Retailers need to move with shoppers
Consumers are going online to do their shopping, and malls need to do the same to meet their expectations of price and convenience.
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SINGAPORE'S annual two-month Great Singapore Sale (GSS), intended to boost the retail and hotel industries by attracting locals to shop more and give yet another reason for tourists to visit the country, has recently ended. After last year's less-than-stellar performance, retailers kept their expectations in check and hoped for the best while preparing for the worst.
With property-cooling and loan-tightening measures as well as labour restrictions dampening consumer demand, the outlook remains cloudy. Weak economic indicators in China and Chinese government travel restrictions have also been reducing one of the highest spending tourist groups since last year, a decline that may also impact the GSS.
Stronger still is the rise of e-commerce competitors such as Alibaba's Taobao and Amazon as well as new online upstarts such as Zalora and Reebonz which are sweeping up fashion sales, and Qoo10 and Carousel for jewellery and tech products.
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