The retail industry in Singapore is battling rising costs, a slowing economy and stiffening competition for a share of the consumer dollar.
The strong Singapore dollar, too, could drive away tourists and lead to lower tourism receipts, while giving locals an incentive to shop overseas.
"Rentals are still going up, albeit at a slower rate, and more recently, the shortage of manpower and the ensuing increase in labour costs weigh heavily on retailers’ shoulders," said Lau Chuen Wei, executive director at the Singapore Retailers Association.
(Source: The Business Times)