Singapore is a cosmopolitan shopping destination, home to trendsetting global fashion, international flagship stores, and local designer brands. In 2016, Singapore’s 22,000 retail establishments employed about 3% of the nation’s total workforce, generated S$35 billion in operating receipts, and contributed 1.4% to the country’s GDP.

The retail industry spans a diverse range of businesses, from supermarkets and convenience stores to fashion and sporting goods. What everyone has in common is the challenge posed by new technology and changing consumer preferences, leading the industry to evolve from brick-and-mortar retailing to embracing e-commerce.

To revamp the retail industry, a national plan to upgrade the capabilities of companies encourages retailers to adapt and innovate to remain relevant. The Retail Industry Transformation Map (ITM) will develop a vibrant retail industry, with highly productive retailers and globally recognised local brands. This includes shifting to digital platforms, with an aim to grow the e-commerce share of total retail receipts from the current 3% to 10% by 2020.