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> Singapore's "strata malls" let individuals own shops outright, not rent them. Any building change needs 80% owner approval. Result: retirees treating shops as
by nayuki 1y ago
> Singapore's "strata malls" let individuals own shops outright, not rent them. Any building change needs 80% owner approval. Result: retirees treating shops as social clubs, refusing million-dollar buyouts. These malls become uncurated havens for niche businesses and retirement communities disguised as retail.
Note that "strata" means "condominium": https://en.wikipedia.org/wiki/Strata_title https://en.wikipedia.org/wiki/Strata_title , https://en.wikipedia.org/wiki/Condominium https://en.wikipedia.org/wiki/Condominium .
There are some interesting observations about commercial retail condominiums in Toronto. Several "dead malls" with quirky shops and low foot traffic are retail condos (i.e. with individually owned units, not rented from the building owner): Aura (Yonge & Gerrard), Chinatown Centre (Spadina & Sullivan). Because the units are owned, they can't be kicked out on a whim in order to change the variety of shops in the mall.