Editor’s Note: The following article has been updated with Isetan Singapore’s response to Vulcan Post’s media enquiries.
Japanese retail giant Isetan will be closing its Tampines store this November after almost 30 years, following the expiry of its lease at Tampines Mall.
The department store chain released an announcement on its website yesterday (May 6), which expressed the company’s full commitment to Singapore. “We would like to extend our sincere gratitude to all our loyal customers and partners for their continued support over the years,” the notice stated.
According to a press statement by a spokesperson, Istean Singapore decided not to renew its lease at Tampines Mall after “thoughtful consideration” in light of evolving market conditions and as part of a “broader strategic move” to realign its operations for long-term sustainability and growth.
Ahead of the closure, customers can look forward to a clearance event, with more details to be shared in due course.
We understand the store holds fond memories for many families, and we are truly grateful for the continued support over the years.
Isetan remains fully committed to serving our customers in Singapore through our existing stores and evolving retail platforms. We look forward to continuing our journey with the community in new and meaningful ways.
A spokesperson from Isetan Singapore responding to Vulcan Post’s media enquiries
Tampines Mall has also informed the public of the planned closure via a Facebook post that same day, though there was no mention of a new tenant or tenants taking over the space.
According to an Instagram post by @ilovetampines, Isetan Tampines was the “anchor tenant” when the mall opened in 1996, and stated that it’s “the end of an era.”
Many netizens expressed their sadness in the comment section, with some stating that sharing it has been a part of their “childhood.”
Singaporean actress and radio host Farhana M Noor also commented in the post, saying, “My first job after O’levels. Thank you isetan tampines ❤️”
From closing physical outlets to delisting on SGX
Following the closure, Isetan Singapore will have two physical locations operating in the city-state: Isetan Scotts at Shaw House and Isetan Serangoon Central at NEX.
The closure comes after the department store chain closed a few of its outlets a few years back. The first outlet to shutter was Isetan Jurong at Westgate Mall in 2020 and Isetan Katong at Parkway Parade in 2022.
The company also reported net losses of 2023 S$1.2 million in 2023, prompting its parent company in Japan, Isetan Mitsukoshi, to take it private. This led to the suspension of Isetan Singapore’s shares at the Singapore Exchange (SGX), and it officially delisted on September 19, 2024.
Singapore saw a trend with department store chains downsizing in the past few years. Recently, Chinese retailer BHG closed its Junction 8 outlet at Bishan in April after closing a few outlets in 2021, and British retailer Marks & Spencer ceased operations at Parkway Parade in February.
With these closures in mind, will department stores continue to be relevant to Singaporeans in the years to come? Looks like time would only tell.
Featured Image Credit: Matthew Chia via Google