United Hamsphire US REIT - UOB Kay Hian 2026-04-01: Gen Z Drives Retail Renaissance

• Gen Z is flocking back to physical malls because they offer a social and immersive experience that digital apps cannot replicate.
• Growing up online, many Gen Z consumers are now seeking authentic ways to connect with friends, explore trends and express themselves offline. The malls provide a walkable place to discover brands and create content through experiential interactions. This shift reflects “digital fatigue”, which drives a renewed appreciation for genuine physical experiences and spontaneity.

Patronage by Gen Z drives higher occupancy and sales psf.

• - Read this at SGinvestors.io -
• Malls focus on experiential tenants, such as entertainment venues, food halls, fitness gyms and pop-up stores. Retailers also embrace bold visual designs and “instagrammable” spaces that support content creation and self-expression.

Retail properties in recovery mode.

• - Read this at SGinvestors.io -
• CBRE expects rent growth to remain above trend at 3.1% per year over the next five years. Grocery-anchored open-air strip centres are expected to outperform in occupancy and rent growth due to limited new supply and tight occupancy.

Organic growth from new store opening.

• Read more at SGinvestors.io.

Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-04-01

---

---

---