Retail in Asia

In Markets

Can’t be “business as usual”, say retail industry stakeholders in Singapore

Singapore’s retail industry needs to up the ante to get customers to bite in an increasingly challenging environment where it cannot be business as usual, say industry stakeholders.

The industry is under siege on a number of fronts as it grapples with issues such as slower economic growth, softening tourism spending, competition from overseas markets, a manpower crunch, high operational costs as well as the popularity of e-commerce.

Recently released data showed that retail sales (excluding motor vehicles) tumbled 9.6 per cent year on year in February despite Chinese New Year, after increasing just 1.4 percent in January.