Mr Seah Moon Ming, Chairman, SMRT Corporation,

Mr Ngien Hoon Ping, Group CEO, SMRT Corporation,

Mr Abu Bakar, Chairman, Workstation

Mr Tony Heng, President, Stellar Lifestyle,

 

Distinguished Guests,

 

Ladies and Gentlemen,

 

1. Good morning. It is my pleasure to join you today to launch HIVE 2.0.

Evolution of HIVE

2. This is a significant milestone in HIVE’s journey. Opened in October 2022, HIVE was developed by SMRT’s business arm, Stellar Lifestyle, to serve as a curated platform for retail startups and SMEs to collaborate, test, and validate new business concepts. Since then, HIVE has offered several new and exciting retail and F&B experiences. It has also sped up the digital transformation of hundreds of retailers on Stellar Lifestyle’s network.

3. I am delighted that SMRT and Stellar Lifestyle are bringing HIVE and the retail scene up another notch with HIVE 2.0. The innovation space will feature a new lineup of startups and partners, including several from Stellar Lifestyle’s Stellarate Innovator 2023 programme. We can look forward to refreshing retail innovations that feature exciting automation and self-service concepts.

4. For instance, we can get a robot to make a cup of bubble tea suited to our tastebuds. Singapore’s first robotics bubble tea store, Javis Holding, a local SME, is brewing these “bespoke” drinks at the HIVE. There’s also a chance to discover the culinary skills of local food entrepreneurs at Incubaker, a co-working kitchen and studio ideal for events like food tasting or chef demonstrations. The future of self-service shopping is also here at the cashier-less 7-Eleven’s Shop & Go store in the HIVE. I’ll be checking these out on our tour later.

Harnessing Innovation to Grow and Transform

5. When we launched the Retail Industry Transformation Map 2025, we laid a blueprint to create a lively, globally competitive retail landscape in Singapore. A key strategy was to catalyse fresh experiential concepts and innovations to meet ever-changing consumer demands. Retailers that are quick and agile in adapting their business models and products to meet consumer needs will be able to differentiate themselves from their competitors and grow and transform.

6. We see this dynamic energy and innovation in HIVE. It has introduced a fresh dimension of culinary exploration and shopping delights to Esplanade MRT station and Marina Bay area. This innovation space reflects the exciting potential of our retail landscape.

7. It also exemplifies the kind of transformation that we aim to spur in our retail industry. For instance, we hope enterprises will harness automation, robotics, artificial intelligence, and new ways of customer engagement. These innovations can help lower operational costs, boost sales and address manpower and logistics challenges often faced by retailers.

8. I encourage retailers and those on the Stellar Lifestyle’s network to draw inspiration from the retail innovations showcased at HIVE. Some of these concepts or ideas may be helpful for your business. You can explore possible collaborations to grow and transform your enterprise for the future. To our startups, I encourage you to discover the “win-win” partnership opportunities at HIVE to deepen your capabilities and commercialise your products and services.

9. The Government is committed to supporting you in your growth and transformation journey. For those looking to digitalise, you can use the Retail Industry Digital Plan, which provides a step-by-step guide on the digital solutions you can adopt at each stage of your growth. For example, using Omnichannel Retail Management solutions can help streamline your operations. Eligible SMEs can receive support from various business grants, including the Productivity Solutions Grant and other grants on the online Business Grants Portal.

Conclusion

10. As consumer expectations continue to evolve with time and technology, the future of retail will be increasingly captured by those who dare to experiment, innovate and capture new opportunities. I trust that HIVE 2.0 will attract stellar players who set and explore new trends at the edge of the retail sector.

11. My heartiest congratulations to Stellar Lifestyle on the launch of HIVE 2.0! You’re nurturing our next generation of retail success by supporting our local retailers and innovative enterprises! I wish you all the very best in your endeavors.