Isetan at Tampines Mall to shutter in November after almost 30 years , Lifestyle News
For almost 30 years, Isetan stood as a familiar sight in Tampines Mall — but soon, there's going to be a change.
In a Facebook posted uploaded on Tuesday (May 6), the mall announced the closure of the Japanese department store — which has been operating since the mall's launch in 1996 — this coming November.
The department store carries a range of apparel and beauty products, among others.
The mall also hinted that shoppers will have an "exciting new chapter" to look forward to, but did not go into detail.
"An exciting new chapter is on the way. We're transforming the space to bring you an elevated shopping experience with the latest in fashion, beauty and lifestyle. Something exciting is on the horizon, stay tuned!" they stated.
With the impending closure of the store in Tampines mall, there are only two Isetan stores left — Isetan Scotts at Orchard and Isetan Serangoon Central.
A company spokesperson told The Straits Times that the decision was made as its lease was coming to an end.
AsiaOne has reached out to CapitaLand for more information.
The announcement has sparked a discussion online.
On Reddit's r/Singapore thread, for example, many are speculating that department stores like Isetan might soon be phased out like other counterparts such as John Little and Yaohan, which shuttered their physical stores permanently in 2016 and 1998 respectively.
Others have also attributed the closure to competition, pricing and the emergence of online shopping.
"These kinds of departmental stores are phasing out nowadays when people know how to source and buy directly from suppliers online," said one user.
"The pricing for most of the stuff sold at Isetan is way too expensive. People end up buying from somewhere else or even online," read another comment.
[[nid:589079]]
carol.ong@asiaone.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
14 hours ago
- Business Times
Asia: Most markets rise as US data feeds rate-cut hopes
[HONG KONG] Asian shares mostly rose on Thursday after soft US economic data boosted expectations the Federal Reserve will soon cut interest rates and put the focus on key jobs figures coming at the end of the week. Investors were also keeping track of developments in Donald Trump's trade war and signs of movement on possible talks between the US president and his Chinese counterpart Xi Jinping. Wall Street provided an uninspiring lead as a report by payroll firm ADP showed private-sector jobs rose by 37,000 last month, a sharp slowdown from April's 60,000 and less than a third of what was forecast in a Bloomberg survey. Another survey showed activity in the services sector contracted in May for the first time since June last year. The readings stoked concerns that the world's number one economy was stuttering, with the Fed's closely watched 'Beige Book' study noting that 'economic activity has declined slightly'. It flagged household and business caution caused by slower hiring and heightened uncertainty surrounding Trump's policies. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up However, the readings ramped up bets on a Fed cut, with markets pricing in two by the end of the year, with the first in September. Eyes are now on the non-farm payrolls release on Friday, which the central bank uses to help shape monetary policy. Still, there is some concern that the US president's tariff blitz will ramp up inflation, which could put pressure on the Fed to keep borrowing costs elevated. Most of Asia rose in early trade, with Hong Kong, Sydney, Singapore, Taipei and Wellington up. Shanghai was flat and Tokyo fell ahead of a closely watched Japanese government bond auction. Seoul rallied more than two per cent on continued excitement after the election of a new president ended a six-month power vacuum. The won rose around 0.4 per cent, building on a recent run-up. Jakarta edged higher as Indonesia's government began rolling out a US$1.5 billion stimulus package after Southeast Asia's biggest economy saw its slowest growth in more than three years in the first quarter. The possibility of US rate cuts hit the dollar Wednesday and it struggled to recover in Asia, making small inroads against the yen, pound and euro. Investors are awaiting news of talks between Trump and Xi, with the White House saying they could take place this week. But while tariffs remain a millstone around investors' necks, IG's chief market analyst Chris Beauchamp said traders seemed less concerned than they were after the US president's April 2 'Liberation Day' fireworks. 'With markets still rising, the overall view appears to still be that the US is no longer serious about imposing tariffs at the levels seen in April,' he wrote in a commentary. 'President Trump appears fixated on a call with China's president that might help to move the situation forward, but Beijing remains wary of committing itself to any deal. 'This does leave markets open to another sudden shock, which might replicate some of the volatility seen in April. But that manic period appears to have dissuaded the administration from further major tariff announcements.' AFP
Straits Times
14 hours ago
- Straits Times
Bukchon emerges as a new shopping hot spot in South Korea for global tourists
The House of Sulwhasoo, located in the heart of Bukchon. PHOTO: THE HOUSE OF SULWHASOO BUKCHON/FACEBOOK Bukchon emerges as a new shopping hot spot in South Korea for global tourists SEOUL – Nestled between the historical grandeur of the main palace Gyeongbokgung and the winding alleys of traditional hanok, Bukchon is being transformed from a heritage enclave into one of Seoul's most dynamic shopping destinations, particularly for international travellers. Once known primarily for its well-preserved architecture and cultural significance, it is now a growing hub for fashion, beauty and fragrance brands. With an influx of flagship stores, limited-edition product launches and experiential spaces, the neighbourhood is drawing attention fro m domestic trendsetters and foreign visitors. The transformation began around fiv e y ears ago, with small, independent perfumers popping up around Bukchon. 'That became a unique characteristic of the area, which then attracted an increasing number of fragrance brands. Now, you can find many domestic scent-related brands here. And with Tamburins – the most popular among foreign visitors – opening a store here too, it really proves Bukchon's growing status,' said a staff member of a local perfumery. That growth is backed by hard data. According to Seoul's real-time statistics, monthly credit card spending in Bukchon Hanok Village rose from 1.9 billion won (S$1.78 million) in January to more than 2.57 billion won in April. Projections suggest spending may exceed three billion won by the end of May. Recognising its potential , global and local brands are establishing a presence in the neighbourhood. Tamburins, a K-beauty fragrance label known for its minimalist design and immersive retail experience, opened its Bukchon flagship store in 2023. Tourist Giselle Roberts from Britain said: 'I'm a huge fan of South Korean actor Jung Hae-in, and after watching K-drama Love Next Door (2024), I really wanted to visit this area. It feels so authentic with all the traditional Korean architecture. Since Tamburins is one of the must-have items in South Korea, visiting the store was a top priority for me.' Luxury skincare brand Sulwhasoo also launched its House of Sulwhasoo Bukchon in a renovated hanok-yangok hybrid space that blends traditional Korean and Western architectural styles in 2021. A look into the interior of The House of Sulwhasoo. PHOTO: THE HOUSE OF SULWHASOO BUKCHON/FACEBOOK 'Bukchon is a symbolic area where the past and present coexist beautifully,' a Sulwhasoo representative said. 'The concept of 'house' is both private and expressive of one's tastes, which allows for a deeper connection to the brand.' House of Sulwhasoo Bukchon offers guided tours in Korean, English and Chinese, with foreign visitors making up about 60 to 70 per cent of attendees. 'I'm an exchange student from Mexico, and my Korean friend arranged this guided tour for me,' said Dominique Rodriguez. 'I really enjoyed experiencing the products while learning about the brand's history. It felt more like being in an exhibition than a typical store.' Fashion has followed suit. In August 2024, Adidas opened the Adidas Bukchon Heritage Store – its first sneaker-focused location in Korea. The shop features hanok-inspired architecture, traditional motifs and exclusive product drops. Adidas Bukchon Heritage Store. PHOTO: ADIDAS KOREA 'The Adidas Bukchon Heritage Store is a special place where customers can experience the history and culture of South Korea, which is gaining worldwide attention, while enjoying shopping,' said Mr Peter Kwak, general manager of Adidas Korea. The store's standout release, the Samba Tal, reinterprets the Samba sneaker with design elements from traditional Korean mask dance. Adidas Korea reports that more than half of the customers at its Bukchon Heritage Store are international visitors, highlighting the location's growing global appeal. Other notable openings include K-beauty store Yless, artisan fragrance atelier Granhand and lifestyle brand Nonfiction. Global brands, such as fragrance house Le Labo, are preparing to enter the scene sometime in 2025. Industry insiders say Bukchon's unique blend of heritage and innovation gives it a distinct edge. Yless' flagship store in Bukchon. PHOTO: YLESS 'Unlike areas like Seongsu-dong or Hannam-dong, Bukchon leverages the appeal of 'Korean tradition', making it the perfect place for experiential space marketing,' said fashion editor Lee Han-gyu. 'From hanok-inspired interiors to cultural storytelling, these brands give tourists a reason to visit and come back.' THE KOREA HERALD/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
16 hours ago
- Business Times
OCBC stays the course on climate commitment
[SINGAPORE] The global effort to combat climate change has faced significant headwinds in recent years. Under the Trump administration, the US withdrew from the Paris Agreement, a landmark international treaty to tackle climate change. More recently, several major financial institutions, including American and Japanese banks, exited the Net-Zero Banking Alliance, a coalition committed to aligning banking practices with net-zero greenhouse gas emissions by 2050. Despite this shifting landscape, OCBC remains committed to its decarbonisation agenda. 'For OCBC, our position remains the same because climate change is still a real issue based on science, and it is our responsibility to be part of the solution as a connector of capital,' says OCBC's group chief sustainability officer Mike Ng. The bank offers strategic advisory, innovative financial solutions and ecosystem partnerships to help large corporations, small and medium enterprises (SMEs), and retail investors achieve their sustainability goals. Ng acknowledges that the journey to net zero is fraught with challenges and 'will never be linear'. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Nevertheless, he stresses that OCBC's commitment to sustainability is not an 'academic exercise' but a long-term business strategy for the bank that shapes its portfolio and guides how it supports industries and clients in their green transition. While climate efforts globally may appear to be losing momentum, Ng believes that significant opportunities remain in the transition to net zero, particularly in Asia. A World Economic Forum white paper from 2023 estimated that climate adaptation and mitigation initiatives in Asia could unlock an additional US$4.3 trillion in revenue and create 232 million new jobs in the region by 2030. Ng points out that industries such as renewable energy and electric vehicles have already achieved commercial viability, and that some OCBC clients are actively increasing their investments in these areas across the bank's key markets. These markets include China, which has emerged as a green industry powerhouse. The country added 373 gigawatts of renewable energy capacity in the past year and now accounts for more than 70 per cent of global EV production. In 2024 alone, it exported nearly 1.25 million electric cars. Investments are also being made in emerging technologies. In 2024, OCBC participated in the project financing of a large-scale carbon capture and storage (CCS) project in the UK. CCS technologies are currently being explored in various markets in Asia. The business case for sustainability Ng cautions that the risks of inaction against climate change remain high, especially in Asia, which is expected to bear the brunt of the physical consequences of climate change. 'We need to continue to pay attention, especially from a loan portfolio perspective, as part and parcel of sound risk management,' he says. Ng notes that despite the broader global turn against decarbonisation, governments in the region remain focused on the transition. For example, in the markets where OCBC operates, policymakers continue to promote regulations and guidelines pertaining to transition planning, sustainability reporting and sustainable financing, among others. The global backtracking by some institutions also presents a timely opportunity to take stock of current decarbonisation policies and regulations, says Ng. For example, sustainability reporting has become a 'burdensome' requirement for some firms, potentially distracting from meaningful climate action. In this context, the European Union's Omnibus package announced earlier this year aims to streamline sustainability regulations and ease compliance costs for companies, especially SMEs. Ng also calls for a reassessment of the reference pathways – which set out emission reduction targets and deadlines – for underperforming sectors. While a sector such as power is progressing well against its net-zero reference pathway due to the proliferation of renewable energy, others such as aviation and shipping are seeing slower progress due to the limited availability of green technology. This disparity suggests it may be time to recalibrate these pathways and targets. 'Because the more unrealistic those reference pathways and targets remain, the less inclined financiers, investors and businesses will be to commit to them. Without targets, it will be hard to galvanise action,' says Ng. An opportune moment for action In light of this, Ng believes it is all the more critical now to continue to encourage and support businesses to work towards their decarbonisation goals, rather than risk having them fall off the journey due to the difficulties. 'OCBC remains committed to supporting our clients in their net-zero transition and sustainability goals with financing as well as knowledge and tools,' he says. The bank supports both large corporates and SMEs through three key areas: strategic advisory, innovative financial solutions and ecosystem partnerships. For large companies, OCBC provides industry-specific advisory services, helping them quantify cost savings from undertaking emissions reduction initiatives and assess return on such investments. The bank also extends financing to help them meet their sustainability goals. Asia's partner for a sustainable future Its leadership in sustainable finance is reflected in recent accolades. With a committed sustainable finance portfolio of S$71 billion, OCBC was ranked the top Mandated Lead Arranger for Green and Sustainability Linked Loans in both Asia-Pacific (excluding Japan) and in South-east Asia by the London Stock Exchange Group last year. OCBC also ranked eighth in Environmental Finance's 2024 Sustainability Coordinators League Table, which showcases the top banks leading the charge globally in sustainability coordinator deal activity and volume. OCBC was the only Singapore bank on the list. For SMEs which lack the resources of larger firms, OCBC helps them understand the steps they can take to decarbonise and to access the capital needed to do so. For example, in February this year, OCBC partnered Enterprise Singapore to launch the OCBC SME Start-ESG Programme, which helps SMEs measure sustainability metrics, receive expert advice and access sustainability-linked loans (SLL). Last year, more than 110 SME clients received such loans – four times more than in 2023. The bank also offers unique products, such as its first-in-market OCBC 1.5 degrees Celsius loan. Unlike other SLLs whose parameters are negotiated between the client and financial institution, the OCBC 1.5 deg C loan sets 'science-based, measurable targets' for clients to lower their emissions, based on the industries they are in. Since its launch in 2023, OCBC has offered the loan to major corporates, including City Developments Limited, CapitaLand Ascott Trust and Cofco International. Beyond businesses, OCBC also supports retail investors on their sustainability journey. In February 2024, it launched the OCBC Sustainability Hub on its mobile app, allowing users to view the ESG rating of their investment portfolios. This feature helps individuals make more informed investment decisions and contribute to sustainability in a tangible way. Staying the course Ng reiterates that OCBC's net-zero commitment in its financed emissions is a 'strategic, long-term decision', aligned with the enduring nature of climate change. He acknowledges that some companies may choose to pause their green transition efforts for now, focusing on more immediate business challenges such as the impact of US tariffs. Even so, he urges businesses to view decarbonisation as an integral part of their long-term strategy. As larger corporations increasingly scrutinise the emissions of their supply chains, smaller suppliers will find it in their business interest to reduce their own emissions in order to stay competitive. Improving on their sustainability metrics also allows companies to tap into the growing pool of sustainable finance. Says Ng: 'Climate change will come back and bite us one of these days, sooner or later, in one way or another. So it's better to be prepared than not to be prepared.'
