RETAIL giant Courts will make its Orchard Road debut with an outlet in the OG Building near Somerset MRT that houses the John Little store.
High rents had deterred Courts from setting up shop in the Orchard area but the availability of cheaper space has enticed it to the prime shopping district.
Landlord OG had mentioned in earlier reports that the guide price was $10 per sq ft, with total rent of about $443,150 per month.
The retailer finalised a nine-year lease on Tuesday after negotiations which began last December and plans to open the store in July. The John Little lease expires on Sunday.
Chief executive Terry O'Connor said yesterday that he was enthusiastic about the site opposite the new 313@Somerset and Orchard Central malls: 'It's on the street with thousands of people walking past every day.'
With the Singapore Tourism Board expecting tourist arrivals of 11.5 million to 12.5 million this year, Courts believes that this is the time to 'ride on the uptrend to capture city and tourist shoppers', added Mr O'Connor.
Courts will open an eight-storey shop of about 44,000 sq ft. As in standard department stores, each floor will have its own theme and products, from bedding items to electrical appliances.
Courts will hold a pre-opening sale starting on May 19 while renovations take place.
The retailer will also open a store at the Nex Shopping mall in Serangoon this year.
The group entity, Courts Asia, operates 55 stores, nine in Singapore and 46 in Malaysia.
Source: Straits Times, 13 May 2010
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