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Retail in Singapore

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    Report

  • 101 Pages
  • February 2024
  • Region: Singapore
  • Euromonitor International
  • ID: 5750621
Retail in Singapore has left the impact of the pandemic behind following the easing of restrictions, and has continued with resilient, albeit slower, growth in 2023. The full-scale resumption of social activities and the reopening of international borders for travel have seen consumers returning to pre-pandemic lifestyles and greater normalcy.

The Retail in Singapore report offers insight into key trends and developments driving the industry. The report examines all retail channels to provide sector insight. Channels include hypermarkets, supermarkets, discounters, convenience stores, mixed retailers, health and beauty retailers, clothing and footwear retailers, furniture and furnishing stores, DIY and hardware stores, durable goods retailers, leisure and personal goods retailers. There are profiles of leading retailers, with analysis of their performance and the challenges they face. There is also analysis of non-store retailing: vending; homeshopping; internet retailing; direct selling, as available.

Product coverage: Retail E-Commerce, Retail Offline.

Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

  • Get a detailed picture of the Retail market;
  • Pinpoint growth sectors and identify factors driving change;
  • Understand the competitive environment, the market’s major players and leading brands;
  • Use five-year forecasts to assess how the market is predicted to develop.

Table of Contents

RETAIL IN SINGAPORE
EXECUTIVE SUMMARY
  • Retail in 2023: The big picture
  • Cost-of-living challenges top-of-mind for both retailers and consumers alike
  • A seamless and memorable shopping experience key to driving consumer loyalty and sales
  • What next for retail?
OPERATING ENVIRONMENT
  • Informal retail
  • Opening hours for physical retail
  • Summary 1 Standard Opening Hours by Channel Type 2023
  • Seasonality
  • Lunar New Year
  • Hari Raya Aidilfitri (or Hari Raya Puasa)
  • Christmas and New Year
MARKET DATA
  • Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2018-2023
  • Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2018-2023
  • Table 3 Sales in Retail Offline by Channel: Value 2018-2023
  • Table 4 Sales in Retail Offline by Channel: % Value Growth 2018-2023
  • Table 5 Retail Offline Outlets by Channel: Units 2018-2023
  • Table 6 Retail Offline Outlets by Channel: % Unit Growth 2018-2023
  • Table 7 Sales in Retail E-Commerce by Product: Value 2018-2023
  • Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2018-2023
  • Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
  • Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 11 Sales in Grocery Retailers by Channel: Value 2018-2023
  • Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2018-2023
  • Table 13 Grocery Retailers Outlets by Channel: Units 2018-2023
  • Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
  • Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
  • Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 17 Sales in Non-Grocery Retailers by Channel: Value 2018-2023
  • Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2018-2023
  • Table 19 Non-Grocery Retailers Outlets by Channel: Units 2018-2023
  • Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
  • Table 21 Retail GBO Company Shares: % Value 2019-2023
  • Table 22 Retail GBN Brand Shares: % Value 2020-2023
  • Table 23 Retail Offline GBO Company Shares: % Value 2019-2023
  • Table 24 Retail Offline GBN Brand Shares: % Value 2020-2023
  • Table 25 Retail Offline LBN Brand Shares: Outlets 2020-2023
  • Table 26 Retail E-Commerce GBO Company Shares: % Value 2019-2023
  • Table 27 Retail E-Commerce GBN Brand Shares: % Value 2020-2023
  • Table 28 Grocery Retailers GBO Company Shares: % Value 2019-2023
  • Table 29 Grocery Retailers GBN Brand Shares: % Value 2020-2023
  • Table 30 Grocery Retailers LBN Brand Shares: Outlets 2020-2023
  • Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2019-2023
  • Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2020-2023
  • Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2020-2023
  • Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2023-2028
  • Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2023-2028
  • Table 36 Forecast Sales in Retail Offline by Channel: Value 2023-2028
  • Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2023-2028
  • Table 38 Forecast Retail Offline Outlets by Channel: Units 2023-2028
  • Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2023-2028
  • Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2023-2028
  • Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2023-2028
  • Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
  • Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2023-2028
  • Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2023-2028
  • Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2023-2028
  • Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028
  • Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
  • Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2023-2028
  • Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2023-2028
  • Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2023-2028
  • Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028
DISCLAIMER
SOURCES
  • Summary 2 Research Sources
CONVENIENCE RETAILERS IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Resumption of pre-pandemic lifestyles and international travel drive channel’s recovery
  • Entry of Emart24 can disrupt convenience store landscape in Singapore
  • Following rapid expansion during the pandemic, HAO Mart sees significant outlet closures
PROSPECTS AND OPPORTUNITIES
  • New product innovation to drive further growth and appeal to local consumers
  • Convenience stores with themed positioning likely to benefit over concepts lacking differentiation
  • Forecourt retailers set to record muted growth over the forecast period
CHANNEL DATA
  • Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2018-2023
  • Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 56 Sales in Convenience Retailers by Channel: Value 2018-2023
  • Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2018-2023
  • Table 58 Convenience Retailers GBO Company Shares: % Value 2019-2023
  • Table 59 Convenience Retailers GBN Brand Shares: % Value 2020-2023
  • Table 60 Convenience Retailers LBN Brand Shares: Outlets 2020-2023
  • Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
  • Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2023-2028
  • Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2023-2028
DISCOUNTERS IN SINGAPORE2023 DEVELOPMENTSHYPERMARKETS IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Players continue to supplement hypermarkets’ core offer with specific services such as foodservice and recreation
  • Leveraging its large store footprint, Giant at Tampines hosts regular events to engage with and draw consumers to the store
PROSPECTS AND OPPORTUNITIES
  • Outlook for hypermarkets in Singapore remains challenging
  • Supermarkets more appreciated by local consumers for smaller selling space
CHANNEL DATA
  • Table 65 Hypermarkets: Value Sales, Outlets and Selling Space 2018-2023
  • Table 66 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 67 Hypermarkets GBO Company Shares: % Value 2019-2023
  • Table 68 Hypermarkets GBN Brand Shares: % Value 2020-2023
  • Table 69 Hypermarkets LBN Brand Shares: Outlets 2020-2023
  • Table 70 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 71 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
SUPERMARKETS IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Supermarkets charge for plastic bags from July 2023
  • Scarlett Supermarket expands rapidly across Singapore
  • CDC voucher redemption via supermarkets in Singapore
PROSPECTS AND OPPORTUNITIES
  • Supermarkets to continue growing at a low but stable rate over forecast period
  • Cost-of-living challenges to remain major concern for consumers in medium term
  • Private label offerings to remain popular for quality at an affordable price
CHANNEL DATA
  • Table 72 Supermarkets: Value Sales, Outlets and Selling Space 2018-2023
  • Table 73 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 74 Supermarkets GBO Company Shares: % Value 2019-2023
  • Table 75 Supermarkets GBN Brand Shares: % Value 2020-2023
  • Table 76 Supermarkets LBN Brand Shares: Outlets 2020-2023
  • Table 77 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 78 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
SMALL LOCAL GROCERS IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Rising costs and channel shifts impact sales at small local grocers
  • Wet markets gradually close for redevelopment and refurbishment due to ageing infrastructure
PROSPECTS AND OPPORTUNITIES
  • New outlets will be driven by opening of wet markets in emerging estates
  • Small local grocers will continue to find a niche and remain relevant in Singapore
  • Modern interpretation of the wet market combines benefits of modern retail with traditional charm
CHANNEL DATA
  • Table 79 Small Local Grocers: Value Sales, Outlets and Selling Space 2018-2023
  • Table 80 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 81 Small Local Grocers GBO Company Shares: % Value 2019-2023
  • Table 82 Small Local Grocers GBN Brand Shares: % Value 2020-2023
  • Table 83 Small Local Grocers LBN Brand Shares: Outlets 2020-2023
  • Table 84 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 85 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
APPAREL AND FOOTWEAR SPECIALISTS IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Apparel and footwear specialists benefits from full-scale resumption of social activities and international travel
  • Uniqlo records further strong value growth in apparel and footwear specialists
PROSPECTS AND OPPORTUNITIES
  • Luxury segment underperforms amid cost-of-living challenges, and as consumer spending is directed towards other areas such as international travel
  • Ralph Lauren expands rapidly in Singapore and launches Ralph’s Coffee concept
  • Direct-to-consumer and digital native brands a continual threat to specialists over the forecast period
CHANNEL DATA
  • Table 86 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2018-2023
  • Table 87 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 88 Apparel and Footwear Specialists GBO Company Shares: % Value 2019-2023
  • Table 89 Apparel and Footwear Specialists GBN Brand Shares: % Value 2020-2023
  • Table 90 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2020-2023
  • Table 91 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 92 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
APPLIANCES AND ELECTRONICS SPECIALISTS IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • GST hike an incentive for consumers to bring forward essential purchases
  • Amid cost-of-living challenges, consumers reduce discretionary spending
  • Smart home devices increasingly popular due to tech-savvy Singaporeans and the convenience offered
PROSPECTS AND OPPORTUNITIES
  • Appliances and electronics specialists threatened by e-commerce sales
  • New business models lower barriers to ownership but come with limitations
CHANNEL DATA
  • Table 93 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2018-2023
  • Table 94 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 95 Appliances and Electronics Specialists GBO Company Shares: % Value 2019-2023
  • Table 96 Appliances and Electronics Specialists GBN Brand Shares: % Value 2020-2023
  • Table 97 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2020-2023
  • Table 98 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 99 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
HEALTH AND BEAUTY SPECIALISTS IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Beauty retail benefits from resumption of social activities and international travel
  • Preventative health remains top of mind among consumers, driving sales via pharmacies and health and personal care stores
  • Clean and ingredient-based beauty popular amid focus on health and wellness
PROSPECTS AND OPPORTUNITIES
  • Watsons uses technology to improve in-store shopping experience and aid consumers’ purchasing decisions
  • Optical goods stores face challenges from DTC brands with more affordable options and good quality
  • Health and beauty specialists will continue to face threat from e-commerce
CHANNEL DATA
  • Table 100 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2018-2023
  • Table 101 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 102 Sales in Health and Beauty Specialists by Channel: Value 2018-2023
  • Table 103 Sales in Health and Beauty Specialists by Channel: % Value Growth 2018-2023
  • Table 104 Health and Beauty Specialists GBO Company Shares: % Value 2019-2023
  • Table 105 Health and Beauty Specialists GBN Brand Shares: % Value 2020-2023
  • Table 106 Health and Beauty Specialists LBN Brand Shares: Outlets 2020-2023
  • Table 107 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 108 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
  • Table 109 Forecast Sales in Health and Beauty Specialists by Channel: Value 2023-2028
  • Table 110 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2023-2028
HOME PRODUCTS SPECIALISTS IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • IKEA reduces prices of some products to address cost-of-living challenges
  • Pet ownership continues to grow in Singapore, with cats to be allowed in HDB blocks
  • Pure play e-commerce brand Castlery opens flagship store along Orchard Road
PROSPECTS AND OPPORTUNITIES
  • Trend of Japanese-inspired living set to remain strong in Singapore
  • IKEA expands offerings beyond homewares and home furnishings to reach wider audience
  • BTO flats and house renovations likely to be main driver of home products specialists over the forecast period
CHANNEL DATA
  • Table 111 Home Products Specialists: Value Sales, Outlets and Selling Space 2018-2023
  • Table 112 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 113 Sales in Home Products Specialists by Channel: Value 2018-2023
  • Table 114 Sales in Home Products Specialists by Channel: % Value Growth 2018-2023
  • Table 115 Home Products Specialists GBO Company Shares: % Value 2019-2023
  • Table 116 Home Products Specialists GBN Brand Shares: % Value 2020-2023
  • Table 117 Home Products Specialists LBN Brand Shares: Outlets 2020-2023
  • Table 118 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 119 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
  • Table 120 Forecast Sales in Home Products Specialists by Channel: Value 2023-2028
  • Table 121 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2023-2028
GENERAL MERCHANDISE STORES IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Variety stores benefit from cost-of-living challenges by providing good value
  • Miniso introduces product collaborations with popular brands
  • MUJI opens new outlet in Singapore with Café&Meal MUJI concept
PROSPECTS AND OPPORTUNITIES
  • Department stores benefit from resumption of international tourism, but long-term outlook remains challenging
  • Don Don Donki expected to continue rapid rate of outlet expansion across Singapore
CHANNEL DATA
  • Table 122 General Merchandise Stores: Value Sales, Outlets and Selling Space 2018-2023
  • Table 123 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2018-2023
  • Table 124 Sales in General Merchandise Stores by Channel: Value 2018-2023
  • Table 125 Sales in General Merchandise Stores by Channel: % Value Growth 2018-2023
  • Table 126 General Merchandise Stores GBO Company Shares: % Value 2019-2023
  • Table 127 General Merchandise Stores GBN Brand Shares: % Value 2020-2023
  • Table 128 General Merchandise Stores LBN Brand Shares: Outlets 2020-2023
  • Table 129 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2023-2028
  • Table 130 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
  • Table 131 Forecast Sales in General Merchandise Stores by Channel: Value 2023-2028
  • Table 132 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2023-2028
DIRECT SELLING IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Direct selling sales decline in 2023 but remain above pre-pandemic levels
  • Consumer health and beauty and personal care remain leading product categories for direct selling
PROSPECTS AND OPPORTUNITIES
  • Direct selling faces headwinds as a retail channel moving forward
  • Direct sellers increasingly diversify via e-commerce
CHANNEL DATA
  • Table 133 Direct Selling by Product: Value 2018-2023
  • Table 134 Direct Selling by Product: % Value Growth 2018-2023
  • Table 135 Direct Selling GBO Company Shares: % Value 2019-2023
  • Table 136 Direct Selling GBN Brand Shares: % Value 2020-2023
  • Table 137 Direct Selling Forecasts by Product: Value 2023-2028
  • Table 138 Direct Selling Forecasts by Product: % Value Growth 2023-2028
VENDING IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • Vending benefits from greater mobility outside of the home
  • 7-Eleven launches vending machine concept in Singapore
PROSPECTS AND OPPORTUNITIES
  • Vending is a viable retail format for non-conventional vending products
  • Cashless payments expected to remain a key element of modern vending
CHANNEL DATA
  • Table 139 Vending by Category: Value 2018-2023
  • Table 140 Vending by Category: % Value Growth 2018-2023
  • Table 141 Vending GBO Company Shares: % Value 2019-2023
  • Table 142 Vending GBN Brand Shares: % Value 2020-2023
  • Table 143 Vending Forecasts by Category: Value 2023-2028
  • Table 144 Vending Forecasts by Category: % Value Growth 2023-2028
RETAIL E-COMMERCE IN SINGAPOREKEY DATA FINDINGS
2023 DEVELOPMENTS
  • E-commerce sales normalise in 2023 as pre-pandemic lifestyles resume
  • Stripe partners with WhatsApp to allow merchants to accept payments within the mobile messaging app
  • Shopee and Lazada retain leadership of e-commerce despite competition
PROSPECTS AND OPPORTUNITIES
  • Outlook for e-commerce remains strong in Singapore
  • Generative AI likely to be important tool to help e-commerce retailers engage and serve their customers
  • TikTok Shop Marketplace to continue driving livestreaming e-commerce adoption in Singapore
CHANNEL DATA
  • Table 145 Retail E-Commerce by Channel: Value 2017-2022
  • Table 146 Retail E-Commerce by Channel: % Value Growth 2017-2022
  • Table 147 Retail E-Commerce by Product: Value 2017-2022
  • Table 148 Retail E-Commerce by Product: % Value Growth 2017-2022
  • Table 149 Retail E-Commerce GBO Company Shares: % Value 2018-2022
  • Table 150 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
  • Table 151 Forecast Retail E-Commerce by Channel: Value 2022-2027
  • Table 152 Forecast Retail E-Commerce by Channel: % Value Growth 2022-2027
  • Table 153 Forecast Retail E-Commerce by Product: Value 2022-2027
  • Table 154 Forecast Retail E-Commerce by Product: % Value Growth 2022-2027