While all its malls are almost fully occupied, agreements at some of the bigger properties are being struck at increasingly lower rents.
Singapore's malls are one click away from irrelevance, though the investment trusts that own them are carrying on as if nothing has changed.
The first hint of trouble showed up in January when department store John Little shut down after a 174-year run. Then, in July, Amazon.com Inc. introduced its two-hour Prime Now delivery service, choosing the city-state of 5.6 million people as the testing ground to fine-tune its Southeast Asia ambitions.
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