The Strengths of Singapore Shopping Malls
Note: all the figures are pre covid
In Singapore, shopping malls are very popular destinations for both tourists and locals. In fact, before Covid Singapore was among the world’s top shopping destinations, ranked 5th worldwide by Business Insider and 2nd in APAC after Bangkok and the most popular shopping destination for tourists in the Southeast Asian region.
source: Statista
Most of the retail outlets are located around Orchard Road, in the city center. Most store-based retailers tend to be located within shopping malls and is also true for their flagship stores. It is also worth noticing, that suburban malls are growing strongly in popularity among Singaporeans.
Singapore is a highly digitalised country with 84.5% internet penetration, the second-highest rate in Southeast Asia. This means that digital innovations are very important to attract increasingly demanding customers and offer unique and personalised in-store experience. Additionally, 4.7 million Singaporeans are social network users an important factor to keep in mind when working on promotional activities and in-store customization experience.
What are the main shopping malls in Singapore?
Vivocity, opened in 2006 and located on the harbor front, in the area of Bukit Merah, is Singapore’s largest shopping mall. With over 300 shops and dining and 50 million visitors yearly, the mall is very dynamic. It hosted for instance the countdown to the new year live-streamed on TV. Its unique design evokes images of waves.
- The Shoppes at Marina Bay Sands, opened in 2010, has the leading position as the luxury shopping destination. More than a mall, the complex hosts a hotel, convention center, museum, theater, a casino, and even an indoor skating rink, making it attractive to both locals and tourists. 120,000 shoppers walk through the doors of the mall daily. The mall is estimated to attract alone about 25% of the tax-free tourist market in Singapore.
- ION, formerly known as the Orchard Turn Development or Orchard Turn Site started operating in 2009. Located on Orchard Road, the mall offers one of the largest collection and a variety of designer stores with over 300 retail outlets which attract on average 160,000 shoppers daily.
- Robinson’s is a retail company that has department stores in Singapore and Malaysia. The company owns the Robinsons department store, John Little in Singapore and has franchise outlets of Marks and Spencer in both countries. The company has grown into one of the country's most renowned department stores. Robinsons is one of the best shopping destinations for fashion, where we have opened the first Asia store for our partner Roy Roger’s
- Takashimaya, Ngee Ann City, officially opened in 1993. The mall is owned by the Japanese giant Takashimaya. The complex hosts over 130 shops and 30 food and beverage outlets on Orchard Street and offers a multitude of services such as home delivery, alteration services, gift vouchers, customer service center, etc. Takashimaya is one of the best destinations for lifestyle goods, and where we have been directly distributing for our partner Frette.
- Jewel Changi airport mall is located in Terminal 1 of Singapore airport. The complex offers a garden, attractions, retail, dining, and hotels based on the theme of nature. In October 2019, six months after its soft opening, Jewel had already welcomed 50 million visitors.
High season and the low season
There are a few periods throughout the year during which sales are higher. In particular, there are:
- The Great Singapore Sale (GSS) from June to July – 5 weeks
- Black Friday, the fourth Thursday in November
- Single’s day, the 11 November
- Christmas and New Year
- Chinese New Year
Thus, November, December, and January (or February depending on CN calendar) are very important months in terms of sales in the region. Additionally, shopping malls have several "card dates" to drive traffic, where their members get special discounts.
To conclude, Singapore is undeniably a relevant location to initiate sales in APAC or strengthen the position of your brand in the region. The customers have very high expectations and diversified backgrounds and thus a successful strategy requires deep market knowledge.
Choosing the right location will depend on the brand and its positioning and if you are considering an expansion in Asia or seeking advice contact us at pr@texereadvisors.com
Source:
https://www.businessinsider.fr/us/most-visited-cities-around-the-world-ranked-2019-9