Impact of Concerts and MICE on Singapore's Retail Real Estate

Despite its small population and limited natural resources, Singapore is punching above its weight as a retail destination, driven by innovative placemaking efforts in attracting MICE and concerts, among other attractions and initiatives. 

Singapore is recognised by the International Congress and Convention Association as the second top city worldwide for the number of conferences held, and has been Asia Pacific’s top meeting city for 21 consecutive years. Recently, the country has also been spotlighted as a concert hub following numerous high profile sell-out concerts. 

While these events are clearly positive for the hospitality sector, driving up room rates, the impact may be less straight forward for the retail sector. CBRE’s proprietary study shows the impact on tourist footfall in malls during concerts and events have been more nuanced. 

This report chronicles Singapore’s journey of MICE and concerts, identifies their impact on Singapore’s retail sector in the last two years, and addresses opportunities and challenges for landlords, retailers and investors.