CICT to reconfigure parts of Paragon, including Metro space
CapitaLand Integrated Commercial Trust is reconfiguring the Paragon mall in Singapore, which will lead to the departure of the Metro department store. Metro plans to pivot toward a more flexible, specialized retail model rather than traditional large-format stores.
Why it matters
This reflects a broader shift in the retail industry as traditional department stores adapt to changing consumer habits and commercial real estate optimization.
The retailer is likely to remain in the Orchard Road mall under new retail concept stores
[SINGAPORE] CapitaLand Integrated Commercial Trust (CICT) is advancing plans to optimise and selectively reconfigure parts of Paragon, including areas currently occupied by department store Metro.
“(Metro) has expressed interest in remaining at Paragon under new retail concept stores, and discussions are ongoing. Feasibility studies are currently under way, and we will share further details once plans are finalised,” said the manager of CICT on Monday (Jul 20).
The latest announcement comes as CICT plans to “further strengthen Paragon’s tenant mix and create opportunities to introduce fresh concepts and experiences ”.
Separately, Metro said in a bourse filing that it intends to progressively shift away from operating traditional large-format department stores towards a more flexible retail model centred on “specialised retail concepts”.
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