Singapore’s retail industry requires some serious therapy. The sector is facing serious challenges from a shrunken labour market, increasing operating costs and rising competition from overseas and online rivals. The Great Singapore Sale will be reduced from 10 weeks to one month this year. While the discounts will be there, the focus will be on creating better shopping experiences through a fusion of art, technology and entertainment. Changing customer tastes have led to a new experiential retail platform where shoppers can engage with online brands through a brick-and-mortar store. Such flagship stores carry a variety of a retailer’s products consolidated in one location. They often serve as “showrooms” for shoppers to enjoy unique, interactive in-store experiences under one roof. For instance, Japanese lifestyle brand Muji opened a flagship store in Plaza Singapura in July 2017. The store provides customers with an embroidery service to help personalise clothes, apart from giving them the chance to “touch and experience” the products and buying them later from their homes. While e-commerce companies are setting up brick-and-mortar storefronts, the retail stores are fighting back with digital storefronts and integrated services. Moreover, they have help. Singapore-based online marketplace Dei was recently appointed by the Little… Read full this story
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