Daily Briefing: Retailers expect sales to stay weak even after lockdown; FairPrice further extends price freeze of products

And Turf Club to resume racing from 11 July.

From CNBC:

Retailers are not hopeful that the move to ease restrictions and open the economy would do much to lift their already struggling businesses, according to an industry association.

Singapore’s economy is expected to shrink by between 4% and 7% this year, according to the official forecast.

“Retailers are definitely facing significant financial stress during this period. Whether big or small, they’re actually finding it really difficult to meet their financial obligations,” Rose Tong, executive director of Singapore Retailers Association.

“They’re not very hopeful that business will be business as usual ... even after the first two weeks of euphoria shopping, or what we call revenge shopping,” she said, adding that some retailers expect sales to drop by about 50% due to the weakening economy.

The country is one the worst-hit in Asia by the coronavirus outbreak, having reported more than 41,000 confirmed cases as of Thursday, according to its health ministry.

Read more here. 

From Channel News Asia:

NTUC FairPrice will continue to freeze the prices of 100 housebrand items at its supermarkets until the end of the year as part of a $50m package to alleviate living costs for households, according to a statement.

The items include daily essentials and groceries like rice, oil, beverages, as well as batteries, toiletries and household cleaners. Diapers, UHT milk, bread and detergent are also included in the list.

The price freeze initiative, which was launched in March 2019, was supposed to run until 30 June but will now be extended until 31 December.

“This six-month extension helps cushion Singaporeans against potential price increases, regardless of changes in supply, socio-economic factors and external factors that could affect food prices, especially during the current volatile and uncertain climate,” said NTUC.

Read more here. 

From Channel News Asia:

Singapore Turf Club will resume racing behind closed doors from 11 July after receiving approval from the government, it announced in a media release.

The club will resume racing with “strict health and safe management measures in place” after Singapore entered the second phase of its post-circuit breaker reopening, it added. Racing fixtures for July to September will be announced on the club’s racing portal.

The club will put in place strict protocols and safe management measures to ensure the conduct of race meetings held behind closed doors resumes safely and efficiently, when race operations restart.

During this period of time, the Singapore Racecourse will not reopen to the public to minimise risk of COVID-19 transmission.

Read more here.