As one of the world’s best places to live in, Singapore has its fingers on the pulse of global lifestyle demands. Our cosmopolitan population is a trendsetter and barometer for global lifestyle needs. Coupled with having the best business environment in the world, Singapore is a natural launchpad and international hub for lifestyle businesses looking for global success.
The lifestyle sector shapes the environment which Singaporean live, work and play. Players include international and local store retailers, internet retailers, across subsectors like supermarkets and convenience stores, department stores, consumer electronics, jewellery and timepieces, fashion and sporting goods.
Singapore is renowned as one of Asia Pacific’s food capitals. Not surprisingly, our Food Services industry plays a vital role in our economy. The industry contributes 0.8% of Singapore’s GDP and employs about 180,000 workers.
The cosmopolitan character of Singapore’s lifestyle sector can capitalise on this positive growth by adapting to a globally competitive retail landscape and differentiating customer experience and product offerings for an increasingly technologically-savvy and sophisticated customer.
With Singapore boasting one of the highest internet penetration rates in the world, resourceful and innovative retailers have seized the opportunity to identify new growth and re-invent their business model and expansion through internet-retailing and process re-design of their traditional distribution and supply chain solutions. This drive for productivity is a critical step towards preparing the retail sector from future challenges and to take it to new heights.
Traditional roles such as retail assistants are evolving into specialized roles such as brand advocates and fashion stylists. New roles are also created at the back of house, with technology specialists in digital marketing, e-commerce, data analytics and supply chain management becoming increasingly important.
This vibrant food industry is also highly competitive. Increasingly, local food companies are leveraging technology and differentiating themselves with innovative dining concepts, products, and service offerings to boost efficiency and enhance customers’ dining experiences. More companies are also establishing their brands overseas through joint ventures, franchises or corporate-owned outlets.
- The Retail sector accounts for 1.4 per cent of Singapore’s Gross Domestic Product. It comprises 15,860 enterprises and employs 116,000 people – 50 per cent of whom work in departmental stores, supermarkets, and fashion sub-sectors.
- Asia’s stellar economic growth has created a burgeoning consumer market which will see 3.2 billion people in the middle-class segment by 2030, up from 525 million in 2009.
- A national plan, the Food Services Industry Transformation Map (ITM), was launched in 2016 to spur more innovation among companies as the industry works towards achieving an annual productivity gain of 2% without any increase in manpower over the next five years.