Speech by SMS Low Yen Ling at the Singapore Retailers Association (SRA) Retail Awards Gala Night

Mr Ernie Koh, President, Singapore Retailers Association,

Council Members,

Ladies and Gentlemen,

Introduction

1.     A very good evening to everyone.

2.     I am very delighted to join you at the Singapore Retailers Association (SRA) 24^th Retail Awards Gala Dinner.

3.     Tonight, we celebrate the achievements of our retail community. These sterling awards recognise retailers who innovate, transform their workforce, and set new standards of excellence.

Challenges in retail

4.     This year’s awards are even more hard-won and deserving than before. We know it is not easy times, and we recognise that retailers face increasing challenges:

   1.     Firstly, global inflation and supply chain disruptions have created a volatile environment. This unfortunately has affected both consumer confidence, as well as operating costs.

   2.     Secondly, we work very closely with you to gain industry insights on the challenges, so that we can refine our programmes to better serve you. You have told us that the consumer habits are shifting. While online shopping is convenient, consumers are in fact returning to physical stores for immersive and personal experiences. Retailers must adapt to these evolving preferences and find new ways to engage and excite customers.

   3.      Thirdly, local brands that show great promise need support and mentorship to sharpen their business fundamentals and increase their visibility, not just in Singapore, but also globally.

5.     The retail sector is crucial to Singapore, and the Government is committed to supporting retailers through both good times and challenging times. Together with industry partners, we are taking concrete steps to help retailers overcome today’s challenges and prepare for tomorrow. To achieve this, the industry and government have partnered on new initiatives to revitalise in-person shopping and help local brands grow and shine.

Reinvigorate in-person shopping

6.     One of our first partnerships is to roll out the Singapore Retail Festival. Organised by SRA and supported by Enterprise Singapore, the festival will run from 26 September to 12 October 2025. The Singapore Retail Festival aims to revive physical retail activities through collective marketing and PR efforts, attracting local and global shoppers to stores. The festival will also coincide with the F1 Singapore Grand Prix, capturing the influx of tourists.

7.     With the tagline, ‘Experience the Joy in Shopping’, this festival adopts a fresh approach to celebrating retail in Singapore. It shines the spotlight on what makes shopping delightful – the in-store experience.

8.     The festival will feature experiential retail concepts to make shopping at physical stores unique and memorable for consumers. Shoppers can look forward to exciting activations, pop-ups, workshops, masterclasses, and sensory or personalised activities. The idea is to create exciting, shareable moments and encourage repeat visits.

   1.     For example, bespoke art jeweller Maison Mugen will host fingerprint imprint jewellery workshops where participants can cast their own fingerprints onto metal and set them with gemstones or diamonds.

   2.     Maison Mugen will also conduct a masterclass on jewellery appraisal, teaching participants how to identify pieces with craftsmanship worthy of becoming treasured heirlooms.

9.     Singapore Retail Festival will also showcase curated product selections and collaborations. Our homegrown wellness lifestyle brand, Hysses, has created The Orchid Series, inspired by our national flower and crafted with premium natural ingredients. Another of its very unique products is the new Aroma Voyage Perfume set, featuring a bottle design inspired by the heritage lanes of Arab Street. You can see Singapore’s unique multiculturalism and multiracialism coming together to form a unique retail experience.

10.   In addition, the Singapore Retail Festival will collaborate with Singapore Pools’ community partners, including APSN, Journey by TOUCH Community Services, and Metta Welfare Association. These partnerships will give them valuable marketing exposure and fundraising opportunities. Partnering with these organisations through Singapore Retail Festival also helps retailers to appeal to younger consumers, who increasingly value corporate social responsibility, and value partnerships with those who are less privileged.

Improve local brands’ visibility and support their growth

11.   While the first initiative draws shoppers to our stores, the second initiative focuses on growing the visibility of our local brands and giving them the support and opportunities to succeed.

12.   With support from Enterprise Singapore, SRA will partner with startup incubator Innovate360 to launch LIFE^SCAPE this November. LIFE^SCAPE is an incubation programme for promising local brands. Over the course of two years, this programme will provide them with training to build their capabilities in areas such as marketing, visual merchandising, livestreaming, and fundraising for expansion. They will also benefit from mentorship by industry leaders and participate in thematic marketing events to widen their reach to customers.

13.   Alongside this, we are also helping local brands trial innovative technologies that enhance both the consumer experience and business capabilities. This October, events agency Invade, supported by Enterprise Singapore, will launch the Red Label at Kallang Wave Mall – Singapore’s first unmanned retail experience concept. Spanning 10 brands across three curated zones, Red Label will offer visitors and customers exclusive products, limited-edition drops, and unique lifestyle finds.

SRA Retail Awards

14.   While all these initiatives focus on growing our retail businesses and brands, it is equally important to recognise the retailers whose passion and dedication drive this sector forward. They are not afraid to adapt, transform and go the extra mile to present new offerings.

15.   Tonight, we celebrate the best of our retailers. One of the awards to be presented is the Workforce Singapore’s Workforce Transformation Award. This award honours a retailer that has demonstrated outstanding effort in redesigning jobs and processes to transform its workforce. These efforts not only improve business outcomes but also retain workers and strengthen their careers.

16.   This year, the SRA is introducing new sub-sector award categories, such as “Fashion Retailer of the Year”, “Home & Living Retail of the Year” and “Best Pop Up Experience”. This shows that under Ernie and the Council’s leadership, SRA has ventured out of its comfort zone, and evolve the awards lineup to make sure that this is something that reflects the needs of the consumers.  These awards will encourage retailers to create fresh experiences that continue to excite shoppers.

17.   SRA and NETS have also introduced the ‘Rising Star of the Year Awards’. These awards recognise emerging retailers that innovate, embrace digital adoption, and contribute meaningfully to the community.

18.   Together, our awardees show that with determination and innovation, retailers in Singapore can thrive, whether they are long-established or new to the retail scene. Their stories and journeys inspire retailers to create great experiences, innovate boldly, and grow and transform the workforce, in order to retain them and recruit more talent.   

Conclusion

19.   With these exciting developments, we are creating a vibrant and lively retail scene to excite Singaporeans and attract global consumers. 

20.   On behalf of the Singapore Government, I want to thank SRA, its council, sponsors, and partners for their dedication and commitment to growing the retail sector.

21.   Our heartfelt congratulations to all the award winners. Your achievements reflect innovation, creativity and excellence. I am confident your passion will continue to energise Singapore’s retail scene.

22.   I wish everyone a wonderful evening and networking ahead. Thank you.