BWI: Sunny Future for Singapore’s Retail Sector: SingaporeSetup.com

Press release from Business Wire India
Source: SingaporeSetup.com
Tuesday, May 24, 2011 10:00 AM IST (04:30 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Business services, Information technology, Retailers; Technology
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Sunny Future for Singapore's Retail Sector: SingaporeSetup.com
Singapore's retail sector poses a strong growth curve and is set to expand further this year, reports SingaporeSetup.com

Singapore, Tuesday, May 24, 2011 -- (Business Wire India) -- Analysis done by Singapore company setup portal, SingaporeSetup.com, reveals that Singapore's retail sector is showing signs of positive growth and is set to act as a key contributor to the Singapore economy this year.

A recent global survey by CB Richard Ellis (CBRE) ranked Singapore as the seventh most popular destination for international luxury retailers with 69% of the global luxury and business fashion brands having a presence in Singapore. Data released by the Singapore Statistics Department shows that there were more than 19,000 retail establishments in 2009, employing about 114,900 workers. Total operating receipts of the retail trade industry amounted to S$38.2 billion in 2009, contributing approximately 2% to the GDP.

Ms. Catherine Lee - a senior editorial board member of the www.SingaporeSetup.com site attributes the positive retail sector performance to factors such as high tourist arrivals, improved consumer confidence, and increased purchasing power of consumers.

The Singapore economy rebounded strongly last year and outperformed other regional economies recording an astounding GDP growth rate of 14.5%. The GDP forecast for 2011 was fixed at a more moderate pace of 4-6% but has been recently revised upward to 5-7%. In the first quarter of 2011, Singapore's GDP expanded by 22.5% over the previous quarter. According to SingaporeSetup.com, the swift economic rebound and the revised economic forecast serve to augur improved consumer confidence, which will positively impact the retail sector in the months to come.

Singapore's unemployment rate remained very low at 2.2% as at the end of 2010 and is reported to have dropped further to 1.9%. Experts forecast Singapore's unemployment rate to fall further through 2011. Earlier this year, the government rolled out a people-friendly budget with cash payoffs and subsidies for a significant portion of the Singaporean households. This measure along with strong labor market conditions is expected to boost domestic consumption further.

Singapore's retail sector is further stimulated by the phenomenal increase in visitor arrivals. The opening of the Integrated Resorts and iconic events such as Youth Olympic Games, Formula1 Grand Prix, Great Singapore Sale etc., beefed up visitor arrivals to 11.6 million in 2010 leading to a significant surge in tourism receipts. Going forward, SingaporeSetup.com anticipates a much stronger tourism performance with the two resorts becoming fully operational with new attractions and with Singapore becoming a preferred MICE destination.

"Given the limited growth prospect in the home turfs of many of the European and American retail brands, Asia, with its growing affluence and market size is garnering the attention of retailers. Lack of red-tape and availability of world class retail space in prime malls with good catchments of affluent population as well as tourist traffic is attracting foreign retail companies to setup a Singapore subsidiary or a Singapore branch office. Singapore's retail landscape is brimming with positive sentiments and retail sales figures are likely to continue to grow for the rest of the year," said Ms. Lee.

Targeted for global entrepreneurs and firms, SingaporeSetup.com is the leading business information portal that provides comprehensive and up-to-date information about establishing and operating business in Singapore.


CONTACT DETAILS
Manish Ghosh, SingaporeSetup.com, +65-6726-5000, info@singaporesetup.com

KEYWORDS
CONSUMER, CONSULTANCY SERVICES, BUSINESS SERVICES, IT, RETAIL, TECHNOLOGY

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