Singapore Retail Market

Singapore Retail Market Overview:

The Singapore retail market size reached US$ 123.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 168.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.50% during 2024-2032. The growing popularity of pop-up stores and experiential retail, increasing e-commerce adoption, and the expansion of luxury brands, supported by strong economic fundamentals and a high per capita income, are some of the factors propelling the market growth.

Singapore Retail Market Trends:

Rise of Pop-Up Stores and Experiential Retail:

The increasing emergence of pop-up stores and experiential retail, which offer one-of-a-kind and immersive shopping experiences, is bolstering the market growth in Singapore. Temporary and affordable pop-up stores enable brands to experiment with new products and ideas without taking on significant risks, appealing to buyers looking for unique and exclusive experiences. These establishments create excitement by offering limited-time promotions and hosting events, attracting buyers. Experiential retail emphasizes developing immersive and interactive spaces to improve user engagement and loyalty. Retailers create memorable shopping experiences by utilizing tools, such as virtual reality (VR), interactive displays, and personalized services. This trend aligns with the growing individual preference for experiences over material goods, allowing retailers to differentiate themselves in a competitive market. In September 2023, a galaxy-inspired pop-up store was opened by SHEIN at Bugis Junction in Singapore, providing a distinctive shopping experience. The interactive elements in the pop-up allowed buyers to engage with the brand.

Technological Innovations and Enhanced User Experience:

Cutting-edge technologies like artificial intelligence (AI), augmented reality (AR), and data analytics are changing the way retailers engage with buyers. AI-driven chatbots and virtual assistants offer tailored individual support, as AR technology enables buyers to view products in real time, improving their decision-making. Retailers can use data analytics to learn about individual preferences and behaviors, helping them create personalized offers and targeted marketing strategies. Furthermore, advancements in point-of-sale (POS) systems simplify transactions, providing fast and effective payment options. Modern point of sale (POS) systems combine different payment options, loyalty schemes, and stock management to provide a smooth shopping experience.

Growing Demand for Convenience:

The urban population is prioritizing ease and efficiency in their shopping experiences due to busy lifestyles. This demand is resulting in the proliferation of convenience stores, online delivery services, and automated retail solutions. Retailers are responding by providing quick and dependable delivery choices, click-and-collect services, and simple return policies. Furthermore, incorporating technology into retail operations, like mobile payments and self-service kiosks, increases convenience for buyers. In January 2024, 7-Eleven opened its first automated self-service store, called 7-Eleven Shop & Go, at Esplanade MRT station in Singapore. By using smart cameras and deep learning technology, shoppers can easily tap their credit cards to enter, choose products, and make automatic payments when leaving, improving convenience and efficiency. Additionally, the increasing prevalence of fast-food outlets and subscription services are also contributing to the market growth in the country.

Singapore Retail Market News:

• July 2024: Royal Holdings Co., Ltd. and Sojitz Corporation revealed plans for the inaugural opening of Royal Host's initial directly operated international branch at Jewel Changi Airport in Singapore on July 19. This strategic growth aimed to bring Royal Host's Western-style cuisine to the global market.
• January 2024: Lotte Duty Free inaugurated its Changi Airport store in Singapore with a lavish reopening event, signaling the commencement of its 19 stores worldwide in a bid to increase international sales. CEO Kim Joo-nam emphasized the importance of Changi Airport in Lotte Duty Free's worldwide expansion plan.
   

Singapore Retail Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on product and distribution channel.

Product Insights:

• Food and Beverages
• Personal and Household Care
• Apparel, Footwear and Accessories
• Furniture, Toys and Hobby
• Electronic and Household Appliances
• Others
   

The report has provided a detailed breakup and analysis of the market based on the product. This includes food and beverages, personal and household care, apparel, footwear and accessories, furniture, toys and hobby, electronic and household appliances, and others.

Distribution Channel Insights:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others
   

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.

Regional Insights: 

• North-East
• Central
• West
• East
• North 
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North-East, Central, West, East, and North.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Singapore Retail Market Report Coverage:

Key Questions Answered in This Report:

• 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 the basis of product?
• What is the breakup of the Singapore retail market on the basis of distribution channel?
• What are the various stages in the value chain of the 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? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Singapore retail market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Singapore retail market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Singapore retail industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.