Trading conditions improved as social distancing restrictions continued to be loosened. Consumer sentiment improved modestly and correction in retail sales narrowed in Q3.
Retailers remained cautious. Non-discretionary segments such as groceries continued to drive leasing demand, while the quarter also saw selected store openings from F&B and athleisure brands seeking to capture stabilising domestic consumption.
Retailers will carefully monitor retail sales growth, particularly performance over festive season during year end, before proceeding with expansion plans for 2021.