In October 2022, Singapore launched the updated industry transformation map (ITM) for the retail sector, one of 23 sectorial ITMs to be refreshed. The refreshed roadmap is expected to help arm the sector with what it needs to meet the accelerated changes brought about by Covid-19, and help Singapore brands go abroad, encourage new experiential concepts, position the country as a lifestyle hub for global brands, and groom local talent for quality jobs. With an increase in middle-class consumers in the region, as well as government and private sector efforts to drive sector rejuvenation and vibrancy, the retail sector is expected to see further growth and transformation.
The Retail ITM was first introduced in 2016 by EnterpriseSG in partnership with industry players, unions and other government agencies. Previously, it focused largely on the adoption of digitalization and automation to improve productivity and reduce reliance on manpower, an initiative which saw over 7,000 retail small and medium-sized enterprises embarked on productivity improvement projects from 2018 to 2021.
The updated ITM has four stages. The first stage, helping Singapore brands go abroad, would allow e-commerce platforms to give local brands access to customers and markets in South-east Asia and beyond, and promote local brands overseas. The second stage would see stores receiving support to innovate and offer new or enhanced experiences, while the third stage would strengthen Singapore’s position as a vibrant lifestyle hub and attract global brands, potentially fostering collaborations and bringing global players into the local ecosystem. Lastly, companies would get more help to upskill and reskill workers in emerging retail roles such as digital marketers, data analysts, brand managers and product designers, with training programs for such skills.
(Source: Enterprise SG)