SINGAPORE (Nov 23): Earlier this month, several prominent news sources in Singapore declared: “Singapore’s malls are dead”. Looking around at vacancy rates and boarded-up storefronts, it’s tough to argue their point.  

What is debatable are the reasons cited – our economy and our preference for online shopping. Because, while it’s obvious current economic conditions are taking their toll, the popular refrain – “e-commerce is killing brick-and-mortar retail” – just isn’t accurate. In fact, it’s not even close.

Here’s why: 2.1%. That’s how much of our annual retail spend e-commerce accounted for in 2015. Just 2.1%.

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