The pick up in consumer spending is also another positive for the sector.
UOB Kay Hian analyst Jonathan Koh has maintained his “overweight” rating for retail REITs with downtown malls showing signs of recovery and increasing rent prices in suburban malls proving resilient and attractive.
With retailers now operating at full capacity and without restrictions since group size limits were lifted in April and masks no longer required indoors from last month, Koh says that e-commerce penetration has receded as consumer spending has picked up.
