Bricks-and-mortar stores are experiencing a rebound from last year’s pandemic slump, as online sales only contribute 11.8% of total retail sales and 13.3% excluding motor vehicles. With international borders gradually reopening, Orchard Road reflects this change — bustling crowds are back, and new shops are emerging.
Despite surging store prices amid high consumer demand and inflation, shoppers are on a retail therapy binge, revitalising Orchard Road’s vibrancy. Singapore’s retail sales are showing a y-o-y improvement, with May witnessing a 1.8% increase to $4 billion in total retail sales and a similar 1.8% increase to $3.6 billion in retail sales, excluding motor vehicles. The city-state’s Department of Statistics reports that most retail trade industries experienced a y-o-y sales boost in May.
In May, the food and alcohol industries saw a sales growth of 24.9%, while cosmetics and toiletries grew by 13.1%, mainly due to increased demand for alcoholic products and duty-free cosmetics and toiletries. Petrol service stations experienced an 18.2% decline in sales, partly due to lower petrol prices. Additionally, sales of recreational goods, supermarkets, and hypermarkets fell by 6.9% and 2.2%, respectively.
