Thursday, November 29, 2012

2013 to be 'survival' year for Singapore retailers

2013 to be 'survival' year for Singapore retailers
By Kristie Neo | Posted: 28 November 2012 2247 hrs
     
SINGAPORE: Higher rental costs and manpower shortage is going to make 2013 a year of 'survival' for Singapore retailers.

The Singapore Retail Association (SRA) has cautioned retailers to stay conservative moving forward.

The SRA said retailers will begin filling the pinch next year once the impact of the revised foreign labour quota and 'lemon law' fully kicks in.

Dato Dr Jannie Chan, president of Singapore Retailers Association, said: "Moving into 2013, we would have to reorganise and rethink not so much on 'growth' mode or 'maintenance' mode. It's a survival mode.

"At the moment, be conservative. I would suggest keep your cash and core business, don't expand. If you have expanded, make sure your inventory is turning within at least once a year, if not twice a year. Do not increase costs because this is not the time. It might take two or three years to recover."

According to data from the Department of Statistics, Singapore's retail sales in September has risen lower-than-expected at 2.5 per cent on-year.

- CNA/fa

- wong chee tat :)

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