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Its the same issue as building more hawker centres at mrt vicinity vs having a mall.
If you build a NEA hawker centre next to a mrt station, retail malls in the same area face a competition because their F&B tenants have to compete with hawker centre. Without the presence of a hawker centre, retail malls can extract more rent from F&B. One comparison is Tampines and Bedok.
Tampines can support 3 big malls because the hawker centre is quite far from the mrt station vis-à-vis Bedok which has 1 large mall, 2 smaller malls and a hawker centre that has been next to the mrt station from history. The 2 smaller malls have little footfall because the hawker centre absorbs the crowd. The same observation can also be seen at Jurong East and Clementi.
In my view, the building of a hawker centre puts a strangle on retail mall's revenue
If you build a NEA hawker centre next to a mrt station, retail malls in the same area face a competition because their F&B tenants have to compete with hawker centre. Without the presence of a hawker centre, retail malls can extract more rent from F&B. One comparison is Tampines and Bedok.
Tampines can support 3 big malls because the hawker centre is quite far from the mrt station vis-à-vis Bedok which has 1 large mall, 2 smaller malls and a hawker centre that has been next to the mrt station from history. The 2 smaller malls have little footfall because the hawker centre absorbs the crowd. The same observation can also be seen at Jurong East and Clementi.
In my view, the building of a hawker centre puts a strangle on retail mall's revenue