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Orchard Road’s retailers saw a 5 to 15 percent increase in sales during the Great Singapore Sale (GSS) compared to last year, according to the Orchard Road Business Association (Orba).
It claimed that boutique shops such as Zara, Guess and Topshop recorded higher sales of almost 15 percent, while department stores saw a moderate increase of up to six percent.
These retailers, along Singapore’s premier shopping belt, have reached the Singapore Retail Association's (SRA) previously forecasted figure of 5-percent growth nationwide.
In 2009, the GSS raked in total sales of $5.3 billion nationwide, which is 8.6 percent lower in 2008, SRA said.
Mall operators and retailers believe that consumer sentiment is continuously improving.
"Last year, a lot of consumers were more cautious in terms of their spending. However, this year with the seemingly improved economy, people are more willing to spend, and that would translate to more dollars and cents for us," said Sherri Lim, vice-president of human resources and store operations at Tangs.
A wide range of retail offerings from new malls such as 313@Somerset and Ion Orchard also contributed to sales, Orba said.
"This year we are talking about the opening of the two integrated resorts, we also have the Youth Olympic Games as well as the Formula 1 season," said Mr. Tan Kee Yong, head of retail management of CapitaMalls Asia.
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Reader Comments: (2 comments)
its true nancy, retail and shopping malls here have still way to go compared with those in Dubai, Londong & HK,, if they say SALE, its really a SALE..
With products going for 70 percent off, people will surely buy. However, the sales here still have some way to go to the level of Dubai and London.