Singapore is a well-known shopping destination, but as the economy falters, tourist numbers plunge and the demand for goods and services falls, will Singapore’s status as a shopping paradise be jeopardized?
In this video, Ms Lau Chuen Wei, Executive Director of Singapore Retailers Association expresses confidence in the ability of Singapore shops to continue providing “value” to shoppers. She also cites the upcoming Great Singapore Sale as an event shoppers will look forward to.
Besides the many discounts and promotions retailers dangle in front of shoppers (i.e. reducing prices), how else can they attract consumers and generate higher revenues?
The video also mentions about the opening of several new malls in Orchard. This will inject more competition into the retail industry and each player will have to contend with a “smaller slice of the pie”.
Do you think that on the whole, society (firms and consumers) would benefit from the opening of new malls? Why or why not?
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