Speech by MOS Teo Ser Luck at the Singapore Retailers Association Ball at Raffles City Convention Centre

Dato’ Dr Jannie Chan, President of the Singapore Retailers Association

Distinguished Guests,

Ladies and Gentlemen,

A very good evening to all.

It is a great pleasure to join you once again for the annual SRA Ball. Tonight, we celebrate the retail industry’s achievements, and the people who have made these achievements possible.

Importance of Singapore’s Retail Industry

Singapore’s retail industry is an important part of our economy. In 2012, it contributed over $30 billion in annual operating receipts and yielded a total value-add of nearly $5 billion¹. The industry is a major employer, with a workforce of about 163,000 as of June this year². Through new store concepts and novel retail experiences, our retailers add to Singapore’s vibrancy and buzz, making it an exciting home for Singaporeans and an attractive tourist destination.

Singapore’s retail industry landscape is undergoing significant changes, as a result of global trends and the need for the local retail sector to improve productivity. The rise of e-commerce and evolving consumer preferences mean that our retailers need to reinvent themselves and transform their business models to reach customers both locally and abroad. To be successful, retailers will increasingly need to tap advances in technology such as data analytics and ICT to support growth, productivity improvement and greater competitiveness.

Growing a High Quality Retail Workforce

In such a dynamic environment, it is crucial that our retail sector is able to recruit and retain its fair share of talent at all levels. This includes senior management, store managers, and sales executives on the frontlines. At all of these levels, retail talent must be equipped with the necessary skills to deliver new ways of doing business.

Over the years, the Singapore Retailers Association (SRA) has had a big part to play in growing and developing this quality workforce. Through a range of programmes, SRA has helped to provide pathways for attracting new talent into the industry, and for supporting the continued training of seasoned industry professionals.

For example, the National Retail Scholarships (NRS) were launched in 2007 to professionalise the retail workforce, raise retail standards and maximise career opportunities in the retail industry. This has been a joint initiative by SRA, SPRING and the Workforce Development Agency (WDA). Since 2007, over 90 NRS scholarships have been awarded for Diploma, Degree and Masters Programmes. In 2011, the scholarship for the Masters’ Programme was extended to continue providing promising middle managers with the opportunity to develop their leadership potential, so that they can better make an impact in the retail industry. Tonight, I would like to congratulate the four outstanding awardees this year who have received this prestigious scholarship to pursue their Masters Programmes.

Another programme supported by SRA is the SRA-MasterCard Retail Scholarships that is awarded to students for studies leading to Diplomas in Retail Management. This is the second year that the scholarship is being awarded, and I would like to congratulate the five recipients of the scholarship this year.

Of the scholarship recipients, I am glad to note that many are staff who have been sponsored by their companies³. Their employers will have to manage the staff’s workload to ensure that they have the time and capacity to focus on their studies and benefit from the programmes. In the current environment where manpower is in short supply, this commitment by our companies to invest in the on-going development of their staff is commendable and forward-looking. I am confident that the expertise that the recipients will develop will benefit their sponsoring companies, and thus our overall local retail scene.

Developing the Talent Pipeline for the Retail Industry

Besides developing the talent already in our retail companies, there is also a need to bring fresh talent into the industry. Last June, the government launched the SME Talent Programme (STP) to help SME retailers attract and retain young talents through student internships, study sponsorships, and fresh-hire training. Partner associations, including SRA, are working with SPRING Singapore to help source and match retailers with interested students from the Institutes of Technical Education (ITEs), polytechnics and universities. In just over a year, the STP has already made over 80 successful matches between retail SMEs and students. This is an exciting programme, and I would like to encourage our retailers to take advantage of it.

Recognising Retail Excellence

Besides upgrading the retail workforce, retailers must also improve processes, retail offerings and service levels to provide even better shopping experiences.  I would therefore like to end off by commending SRA for organising the annual SRA Retail Awards since 2000. Supported by SPRING and the Singapore Tourism Board, the awards promote innovation, creativity and retail excellence. Tonight, SRA will be announcing the winners of the SRA Retail Awards 2014. I would like to congratulate all the winners. I hope that you will inspire other retailers to similarly aim high, and make an impact on the retail landscape.

On that note, I wish everyone a pleasant and memorable evening ahead.

Thank you.

¹ Source: DOS

² Source: MOM, Administrative Records

³ Sponsoring companies are Wing Tai Retail, NTUC Fairprice, Dairy Farm and m)phosis.