Metro to close department stores in Paragon, Causeway Point after leases expire
Metro is closing its department stores at Paragon and Causeway Point in Singapore as part of a strategic shift toward smaller, more flexible retail formats. The company aims to adapt to changing consumer preferences and is currently negotiating with landlords for new concept stores.
Why it matters
The move reflects broader trends in the retail industry where traditional large-format department stores are struggling to remain relevant against evolving consumer habits.
Metro said the move will better position it to adapt to changing consumer preferences
[SINGAPORE] Metro will close its department stores at Paragon and Causeway Point when their leases expire, following a strategic review of the group’s retail business.
No timeline was provided on when the leases would end.
In a Singapore Exchange filing on Jul 20, the mainboard-listed company said it is “evaluating a range of other retail formats, including smaller-format stores, multi-speciality concept stores, curated retail experiences and pop-up store initiatives”.
Metro added that it is currently in discussions with its existing landlords, as well as other landlords, to roll out the new concept stores and intends to progressively transition from the current large-format department store model to a more flexible one in response to customer preferences.
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