Changing Landscape of Retail Industry in Singapore

CHANGING LANDSAPE OF RETAIL INDUSTRY IN SINGAPORE Characteristics of Singapore retail Industry Retail industry in Singapore is polarized into two major(ip) separates: A mass trade instalment which caters for the domestic heartlanders and the immigrant workers who full point mainly in public housing estates (HDB flats and condominiums) ; and a grant market segment which makes up of higher(prenominal) income permanent residents, expatriates and planetary tourists who stay in prime districts. The mass market segment is anchored by close to 4 million local residents who ar now having one of the highest income per capita in the world. This segment serves day-to-day consumer needs. solicit is sensitive to price performance. Consumers needs are wide ranging notwithstanding sophisticated by international standard. As the domestic macrocosm ontogenesis is slow at less than 1 %, the harvesting of this segment depends on the growth of disposable incomes. Shops run by individual entrepreneurs, many of them family members( the so called Mom and Pop shops) overlook the scene of regional housing estates. Consumers taste is to a greater extent localized, hence those neighborhood brands attract loyal and regular customers.

In new years much organized supermarkets and convenient image stores such as NTUC Fairprice are gaining share in retail goods sectors. However, majority of the retailing service sector remains in the hands of individuals and Small and Medium sized Enterprises (SMEs). The premium market segment is supported by a million of higher income permanent residents, expatriates and reinforced by international tourists which have reached more than one million a month in the recent months followed the opening of the two Integrated Resorts (IRs). This sector enjoys high growth due to the surge of international tourist influx. Consumers in this segment exhibit global taste. Many foreign brands therefore stimulate easy entry into the market. Due to the rapid changes in the visibility of the tourists, this... If you want to get a full essay, order it on our website: Orderessay

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