Uploaded on Jul 11, 2024
According to the latest research report by IMARC Group, The Singapore retail market is projected to exhibit a growth rate (CAGR) of 3.50% during 2024-2032. More Info:- https://www.imarcgroup.com/singapore-retail-market
Singapore Retail Market Growth, Demand and Challenges of the Key Industry Players 2024-32
Singapore Retail Market Research and Forecast Report 2024-2032 Format: PDF+EXCEL © 2023 IMARC All Rights Reserved About IMARC Group In ternat ional Market Analys is Research and Consul t ing Group is a leading adv iser on management s t rategy and market research wor ldwide. We par tner wi th c l ients in a l l regions and indust ry vert ica ls to ident i fy thei r h ighest -value oppor tuni t ies, address thei r most cr i t ica l chal lenges, and t ransform thei r bus inesses. IMARC’s in format ion products inc lude major market , sc ient i f ic , economic and technological developments for bus iness leaders in pharmaceut ica l , indust r ia l , and h igh technology organizat ions. Market forecasts and indust ry analys is for b iotechnology, advanced mater ia ls , chemicals , food and beverage, t ravel and tour ism, nanotechnology and novel process ing methods are at the top of the company’s exper t ise. IMARC’s ta i lored approach combines unfathomable ins ight in to the dynamics o f companies and markets wi th c lose cooperat ion at a l l levels of the c l ient organizat ion. This ensures that our c l ients achieve unmatchable compet i t ive advantage, bui ld more pro f ic ient organizat ions, and secure las t ing resul ts . A c c o r d i n g t o t h e l a t e s t r e p o r t b y I M A R C G r o u p , t i t l e d " S i n g a p o r e R e t a i l M a r k e t : I n d u s t r y T r e n d s , S h a r e , S i z e , G r o w t h , O p p o r t u n i t y a n d F o r e c a s t 2 0 2 4 - 2 0 3 2 , " t h e S i n g a p o r e r e t a i l m a r k e t i s p r o j e c t e d t o e x h i b i t a g r o w t h r a t e ( C A G R ) o f 3 . 5 0 % d u r i n g 2 0 2 4 - 2 0 3 2 . Si n g a p o r e R e t a i l Ma r ke t T r en d s a n d Dr i ve r s : R i s e o f O mn ic h an n e l Re t a i l i n g an d E - co mme r ce Ex p a n s i o n Report T h e S i n g a p o r e r e t a i l m a r k e t h a s s e e n a s i g n i f i c a n t s h i f t t o w a r d s o m n i c h a n n e l r e t a i l i n g , d r i v e n b y t h e i n t e g r a t i o n o f o n l i n e a n d o f f l i n e s a l e s c h a n n e l s t o p r o v i d e a s e a m l e s s s h o p p i n g e x p e r i e n c e . E - c o m m e r c e h a s e x p a n d e d r a p i d l y , w i t h c o n s u m e r s i n c r e a s i n g l y p r e f e r r i n g t h e Highlight and c o n v e n i e n c e o f o n l i n e s h o p p i n g . R e t a i l e r s a r e i n v e s t i n g h e a v i l y i n d i g i t a l i n f r a s t r u c t u r e , m o b i l e a p p l i c a t i o n s , a n d o n l i n e p l a t f o r m s t o c a t e r t o t h i s d e m a n d . T h e a d o p t i o n o f t e c h n o l o g i e s s u c h a s a r t i f i c i a l i n t e l l i g e n c e ( A I ) , a u g m e n t e d r e a l i t y ( A R ) , a n d v i r t u a l r e a l i t y Description ( V R ) i s e n h a n c i n g o n l i n e s h o p p i n g e x p e r i e n c e s , a l l o w i n g c u s t o m e r s t o v i r t u a l l y t r y o n p r o d u c t s o r v i e w t h e m i n t h e i r h o m e e n v i r o n m e n t s . C l i c k - a n d - c o l l e c t s e r v i c e s , w h e r e c u s t o m e r s p u r c h a s e o n l i n e a n d p i c k u p i n - s t o r e , a r e g a i n i n g p o p u l a r i t y , b r i d g i n g t h e g a p b e t w e e n p h y s i c a l a n d d i g i t a l r e t a i l . T h e C O V I D - 1 9 p a n d e m i c h a s f u r t h e r a c c e l e r a t e d t h i s t r e n d , p u s h i n g e v e n t r a d i t i o n a l b r i c k - a n d - m o r t a r s t o r e s t o e s t a b l i s h a s t r o n g o n l i n e p r e s e n c e . D a t a a n a l y t i c s i s p l a y i n g a c r u c i a l r o l e i n u n d e r s t a n d i n g c o n s u m e r b e h a v i o r , e n a b l i n g p e r s o n a l i z e d m a r k e t i n g a n d i n v e n t o r y m a n a g e m e n t . R e t a i l e r s a r e a l s o l e v e r a g i n g s o c i a l m e d i a p l a t f o r m s f o r d i r e c t s a l e s a n d c u s t o m e r e n g a g e m e n t . The g r ow t h o f e - com m e r ce m ar ke t p lace s , suc h as La zada an d Shop ee , ha s c r ea t ed new op po r t u n i t i es f o r sm a l l and m ed ium - s i z ed en t e r p r i se s ( SM Es) t o r each a b r oa de r au d ienc e . O v e r a l l , t h e i n t eg r a t i o n o f d ig i t a l and p hys i ca l r e t a i l chan ne ls i s r esh ap ing t he S in gapo r e r e t a i l l a ndsc ape , o f f e r i ng conve n ienc e , pe r sona l i za t i on , and enhan ced cus t o m er exp e r ien ces . Emphasis on Susta inabi l i ty and Eco- f r i endly Pract ices Report Sus t a inab i l i t y and eco - cons c iousn ess hav e b ecom e c en t r a l t o t he S ingap o r e r e t a i l m a r ke t , i n f l uen ced by g r ow ing co nsum er awa r eness a nd dem and f o r e nv i r on m en t a l l y Highlight and r esp ons ib le p r oduc t s . Re t a i l e r s a r e i nc r eas in g l y a dop t i n g sus t a ina b le p r ac t i ce s , such a s r edu c ing p la s t i c us age , p r om o t ing r e usab le an d r ecy c lab le pac kag ing , a nd sou r c ing p r o duc t s e t h i c a l l y . The g ove r n m en t ’ s em pha s i s on sus t a inab i l i t y , Description h igh l i gh t ed by i n i t i a t i ve s l i ke t he S ing apo r e G r ee n P la n 2 030 , enc ou r a ges bus in esses t o a dop t g r ee ne r p r ac t i ces . R e t a i l e r s a r e r espo nd ing by o f f e r i ng e co - f r i en d l y p r odu c t l i n es , f r om o r g an ic f ood and n a t u r a l cosm e t i cs t o s us t a in ab le f ash ion and hom e goods . The con cep t o f a c i r cu la r ec onom y i s g a in ing t r ac t i on , w i t h bus in esses p r o m o t ing p r odu c t r ecyc l i ng , r e f u r b i shm e n t , a nd r e sa le . I nnov a t i o ns i n sus t a inab le r e t a i l i nc l ude t he us e o f b iodeg r ada b le m a t e r i a l s , ene r gy - e f f i c i e n t s t o r e des ig ns , and was t e r e duc t i o n s t r a t e g ies . B r a nd s a r e a l so f ocus ing on t r ans pa r en cy , p r ov id ing i n f o r m a t ion abo u t t he o r i g ins an d p r od uc t i on p r oces ses o f t he i r p r oduc t s . Cons um e r l oya l t y i s i n c r ea s ing l y t i ed t o b r an ds ’ en v i r onm en t a l and soc ia l i m pa c t , p r om p t in g r e t a i l e r s t o i n t eg r a t e sus t a inab i l i t y i n t o t h e i r co r e bu s ines s s t r a t eg ies . Col labora t i ve e f fo r t s , such as par tne rsh ips w i th env i ronmenta l o rgan iza t ions and par t i c ipa t ion in g reen ce r t i f i ca t ion p rograms, a re fu r the r d r i v ing the marke t towards sus ta inab i l i t y . Th is t rend no t on ly a l i gns w i th g loba l env i ronmenta l goa ls bu t a lso enhances b rand repu ta t ion and cus tomer t rus t in the compet i t i ve S ingapore re ta i l marke t . Report Request for a PDF sample o f th is repor t : h t tps : / /www. imarcgroup .com/s ingapore - re ta i l -marke t / reques tsamp le Highlight and Description Report Description S in g a p o re R e ta i l Ma r k e t T re n d s : T h e S i n g a p o r e r e ta i l m a r k e t i s d r i v e n b y s e v e r a l k e y f a c t o r s , i n c l u d i n g a r o b u s t e c o n o m y , h i g h c o n s u m e r p u r c h a s i n g p o w e r , a n d a s t r a t e g i c l o c a t i o n t h a t m a k e s i t a h u b f o r i n t e r n a t i o n a l t r a d e a n d t o u r i s m . T h e m a r k e t b e n e f i t s f r o m a w e l l - d e v e l o p e d i n f r a s t r u c t u r e , a s t r o n g d i g i t a l e c o n o m y , a n d a h i g h l y u r b a n i z e d p o p u l a t i o n . T h e r i s e o f e - c o m m e r c e a n d o m n i c h a n n e l r e t a i l s t r a t e g i e s h a s s i g n i f i c a n t l y t r a n s f o r m e d t h e r e t a i l l a n d s c a p e , w i t h o n l i n e p l a t f o r m s b e c o m i n g e s s e n t i a l f o r b u s i n e s s e s t o r e a c h a w i d e r a u d i e n c e . A d d i t i o n a l l y , t h e g o v e r n m e n t ’ s s u p p o r t t h r o u g h i n i t i a t i v e s l i k e t h e R e t a i l I n d u s t r y T r a n s f o r m a t i o n M a p ( I T M ) a i m s t o e n h a n c e p r o d u c t i v i t y a n d i n n o v a t i o n w i t h i n t h e s e c t o r . T h e i n f l u x o f i n t e r n a t i o n a l b r a n d s a n d l u x u r y g o o d s h a s a l s o f u e l e d g r o w t h , c a te r i n g t o b o th l o c a l c o n s u m e r s a n d t o u r i s t s . F u r t h e r m o r e , t h e C O V I D - 1 9 p a n d e m i c h a s a c c e l e r a t e d d i g i t a l t r a n s fo r m a t i o n , p u s h i n g r e t a i l e r s t o a d o p t o n l i n e s a l e s c h a n n e l s a n d e n h a n c e t h e i r d i g i t a l p r e s e n c e . R e t a i l e r s a r e i n c r e a s i n g l y l e v e r a g i n g d a t a a n a l y t i c s a n d a r t i f i c i a l i n t e l l i g e n c e t o u n d e r s ta n d c o n s u m e r p r e f e r e n c e s a n d p e r s o n a l i z e s h o p p i n g e x p e r i e n c e s , d r i v i n g c u s to m e r e n g a g e m e n t a n d l o y a l t y . S u s ta i n a b i l i t y a n d e c o - c o n s c i o u s c o n s u m e r b e h a v i o r a r e a l s o s h a p i n g t h e m a r k e t , w i t h a g r o w i n g d e m a n d f o r e t h i c a l a n d e n v i r o n m e n t a l l y f r i e n d l y p r o d u c t s . O v e r a l l , t h e S i n g a p o r e r e ta i l m a r k e t i s p o i s e d f o r c o n t i n u o u s g r o w t h , s u p p o r t e d b y t e c h n o l o g i c a l a d v a n c e m e n t s , g o v e r n m e n t p o l i c i e s , a n d e v o l v i n g c o n s u m e r t r e n d s . V ie w R e p o r t T O C , F i g u r e s a n d T a b l e s : h t t p s : / / w w w . i m a r c g r o u p . c o m / s i n g a p o r e - r e t a i l - m a r k e t Product Insights: • Food and Beverages • Personal and Household Care • Apparel , Footwear and Accessories • Furniture, Toys and Hobby • Electronic and Household Appl iances Report • Others Segmentation Distribution Channel Insights: • Supermarkets and Hypermarkets • Convenience Stores • Specialty Stores • Online Stores • Others Regional Insights: • North-East • Central • West • East Report • North Segmentation How has the Singapore retail market performed so far and how will it perform in the coming years? What has been the impact of COVID-19 on the Singapore retail market? What is the breakup of the Singapore retail market on Key the basis of product? Questions What is the breakup of the Singapore retail market on the basis of distribution channel? Answered in What are the various stages in the value chain of the the Report Singapore retail market? What are the key driving factors and challenges in the Singapore retail? What is the structure of the Singapore retail market and who are the key players? What is the degree of competition in the Singapore retail market? 1 P r e f a c e 2 S c o p e a n d M e t h o d o l o g y 2 . 1 O b j e c t i v e s o f t h e S t u d y 2 . 2 S t a k e h o l d e r s 2 . 3 D a t a S o u r c e s 2 . 3 . 1 P r i m a r y S o u r c e s 2 . 3 . 2 S e c o n d a r y S o u r c e s 2 . 4 M a r k e t E s t i m a t i o n 2 . 4 . 1 B o t t o m - U p A p p r o a c h Table of 2 . 4 . 2 T o p - D o w n A p p r o a c h2 . 5 F o r e c a s t i n g M e t h o d o l o g y 3 E x e c u t i v e S u m m a r y 4 S i n g a p o r e R e t a i l M a r k e t – I n t r o d u c t i o n 4 . 1 O v e r v i e w Contents 4 . 2 M a r k e t D y n a m i c s4 . 3 I n d u s t r y T r e n d s 4 . 4 C o m p e t i t i v e I n t e l l i g e n c e 5 S i n g a p o r e R e t a i l M a r k e t L a n d s c a p e 5 . 1 H i s t o r i c a l a n d C u r r e n t M a r k e t T r e n d s ( 2 0 1 8 - 2 0 2 3 ) 5 . 2 M a r k e t F o r e c a s t ( 2 0 2 4 - 2 0 3 2 ) 6 S i n g a p o r e R e t a i l M a r k e t - B r e a k u p b y P r o d u c t 6 . 1 F o o d a n d B e v e r a g e s 6 . 1 . 1 O v e r v i e w 6 . 1 . 2 H i s t o r i c a l a n d C u r r e n t M a r k e t T r e n d s ( 2 0 1 8 - 2 0 2 3 ) 6 . 1 . 3 M a r k e t F o r e c a s t ( 2 0 2 4 - 2 0 3 2 ) 6 . 1 . 4 M a r k e t B r e a k u p b y D i s t r i b u t i o n C h a n n e l 6 . 2 P e r s o n a l a n d H o u s e h o l d C a r e 6 . 2 . 1 O v e r v i e w 6 . 2 . 2 H i s t o r i c a l a n d C u r r e n t M a r k e t T r e n d s ( 2 0 1 8 - 2 0 2 3 ) 6 . 2 . 3 M a r k e t F o r e c a s t ( 2 0 2 4 - 2 0 3 2 ) 6 . 2 . 4 M a r k e t B r e a k u p b y D i s t r i b u t i o n C h a n n e l 6 . 3 A p p a r e l , F o o t w e a r a n d A c c e s s o r i e s 6 . 3 . 1 O v e r v i e w 6 . 3 . 2 H i s t o r i c a l a n d C u r r e n t M a r k e t T r e n d s ( 2 0 1 8 - 2 0 2 3 ) 6 . 3 . 3 M a r k e t F o r e c a s t ( 2 0 2 4 - 2 0 3 2 ) 6 . 3 . 4 M a r k e t B r e a k u p b y D i s t r i b u t i o n C h a n n e l 6 . 4 F u r n i t u r e , T o y s a n d H o b b y 6 . 4 . 1 O v e r v i e w 6 . 4 . 2 H i s t o r i c a l a n d C u r r e n t M a r k e t T r e n d s ( 2 0 1 8 - 2 0 2 3 ) 6 . 4 . 3 M a r k e t F o r e c a s t ( 2 0 2 4 - 2 0 3 2 ) 6 . 4 . 4 M a r k e t B r e a k u p b y D i s t r i b u t i o n C h a n n e l Table of 6 . 5 E l e c t r o n i c a n d H o u s e h o l d A p p l i a n c e s6 . 5 . 1 O v e r v i e w 6 . 5 . 2 H i s t o r i c a l a n d C u r r e n t M a r k e t T r e n d s ( 2 0 1 8 - 2 0 2 3 ) 6 . 5 . 3 M a r k e t F o r e c a s t ( 2 0 2 4 - 2 0 3 2 ) Contents 6 . 5 . 4 M a r k e t B r e a k u p b y D i s t r i b u t i o n C h a n n e l 6 . 6 O t h e r s 6 . 6 . 1 O v e r v i e w 6 . 6 . 2 H i s t o r i c a l a n d C u r r e n t M a r k e t T r e n d s ( 2 0 1 8 - 2 0 2 3 ) 6 . 6 . 3 M a r k e t F o r e c a s t ( 2 0 2 4 - 2 0 3 2 ) 6 . 7 A t t r a c t i v e I n v e s t m e n t P r o p o s i t i o n b y P r o d u c t 7 S i n g a p o r e R e t a i l M a r k e t - B r e a k u p b y D i s t r i b u t i o n C h a n n e l 7 . 1 S u p e r m a r k e t s a n d H y p e r m a r k e t s 7 . 1 . 1 O v e r v i e w 7 . 1 . 2 H i s t o r i c a l a n d C u r r e n t M a r k e t T r e n d s ( 2 0 1 8 - 2 0 2 3 ) 7 . 1 . 3 M a r k e t F o r e c a s t ( 2 0 2 4 - 2 0 3 2 ) 7 . 1 . 4 M a r k e t B r e a k u p b y P r o d u c t 7 . 2 C o n v e n i e n c e S t o r e s 7 . 2 . 1 O v e r v i e w F o r m o r e i n f o r m a t i o n , v i s i t : ht t ps : / /w ww. i ma rc gro up . c o m /s in ga po re - re ta i l -ma rke t / t o c Partial List of Clients Partial List of Clients Disclaimer © 2024 IMARC Al l R ights Reserved Th is Pub l i ca t ion and a l l i t ’ s con ten ts un less o therw ise men t i oned a re copy r i gh ted in the name o f I n t e rna t i ona l Marke t Ana lys i s Research and Consu l t ing ( IMARC) . 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