American Express – Singapore’s retail restoration stays unclear
Whereas nearly half of Singapore companies are beginning to seeing rising gross sales, the nation’s retail survivability considerations stay.
In keeping with American Express Enterprise Restoration Analysis for Singapore, greater than 50 per cent of companies surveyed mentioned they can not keep open greater than six months if gross sales don’t get better to pre-Covid ranges by the tip of this yr.
“Our local businesses have shown tremendous resilience and agility during this challenging time,” mentioned Ho Yat-Wai, nation supervisor at American Express Singapore. “However, our research shows many aren’t confident of their long-term survival.”
Because of the extreme impression of the pandemic on the tourism business, many retailers have positioned their hope on native shoppers to outlive in the long run. Most surveyed companies mentioned their viability is more likely to be impacted if vacationers don’t return by mid-year, subsequent yr.
When the pandemic hit, greater than half of the companies surveyed shifted their focus to e-commerce (59 per cent) and supply/choose up companies (54 per cent). The early modifications helped them not solely survive the Covid-19 impression, enhance their income.
“One of the main challenges for us as a traditional small business, was to evolve and adapt to stay relevant,” mentioned Anna Fong, GM at bakery Tong Heng. “Adopting a digital strategy and rebranding to cater to the inclusion of younger customers two years ago can attest to this when the pandemic hit.”
American Express predicts a few of the modifications will stay after the pandemic, together with elevated social-media focus, digital and/or supply companies, and extra cost choices.
Tag: American Express