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Singapore’s future after the pandemic – the Retail Industry reopens
On the occasion of Singapore’s four-step reopening plan with the end goal being a Covid-19-resilient nation, we have dedicated a mini-series to Singapore’s future after the pandemic. In three episodes our experts and guest speakers explore the reopening plan’s implications from different angles as Singapore embarks on this journey. In this episode we are taking a closer look at the retail industry.
In the last episode of our mini-series about Singapore’s future after the pandemic, Kelly Chia, Deputy Head Research Asia talks to Ethan Hsu, Senior Director and Head Retail at Knight Frank. In June, retail sales in Singapore were up 26% from the previous year. But they are still almost a quarter below pre-Covid levels. That said, with the pandemic contained locally and access to vaccination secured, brighter prospects are expected. With Singapore opening its borders gradually, we should soon see tourists return to the city state which could give the industry’s recovery a further boost. The closed borders have also led to the foreign talent pool shrinking. How will service standards keep up in an ever more competitive landscape? On the other hand, the Covid-19 pandemic has accelerated digital transformation. Online retail sales have increased significantly. While it seems that e-commerce is here to stay, how will physical retail concepts adapt to this mega trend? What advice should we give someone who wants to start a retail business? What new concepts for shopping malls could help them stay competitive? Learn all this and more by listening to this episode.
Source: https://www.juliusbaer.com/en/insights/beyond-markets-podcast/singapores-future-after-the-pandemic-the-retail-industry-reopens/