Wherever we look, we can see the traditional world of high street shopping growing ever smaller. Stores that we have known for as long as we have lived are closing down, their doors shut by that ever-growing force: e-commerce.
Most of the world has accepted this move, and less funding is being funnelled into building new shopping districts. In Singapore, however, it is a different story.
One need only look at the Guoco Tower, Singapore’s tallest building, to understand the desperate fight against a prevailing digital marketplace that is being undertaken. At SG$3.2 billion, it is one of several 'mega-malls' which have sprung up within recent years. These are particularly located near residential areas or train stations, as a way to entice customers in more easily.
However, despite this ‘doubling down’, as an interesting article by The South China Morning Post puts it, retail sales still fell for eight consecutive months from February to September of this year.
The plain truth is that whilst there is a certain joy in wandering around shops, there is nothing we as humans like better than convenience.
And what could possibly be more convenient than a tap of a button?
Powerhouses like Amazon are masters of this, with the option for next day delivery making online shopping even more enticing, and countering an argument that buying online means having to wait, unlike physical shopping.
For more information on this topic, and specific statistics relating to retail in Singapore, check out the article below.
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