KUALA LUMPUR — Singapore’s retail sales fell by 13.3 per cent year-on-year in March, a sign that the new coronavirus pandemic was walloping the economy even before a government-imposed lockdown in April. The March sales slump in South-East Asia’s richest nation came on the back of a collapse in international travel, which typically brings visitors keen to splash out in Singapore’s array of plush malls. The Department of Statistics, which published the data on Tuesday, attributed the decline to “weaker domestic consumption and fewer tourist arrivals as a result of the Covid-19 outbreak.”
JAKARTA — Asia is home to more than half the world’s most dynamic retail hubs, according to new research that reinforces images of the region’s mall-strewn megacities. The research, by professional services and investment management company JLL, says 12 of the fastest-growing retail cities are in Asia, with eight in China alone — another indication that global economic growth is increasingly driven by the Asia-Pacific region. JLL lists Dubai as the world’s fastest-growing retail destination, with Shanghai second and Beijing third. Places 9 to 13 are occupied by Bangkok, Chengdu, Kuala Lumpur, Jakarta and Manila, respectively. Only two European cities make the top 20 — Moscow and Istanbul — with none from Africa. Mexico City is the sole city from the western hemisphere, sitting at number 19.