Singapore is well known for its shopping experience as retail is an important part of the Singaporean economy. The past year recorded a decrease in sales of cars but an increase in sales of telecomm apparatus, computers, food and beverage. Trade has been flourishing for malls and necessity brands for the past six months. Since the late 2000’s, Singapore has been actively aiming at becoming a leading retail destination on par with cities like Dubai and London. Shopping complexes have been undergoing constant renovations and improvements. The Singapore Shopping festival each year along with high end luxury stores ensures a sophisticated culture where shopping is not merely about a product but rather an experience to be savored.
Singapore is thus aggressively working towards establishing itself tourist cum retail destination. Malls are being innovated and branded not merely as spheres of a shopping endeavor but as an inclusive shopping, dining, and entertainment avenues. Tourism and retail is closely linked in Singapore as more tourists imply more money being propelled into the economy. The government for its part has been consistent in trying to boost tourism by organizing international events such as Youth Olympics and Formula One Racing, a trend which one will continue to see in the future.
The government has further been trying to boost tourism and the retail experience in Singapore with the help of innovation and technology. The government has pumped $ 15 million in the mobile applications business for the tourism, retail and food and beverage sectors that will augment competitiveness. This means that one would perhaps be able to order and pay bills with the simple touch on a phone. Certainly, the retail market in Singapore will see a good bloom in the coming future. However, it will face stiff competition from global brands such Abercrombie which recently purchased a 21,000 square foot space in Knightbridge Mall and is aggressively trying to conquer Asian markets.