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SPH
How did SPH pivot its audience after 2021 restructuring?
The SPH transformation split its legacy media into a not-for-profit and shifted real estate into a high-value portfolio, changing who it serves. This case shows how demographic shifts and digital adoption rewired customer focus and revenue models.
Customer demographics now center on two segments: digitally-savvy news consumers—skewing younger, urban, and mobile-first—and affluent retail shoppers frequenting premium malls. Product insight: SPH Porter's Five Forces Analysis
Who Are SPH’s Main Customers?
The primary customer segments for the entities formerly under the SPH umbrella split into media consumers and real estate stakeholders. Media targets include PMEBs and the Silver Generation, while real estate targets range from HNWIs and tourists to middle‑income heartland families and B2B tenants.
Media: PMEBs
English flagship readership skews aged 25–60, well‑educated, with a median household income > SGD 10,000; core users value reliable journalism and timely business news.
Media: Vernacular Audiences
Lianhe Zaobao and Berita Harian serve culturally specific communities and the Silver Generation, a loyal, higher‑spend cohort attractive to advertisers despite aging demographics.
Retail: Luxury Shoppers
Paragon Mall targets HNWIs and international tourists (notably China, Indonesia, Australia) seeking luxury brands and premium medical services, supporting high average spends per visit.
Retail: Heartland Consumers
Suburban assets like The Clementi Mall and The Rail Mall focus on middle‑income families, students and convenience seekers favoring essential services and mid‑market dining.
In B2B leasing, tenant mix spans global luxury groups to local SMEs with an institutional WALE that supports income stability; digital subscribers are the fastest‑growing media cohort.
Key metrics and trends
As of 2025 the digital subscriber base grew by 12% year‑on‑year; flagship readership concentration and mall trade‑area demographics drive targeted advertising and leasing strategies.
- Core English readers: age 25–60, median household income > SGD 10,000
- Digital subscriber growth: 12% YoY (2025)
- International tourist sources for luxury retail: China, Indonesia, Australia
- Tenant mix: global luxury brands to local SMEs with institution‑grade WALE
For a deeper strategic context see Growth Strategy of SPH which examines market segmentation and customer profiling in detail.
What Do SPH’s Customers Want?
Customer needs and preferences at SPH Company have shifted to interactive, on-demand news and experiential retail; audiences seek mobile-first personalization, trustworthiness and multimedia, while shoppers want 'retailtainment', premium services and seamless digital-physical integration.
Digital access and personalization
Consumers demand mobile-optimized platforms and tailored content feeds for anytime, anywhere access.
Credibility and trust
68 percent of subscribers in 2025 cited journalistic integrity as the main reason to keep paid digital subscriptions.
Multimedia preference
Growing demand for podcasts, video documentaries and richer newsroom technology investment.
Retailtainment and experiential hubs
Shoppers at Paragon and Figtree Grove seek concierge services, curated pop-ups and premium wellness facilities.
B2B tenant priorities
Tenants prioritize high footfall, strong logistics and actionable shopper analytics for leasing decisions.
Seamless phygital experiences
Demand for omnichannel retail and combined print-weekend plus 24/7 digital news subscriptions drives integration efforts.
Customer needs and data-driven responses
SPH Company customer profile and market segmentation efforts focus on trust, mobility, experience and analytics to meet evolving preferences; advanced footfall analytics and loyalty programs supply tenants with shopper behavior insights and support targeted content strategies. See a market comparison in Competitors Landscape of SPH.
- Priority: credible journalism for retaining digital subscribers — 68 percent (2025).
- Preference: mobile-first and personalized content feeds for customer demographics SPH Company targets.
- Retail demand: experiential amenities and premium services at flagship malls like Paragon and Figtree Grove.
- Business tenants: require high footfall, logistics and data — addressed via analytics and loyalty programs.
Where does SPH operate?
Geographical Market Presence: Singapore anchors the company’s footprint, contributing about 85% of brand equity and revenue, with concentration along Orchard Road and major suburban transport hubs; international expansion into the UK and Australia diversifies risk and revenue streams.
Singapore Core Market
Singapore accounts for roughly 85% of revenue and brand value, concentrated in high-traffic retail corridors and transit-linked suburban malls, reflecting the primary customer demographics SPH Company serves.
UK PBSA Footprint
The UK presence targets Purpose-Built Student Accommodation in cities such as London, Birmingham and Sheffield, managing thousands of beds to capture resilient international student demand and diversify the SPH Company customer profile.
Australia Sub-Regional Assets
Australian holdings include Figtree Grove (Wollongong) and a 50% stake in Westfield Marion (Adelaide), serving stable suburban spending patterns that complement Singapore’s urban retail mix.
Portfolio Contribution by 2025
By 2025, UK and Australian assets contributed about 15–20% of the real estate portfolio valuation, acting as a buffer against Singapore’s limited organic growth.
Localization and strategic intent drive market segmentation and audience analysis: tenant mixes in Australia emphasize community services, while UK student housing adapts to cultural and security preferences of Asian and Middle Eastern students; see Brief History of SPH for context.
Risk Diversification
Geographic diversification reduces concentration risk by shifting 15–20% of asset valuation outside Singapore.
Target Market Tailoring
Tenant and service mixes are adapted per market to align with the SPH Company target market and consumer base in each geography.
Revenue Geography
Singapore remains the core profit engine, underpinning ~85% of revenue while international assets enhance long-term resilience.
Customer Characteristics
Urban retail shoppers dominate Singapore; suburban families and commuters drive Australian mall traffic; international students form the UK PBSA customer base.
Strategic Objective
Expansion into the UK and Australia is a deliberate hedge against limited domestic growth and captures demand in education and stable suburban retail markets.
Market Segmentation Impact
Geography-driven segmentation refines marketing, tenant curation and service offerings to match local preferences and maximize asset performance.
How Does SPH Win & Keep Customers?
Customer Acquisition & Retention Strategies combine a digital-first subscription model and loyalty ecosystems across media and real estate to drive sign-ups and reduce churn, while strategic partnerships and AI personalization boost engagement and tenant stability.
Digital-first subscriptions
SPH Company uses paywalls and a freemium model: breaking news is free, deep analysis and premium features require subscription, supported by data-driven marketing and personalized offers.
Partnership bundles
Bundled access with telcos and banks reduces customer acquisition cost and expands reach through partner channels and co-marketing campaigns.
ST+ loyalty program
Launched in 2025, ST+ offers events, partner discounts and early product access; this contributed to a 4 percent reduction in churn versus 2023 as subscribers value perks beyond content.
AI-driven retail loyalty
The S³ Rewards app uses AI to push location-based, personalized offers to shoppers, increasing repeat visits and average basket size across malls.
The company tracks customers and tenants via centralized CRM and analytics to act preemptively on churn signals and performance metrics.
Tenant retention
Proactive AEI upgrades and flexible lease terms maintain competitiveness and tenant satisfaction, sustaining high occupancy.
Real-time CRM
Centralized CRM monitors tenant KPIs, enabling targeted support before issues escalate.
Occupancy performance
PARAGON REIT reported average occupancy of 98.5 percent in FY2025, outperforming market averages and validating retention tactics.
Customer segmentation
Data-driven segmentation aligns products and loyalty benefits to customer demographics and SPH Company target market needs.
Retention metrics
Key KPIs tracked include churn rate, ARPU, repeat visit frequency and occupancy; ST+ and S³ have measurably improved each metric since 2024.
Further reading
For context on customer demographics and SPH Company target market, see Marketing Strategy of SPH.
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