MARKET AND RETAIL ANALYSIS OF HOUGANG TOWN CENTRE

Abstract

The pattern of retail activities in Singapore has gone through great changes. Developers of shopping centers are now turning to the suburbs for opportunities instead of the traditional central area. In the past year, about half a dozen suburban shopping centers have sprung up. Most are sited strategically next to MRT stations and bus interchanges and have been a roaring success. This shows the importance of location and accessibility to a suburban shopping center. However, it is not true that a shopping center with a good location will fare better than one located in a secondary location. Whether a retail center will be successful is highly dependent on whether there is a right balance of retailers in the shopping center. This study examines the existing land use pattern in Hougang New Town to determine whether the various needs of the residents are catered to satisfactorily. It also sought to study the potential of a new retail development in its Town Centre by evaluating the major locational and non-locational factors. Lastly, a proposed trade mix for the shopping center is suggested based on consumer behaviour gathered through a survey. Most residents in Hougang indicated that Hougang New Town is comparable to other HDB towns in terms of facilities. Other than the absence of a large retail center and a library, all needs are catered to satisfactorily. Evaluation of the major factors showed that Hougang Town Centre does have great retail potential due to the expected growth in market size and improvements of infrastructure in the area. The shoppers survey indicated that shoppers are likely to visit the new shopping center. The new retail center should provide a wide range of goods and services to attract these shoppers. A supermarket, established departmental stores and food outlets are some of the trades that should be included in the list of prospective tenants. In addition, ample car parking space should not be overlooked.