According to the report analysis, ‘Retailing in Singapore, Market Shares, Summary and Forecasts to 2022’ states that some of the major companies which are currently functioning in this sector more actively by promoting the online platform and several offline stores for dominating the growing demand of the potential buyers involves UNIQLO, Takashimaya, OG, Tangs, DFS, H&M, Isetan, Bhg, Zara (Franchise), FairPrice, Giant, Sheng Siong, 7-Eleven, Cold Storage, DFS, Prime, Cheers, Shell, qoo10, Challenger, Best Denki, Courts, Gain City, Harvey Norman, EpiCentre, FairPrice Xtra, Audio House, IKEA, Harvey Norman, Sheng Siong, Cold Storage, qoo10, FairPrice, Tangs, Takashimaya, Muji, Bhg, Watsons, OSIM, Unity, ONI Global, Nu Skin, Eu Yan Sang, Sephora, Sa Sa and several others. Moreover, with the improvement in the economy the retail market is growing more actively in the Singapore. Not only has this, the increase in disposable income and changing lifestyle are two major growth drivers of the retail market in Singapore. Whereas, the qoo10, IKEA, and FairPrice are the major key players and expected that they together dominate the smart share with the establishment of advanced technologies for making product more effective and reliable.
In the history, the retail market of any economy was not so developed and improved but by the time with the significant technological development and establishment of online platform transform this market more actively. Whereas, the retail market involve sales of goods to the end users, not for resale. Retail includes the supply of merchandise from a single point of purchase directly to the consumer who is initiated to use that product. Moreover, the retailing is the most important process in the recent trend as it enables the producers to aim on producing the goods without having to be abstracted by the enormous amount of exertions that is takes to connect with the end users who want to buy those goods and services. Furthermore, the key players are making effective strategies and policies for producing the attractive product by which the demand is growing and further make the market more competitive and profitable for both the retailer and investor.
The Singapore, retail sales accounted a steady growth in period of 2012-2017 to account the sales of SGD 40.6 billion in 2017, a rise of 2.8% over 2016. Whereas, in 2017 the clothing and footwear segment in Singapore is fragmented with the major top 10 retailers which are commanding less than a third of the supplies. The food and grocery segment supplies in Singapore reached SGD 14.2 billion in 2017 with a rise of 2.9% over 2016. The online is the fastest rising channel in the electricals sector and supplies are anticipated to account a CAGR of 9.3% in the period of 2017-2022 with the sales estimation to influence SGD 1.03 billion by 2022. In 2017, the health beauty segment is the smallest sector in terms of retail sales with sales attainment SGD 3.2 billion. In Singapore, the home segment is fragmented with the top 10 retailers which are commanding only a 17.1% share of the complete sector supplies in 2017.
The key players are investigating the effective market strategies of other key players and analyzing the market trends with the changing behavior of consumer. Therefore, in the coming years it is expected that the retail market of Singapore will grow more significantly over the next few years.
To know more, click on the link below:
Ankur Gupta, Head Marketing & Communications