Local retailers urged to cash in on events like F1 race

SINGAPORE : With retail spending hit by inflation and more Singaporeans shopping overseas, local retailers are being urged to cash in on upcoming events like this month's Formula 1 race.

To do this, they should be flexible with their opening hours, given that the race will take place at night and visitors may be keen to shop after it ends.

S Iswaran, Senior Minister of State for Trade and Industry, said: "Shopping malls, retail establishments and restaurants must adapt their operations to cater to this crowd of not only the F1 spectators, but also the many others who will be in the vicinity to soak in the atmosphere and excitement."

He also urged retailers to raise their service standards in order to attract the 50,000 overseas visitors expected to arrive in Singapore for the race.

The high-profile sporting event is expected to generate some S$100 million in tourism receipts. However, foreign tourists are likely to be the only big spenders.

Jannie Tay, president, Singapore Retailers Association, said: "I think for the general retailers, depending on the merchandising, depending on the people who are coming as tourists... I don't think the locals will spend during this period, but we hope to attract the tourists that are coming..."

Singapore's overall retail sales, excluding motor vehicles, in June fell 6.4 per cent on-year. And a recent survey showed that Singaporeans are choosing to spend more overseas instead of at home.

Andrew Lau, vice president, Media Research Consultants, said: "(As for the) weakness in the Singapore retail market, one of the things would be (that) our customer service really needs to improve.

"Another thing (is that) we have homogenous products across the different shopping malls. (This is) not creative, not innovative (or) attractive."

Singaporeans' overseas retail expenditure last year rose 21 per cent to S$4.15 billion. - CNA/ms

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Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved.

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