Singapore's Old Retailer Metro to Close Last Two Big Stores

Singapore's retailer Metro said it will close its last two big department stores. The company is looking at new store ideas.

Metro is talking to landlords to introduce new store concepts. It wants to move away from big stores to smaller, more flexible ones.

The Paragon and Causeway Point stores are Metro's last big stores in Singapore. It used to have 11 stores in the early 2000s.

Metro Paragon in Singapore.

The CEO said the new plan is to meet changing customer needs and have more flexibility to introduce new ideas and partnerships.

Metro is still planning the new strategy and looking at its financial impact. It does not think the change will affect its finances much.

The company that owns Paragon mall plans to optimize and reconfigure parts of the mall to strengthen its tenant mix and introduce new concepts.

Metro said the move will help it respond to changing consumer preferences in Singapore's challenging retail sector.

Metro said retail sales are expected to remain slow, affecting its department stores and online platforms.

The retailer, which also has a property business, reported weaker sales at the two department stores, reducing group revenue and contributing to losses.

Metro was founded in Indonesia in 1953 and started its Singapore retail operation in 1957, making it one of the country's oldest department-store names.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

Практика аудирования