Now that we’re in the endemic phase and businesses are looking to stage a recovery after almost three years of rollercoaster ride, I believe it is high time to look into making the retail industry more competitive.
Compared to this time last year, shopping malls and restaurants are drawing fewer and fewer people. Now that the borders have re-opened, locals are opting to spend the year-end holidays overseas where there are more fun activities to be had.
It is understandable when we look closely at commercial areas. While new shophouses are constantly being built across the country, the lots tend to be occupied by the same few local chains and franchises. What is missing is the variety of goods and services that locals deeply crave.
Retail business owners ought to think outside the box when it comes to what products and services to offer. Time has changed. The new crop of consumers wants items beyond their aesthetic values.
A tea shop recently served each order with a reusable tumbler, and that was a clever way to stand up among their competitors.
Businesses can continue to cling on to the old ways or realise what a lot of countries with more vibrant retail markets have learnt a long time ago: consumers are growing more adventurous and less loyal to certain brands or products. Out-of-the-box thinking is needed.
It is time to go back to the drawing board and come up with ways to keep local shoppers from venturing out of the country.
New-Age Consumer
