Singapore unveils roadmap to revive the retail industry

Retailers are encouraged to adopt an omni-channel strategy.

Singapore is successively rolling out gameplans to breathe new life into its slowing economy. Following the release of the food services roadmap, the city-state announced a Retail Industry Transformation Map (ITM) that is aimed at spurring highly productive retailers and local brand owners with global footprints backed by a professional and skilled workforce.

According to Spring Singapore, the launch of the Retail ITM took into consideration the challenges of the industry in the Lion City. This include fewer business travellers, lower spending per individual, and consumer shifts from brick-and-mortar to e-commerce. Many local consumers have also turned to foreign e-commerce sites to find a wider variety of goods at much lower prices compared to traditional shops.

“Retailers can look to expand their markets locally and internationally through e-channels, beyond traditional brick-and-mortar retail shops. Adoption of an omni-channel strategy is encouraged for retailers to better reach out and support targeted end-to-end consumer needs across both online and offline channels,” Spring Singapore said.

Retail is an important industry in Singapore with about 21,000 retail establishments contributing almost 1.4% to GDP and employs approximately 3% of the total workforce. It encompasses a wide range of sub-sectors, including supermarkets and convenience stores, fashion and sporting goods, consumer electronics, department stores, jewellery & timepieces and furniture and household products.

Aside from optimising productivity, the ITM also aims to focus on innovation and the adoption of new technologies to drive competitiveness. It will also work on the industry’s flexibility to adapt to evolving trends in jobs and skills. Strong industry partnerships and internationalisation likewise are key elements in pushing the industry’s transformation.