It seems empty storefronts in Singapore's prime shopping district may become a more common sight.

Vacancies in the city's main Orchard Road area, a magnet for tourists lured by malls and Japanese department stores such as Takashimaya, have risen to a five-year high and are soaring to the highest since 2009 across the island.

As economies around the region struggle with sluggish growth and consumers rein in spending, property brokers are expecting more retailers to scale back and close shop. And while rents have slumped from a peak in 2014, they have not fallen nearly enough to convince some brands to stay.