Innovate or die: Singapore retailers advised to reinvent as brick and mortarshops lose luster
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Some brands are even advertising via Snapchat.
In a fast-paced and technologically-savvy city-state such as Singapore, brick and mortar shops of retailers, however traditional, may not be adequate anymore.
According to a report by Cushman and Wakefield, Italian luxury brand Prada, for example, has announced plans to advertise via Snapchat, and will be offering their range of goods online.
Additionally, the Singapore Tourism Board is using WeChat and Baidu Connect, and other online travel services and social review sites to reach out to independent Chinese travelers.
“Thus, it is essential for all major stakeholders to reinvent their operations to drive the retail scene forward,” the report noted, highlighting the inevitable paradigm shift.
Meanwhile, to combat the surge of e-commerce, the report said retailers are increasing F&B components in shopping malls and department stores, as such experience-based concepts are irreplaceable by online retail.
“For instance, Muji Café and Meal will be opening their second outlet in Raffles City, and a cluster of 16 restaurants will open in Wisma Atria’s Japan Food Town. In addition, Robinsons the Heeren welcomed Angela May Food Chapters in this quarter,” the report added.
Questions & Answers
Q.What specific online strategies are some brands using to adapt to the changing retail landscape?
What specific online strategies are some brands using to adapt to the changing retail landscape?
Prada plans to advertise and offer its goods online, using platforms like Snapchat. The Singapore Tourism Board is also utilising WeChat, Baidu Connect, and various online travel and social review sites to connect with Chinese travellers.
Q.What approach are retailers taking in physical stores to compete with the rise of e-commerce?
What approach are retailers taking in physical stores to compete with the rise of e-commerce?
Retailers are increasing food and beverage components within shopping malls and department stores. This strategy aims to offer experience-based concepts that online retail cannot replicate, such as new restaurants and cafes opening in various locations.
Q.Which specific examples of new F&B outlets are mentioned as part of this retail strategy?
Which specific examples of new F&B outlets are mentioned as part of this retail strategy?
Muji Café and Meal is opening a second outlet in Raffles City, and Wisma Atria's Japan Food Town will see 16 new restaurants. Also, Angela May Food Chapters has opened in Robinsons the Heeren this quarter.