1 00:00:00,000 --> 00:00:02,219 Speaker 1: This is a C N A podcast. 2 00:00:04,730 --> 00:00:07,250 Speaker 1: Hello, everyone. It's Steven here and welcome back to another 3 00:00:07,250 --> 00:00:09,670 Speaker 1: episode of Heart of the Matter. Now, today, we're going 4 00:00:09,670 --> 00:00:12,010 Speaker 1: to take a break from the heavy stuff and dive 5 00:00:12,010 --> 00:00:15,960 Speaker 1: into the heart of another matter, shopping and eating. Because 6 00:00:15,960 --> 00:00:18,050 Speaker 1: here in Singapore, you don't have to go very far 7 00:00:18,050 --> 00:00:19,850 Speaker 1: at all to find a mall that is filled with 8 00:00:19,850 --> 00:00:20,409 Speaker 1: just about 9 00:00:20,420 --> 00:00:23,330 Speaker 1: all the food and shops you need. Now think about 10 00:00:23,329 --> 00:00:25,520 Speaker 1: it within the radius of where you live. Isn't there 11 00:00:25,530 --> 00:00:28,360 Speaker 1: a mall? Maybe two or three of them. And data 12 00:00:28,360 --> 00:00:31,030 Speaker 1: shows that within just 10 years, the number of moles 13 00:00:31,030 --> 00:00:34,820 Speaker 1: in Singapore has doubled from 100 to over 200 that 14 00:00:34,820 --> 00:00:36,110 Speaker 1: number is still growing. 15 00:00:36,340 --> 00:00:38,909 Speaker 1: Yet, at the same time, we're seeing many malls with 16 00:00:38,920 --> 00:00:42,450 Speaker 1: shuttered units, even iconic malls like the cafe found it 17 00:00:42,460 --> 00:00:45,990 Speaker 1: hard to survive despite the refresh, not to mention other 18 00:00:45,990 --> 00:00:49,750 Speaker 1: malls that find themselves devoid of tenants on entire floors. 19 00:00:49,760 --> 00:00:52,370 Speaker 1: So today we want to look at our malls, what 20 00:00:52,370 --> 00:00:55,390 Speaker 1: works and what doesn't and why not 21 00:00:57,790 --> 00:01:01,170 Speaker 1: with me to discuss this topic. Today is Adjunct Associate 22 00:01:01,170 --> 00:01:05,270 Speaker 1: Professor Linda, we from Nanyang Business School. She specializes in 23 00:01:05,270 --> 00:01:07,520 Speaker 1: retailing and mall management. Hi, 24 00:01:07,520 --> 00:01:09,750 Speaker 2: everybody. I'm glad to be here. 25 00:01:09,760 --> 00:01:13,149 Speaker 1: And Winnie Chan founder and CEO at, by an artisan 26 00:01:13,150 --> 00:01:18,930 Speaker 1: which has three retail outlets. Hi, everyone. Excited to be here. Okay, ladies, welcome. First. 27 00:01:18,930 --> 00:01:21,250 Speaker 1: Let's just quickly go on the table and I'm gonna 28 00:01:21,260 --> 00:01:22,510 Speaker 1: put you on the spot and ask you which 29 00:01:22,532 --> 00:01:25,831 Speaker 1: is your favorite mall and why you want to go 30 00:01:25,831 --> 00:01:29,902 Speaker 1: first orchard. I'm there all the time. Not just because 31 00:01:29,902 --> 00:01:34,422 Speaker 1: we have bipartisan and Sunday folks store there, but also 32 00:01:34,422 --> 00:01:39,112 Speaker 1: because I live near there and the store offerings aligned 33 00:01:39,112 --> 00:01:40,392 Speaker 1: with my interests 34 00:01:40,422 --> 00:01:43,712 Speaker 2: and Linda, I would say Jewel because it's more than 35 00:01:43,712 --> 00:01:47,132 Speaker 2: a mall. You know, there's a hotel and there's spaces 36 00:01:47,132 --> 00:01:47,252 Speaker 2: for 37 00:01:47,274 --> 00:01:50,564 Speaker 2: you to play and then there's this flaw, that's all 38 00:01:50,564 --> 00:01:52,834 Speaker 2: the Singapore goods. So I find that they do a 39 00:01:52,834 --> 00:01:55,444 Speaker 2: very good job curating for the people who are in 40 00:01:55,444 --> 00:01:58,344 Speaker 2: their area did not airport, they are air town. So 41 00:01:58,344 --> 00:02:01,354 Speaker 2: there are many people who have students there, people work there. 42 00:02:01,364 --> 00:02:02,434 Speaker 2: So I think 43 00:02:02,744 --> 00:02:05,364 Speaker 1: I've never heard that term before. Air town as in 44 00:02:05,364 --> 00:02:07,384 Speaker 1: it's a little town by itself. 45 00:02:07,394 --> 00:02:11,004 Speaker 2: Yes. Yes. I think what more should do is capitalize 46 00:02:11,004 --> 00:02:11,994 Speaker 2: on the catchment 47 00:02:12,016 --> 00:02:15,766 Speaker 2: area with technology nowadays, you can just buy online. So 48 00:02:15,766 --> 00:02:18,175 Speaker 2: what draws you to the area? I think you should 49 00:02:18,175 --> 00:02:20,085 Speaker 2: play on the fact that you're different. If I'm a 50 00:02:20,086 --> 00:02:24,335 Speaker 2: mall and I'm in, I can bring that culture and 51 00:02:24,346 --> 00:02:25,685 Speaker 2: curate that culture. 52 00:02:25,696 --> 00:02:28,266 Speaker 1: Okay. That's what we're going to talk about first, let 53 00:02:28,266 --> 00:02:30,196 Speaker 1: me give my, take my, my favorite mall right now 54 00:02:30,196 --> 00:02:32,956 Speaker 1: is a vivo city because I find it so big. 55 00:02:32,966 --> 00:02:34,846 Speaker 1: It has everything I need and you can go to 56 00:02:34,846 --> 00:02:36,760 Speaker 1: different parts of the mall when you need to. 57 00:02:36,950 --> 00:02:38,859 Speaker 1: Then again as you learn in a short while, I'm 58 00:02:38,860 --> 00:02:41,500 Speaker 1: a very unusual kind of shopper because I actually don't 59 00:02:41,500 --> 00:02:44,620 Speaker 1: really like shopping. So I go to more simply because 60 00:02:44,630 --> 00:02:47,140 Speaker 1: I know exactly what it is. I'm going to get. 61 00:02:47,150 --> 00:02:50,720 Speaker 1: So if you had to describe Singapore malls in one word, 62 00:02:50,730 --> 00:02:53,580 Speaker 1: what would it be? What comes to mind? Now if 63 00:02:53,580 --> 00:02:56,080 Speaker 1: someone asks you from other towns says, yeah. What's the 64 00:02:56,080 --> 00:02:58,200 Speaker 1: mall culture in Singapore? Like what do you think? You'd 65 00:02:58,200 --> 00:03:02,530 Speaker 1: say Winnie? It's a place where we can enjoy some 66 00:03:02,540 --> 00:03:04,820 Speaker 1: air conditioning because it's so hot 67 00:03:05,160 --> 00:03:08,519 Speaker 1: and sometimes it's nice to have shelter from the rain 68 00:03:08,520 --> 00:03:11,890 Speaker 1: and all that. Yeah. But in terms of the shopping culture, 69 00:03:11,900 --> 00:03:15,680 Speaker 1: I don't see how it's very much different from, say 70 00:03:15,680 --> 00:03:18,119 Speaker 1: Hong Kong or Malaysia and Linda, 71 00:03:18,130 --> 00:03:21,810 Speaker 2: I would say that the architecture, the hardware looks really good. 72 00:03:21,810 --> 00:03:25,230 Speaker 2: Like Marina Basin is sexy. Ion Orchard has its own look. 73 00:03:25,230 --> 00:03:28,980 Speaker 2: Joe has own look. But inside we tend to be same, 74 00:03:28,980 --> 00:03:30,480 Speaker 2: same kind of boring. 75 00:03:30,800 --> 00:03:32,740 Speaker 2: Yeah. Like you see the same old stuff 76 00:03:32,750 --> 00:03:35,580 Speaker 1: around. Okay. So, so that is the big question here. 77 00:03:35,580 --> 00:03:37,490 Speaker 1: Very often new malls pop up and 78 00:03:37,790 --> 00:03:40,740 Speaker 1: they all are same, same but different right. You have 79 00:03:40,740 --> 00:03:45,240 Speaker 1: your big chain supermarket, you have your pharmacy, you have 80 00:03:45,240 --> 00:03:49,300 Speaker 1: your quick haircut place. That seems to be the staple. 81 00:03:49,310 --> 00:03:51,620 Speaker 1: Why is that the case? All are more sort of 82 00:03:51,620 --> 00:03:53,000 Speaker 1: turning out to be the same? 83 00:03:53,010 --> 00:03:55,330 Speaker 2: Wow, the changes you see right now is more star 84 00:03:55,330 --> 00:03:58,910 Speaker 2: actually reads instruments and so you have the financial guy 85 00:03:58,910 --> 00:04:01,790 Speaker 2: looking at it and needing to turn in their investment. 86 00:04:02,050 --> 00:04:04,060 Speaker 2: So then what do you go for when you look 87 00:04:04,060 --> 00:04:06,480 Speaker 2: at 10ants, right? You, you look at those retail brands 88 00:04:06,480 --> 00:04:08,620 Speaker 2: that work. So after a while, you can't see the 89 00:04:08,620 --> 00:04:09,930 Speaker 2: same player. 90 00:04:10,100 --> 00:04:12,760 Speaker 2: I was thinking that if you're a well known brand 91 00:04:12,760 --> 00:04:15,420 Speaker 2: that I trust I can buy online if it's just 92 00:04:15,420 --> 00:04:18,750 Speaker 2: transactional and then the more can do a lot more 93 00:04:18,760 --> 00:04:22,200 Speaker 2: cultivating budding retailers, the new brands, I think they should 94 00:04:22,200 --> 00:04:25,900 Speaker 2: be treated differently and let them test bait in the mall. 95 00:04:25,910 --> 00:04:26,250 Speaker 2: But 96 00:04:26,250 --> 00:04:28,620 Speaker 1: right now you're saying it's because of the dollars and cents. 97 00:04:28,620 --> 00:04:30,790 Speaker 1: They have to show that they're making money right to 98 00:04:30,790 --> 00:04:34,610 Speaker 1: the investors, Winnie. I mean, your business, you started first 99 00:04:34,610 --> 00:04:34,940 Speaker 1: with 100 00:04:34,956 --> 00:04:38,146 Speaker 1: Physical stores instead of going online. Actually, we had both 101 00:04:38,146 --> 00:04:40,736 Speaker 1: right from the beginning, right from the beginning, why not 102 00:04:40,736 --> 00:04:42,846 Speaker 1: just do online first? Which is what many businesses are 103 00:04:42,846 --> 00:04:46,885 Speaker 1: doing nowadays, we started way back in 2014. The focus 104 00:04:46,886 --> 00:04:51,265 Speaker 1: was always on the physical brick and mortar store because 105 00:04:51,266 --> 00:04:54,126 Speaker 1: that's where we had the foot traffic. We started with 106 00:04:54,136 --> 00:04:57,335 Speaker 1: pop up in tanks and at that time, I guess 107 00:04:57,336 --> 00:04:59,796 Speaker 1: we were also not so focused on 108 00:04:59,812 --> 00:05:04,022 Speaker 1: online digital marketing, it was just something that was there, 109 00:05:04,022 --> 00:05:08,472 Speaker 1: but something we didn't pay attention to until during COVID 110 00:05:08,482 --> 00:05:13,671 Speaker 1: where we were forced to pay attention, look into assets, 111 00:05:13,672 --> 00:05:18,132 Speaker 1: you know, nice photos look into copyrighting in order to 112 00:05:18,142 --> 00:05:21,832 Speaker 1: articulate our voice, which usually you would do, you know, 113 00:05:21,842 --> 00:05:24,669 Speaker 1: in a physical store, interacting with a customer. 114 00:05:24,890 --> 00:05:28,260 Speaker 1: But now during COVID where it's remote, how do you 115 00:05:28,260 --> 00:05:33,160 Speaker 1: convey those emotions through a newsletter? For example, did you 116 00:05:33,160 --> 00:05:35,870 Speaker 1: never worry that you know, there wouldn't be much traffic 117 00:05:35,870 --> 00:05:36,800 Speaker 1: coming through 118 00:05:37,029 --> 00:05:38,900 Speaker 1: if you compare a number of people that would visit 119 00:05:38,900 --> 00:05:41,170 Speaker 1: the shop on a regular basis on a daily basis. 120 00:05:41,170 --> 00:05:44,430 Speaker 1: Comparing when you open to like now, obviously, I mean, 121 00:05:44,430 --> 00:05:46,679 Speaker 1: when we first started, it was just a small 100 122 00:05:46,680 --> 00:05:49,909 Speaker 1: square foot counter in tanks. Today, we have three stores 123 00:05:49,910 --> 00:05:52,429 Speaker 1: and each of them 1000 200 square foot. So it's 124 00:05:52,430 --> 00:05:56,570 Speaker 1: very difficult to compare in this way, but you need both. 125 00:05:56,580 --> 00:05:59,570 Speaker 1: So that's why it's so important to have omni channel 126 00:05:59,580 --> 00:06:03,950 Speaker 1: because you see during the pandemic, how online sales has increased. 127 00:06:03,960 --> 00:06:06,130 Speaker 1: But once Singapore opened up, 128 00:06:06,420 --> 00:06:10,010 Speaker 1: You see how people then flocked to the physical store 129 00:06:10,020 --> 00:06:13,390 Speaker 1: and the online sales actually dropped from what you're saying, 130 00:06:13,390 --> 00:06:15,589 Speaker 1: it sounds like you still feel there is a need 131 00:06:15,589 --> 00:06:18,159 Speaker 1: for a physical store, especially for your shop. Would that 132 00:06:18,160 --> 00:06:23,099 Speaker 1: be 50% of your revenue? 80% currently, our online store 133 00:06:23,100 --> 00:06:26,420 Speaker 1: revenues is equivalent to one store. So if you're saying 134 00:06:26,420 --> 00:06:29,850 Speaker 1: that we have four stores and that's 25%. I see. 135 00:06:29,850 --> 00:06:30,360 Speaker 1: I see. 136 00:06:30,370 --> 00:06:33,290 Speaker 2: I think it also has to do with the product category. 137 00:06:33,300 --> 00:06:35,970 Speaker 2: If yours is that of an impulse buy, 138 00:06:36,190 --> 00:06:38,370 Speaker 2: like in her case curation, it makes a lot of 139 00:06:38,370 --> 00:06:41,020 Speaker 2: sense to have a physical store. And then sometimes the 140 00:06:41,020 --> 00:06:43,380 Speaker 2: store is there for branding purposes because you come to 141 00:06:43,380 --> 00:06:45,870 Speaker 2: be inspired, you play with it, but you place your 142 00:06:45,870 --> 00:06:48,849 Speaker 2: order online. So it's so hard to say directly like 143 00:06:48,850 --> 00:06:51,810 Speaker 2: the contributions due to the store or do or two online. 144 00:06:51,820 --> 00:06:54,750 Speaker 2: It's about making you fall in love with my brands. 145 00:06:54,760 --> 00:06:57,250 Speaker 2: And today if I have a store, it's not sufficient 146 00:06:57,250 --> 00:07:00,210 Speaker 2: to just fulfill orders, but I have to do pop 147 00:07:00,220 --> 00:07:01,320 Speaker 2: in events, things too. 148 00:07:01,330 --> 00:07:03,990 Speaker 2: Get you excited to come visit me to talk about 149 00:07:03,990 --> 00:07:07,440 Speaker 2: the brand. We are storytellers and then when you move, 150 00:07:07,450 --> 00:07:08,400 Speaker 2: you go online and buy it. 151 00:07:08,410 --> 00:07:11,080 Speaker 1: So maybe it's a bit different because with your product 152 00:07:11,090 --> 00:07:13,760 Speaker 1: in a way, it is highly curated and it's, I 153 00:07:13,760 --> 00:07:15,620 Speaker 1: will visit your shop because I know I want to 154 00:07:15,620 --> 00:07:17,760 Speaker 1: get something from your shop. It's not like I'm walking 155 00:07:17,760 --> 00:07:20,300 Speaker 1: the mall. Oh, you know, and I chance upon this 156 00:07:20,300 --> 00:07:22,450 Speaker 1: shop which I can find in any other mall. 157 00:07:22,650 --> 00:07:25,540 Speaker 1: Yours is quite unique. Your product in Ion, we are 158 00:07:25,540 --> 00:07:28,840 Speaker 1: very near to Singapore Airlines. So a lot of people 159 00:07:28,840 --> 00:07:31,550 Speaker 1: were like queuing to change flights and all that you 160 00:07:31,550 --> 00:07:33,480 Speaker 1: will see spillover. 161 00:07:33,830 --> 00:07:36,770 Speaker 1: And that's where I think the brick and mortar store 162 00:07:36,770 --> 00:07:40,700 Speaker 1: can be like a educational center where our craftsmen are 163 00:07:40,710 --> 00:07:45,090 Speaker 1: able to educate our customers. And as Linda said, you 164 00:07:45,090 --> 00:07:48,290 Speaker 1: don't really have to make that sale on that day, 165 00:07:48,300 --> 00:07:52,470 Speaker 1: but you allow customers to discover, to touch and feel 166 00:07:52,480 --> 00:07:54,200 Speaker 1: it's okay if they go home and 167 00:07:54,380 --> 00:07:57,920 Speaker 1: they decide to shop later when an occasion for gift 168 00:07:57,920 --> 00:08:01,100 Speaker 1: giving comes about. So it's about all these experiences. We 169 00:08:01,100 --> 00:08:02,970 Speaker 1: hear that term nowadays, they say come, you know, it's 170 00:08:02,970 --> 00:08:07,100 Speaker 1: an experiential feeling, Funen was touted that way. You're supposed 171 00:08:07,100 --> 00:08:09,260 Speaker 1: to be able to experience the more by doing stuff, 172 00:08:09,260 --> 00:08:12,650 Speaker 1: rock climbing, all that. But the novelty has kind of 173 00:08:12,650 --> 00:08:14,310 Speaker 1: worn off a little bit. I mean, I can see 174 00:08:14,310 --> 00:08:16,770 Speaker 1: the traffic is not as significant as when it first opened. 175 00:08:16,770 --> 00:08:17,180 Speaker 1: So 176 00:08:17,340 --> 00:08:19,380 Speaker 1: these experiences are they sustainable? 177 00:08:19,390 --> 00:08:22,190 Speaker 2: If he relates to the people in the catchment area, 178 00:08:22,190 --> 00:08:25,620 Speaker 2: why not take, for example, if the office workers around 179 00:08:25,620 --> 00:08:29,320 Speaker 2: the area do cycle to work because of sustainability, why 180 00:08:29,320 --> 00:08:32,260 Speaker 2: not a more is always trying to be different by 181 00:08:32,260 --> 00:08:35,709 Speaker 2: new to market tenants or new to market activities? And 182 00:08:35,710 --> 00:08:38,230 Speaker 2: the missing link will be while it's new to market, 183 00:08:38,230 --> 00:08:41,280 Speaker 2: to do a wall climbing. But if your surrounding area, 184 00:08:41,280 --> 00:08:43,350 Speaker 2: the catchment do not like that, 185 00:08:43,365 --> 00:08:46,265 Speaker 2: it's very hard to sustain that. So I highly highly 186 00:08:46,265 --> 00:08:49,415 Speaker 2: recommend that with data, right, you know who's coming, you 187 00:08:49,415 --> 00:08:51,895 Speaker 2: know what they are buying and you use that data 188 00:08:51,895 --> 00:08:54,265 Speaker 2: to drive, you know, at the end of the day, 189 00:08:54,275 --> 00:08:57,285 Speaker 2: like Winnie said, in her branches serving this set of customers. Now, 190 00:08:57,295 --> 00:09:00,255 Speaker 2: another retailer is serving the same set of customers. Why 191 00:09:00,255 --> 00:09:04,225 Speaker 2: can't we collaborate? Why are we individually reaching out, think 192 00:09:04,225 --> 00:09:07,415 Speaker 2: of a more as a community space and these are 193 00:09:07,415 --> 00:09:09,375 Speaker 2: people we want to see again and again, 194 00:09:09,550 --> 00:09:12,030 Speaker 2: Let's look at their data and let's drive that way. 195 00:09:12,030 --> 00:09:17,130 Speaker 2: So I would say community curation storytelling give you a 196 00:09:17,130 --> 00:09:18,630 Speaker 2: reason to buy. But then one 197 00:09:18,630 --> 00:09:21,370 Speaker 1: of the argument would be then it's the same, same 198 00:09:21,370 --> 00:09:24,150 Speaker 1: kind of malls because the target clients are those that 199 00:09:24,150 --> 00:09:27,089 Speaker 1: need the supermarket, need the pharmacy want to eat in 200 00:09:27,090 --> 00:09:30,429 Speaker 1: some of the restaurants. Everybody does that, right? So what 201 00:09:30,429 --> 00:09:33,330 Speaker 1: makes your mall so different from any other mall out there? 202 00:09:33,340 --> 00:09:33,610 Speaker 1: I 203 00:09:33,610 --> 00:09:37,000 Speaker 2: want to? Right. So if I'm grocery, I can slant 204 00:09:37,000 --> 00:09:38,630 Speaker 2: towards it's still 205 00:09:38,646 --> 00:09:41,545 Speaker 2: food and then along center point, right? These are where 206 00:09:41,546 --> 00:09:44,075 Speaker 2: the young people are. So then you can curate your 207 00:09:44,086 --> 00:09:47,966 Speaker 2: f and B towards young taste buds. Singapore has very 208 00:09:47,966 --> 00:09:51,786 Speaker 2: interesting precedes that I don't mind traveling too soon. But 209 00:09:51,785 --> 00:09:53,646 Speaker 2: the problem is the food court at issue is the 210 00:09:53,646 --> 00:09:56,156 Speaker 2: same as you know, in the east. So I think 211 00:09:56,155 --> 00:09:57,976 Speaker 2: they should play on the fact that we are so 212 00:09:57,986 --> 00:10:00,496 Speaker 2: vibrant and so much colors 213 00:10:00,642 --> 00:10:02,792 Speaker 2: and be brave to play with it like in the 214 00:10:02,792 --> 00:10:05,452 Speaker 2: case of Winnie, right. See if she's in Chinatown, you 215 00:10:05,452 --> 00:10:07,342 Speaker 2: know what the things that is very Chinese and will 216 00:10:07,342 --> 00:10:09,642 Speaker 2: sell so that people know that they will go to 217 00:10:09,652 --> 00:10:11,511 Speaker 2: all her counters is never the same. 218 00:10:11,522 --> 00:10:14,232 Speaker 1: I think it's very important for the brick and mortar 219 00:10:14,232 --> 00:10:18,432 Speaker 1: store to actually have unique and different store offerings. Okay. 220 00:10:18,432 --> 00:10:21,202 Speaker 1: That's interesting. So to localize to the environment and the 221 00:10:21,212 --> 00:10:23,921 Speaker 1: surroundings that you are in because I want to, it's 222 00:10:23,922 --> 00:10:26,232 Speaker 1: only if I want to. If I don't want to, 223 00:10:26,232 --> 00:10:27,160 Speaker 2: then 224 00:10:28,420 --> 00:10:31,340 Speaker 2: it's interesting. If you look at how they curate. Right. 225 00:10:31,340 --> 00:10:33,290 Speaker 2: Right now, if I look at, I want to, there's 226 00:10:33,290 --> 00:10:37,390 Speaker 2: a lot of sports lululemon is there, Jim, people want 227 00:10:37,390 --> 00:10:40,970 Speaker 1: to argue, escape also was touted as a teen hangout spot. 228 00:10:40,980 --> 00:10:43,990 Speaker 1: But now we're here, they're closing it down, gonna do 229 00:10:43,990 --> 00:10:46,480 Speaker 1: a major, you know, makeover in Singapore. 230 00:10:46,490 --> 00:10:48,900 Speaker 1: A lot of places that open up the initial buzz 231 00:10:48,900 --> 00:10:51,800 Speaker 1: is there, but it doesn't seem sustainable. Maybe 232 00:10:51,800 --> 00:10:54,520 Speaker 2: at that point in times the developments around the area 233 00:10:54,520 --> 00:10:56,660 Speaker 2: is not so much for the young people, but right 234 00:10:56,660 --> 00:10:59,020 Speaker 2: now with new buildings sprouting out when you look at 235 00:10:59,020 --> 00:11:02,280 Speaker 2: the 313 and you know, Orchard Central. So maybe the 236 00:11:02,280 --> 00:11:04,550 Speaker 2: time is now maybe they're ahead of their time. 237 00:11:04,710 --> 00:11:08,179 Speaker 2: But I would really say look at your catchment area 238 00:11:08,190 --> 00:11:10,180 Speaker 2: if you can get them to come, you have a 239 00:11:10,179 --> 00:11:10,920 Speaker 2: good point. 240 00:11:10,929 --> 00:11:14,000 Speaker 1: So I think it's about knowing your customers and where 241 00:11:14,000 --> 00:11:18,280 Speaker 1: they are, for example, in the Heartland Morris, there are 242 00:11:18,290 --> 00:11:22,530 Speaker 1: supermarkets and pharmacies and all that is providing convenience right 243 00:11:22,540 --> 00:11:27,030 Speaker 1: to that community that's living around there. But perhaps landlords 244 00:11:27,030 --> 00:11:30,949 Speaker 1: could curate a few different concepts so that they are 245 00:11:30,960 --> 00:11:32,760 Speaker 1: differentiated in that way 246 00:11:32,929 --> 00:11:35,420 Speaker 1: and not the same as like what you mentioned, you know, 247 00:11:35,420 --> 00:11:37,449 Speaker 1: the food court emission is the same as the food 248 00:11:37,450 --> 00:11:38,819 Speaker 1: court somewhere else. I 249 00:11:38,820 --> 00:11:41,190 Speaker 2: also like to think, you know, with real estate going 250 00:11:41,200 --> 00:11:44,670 Speaker 2: up and our houses are getting smaller. Why not think 251 00:11:44,670 --> 00:11:46,840 Speaker 2: of a more as a place you will hang out. 252 00:11:46,850 --> 00:11:50,340 Speaker 2: So beside the pharmacy and the enrichment center, what else 253 00:11:50,340 --> 00:11:51,699 Speaker 2: do you need? Is there a place I can go 254 00:11:51,700 --> 00:11:52,819 Speaker 2: for my hobby? 255 00:11:52,830 --> 00:11:55,390 Speaker 1: Well, in a way, many of the community centers, the 256 00:11:55,390 --> 00:11:58,720 Speaker 1: new ones have become part commercial, part retail and, 257 00:11:58,735 --> 00:11:59,985 Speaker 1: and part of community 258 00:11:59,995 --> 00:12:02,245 Speaker 2: take a look at one Tampines hub. I thought that's 259 00:12:02,245 --> 00:12:05,735 Speaker 2: interesting because there's sports, there's retail, there's F and B 260 00:12:05,745 --> 00:12:07,945 Speaker 2: all rolled into one so that you feel that you 261 00:12:07,945 --> 00:12:10,015 Speaker 2: want to get out of your DB and go into 262 00:12:10,015 --> 00:12:11,054 Speaker 2: that space. 263 00:12:11,065 --> 00:12:13,415 Speaker 1: Okay. So it's a different kind of use. It's not 264 00:12:13,415 --> 00:12:16,385 Speaker 1: just a shopping center, it becomes more than that. Really 265 00:12:16,385 --> 00:12:18,715 Speaker 1: when you were looking around at malls to put your 266 00:12:18,715 --> 00:12:21,255 Speaker 1: stores in what some of the considerations that you have 267 00:12:21,255 --> 00:12:23,585 Speaker 1: in mind. I think as a local brand, when you're 268 00:12:23,585 --> 00:12:24,535 Speaker 1: starting out, 269 00:12:24,770 --> 00:12:28,339 Speaker 1: It's always difficult because you haven't built your brand name. 270 00:12:28,350 --> 00:12:31,380 Speaker 1: The landlords don't know you, they are not likely to 271 00:12:31,390 --> 00:12:35,260 Speaker 1: give you a prime location. You're not able to afford 272 00:12:35,270 --> 00:12:37,580 Speaker 1: a bigger store, right? You probably get like a hole 273 00:12:37,580 --> 00:12:39,810 Speaker 1: in the wall in the corner somewhere. So that were 274 00:12:39,809 --> 00:12:42,569 Speaker 1: some of the initial challenges I think that we faced. 275 00:12:42,580 --> 00:12:44,660 Speaker 1: But would you want to have like, you know, many 276 00:12:44,660 --> 00:12:48,329 Speaker 1: stores in all the malls or rather just have 10 277 00:12:48,340 --> 00:12:51,939 Speaker 1: in select places, for example. So we like to position 278 00:12:51,950 --> 00:12:54,650 Speaker 1: ourselves as a mid level luxury. 279 00:12:54,840 --> 00:12:59,059 Speaker 1: I don't think we should have that many stores nowadays 280 00:12:59,059 --> 00:13:02,380 Speaker 1: with omni channel, we can always target areas that are 281 00:13:02,390 --> 00:13:05,699 Speaker 1: outside of where we have the physical store. In terms 282 00:13:05,710 --> 00:13:09,660 Speaker 1: of say digital marketing, I recently received an item from 283 00:13:09,660 --> 00:13:11,460 Speaker 1: your shop and it looks beautiful, but I mean, I 284 00:13:11,460 --> 00:13:13,730 Speaker 1: wasn't part of the buying experience 285 00:13:14,070 --> 00:13:16,160 Speaker 1: and at the same time, I could as easily if 286 00:13:16,160 --> 00:13:18,179 Speaker 1: I like it, say go online and just buy it 287 00:13:18,179 --> 00:13:21,099 Speaker 1: next time without having to visit a store at all. Right. 288 00:13:21,100 --> 00:13:22,809 Speaker 1: So I'm saying I'm trying to imagine what is it 289 00:13:22,809 --> 00:13:25,030 Speaker 1: that is different that would drive people to head to 290 00:13:25,030 --> 00:13:27,290 Speaker 1: the mall, to your store or for someone like me 291 00:13:27,290 --> 00:13:29,330 Speaker 1: who got something and it goes, maybe I should go 292 00:13:29,330 --> 00:13:31,540 Speaker 1: visit the shop and check it out. Yeah, because maybe 293 00:13:31,540 --> 00:13:33,719 Speaker 1: when you visit, you will see something new. So it's 294 00:13:33,720 --> 00:13:37,460 Speaker 1: also about refreshing your offerings, but experiential going south to 295 00:13:37,460 --> 00:13:41,810 Speaker 1: just good customer service. If that person who is serving 296 00:13:41,809 --> 00:13:43,760 Speaker 1: you or helped you has really good 297 00:13:43,770 --> 00:13:46,670 Speaker 1: customer service. You would want to go back and support them, 298 00:13:46,679 --> 00:13:50,510 Speaker 1: you know, they helped you with making your selection. Oh, 299 00:13:50,510 --> 00:13:53,709 Speaker 1: is this for your wife? For your child? What colors 300 00:13:53,710 --> 00:13:56,660 Speaker 1: do they like? I have many years ago there was 301 00:13:56,660 --> 00:13:59,210 Speaker 1: a CD shop that allowed you to try music at 302 00:13:59,210 --> 00:14:00,910 Speaker 1: their store, you know, and they were really good at 303 00:14:00,910 --> 00:14:02,790 Speaker 1: recommending and they will give you a host that you 304 00:14:02,790 --> 00:14:04,760 Speaker 1: could be there for like an hour and listen to music, 305 00:14:04,760 --> 00:14:06,860 Speaker 1: they give you free coffee. So in a way it 306 00:14:06,860 --> 00:14:08,900 Speaker 1: worked because at the end, you also feel a bit bad, right? 307 00:14:08,900 --> 00:14:12,069 Speaker 1: A bit like I think that was like the manual 308 00:14:12,070 --> 00:14:13,460 Speaker 1: Spotify days right 309 00:14:13,470 --> 00:14:16,230 Speaker 1: now, you know, you you choose these songs and Spotify 310 00:14:16,230 --> 00:14:18,730 Speaker 1: knows what you like. So there was a value add 311 00:14:18,740 --> 00:14:21,070 Speaker 1: is that what's missing in our malls today where they're 312 00:14:21,070 --> 00:14:24,250 Speaker 1: so cookie cutter. Every shop is the same. It doesn't 313 00:14:24,250 --> 00:14:26,380 Speaker 1: matter who is behind the counter. They will 314 00:14:26,380 --> 00:14:30,560 Speaker 2: talk about shortage of manpower and high turnover. So then 315 00:14:30,570 --> 00:14:32,860 Speaker 2: I don't need to train, but these people are the 316 00:14:32,860 --> 00:14:36,060 Speaker 2: brand ambassador. So Stephen, you were saying that you received 317 00:14:36,060 --> 00:14:38,490 Speaker 2: the gift. So what if the gift come with this? 318 00:14:38,490 --> 00:14:40,970 Speaker 2: You receive the gift pop by our store and we 319 00:14:40,970 --> 00:14:43,170 Speaker 2: tell you about the story behind the gift 320 00:14:43,330 --> 00:14:46,360 Speaker 2: that even though you're not part of the decision, but 321 00:14:46,360 --> 00:14:49,550 Speaker 2: upon receiving it, she can spin a story, she can 322 00:14:49,550 --> 00:14:51,810 Speaker 2: tell you what is this about and you know, make 323 00:14:51,810 --> 00:14:54,580 Speaker 2: you feel like what was my friend thinking about 324 00:14:54,760 --> 00:14:56,960 Speaker 2: today is no longer or you're not here to buy. 325 00:14:56,970 --> 00:14:58,940 Speaker 2: I'm not here to tell stories. So we are brand 326 00:14:58,940 --> 00:15:01,710 Speaker 2: ambassadors who are here to tell a story. We're trying 327 00:15:01,710 --> 00:15:04,390 Speaker 2: to figure out your needs. We're just here to engage 328 00:15:04,390 --> 00:15:06,630 Speaker 2: you with our stories so that you are willing to 329 00:15:06,630 --> 00:15:09,620 Speaker 2: buy and when you're willing to buy, the online platform 330 00:15:09,620 --> 00:15:10,740 Speaker 2: is ready. But 331 00:15:10,740 --> 00:15:12,800 Speaker 1: then I think there will be two groups of customers, 332 00:15:12,800 --> 00:15:17,050 Speaker 1: those that enjoy the experiences of discovering, finding out and 333 00:15:17,050 --> 00:15:19,240 Speaker 1: the rest who just want to get something quick and 334 00:15:19,250 --> 00:15:20,770 Speaker 1: not have to think about it. Right? 335 00:15:20,780 --> 00:15:23,450 Speaker 2: If you look at Sephora, right is really the reverse 336 00:15:23,450 --> 00:15:24,490 Speaker 2: playground where 337 00:15:24,760 --> 00:15:27,110 Speaker 2: the ladies know the brand, but they still want to play, 338 00:15:27,120 --> 00:15:29,200 Speaker 2: they just want to try out that color, you know. 339 00:15:29,360 --> 00:15:31,890 Speaker 2: So it depends if today I just want to buy 340 00:15:31,890 --> 00:15:33,630 Speaker 2: and go so be it. But there are other days 341 00:15:33,640 --> 00:15:35,840 Speaker 2: while waiting for a friend, I've got 10 extra minutes, 342 00:15:35,850 --> 00:15:37,090 Speaker 2: I'll just go and have fun. 343 00:15:37,760 --> 00:15:39,590 Speaker 1: That's a bit of a difference between I think men 344 00:15:39,590 --> 00:15:42,580 Speaker 1: and women also. That's why I also think it's so 345 00:15:42,580 --> 00:15:47,930 Speaker 1: important to have comfy sitting areas within more or a 346 00:15:47,940 --> 00:15:53,120 Speaker 1: retail shop. So once the husbands are happily settled, you know, 347 00:15:53,120 --> 00:15:55,590 Speaker 1: no problem. You can spend one hour in the store. 348 00:15:55,606 --> 00:15:58,996 Speaker 2: Which then that's that question. Right? I really think right? 349 00:15:59,006 --> 00:16:02,576 Speaker 2: Or shopping mall should give free Wifi, it's really hard because, 350 00:16:02,576 --> 00:16:04,506 Speaker 2: you know, we have this online present that you walk 351 00:16:04,506 --> 00:16:06,835 Speaker 2: into a morning. There's this black hole because you don't 352 00:16:06,836 --> 00:16:11,026 Speaker 2: get data anymore. So I think especially for tourists. Right? So, 353 00:16:11,026 --> 00:16:13,956 Speaker 2: make sure they have seats, make sure there's wifi. Make 354 00:16:13,956 --> 00:16:16,276 Speaker 2: sure there's good F and B that they can hang around. 355 00:16:16,276 --> 00:16:17,746 Speaker 2: What the other half shop, 356 00:16:17,756 --> 00:16:20,566 Speaker 1: throw in a bar cafe. And then 357 00:16:20,566 --> 00:16:21,840 Speaker 2: you mentioned something interest 358 00:16:21,852 --> 00:16:24,802 Speaker 2: because you said your favorite mall is Vivo. You know 359 00:16:24,802 --> 00:16:27,502 Speaker 2: what's one great thing about Vivo? There's always this indoor 360 00:16:27,502 --> 00:16:30,002 Speaker 2: and outdoor, right? So if you are not the indoor 361 00:16:30,002 --> 00:16:31,782 Speaker 2: sort and you want some sun and some it 362 00:16:31,782 --> 00:16:33,992 Speaker 1: has a view. I like that too. I can look 363 00:16:33,992 --> 00:16:35,822 Speaker 1: out and see the sea and not feel like I'm 364 00:16:35,822 --> 00:16:37,802 Speaker 1: just trapped behind walls with artificial. 365 00:16:37,812 --> 00:16:39,852 Speaker 2: So this is what more should do, right? More should 366 00:16:39,862 --> 00:16:44,620 Speaker 2: integrate themselves to the surrounding and to the catchment area 367 00:16:44,630 --> 00:16:47,380 Speaker 2: and play up on the fact that they are so different. 368 00:16:47,390 --> 00:16:48,090 Speaker 2: That's why I want, 369 00:16:48,100 --> 00:16:49,030 Speaker 2: you can't visit you. 370 00:16:49,040 --> 00:16:51,420 Speaker 1: But how many can have a spot like vivo because 371 00:16:51,420 --> 00:16:54,170 Speaker 1: the rest in the city in the middle of nowhere. 372 00:16:54,180 --> 00:16:55,850 Speaker 1: I mean, I'm just thinking now, why do we have 373 00:16:55,850 --> 00:16:57,859 Speaker 1: so many malls? Why do we need so many malls 374 00:16:57,860 --> 00:17:00,760 Speaker 1: and maybe we need it just because they are utilitarian. 375 00:17:00,770 --> 00:17:03,280 Speaker 1: I need my supermarket. I need my pharmacy. So if 376 00:17:03,280 --> 00:17:06,190 Speaker 1: they are just there for that purpose, that's fine too. Right. 377 00:17:06,200 --> 00:17:09,660 Speaker 2: Well, every malls when we look at the retail mix, right? 378 00:17:09,660 --> 00:17:11,510 Speaker 2: We do have brands that will make you come back 379 00:17:11,520 --> 00:17:14,320 Speaker 2: like every hour if you need to eat or drink, 380 00:17:14,340 --> 00:17:16,449 Speaker 2: we need to make you come back every week because 381 00:17:16,450 --> 00:17:18,710 Speaker 2: you need your grocery. Then there's some of the shops 382 00:17:18,710 --> 00:17:20,670 Speaker 2: that make you come once a month. So we have 383 00:17:20,670 --> 00:17:23,170 Speaker 2: a mixture of this. But if you look at, let's 384 00:17:23,170 --> 00:17:26,330 Speaker 2: say our housing estates right within the housing estates, then 385 00:17:26,330 --> 00:17:29,670 Speaker 2: of course, there's this more that serve that function for 386 00:17:29,670 --> 00:17:33,149 Speaker 2: your convenient, good something you buy on a regular basis. 387 00:17:33,150 --> 00:17:35,850 Speaker 2: But suppose you want to shop for a birthday present 388 00:17:35,859 --> 00:17:39,490 Speaker 2: or something different, then you come to orchard because that's 389 00:17:39,490 --> 00:17:40,500 Speaker 2: where there's a lot of 390 00:17:40,590 --> 00:17:42,640 Speaker 2: range of products and brands for you to 391 00:17:42,640 --> 00:17:46,169 Speaker 1: choose. I haven't walked Orchard Road in years. I'm not 392 00:17:46,170 --> 00:17:49,390 Speaker 1: the first person I know who said that right. Because 393 00:17:49,390 --> 00:17:53,010 Speaker 1: wherever you're staying is already so self sufficient. Yes, exactly. 394 00:17:53,010 --> 00:17:53,609 Speaker 1: There's no need 395 00:17:53,619 --> 00:17:55,540 Speaker 2: to have gone to suburbans. 396 00:17:55,540 --> 00:17:58,230 Speaker 1: Right, right north, south east west. I can find exactly 397 00:17:58,230 --> 00:17:59,560 Speaker 1: the same brands in the malls 398 00:17:59,560 --> 00:18:00,440 Speaker 2: there or you can go 399 00:18:00,440 --> 00:18:03,240 Speaker 1: online. That's why Orchard Road needs to do things like 400 00:18:03,240 --> 00:18:06,840 Speaker 1: Christmas Light Up and different kinds of activities. 401 00:18:11,240 --> 00:18:13,910 Speaker 1: Are you looking for ways to make your money work 402 00:18:13,920 --> 00:18:17,930 Speaker 1: harder for you or need tips on saving investing and 403 00:18:17,930 --> 00:18:22,090 Speaker 1: making financial decisions? Join me, Andrea Hang on Money Talks. 404 00:18:22,109 --> 00:18:25,149 Speaker 1: Cnn's top personal finance podcast 405 00:18:25,300 --> 00:18:29,300 Speaker 1: from investment basics to the fire movement and Legacy Planning. 406 00:18:29,320 --> 00:18:33,070 Speaker 1: Money talks looks at financial trends and stories that matter 407 00:18:33,080 --> 00:18:37,000 Speaker 1: to you. Check out our complete playlist on the CNN app, 408 00:18:37,010 --> 00:18:41,909 Speaker 1: Apple podcasts, Spotify or wherever you get your podcasts, follow 409 00:18:41,910 --> 00:18:45,190 Speaker 1: us or subscribe for new episodes every Tuesday. 410 00:18:50,020 --> 00:18:53,469 Speaker 1: Is it our expectations of malls? Also the way our 411 00:18:53,470 --> 00:18:56,409 Speaker 1: malls have shaped up now, some of them there's traffic 412 00:18:56,410 --> 00:18:57,919 Speaker 1: but sometimes not the kind of traffic you 413 00:18:57,920 --> 00:19:02,140 Speaker 2: want. It's about having different offering for different pocket size 414 00:19:02,140 --> 00:19:04,450 Speaker 2: or wallet size. Take for example, are gone, right? 415 00:19:04,710 --> 00:19:07,129 Speaker 2: If you want to drink and you are tight on 416 00:19:07,130 --> 00:19:10,040 Speaker 2: the budget, then go to before that's the food court, right? 417 00:19:10,050 --> 00:19:12,639 Speaker 2: But then if you want something fancy, then of course 418 00:19:12,640 --> 00:19:15,610 Speaker 2: there's T W G for you. If you really have 419 00:19:15,609 --> 00:19:17,800 Speaker 2: no money, go outside the mall. There's very nice sculpture 420 00:19:17,800 --> 00:19:19,690 Speaker 2: you can take a picture with, I think the whole 421 00:19:19,690 --> 00:19:22,820 Speaker 2: idea is getting them in. Then you do that conversion. 422 00:19:22,830 --> 00:19:25,270 Speaker 2: If you position the mall as a place where people 423 00:19:25,270 --> 00:19:27,850 Speaker 2: want to hang out, say, for example, why can't the 424 00:19:27,850 --> 00:19:28,710 Speaker 2: mall being 425 00:19:28,730 --> 00:19:31,709 Speaker 2: an alternative place for me to exercise in the morning 426 00:19:31,710 --> 00:19:34,050 Speaker 2: at eight o'clock? Right? It's kind of quiet. So why 427 00:19:34,050 --> 00:19:35,990 Speaker 2: can't I wear my shoes and I walk around the 428 00:19:35,990 --> 00:19:38,760 Speaker 2: mall and I exercise, I clocked my 10,000 steps and 429 00:19:38,760 --> 00:19:43,730 Speaker 2: when you couldn't open, I'm ready for breakfast. That's true. Yeah. 430 00:19:43,740 --> 00:19:46,920 Speaker 2: So more didn't need to be 10 a.m. to 10 p.m. 431 00:19:46,920 --> 00:19:49,240 Speaker 2: There's a lot of things we can do after that 432 00:19:49,260 --> 00:19:52,170 Speaker 2: when the mall's closed and the student wants to study 433 00:19:52,170 --> 00:19:55,390 Speaker 2: or hang out. Let's rethink what can we do for 434 00:19:55,390 --> 00:19:56,440 Speaker 2: the community? 435 00:19:56,730 --> 00:19:58,730 Speaker 1: So what do you think needs to change? Maybe Winnie 436 00:19:58,730 --> 00:20:00,840 Speaker 1: if you had a wish, what would you like to 437 00:20:00,840 --> 00:20:03,980 Speaker 1: see different in our malls today? So I think landlords 438 00:20:03,980 --> 00:20:08,709 Speaker 1: don't need to maximize on profits. Like what you mentioned 439 00:20:08,710 --> 00:20:12,680 Speaker 1: about the reeds for every single unit. So they need 440 00:20:12,690 --> 00:20:16,520 Speaker 1: to also think about the curation. It could be inviting 441 00:20:16,520 --> 00:20:19,030 Speaker 1: a brand to come in perhaps just for a pop 442 00:20:19,030 --> 00:20:22,200 Speaker 1: up to have that different tenant mix is very important. 443 00:20:22,520 --> 00:20:26,070 Speaker 1: For example, like Great World City is positioned itself as 444 00:20:26,080 --> 00:20:30,230 Speaker 1: a family more with great activities for kids. So that's 445 00:20:30,240 --> 00:20:35,050 Speaker 1: another positioning that could be different from say suggested could be. 446 00:20:35,060 --> 00:20:38,950 Speaker 1: So I think each more can find their own unique positioning. 447 00:20:38,960 --> 00:20:42,310 Speaker 1: It's just like businesses, you know, what's so different about 448 00:20:42,310 --> 00:20:44,690 Speaker 1: this fashion brand and that fashion brand is just, 449 00:20:44,750 --> 00:20:48,639 Speaker 1: but they all have their different positioning. Reminds me of 450 00:20:48,640 --> 00:20:51,129 Speaker 1: that brand called this fashion. No, no more. 451 00:20:51,140 --> 00:20:55,230 Speaker 2: You know, Steven, I really like to see the brands 452 00:20:55,240 --> 00:20:58,820 Speaker 2: do more collaborations because when you have three or four 453 00:20:58,820 --> 00:21:02,310 Speaker 2: brands targeting to the same customers, they are all reaching 454 00:21:02,310 --> 00:21:05,179 Speaker 2: out to the customers like three times and I still 455 00:21:05,190 --> 00:21:06,980 Speaker 2: understand alone brand. 456 00:21:07,170 --> 00:21:09,889 Speaker 2: But if I collaborate with the other brands and then 457 00:21:09,890 --> 00:21:12,410 Speaker 2: we try to do something for that vicinity there is 458 00:21:12,410 --> 00:21:15,340 Speaker 2: no more. Same, same is really different. Okay, 459 00:21:15,340 --> 00:21:17,510 Speaker 1: but this collaboration can be difficult, right? I mean if 460 00:21:17,510 --> 00:21:19,300 Speaker 1: you are stand alone brand. Yeah. 461 00:21:19,310 --> 00:21:21,660 Speaker 2: So if I must stand alone brand and I try 462 00:21:21,660 --> 00:21:24,869 Speaker 2: to target to this customer, let's say I sell her fashion, 463 00:21:24,869 --> 00:21:27,300 Speaker 2: but then you sell her food. So why can't we talk? 464 00:21:27,420 --> 00:21:29,180 Speaker 2: Can we do a high tea together? That's 465 00:21:29,180 --> 00:21:33,970 Speaker 1: precisely what we did at Ion with Sunday folks. It's 466 00:21:33,970 --> 00:21:36,300 Speaker 1: great because we pay half the rent and they pay 467 00:21:36,300 --> 00:21:39,850 Speaker 1: half the rent, but we have shared customers. So their 468 00:21:39,850 --> 00:21:43,090 Speaker 1: target audience is I think a bit younger and ours 469 00:21:43,100 --> 00:21:45,960 Speaker 1: is a bit older. So there is also synergy because 470 00:21:45,970 --> 00:21:47,660 Speaker 1: customers who come to our store 471 00:21:47,830 --> 00:21:51,750 Speaker 1: get introduced to their Sundays and vice versa. 472 00:21:51,760 --> 00:21:54,690 Speaker 2: So what can the more do because the more Trachsel's 473 00:21:54,690 --> 00:21:57,710 Speaker 2: coming in and they have that kind of data so 474 00:21:57,710 --> 00:22:00,610 Speaker 2: they can do the extra step of rounding up brands 475 00:22:00,609 --> 00:22:03,730 Speaker 2: that serving the same customer type and then let's curate 476 00:22:03,730 --> 00:22:05,080 Speaker 2: some events for them. 477 00:22:05,300 --> 00:22:07,890 Speaker 2: And then you become a hybrid of branch rather than 478 00:22:07,890 --> 00:22:11,490 Speaker 2: you just one person, one brand. How many brand events 479 00:22:11,490 --> 00:22:12,310 Speaker 2: can you go over a 480 00:22:12,310 --> 00:22:15,520 Speaker 1: weekend? Five years ago I already saw in China, they 481 00:22:15,520 --> 00:22:19,699 Speaker 1: kept having activations different pop ups all the time, which 482 00:22:19,700 --> 00:22:22,660 Speaker 1: I see I am doing very successfully. Now. They have 483 00:22:22,670 --> 00:22:26,040 Speaker 1: this outdoor space and sometimes you see like Dior or 484 00:22:26,040 --> 00:22:26,950 Speaker 1: Louis Vuitton 485 00:22:27,230 --> 00:22:30,420 Speaker 1: and then the indoor space is like Barker coffee it 486 00:22:30,420 --> 00:22:35,530 Speaker 1: keeps changing. It's nice. Yes. Yes. So the more needs 487 00:22:35,530 --> 00:22:40,869 Speaker 1: this pop up events on marketing, the engagement because constantly 488 00:22:40,869 --> 00:22:43,000 Speaker 1: be able to come up with such activations 489 00:22:43,010 --> 00:22:45,770 Speaker 2: online is transactional online is where you go in there 490 00:22:45,770 --> 00:22:47,290 Speaker 2: and then you, you look at what you want to buy. 491 00:22:47,290 --> 00:22:50,350 Speaker 2: So I need to engage you. I need to play 492 00:22:50,350 --> 00:22:53,199 Speaker 2: up that willingness to buy. Then you know where to 493 00:22:53,200 --> 00:22:55,500 Speaker 2: find me to a retailer is the end 494 00:22:55,570 --> 00:22:58,220 Speaker 2: century that kills me. It ties up my capital. And 495 00:22:58,220 --> 00:23:01,629 Speaker 2: so if I have inventory, I'm not just gonna depend 496 00:23:01,630 --> 00:23:03,859 Speaker 2: on the mall because it's 10 a.m. to 10 p.m. 497 00:23:03,869 --> 00:23:07,330 Speaker 2: But with an online shop, you access to me 24 7. 498 00:23:07,340 --> 00:23:09,900 Speaker 2: So I then do different things. So when you come 499 00:23:09,900 --> 00:23:12,850 Speaker 2: to me in person, I got to engage you. Okay. Yeah, 500 00:23:12,850 --> 00:23:14,890 Speaker 2: I got to make you feel for the brand and 501 00:23:14,890 --> 00:23:17,720 Speaker 2: then you see the need to go online to get it. 502 00:23:17,730 --> 00:23:20,830 Speaker 1: If you compare our malls to those overseas. Do you 503 00:23:20,830 --> 00:23:23,909 Speaker 1: feel that some countries do it better? I mean, other, 504 00:23:24,190 --> 00:23:26,070 Speaker 1: some places you've been to where you've gone into a 505 00:23:26,070 --> 00:23:29,609 Speaker 1: mall and gone? Wow, why can't we do this at home? No, 506 00:23:29,619 --> 00:23:30,159 Speaker 1: I 507 00:23:30,170 --> 00:23:32,399 Speaker 2: didn't have to look so far. I still like Jewel 508 00:23:32,410 --> 00:23:35,620 Speaker 2: because you know, if anything else, the hardware itself is 509 00:23:35,619 --> 00:23:37,710 Speaker 2: a story on its own, right? So it is so 510 00:23:37,710 --> 00:23:40,730 Speaker 2: Instagram and everybody go there and take the photo and 511 00:23:40,730 --> 00:23:44,070 Speaker 2: then if you're in, you're not into buying your, into experiential. 512 00:23:44,080 --> 00:23:46,210 Speaker 2: There's always food or they can go to the top floor, 513 00:23:46,210 --> 00:23:48,060 Speaker 2: you can go to the parts. So I thought they 514 00:23:48,060 --> 00:23:51,500 Speaker 2: have everything covered. It's really a lifestyle space. So you 515 00:23:51,500 --> 00:23:53,790 Speaker 2: don't have to feel that I need to buy something. 516 00:23:53,900 --> 00:23:56,510 Speaker 1: Have a slightly unfair advantage being next to the airport 517 00:23:56,510 --> 00:23:59,770 Speaker 1: because then there's always traffic, you know, there are always people, 518 00:23:59,770 --> 00:24:01,960 Speaker 1: there would give it a bit of bus and we need, 519 00:24:01,960 --> 00:24:04,040 Speaker 1: have you ever seen anything overseas in terms of a 520 00:24:04,040 --> 00:24:08,220 Speaker 1: shopping mall? No, no, I like to explore areas when 521 00:24:08,220 --> 00:24:12,170 Speaker 1: I'm overseas. Like little classes, somewhat like Holland Village, you know, 522 00:24:12,170 --> 00:24:16,449 Speaker 1: individual stores like that kind of concept because the architecture 523 00:24:16,450 --> 00:24:18,730 Speaker 1: is different, you know, every store has its own 524 00:24:18,740 --> 00:24:22,369 Speaker 1: unique decorations. But in terms of more, I think I 525 00:24:22,369 --> 00:24:24,920 Speaker 1: don't have one. I still like what we have in Singapore. 526 00:24:24,930 --> 00:24:27,480 Speaker 1: If you had a chance, perhaps Linda, you go first. 527 00:24:27,490 --> 00:24:30,900 Speaker 1: If you were building a mall, what would you do differently? 528 00:24:30,910 --> 00:24:35,450 Speaker 2: I would say that try to make shopping look different 529 00:24:35,450 --> 00:24:38,570 Speaker 2: in different parts of the island because Singapore is actually 530 00:24:38,570 --> 00:24:42,510 Speaker 2: very colorful. The proceeds in little India vis a vis 531 00:24:42,510 --> 00:24:43,570 Speaker 2: that of east coast, 532 00:24:43,580 --> 00:24:46,660 Speaker 2: it's very different. But when we put the same hardware 533 00:24:46,660 --> 00:24:49,660 Speaker 2: and the same retailers inside the same, you know, you 534 00:24:49,660 --> 00:24:53,020 Speaker 2: lose is the catchment area that precedes. I think our 535 00:24:53,020 --> 00:24:57,010 Speaker 2: prisons are beautiful and I hope through that right. Visitors 536 00:24:57,010 --> 00:24:59,430 Speaker 2: would just shop in orchard road. But they will venture 537 00:24:59,430 --> 00:25:02,219 Speaker 2: out to this precedes the locals, right? And then with 538 00:25:02,220 --> 00:25:05,429 Speaker 2: the train so accessible. So then they will say, hey, 539 00:25:05,430 --> 00:25:07,260 Speaker 2: you know, shopping in Singapore is as fun as shopping 540 00:25:07,260 --> 00:25:08,420 Speaker 2: Hong Kong or Thailand 541 00:25:08,660 --> 00:25:10,950 Speaker 2: because if I go to Bangkok, right, I don't just 542 00:25:10,950 --> 00:25:14,220 Speaker 2: shop in the mall, actually go to Chatuchak market. So 543 00:25:14,220 --> 00:25:17,320 Speaker 2: we should have something like that variety and let that 544 00:25:17,320 --> 00:25:22,250 Speaker 2: precedes vibrancy shines through which means the mall have to listen, 545 00:25:22,260 --> 00:25:26,900 Speaker 2: listen to who listen to the environment surrounding. How do 546 00:25:26,900 --> 00:25:30,680 Speaker 2: you plug a building that integrates with the surrounding rather 547 00:25:30,680 --> 00:25:32,760 Speaker 2: than just stand out like a commercial block. So 548 00:25:32,760 --> 00:25:34,310 Speaker 1: have a food court but not just 549 00:25:34,330 --> 00:25:36,879 Speaker 1: an ordinary food court. Make it special and unique to 550 00:25:36,880 --> 00:25:40,680 Speaker 1: that location. Yes. Play up on it. Has this Malaysia Bowl, 551 00:25:40,680 --> 00:25:43,050 Speaker 1: is it? So it's a little bit different from the 552 00:25:43,050 --> 00:25:45,260 Speaker 1: usual food court already right 553 00:25:45,720 --> 00:25:47,939 Speaker 2: in the area has a lot of temper survival to 554 00:25:47,940 --> 00:25:50,320 Speaker 2: do a more that what can I leverage on that 555 00:25:50,330 --> 00:25:53,830 Speaker 2: branding of that place? You know, the soul of that place, 556 00:25:53,950 --> 00:25:55,420 Speaker 2: make it different. 557 00:25:55,430 --> 00:25:58,160 Speaker 1: See, I'm a really bad customer. My favorite shop is 558 00:25:58,160 --> 00:26:00,000 Speaker 1: my tailor because 559 00:26:00,720 --> 00:26:02,440 Speaker 1: so I don't even have to buy from the shop. 560 00:26:02,440 --> 00:26:03,860 Speaker 1: I just call him and tell him I want this 561 00:26:03,859 --> 00:26:05,720 Speaker 1: shirt and I choose my own pattern. So, 562 00:26:06,030 --> 00:26:09,040 Speaker 1: But you're a very loyal customer, which is good. I am. 563 00:26:09,050 --> 00:26:11,370 Speaker 1: That is true. And he has built that relationship over 564 00:26:11,369 --> 00:26:13,940 Speaker 1: many years. So at one point I wanted to mention, 565 00:26:13,940 --> 00:26:17,390 Speaker 1: which is that we've seen our physical store, the loyalty 566 00:26:17,390 --> 00:26:20,780 Speaker 1: is much higher than online. Of course. So the loyalty, 567 00:26:20,780 --> 00:26:23,800 Speaker 1: the customer retention rate can be up to 50%. And 568 00:26:23,800 --> 00:26:27,100 Speaker 1: you don't see that kind of numbers in the digital space. 569 00:26:27,109 --> 00:26:30,520 Speaker 1: So it's because of that report that your sales associate 570 00:26:30,530 --> 00:26:32,540 Speaker 1: is able to build with the customer 571 00:26:32,859 --> 00:26:35,720 Speaker 1: that's really important. Well, ladies, thank you so much for 572 00:26:35,720 --> 00:26:37,580 Speaker 1: coming in and sharing your thoughts. I think, you know, 573 00:26:37,580 --> 00:26:40,080 Speaker 1: in Singapore we were malls in every corner and it 574 00:26:40,080 --> 00:26:42,030 Speaker 1: means different things to different people and I think different 575 00:26:42,030 --> 00:26:45,970 Speaker 1: people take away different aspects of it but sounds like same, 576 00:26:45,970 --> 00:26:48,899 Speaker 1: same but quite different would be a good thing to 577 00:26:48,900 --> 00:26:52,379 Speaker 1: a certain extent and to all our listeners. Thank you 578 00:26:52,380 --> 00:26:55,220 Speaker 1: for listening to this episode. The team that produces heart 579 00:26:55,220 --> 00:26:58,489 Speaker 1: of the matter comprises of Jacqueline Chan, Joanne Chan Tiffany 580 00:26:59,400 --> 00:27:00,730 Speaker 1: and Christina Robert 581 00:27:00,869 --> 00:27:03,419 Speaker 1: and I'm Stephen Chow. Signing off. Bye for now.