Singapore’s CapitaLand goes digital to boost traffic at its Chinese shopping malls
A new app that will allow shoppers to pre-book a parking space, among other things, is the firm’s latest weapon in the fight for the consumer dollar
Singapore property firm CapitaLand is banking on an app that allows visitors to book parking spaces at its Chinese shopping centres, find the stores they want and earn rewards as it looks to stay ahead of tough competition for the consumer dollar.
One of the earliest international developers to land in China in the 1990s, CapitaLand’s assets in the country were valued at S$22.1 billion (US$16.4 billion) as of September, accounting for 39 per cent of its global total. It had 69 shopping centres in China and 18,000 service apartments.
Lucas Loh Jen Yuh, chief executive of CapitaLand China, told the South China Morning Post in an interview that the company is looking to leverage its China business model elsewhere in the world.
“We are planning ahead and making arrangements for future growth,” he said. “The old days when mega shopping malls could easily attract Chinese people are history. It is a new era when part of the business strategies used in China can be exported to other markets.”
Overseas developers are facing fiercer competition on the mainland from local rivals, which have been growing faster. Still, the overall occupancy rate of CapitaLand’s China shopping centres stood at 95.5 per cent, with year-on-year tenant sales growth of 6.8 per cent.
