Some stores on the lion city’s high street allow for the personalisation of bags, jewellery, and ice cream.
As a growing number of establishments in Singapore close up shop after falling to the might of e-commerce, analysts are placing their bets that experiential retail is set to give Singaporeans a reason to go beyond their online shopping apps, visit malls again, and breathe life into the struggling sector.
“Retailing has always involved the constant refreshing of offerings and concepts to retain and grow customer followings,” Huey Ying Tay, JLL head of research & consultancy told Singapore Business Review. “But the rise of e-commerce giants has brought the competition to a whole new playing field and retailers now have to relearn the art of retailing and be ever more creative and nimble in exploring strategies to bring foot traffic back to the stores.”
The e-commerce phenomenon has been riding on the back of Singapore’s high mobile penetration rates and expansive internet coverage with online sales expected to hit S$10b ($7.4b) within 2017 to 2020, according to BMI Research, as retail giants like Lazada, Amazon, and Taobao increasingly knock on Singapore as a gateway to Asia.
For brick and mortar retailers, however, it’s a whole other story. Although vacancy has narrowed slightly to 7.4% QoQ in Q4 from 8.2% after three straight quarters of decline, retailers are still treading cautiously and holding back expansion plans amidst slowing sales and supply risks poised to last up until 2019 that have killed off some of the lion city’s best-loved brands.
هذه القصة مأخوذة من طبعة June - July 2018 من Singapore Business Review.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة June - July 2018 من Singapore Business Review.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
How TikTok powers cross-border shopping for Singapore retailers
The yellow basket feature allows viewers to purchase items directly during livestreams.
Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
IHH's proton therapy takes aim at tumours with precision and low risk
Leaving surrounding organs at risk during cancer treatment might become a thing of the past.
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
Singapore's architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Millionaires eye a piece of Singapore's rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.
