CapitaLand Mall Trust remain stable despite challenges as retail sector stalls

    CapitaLand Mall Trust remain stable despite challenges as retail sector stalls

    Despite challenges in the retail sector, CapitaLand Mall Trust (CMT) maintained stability in its fourth quarter.

    “This points to the underlying strength of our well-located malls, and the management’s continuous focus on enhancing their offering as well as improving efficiency,” says CMT management company CMTML chairman Professor Richard Magnus.

    CMT achieved net property income (NPI) of S$119.3 million (US$90.6 million) for the period, to the end of December, up 2.6 per cent from the final quarter the previous year.

    With Singapore’s GDP growth expected to be stable this year, competition in the retail sector will remain intense, with new retail space coming onstream, says Magnus. “To stay at the forefront of a dynamic retail landscape, CMT will continue to push the boundaries and explore new ways to future-enable its malls.”

    CMT’s malls had an occupancy rate of 99.2 per cent at December 31, says CMTML CEO Tony Tan.

    “As part of our ongoing effort to enhance the offline and online shopping experience in our malls, we introduced seven click-and-collect lounges under CapitaLand’s partnership with e-commerce player Lazada. They are in Bedok Mall, Bugis+, IMM Building, JCube, Plaza Singapura, Tampines Mall and Westgate.”

    He says construction for Funan is progressing well. “With less than two years to target opening, Funan has received strong leasing interest for its retail and office components.”

    For its fourth quarter, CMT recorded growth of 1.8 and 2.6 per cent in gross revenue and NPI respectively year on year. The increase was mainly because of higher occupancy for Bugis Junction and The Atrium@Orchard, partially offset by lower gross revenue from Bedok Mall because of lower rental rates and reduced occupancy.

    For the full year, CMT recorded S$682.4 million in gross revenue, down 1.1 per cent. This was mainly because of the closure of Funan mall for redevelopment, lower rental rates and the lower occupancy at Bedok Mall. This was partially offset by higher rental from IMM Building, JCube and Clarke Quay.

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  • CapitaLand partners WeWork to cocreate office of the future at Funan integrated development

    CapitaLand partners WeWork to cocreate office of the future at Funan integrated development

    Funan, one of the most highly anticipated developments in Singapore opening in 4Q 2019, has signed its first office tenant. CapitaLand Mall Trust Management Limited (CMTML), the manager of CapitaLand Mall Trust which owns Funan, today announced that coworking space behemoth WeWork has leased 40,000 square feet (sq ft) of space in Funan. WeWork’s space will be located across two floors of Funan’s North Office Block – namely Level 4, which is the prime connector space linking the office blocks with Funan’s retail component, and Level 5.

    Mr Tony Tan, CEO of CMTML, said: “We envision Funan as an aspirational and experiential space that fosters collaboration among complementary partners, sparking inspiration and discovery for consumers. We are thus delighted to partner WeWork, one of the world’s leading innovators in shared office space, to cocreate an office of the future at Funan. Both Funan and WeWork share the same ethos of breaking new ground and building a community of like-minded individuals driven by passion to make a difference. WeWork’s coworking space will leverage Funan’s central location and harness its live-work-play paradigm to create a world-class collaborative workspace that fosters connections and nurtures ideas. It will cater to the new generation of professionals who yearn to work in a collaborative environment that gets them inspired, and unwind in a convenient location where they can shop, play sports, be entertained and enjoy a whole host of lifestyle activities under one roof.”

    Mr Tan added: “As a new-built space, WeWork’s facility at Funan offers plenty of scope and flexibility to implement purpose-built infrastructure and services for WeWork’s members. As a start, Funan will boast a smart office with facial recognition turnstiles and optional card-less entry into the office. WeWork community members will also have full access to the suite of innovations made available at Funan, including video-based smart carparking facilities, a 24-hour drive-through click-and-collect, 100% hands-free shopping service using robotics and app-based booking of all the facilities within the development.”

    Funan is located right in the heart of the Civic & Cultural District with excellent connectivity, including a direct underpass linking to City Hall MRT interchange station. As a new paradigm for live, work and play in Singapore’s city centre, Funan offers a synergistic combination of retail, office and serviced residence components that is designed to appeal to savvy consumers pursuing quality of life in a socially-conscious and creative environment. The Funan integrated development comprises a 500,000 sq ft mall of the future serving as a platform to inspire retail innovation; two Grade A office blocks that meet the needs of a variety of business, including established MNCs and coworking spaces for the mobile workforce; as well as The Ascott Limited’s lyf brand of co-living serviced residence designed for millennials.

    With community, connectivity and convenience at its core, Funan caters to the new breed of consumers who favour a collaborative environment and authentic experiences that reflect their passions and tastes. In support of the global car-lite movement, Funan is set to become Singapore’s first commercial building to allow cycling through the building with a dedicated indoor cycling path, complete with end-of-trip facilities for cycling enthusiasts, including bike shops, bike cafés, lockers and shower facilities. Funan will also boast the largest area set aside for urban agriculture in the CBD with a 5,300 sq ft urban farm and 6,900 sq ft edible yard, where the public can learn more about the origins of their food and “adopt a plot” to grow their own produce.

    Amenities available in Funan include a Golden Village cineplex, a best-in-class gym, futsal court, swimming pool and a 55-lane rock-climbing facility. Theatre goers will also delight in the performances programmed by Singapore’s leading professional theatre company W!ld Rice, which operates the dedicated 380-seat theatre in Funan.

  • Funan woos consumers with cutting edge showsuite ahead of 2019 opening

    Funan woos consumers with cutting edge showsuite ahead of 2019 opening

    The public can get a preview from this Sunday of what to expect when Funan mall opens its doors in the final quarter of 2019.

    Funan, an integrated development redeveloped from the former Funan DigitaLife Mall in the heart of Singapore’s Civic & Cultural District, has scored a retail sector-first with a one-of-a-kind experiential showsuite, landlord CapitaLand Mall Trust said at the launch of the suite yesterday.

    Located at the junction of High Street and Hill Street, the two-storey showsuite brings to life a new live-work-play paradigm with cutting-edge immersive virtual reality simulation technology.

    It incorporates design elements reflective of Funan’s centerpiece “Tree of Life”, a wood-and-steel structure extending from Basement 2 to Level 4 that will house a variety of open platforms and studios that promote new forms of retail, experimentation and social learning, CapitaLand Mall Trust said.

    The showsuite will open to the public daily from 11am to 9pm, from this Sunday, which coincides with this month’s edition of car-free Sunday SG in the Civic District.

    In conjunction with opening festivities, visitors can expect activities that include watercolouring and terrarium workshops, conversations with creative entrepreneurs, and an exclusive InstaMeet helmed by popular Instagrammer Yafiq Yusman, known for his unique perspective on architectural photography on the social media site.

    “Funan sets out to be an aspirational and experiential space that fosters collaboration among complementary partners, to spark inspiration and discovery for consumers.

    “And this commitment to break new ground has been carried through to the way Funan’s showsuite is designed — accessible, community-centric and experiential,” said Mr Wilson Tan, CEO of CapitaLand Mall Trust Management.

    With a project development expenditure of S$560 million, Funan will have a total gross floor area of 887,000 sq ft, including 500,000 sq ft for retail, 266,000 sq ft for offices and 121,000 sq ft for 279 apartment units.

    Funan has received commitments for about 25 per cent of its total retail net lettable area of 324,000 square feet, the landlord said.

    Local theatre company W!ld Rice’s 380-seat theatre spanning 18,000 sq ft will be Singapore’s first theatre venue within a commercial complex that is designed, managed and programmed by a theatre company.

    Some of the other key tenants at the new Funan include IT retailers Newstead Technologies and AddOn Systems, supermarket chain FairPrice Finest, cinema operator Golden Village, Kopitiam food court and rock climbing facility Climb Central.

    Well-known photography store TK Foto will have a dedicated test zone for drone filming.

    Funan, which will have one floor entirely dedicated to IT, aims to merge smart shopping technologies such as drive-through collection for products ordered online, a pick-up concierge and a basement storage facility for retailers.

    In a separate announcement yesterday, Challenger Technologies said it will open its flagship store at Bugis Junction Basement 1 this weekend. Challenger, the largest homegrown IT products and services provider in Singapore, had closed its 53,000 sq ft flagship megastore at Funan DigitaLife Mall in late 2015 after CapitaLand Mall Trust said it would redevelop the mall.

    The new 14,000 sq ft flagship brings the total number of Challenger stores in Singapore to 40. The flagship store offers a smart, interactive experience featuring 15 lifestyle concept zones backed by data analytics to guide shoppers in their purchases. The integrated retail space, with carefully curated merchandise, experiential areas and engaging displays, aims to draw shoppers in to explore and experience before making an informed purchase, Challenger said.

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  • Funan the IT mall closes amid e-commerce boom

    Funan the IT mall closes amid e-commerce boom

    It was the place where hundreds queued at midnight to get their hands on Microsoft’s Windows 95, the landmark operating system that first brought out much of today’s modern features.

    It was also where pirated game CDs were sold and sound cards could be bought in anti-static bags, with no warranty or idea where they came from.

    Funan DigitaLife Mall, better known to many geeks by its original name, Funan Centre, is closing in the third quarter of next year. In its place, after a renovation, will be an “experiential creative hub”. Whatever that is.

    While Singapore’s techies miss a familiar, old haunt, where they first got their hands on a 486 PC or even where they studied in the open tables available, the writing has been on the wall long before today’s news.

    The end for Funan, while sad, is inevitable.

    Funan DigitaLife Mall. Source: Wikipedia. Creative Commons BY-SA 3.0

    Funan DigitaLife Mall. Source: Wikipedia. Creative Commons BY-SA 3.0

    Years of quarterly tech bazaars, the most recent one just a couple of weeks ago, have made some buyers delay purchases at retail outlets, which face increasingly high rentals. Some stores simply joined the fray in these shows to offset what sales they would lose during the price-cutting weekends.

    The biggest issue for Funan, however, may be e-commerce. Perhaps belatedly for such a well-connected country, Singapore has finally embraced the idea of buying things online, be it a PC or a pack of rice.

    Today, the likes of Lazada and Qoo10 make it easy to compare prices. Once, it was fun to walk to each store in Funan to see if you could get S$10 off a mouse or laptop. Today, you just move your mouse on your PC to compare.

    The change isn’t unique here. In the United States, for example, big chain stores have suffered too from the move towards online shopping.

    And to make things worse for retailers in Funan, Singapore shoppers are also buying from American sites, such as Amazon, which have become far more competitive for many items (see some examples).

    I just shipped a couple of Blu-ray discs and a Razer mousepad over from Amazon this month. Okay, I don’t get the instant gratification of walking into a shop to buy them, but the prices are lower over at Amazon.

    The last time I bought something from Funan was just weeks ago, when I picked up a Panasonic Lumix camera from a small store. I had to get some hands-on feel of the camera, so I went to Alan Photo, known for its bargains. At least the prices for some cameras are still competitive.

    I’ll be honest, though. I haven’t been to Funan much. Part of this is down to the congested parking – it’s not unique to the building to be fair; it’s the same for so many malls in Singapore on weekends. Another is the fact that I can get many commonly used items, such as printer cartridges or keyboards, at many other malls.

    That’s the biggest irony, isn’t it? As more people are buying laptops and phones, at a time when IT has become more than a geeky obsession and is a necessity in life, a big IT mall is closing down in Singapore.

    The reason is simple – people no longer have to go there to get what they need regularly. The stuff is available in neighbourhood malls. You can buy it at lifestyle shops like Tangs.

    As technology has ceased to be some specialised item, so have the shops selling it. You can buy a Mac in so many places today.

    The closing of Funan will raise questions for the other IT mall in Singapore. Of late, Sim Lim Square has been receiving bad press for a shop that brazenly cheated customers, even though many there are decent businesses.

    Will it also face the pressures that Funan did, that made developer CapitaLand Mall Trust Management Limited pull the plug? Geeks will hope not.

    Yet, if they see where they have bought their gadgets recently, they’d realise they have been spending less at their favourite technology malls. That’s why one of them is closing down.

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