Decathlon takes on anchor tenancy replacing Metro at The Centrepoint

In line with The Centrepoint’s efforts in introducing experiential concepts to its mall, sporting goods giant Decathlon has been named as the anchor tenant. This comes shortly after departmental store Metro confirmed to Marketing its plan to move out of The Centrepoint.A Metro spokesperson said the departmental store has been “rationalising its retail business” given the changing market conditions, and will be focusing on its core retail businesses in Singapore and Indonesia, as well as its property investment and development.According to Low Chee Wah, senior executive vice president, head of retail & commercial, Frasers Property Singapore which manages The Centrepoint, there will be more experiential and lifestyle concepts brought to its string of malls to accommodate evolving shopper needs and technology advancements.As such, replacing Metro, the Decathlon store aims to offer an “immersive and activity-based” concept that meets the evolving shopping habits of the new generation of tech-savvy consumers. The retailer will be incorporating virtual simulations and augmented reality in-store allowing shoppers to try out the products in an environment that simulates real-life conditions. With this omnichannel concept, similar to the launch of Decathlon Singapore Lab, will be implemented before its opening within the first half of next year.According to an article on The Straits Times, Metro is one of the several other tenants that are leaving The Centrepoint mall. These include Times bookstore, Crystal Jade Kitchen, TianPo Jewellery and kids toy store The Better Toy Store. The mall has been in operations since 1983, and underwent a SG$50 million revamp approximately three years ago.However, the retail space in Singapore is highly competitive, due to high cost of rent and dwindling footfall. The Singapore market has seen the exit of many global brands such as Chili’s, Costa Coffee and others. Retailers and mall owners are countering this growing issue by embracing technological innovation.This is evident in the recently opened Funan Mall which serves as a social retail space as opposed to its former digital and IT mall positioning. The new mall boasts an indoor cycling path, a six-storey steel structure called the Tree Of Life as well as experience-based activities such as workshops and indoor rock climbing to give shoppers more reasons to extend their stay in the mall.