Many businesses such as restaurants, convenience stores and gift shops are dependent on the number of people visiting the area near the shop. For those businesses, it is important to know what is the long term trend near their premises.
During February 2022, 3,600,283 people had visited the Marina Bay Area during February 2022. The number of visitors is around 20% less than the average number of visitors in this area. While local businesses believe that the decrease in the number of visitors is due to the CNY holiday and the fact that February is shorter compared to other months, our analysis shows that the overall trend in Marina Bay Area is negative.
In the following figure we can see that Sep 2021 was the most crowded month in this area and from this month onward the number of visitors is declining on a monthly basis.
This kind of trend usually indicates commercial areas that are becoming less trendy and attractive.
If you are a retailer located in this area and your rental contract is about to expire, you need to negotiate with your landlord on the rental price and the value of the property is declining.