Interesting times ahead for Singapore retail scene
Just how will the shopping experience here evolve with technology and tax developments?
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WELL-KNOWN IT and electronics retailer Challenger Technologies has announced plans to close its flagship megastore at the popular Funan DigitaLife Mall. Challenger said that sales from the Funan store have dropped from 60 per cent of total group revenue in 2004 to only 20 per cent in the third quarter of 2015.
To remain relevant and for continued growth, the SGX-listed Challenger is transforming itself through the launch of its online store, hachi.tech, and is projecting that the new portal would account for 50 per cent of revenue in three to five years' time.
News like the above should not come as a surprise as consumers increasingly take to online shopping, which is partly due to high Internet penetration in Singapore and the rise of digital shopping. It is inevitable that businesses and retailers evolve to cater to these new shopping trends.
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