ALEXANDRIA, Va.—Border restrictions in Singapore have relaxed, allowing retail sales in the country to soar. In April, retail sales were up 17.4%, which was faster than they grew in March at 13.6%, according to Insider Retail Asia.
Retail sales were estimated at S$3.3 billion (US$2.4 billion) in April. Online retail sales made up 14.4% of that amount.
The increase in retail sales was led by apparel, food and liquor, up by 46.6% year over year, as well as improved supermarket turnover. The increase in apparel sales is due to tourist spending now that border restrictions have eased, while sales of food and alcohol, in department stores, and watches and jewelry, increased by between 28.4% and 35.6%.
Get a firsthand look at Singapore’s exciting convenience retail market at NACS Convenience Summit Asia, July 19-21, 2022, in Singapore. Register today.
Mark your calendars, in 2023, NACS Convenience Summit Asia is coming to Bangkok, Thailand, home to some of the most successful convenience and foodservice operations in Asia.