Retail Market Update Q1 2025

Key Highlights

• Total retail sales (excluding motor vehicles) picked up sharply to reach S$4.0 billion in January, as many consumers prepared for Chinese New Year at the end of the month. After which, retail spending in February declined to S$3.2 billion.
   
• Further highlighting the increasingly overweight food arena, the number of licensed food shops (referring to coffeeshops (main operator licence), restaurants, eateries, food catering businesses and private markets) was at an all-time high of 22,747 in 2023, based on the latest available data from the Singapore Food Agency (SFA).
   
• The retail sector remains challenging with a persistent high-cost environment and market uncertainty. The high volume of F&B businesses is starting to do more harm than good for operators, diners and the entire food business landscape. In a small market as Singapore, the limited pie to share among all F&B businesses will make it harder for operators to remain profitable, given current demand levels. Measures taken sooner rather than later can alleviate some of the ailing symptoms
   

Read full report here.