SINGAPORE'S AGING POPULATION : IMPLICATIONS ON TENANT MIX AND DESIGN OF SHOPPING MALLS

Abstract

This study investigates the relation between Singapore’s ageing population and the need to improve on the tenant mix as well as the design of the shopping malls. This study aims to find out the needs and desires for retail shopping of the middle and old age versus what they feel are lacking in present retails malls in Singapore. The study highlights the existence of a diverse group of elderly consumers with different expectation, i.e. how consumers of different socio-demographic groups value different mall and product attributes. This holds important implications to retailers who want to tap on this silver-haired market. Lastly, on a macro level, the study revealed short-comings in the local retail industry that retailers and mall management can certainly work on to maximize the potential of this mature market. The relevance of this study is driven first by the increasing number of retail mall developments in recent years in Singapore and second, the increasing spending on retail shopping. This shows that increasing population has created a substantial pool of consumers which drives the continual development of retail malls. Thirdly, as Singapore is undergoing a rapid transition into an aging society, improvements in social infrastructures must be made to match up to the increasing expectation of elderly and their families.