Market Size of Singapore Retail Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Singapore Retail Market Analysis
The retail sector is one of the largest in Singapore, delivering constant growth during the study period. Though the global COVID-19 pandemic has restricted the market from registering growth during 2020 to a great extent, owing to the comparatively higher market of e-commerce retailing in the country, the market recorded a moderate growth rate in 2020. High-yielding market segments, including food and beverages, cosmetics, apparel and footwear, accessories, and furniture, recorded a sudden drop in revenues during the second quarter of 2020, which was the highest drop during the study period. Food retailers recorded a sales drop of 47.4% year on year, which is the largest segment in the market. Similarly, furniture and household appliances recorded a drop of around 19% for the second quarter in 2020.
As the retail landscape transformed with the COVID-19 outbreak, it has become increasingly important for retailers to adapt to multiple sales channels. The trend of more consumers going for e-commerce platforms to purchase several important goods and services has increased in the country, fuelled by the closure of many physical retailing spaces and brick-and-mortar stores due to the safety measures. With the rising number of businesses planning to switch to the e-commerce channel, the Singaporean government introduced the Digital Resilience Bonus under the SMEs Go Digital program to encourage more businesses to digitalize. This includes a payout of up to SGD 5,000 for eligible businesses, should PayNow Corporate and e-invoicing and business process or e-commerce solutions be adopted.
Singapore Retail Industry Segmentation
The report on the Singapore retail sector provides a comprehensive evaluation of the market, with an analysis of the segments in the market. The Singapore Retail Sector is segmented by Products into Food and Beverages, Personal and Household Care, Apparel, Footwear and Accessories, Furniture, Toys and Hobby, Electronic and Household Appliances, and Other Products. By Distribution Channel, the market is segmented into Hypermarkets, Supermarkets and Convenience Stores, Specialty Stores, Department Stores, E-commerce, and Other Distribution Channels. The report offers market size and forecasts for the Singapore retail sector in Value (USD million) for all the above segments.
Singapore Retail Market Size Summary
The retail sector in Singapore, one of the largest in the country, experienced continuous growth over the study period. Despite the global COVID-19 pandemic impacting the market in 2020, the relatively large e-commerce retail market in Singapore allowed for a moderate growth rate. High-performing market segments such as food and beverages, cosmetics, apparel and footwear, accessories, and furniture saw a sudden revenue drop in the second quarter of 2020. However, the increase in e-commerce due to the closure of physical retail spaces and the Singaporean government's efforts to encourage businesses to digitalize helped the market adapt. The retail market in Singapore is being transformed by the adoption of advanced technology. The use of Augmented Reality (AR) and Virtual Reality (VR) is attracting a larger customer base, particularly millennials, and enhancing in-store experiences. Furthermore, there is a steady growth in the apparel, footwear, and accessories segment, which is contributing to increased market revenues. The organized retail market is also expanding significantly, with big retail hypermarkets, supermarkets, and other retail chains replacing most unorganized retail outlets. This trend is expected to continue, leading to significant market growth.
Explore MoreSingapore Retail Market Size - Table of Contents
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1. MARKET SEGMENTATION
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1.1 By Product
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1.1.1 Food and Beverage
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1.1.2 Personal and Household Care
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1.1.3 Apparel, Footwear, and Accessories
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1.1.4 Furniture, Toys, and Hobby
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1.1.5 Electronic and Household Appliances
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1.1.6 Other Products
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1.2 By Distribution Channel
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1.2.1 Hypermarkets, Supermarkets, and Convenience Stores
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1.2.2 Specialty Stores
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1.2.3 Department Stores
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1.2.4 E-commerce
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1.2.5 Other Distribution Channels
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Singapore Retail Market Size FAQs
What is the current Singapore Retail Market size?
The Singapore Retail Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Singapore Retail Market?
Japan Foods Holding Ltd, Sheng Siong Group Ltd, Watsons, ABR Holdings Ltd and Dairy Farm International Holdings (DFI) are the major companies operating in the Singapore Retail Market.
