_The Retail Scene in Post-Pandemic Singapore
The original article was published in The Business Times on 1 April 2021.
As the pandemic led to business attrition rippling across the retail market, major retail brands were not spared and faltered in the onslaught wrought by the pandemic.
Robinsons, a household name among Singaporeans for over 160 years, shuttered all its stores and exited the retail market in 2020.
Notable brands such as Topshop, Esprit and Sportslink were among others that wound down operations to permanently close in the same year.
Prime retail shops within the Orchard region experienced greater impact on their rentals, as these retailers were more reliant on a tourist dollar which had dwindled to a minuscule fraction of pre-COVID levels.
Multi-Dimensional Immersive Retail
With e-commerce trending towards maturation, it will not be sufficient for retailers to have an online presence purely for transactional functions. Retailers not only need to adopt the omni-channel strategy, but should also embrace the all-important fourth dimension of customer engagement in their business model.
Technology can be an enabler in creating a multi-dimensional and immersive retail experience that can excite, educate and inspire shoppers in their consumer journey.
"“Malls also have to evolve in tandem by activating all possible touch points to create a multi-sensory shopper experience.”"
With today’s digital connectivity, customers do not need to be told what to do or how to think, and instead rely on multiple sources of readily available information to validate their purchase decisions.
Therefore, business owners must design the holistic brand experience as a key component driving customer behaviour when personal, lifestyle and aspirational needs converge.
More Retail Insights
Property Bites #14: The Rise of Dark Stores
Dark stores offer an operationally-efficient options for retailers in a post-pandemic world. The future of retail spaces could see a hybrid of dark stores and retail components co-existing to provide shoppers with a new retail experience.
Property Bites #12: Thriving Cloud Kitchens
While the cloud kitchen model has been around since the early 2010s, the rising demand for food delivery and increasing retail rental prices in view of the pandemic has revived the optimistic sentiments on the future of cloud kitchens.
Revitalising Young Communities with Next-Generation Neighbourhood Centres (NGNCs)
NGNCs have provided residents with close access to food and dining, daily needs, healthcare, childcare and shopping options. Over the next few years, more NGNCs will be built to continue serving residents with refreshed concepts, including Canberra Plaza in Sembawang and Northshore Place in Punggol.
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