globe retail outlook data

 

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Singapore

The retail market in Singapore is predominantly made up by shopping centres across the island. The highest concentration of shopping centres can be found in Orchard Road, Singapore's prime shopping street. Shopping centres in Orchard Road are located along a 2.2km boulevard and collectively house over 5,000 brands ranging from luxury brands such as Hermes and Louis Vuitton to fast fashion labels such as H&M and Uniqlo. As a result of an effective decentralisation policy by the local urban planners, there has also been a surge in the number of suburban shopping developments and they are often found located above a Mass-Rapid Transit (MRT) station or within close proximity to one. These suburban malls cater mainly to the surrounding residential or working catchment but some newer developments have also gained popularity among tourists too as there are more hotel options outside of the city centre in recent years. The growing number of tourists attractions such as the city's two Integrated Resorts, Gardens by the Bay, and Formula One Race along with the rising popularity of Singapore as a MICE destination have driven more international visitors to Singapore in the last five years. Among the top 10 countries with the most number of visitors to Singapore are China, Indonesia, Malaysia, Thailand, and Philippines. Unsurprisingly, many established international retailers view Singapore as a gateway to the South East Asia market. That, coupled with the stable macroeconomic environment of Singapore, has allowed the city to continuously attract new foreign brands to the retail market. Notable new entrants for 2015 include luxury brands Alexander Mcqueen, Delvaux, Kent & Curwen and Maje. The retail market has become increasingly competitive due to a greater number of retailers and shopping centres coupled with the growing popularity of online shopping among locals. In response, brick and mortar retailers have set up online stores or stock their products on e-commerce platforms such as Zalora and Lazada. Landlords are not resting on their laurels too; constantly rejigging their tenant mix to keep up with consumers' latest preferences and taking advantage of technology by introducing phone applications that provide visitors real time information on promotions. Shopping sales often take place in the year as retailers try to clear seasonal stock but the most well-known sale of all would be the Great Singapore Sale (GSS) that takes place from end-May to mid-July annually.

Our Top Tip For
New Arrivals

Singaporeans love to end their sentences with the word "lah". This is not a nickname that they have invented for you, but a friendly way of emphasising what they are saying!

Currency

Singapore Dollar (SGD)
EUR €0.63
USD $0.73
GBP £0.56

Language

English
Hello: Hello
Thank you: Thank you

International Dialing Code

+65

Time Zone

GMT +8

Cost of a Pair of Jeans

120.00 SGD

Cost of a Cup of Coffee

5.70 SGD

Cities in Singapore

Contact Us

Letty Lee
6 Battery Road #32-01
Singapore 049909
+65 6224 8181 | letty.lee@cbre.com.sg