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Feature Articles

Recent Trends in Singapore's Retail Sector

10 August 2010

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

This article examines the recent trends in the retail sector, as Singapore’s economy recovers from the worst of the global economic crisis. It also looks at how the retail landscape is shaping up in view of the recent surge in new shopping malls.

RETAIL SALES PERFORMANCE

Retail sales plummeted in 2009…

2008 and 2009 were difficult years for Singapore’s retail sector. The retail sales index (RSI) in constant prices (or retail sales volume) fell by 1.7 per cent and 9.3 per cent respectively in those two years as a result of the global economic crisis. The decline in 2009 was the worst since the 11 per cent plunge during the 1986 recession. Excluding motor vehicle sales, retail sales volume still saw negative growth of2.7 per cent in 2009, the same magnitude of decline that was seen during the SARS crisis in 2003 (Exhibit 1).

Download for the full article [PDF, 91.4 KB].

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