As Singapore transitions into the fourth quarter of the year, it has become apparent that the retail sector’s recovery is likely to be slow and lengthy.
Within the first few months of 2020, Singapore saw various brands leaving its shores and opting to move online instead.
It was announced that Singapore’s retail sales in May fell 52.1 per cent – its largest drop since record-keeping began in 1986.
Associate Professor Lawrence Loh of the National University of Singapore Business School was quoted saying that it was probably “just the beginning, and not the end, of sales bottoming.”
More recently, Singapore’s beloved local bookstore BooksActually, and British fashion brand Topshop and Topman also announced their closures, and plans to move online.
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