- POSTED: 30 May 2014 22:07
The annual Great Singapore Sale started on Friday, at a time when retailers are buffeted by weakening demand from overseas visitors.
SINGAPORE: The annual Great Singapore Sale started on Friday and will run until July 27.
Now in its 21st year, it is an important event on the calendar for the retail sector.
According to the Singapore Retailers Association, the Great Singapore Sale generates about 20 per cent of total sales turnover for retailers every year.
With the strong Singapore dollar, the association said, there has been weakening demand from overseas visitors.
On the other hand, imports have become cheaper, thus allowing room for prices to be adjusted more favourably for shoppers.
The association said Singapore retailers have become wiser in selecting merchandise to suit different consumer needs and budget limits.
They are also showing resilience against growing competition from e-commerce.
Lau Chuen Wei, Singapore Retailers Association’s executive director, said: "Retailers... recognise the competition, they recognise that technology has its place in this modern age, so they have to be a little bit more all-encompassing, so what they're doing is adopting omni-channel opportunities for their customers."