Retail in Singapore

February 2024
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Overview:

Understand the latest market trends and future growth opportunities for the Retailing industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Convenience Stores
  • Discounters
  • Hypermarkets
  • Supermarkets
  • Traditional Grocery Retailers
  • Apparel and Footwear Specialist Retailers
  • Electronics and Appliance Specialist Retailers
  • Health and Beauty Specialist Retailers
  • Home and Garden Specialist Retailers
  • Department Stores
  • Variety Stores
  • Warehouse Clubs
  • Direct Selling
  • Homeshopping
  • Vending

If you're in the Retailing industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Retailing in Singapore report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Retailing in Singapore?
  • Which are the leading retailers in Retailing in Singapore?
  • How are products distributed in Retailing in Singapore?
  • How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
  • How significant are discounters and private label in Singapore?
  • How has the impact of COVID-19 and national lockdown impacted consumer demand?
  • Which formats have benefited the most from stockpiling and enforced home seclusion?
  • How will the wider economic impact of COVID-19 shape the retail landscape in the future?
  • Where is future growth expected to be most dynamic?
Download Table of Contents

Retail in Singapore

Retail in 2023: The big picture
Cost-of-living challenges top-of-mind for both retailers and consumers alike
A seamless and memorable shopping experience key to driving consumer loyalty and sales
What next for retail?
Informal retail
Opening hours for physical retail
Summary 1 Standard Opening Hours by Channel Type 2023
Seasonality
Lunar New Year
Hari Raya Aidilfitri (or Hari Raya Puasa)
Christmas and New Year
Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2018-2023
Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2018-2023
Table 3 Sales in Retail Offline by Channel: Value 2018-2023
Table 4 Sales in Retail Offline by Channel: % Value Growth 2018-2023
Table 5 Retail Offline Outlets by Channel: Units 2018-2023
Table 6 Retail Offline Outlets by Channel: % Unit Growth 2018-2023
Table 7 Sales in Retail E-Commerce by Product: Value 2018-2023
Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2018-2023
Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 11 Sales in Grocery Retailers by Channel: Value 2018-2023
Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2018-2023
Table 13 Grocery Retailers Outlets by Channel: Units 2018-2023
Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 17 Sales in Non-Grocery Retailers by Channel: Value 2018-2023
Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2018-2023
Table 19 Non-Grocery Retailers Outlets by Channel: Units 2018-2023
Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2018-2023
Table 21 Retail GBO Company Shares: % Value 2019-2023
Table 22 Retail GBN Brand Shares: % Value 2020-2023
Table 23 Retail Offline GBO Company Shares: % Value 2019-2023
Table 24 Retail Offline GBN Brand Shares: % Value 2020-2023
Table 25 Retail Offline LBN Brand Shares: Outlets 2020-2023
Table 26 Retail E-Commerce GBO Company Shares: % Value 2019-2023
Table 27 Retail E-Commerce GBN Brand Shares: % Value 2020-2023
Table 28 Grocery Retailers GBO Company Shares: % Value 2019-2023
Table 29 Grocery Retailers GBN Brand Shares: % Value 2020-2023
Table 30 Grocery Retailers LBN Brand Shares: Outlets 2020-2023
Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2019-2023
Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2020-2023
Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2020-2023
Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2023-2028
Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2023-2028
Table 36 Forecast Sales in Retail Offline by Channel: Value 2023-2028
Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2023-2028
Table 38 Forecast Retail Offline Outlets by Channel: Units 2023-2028
Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2023-2028
Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2023-2028
Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2023-2028
Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2023-2028
Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2023-2028
Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2023-2028
Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028
Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2023-2028
Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2023-2028
Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2023-2028
Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2023-2028

DISCLAIMER

Summary 2 Research Sources

Convenience Retailers in Singapore

KEY DATA FINDINGS

Resumption of pre-pandemic lifestyles and international travel drive channel’s recovery
Entry of Emart24 can disrupt convenience store landscape in Singapore
Following rapid expansion during the pandemic, HAO Mart sees significant outlet closures
New product innovation to drive further growth and appeal to local consumers
Convenience stores with themed positioning likely to benefit over concepts lacking differentiation
Forecourt retailers set to record muted growth over the forecast period
Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2018-2023
Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 56 Sales in Convenience Retailers by Channel: Value 2018-2023
Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2018-2023
Table 58 Convenience Retailers GBO Company Shares: % Value 2019-2023
Table 59 Convenience Retailers GBN Brand Shares: % Value 2020-2023
Table 60 Convenience Retailers LBN Brand Shares: Outlets 2020-2023
Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2023-2028
Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2023-2028

Supermarkets in Singapore

KEY DATA FINDINGS

Supermarkets charge for plastic bags from July 2023
Scarlett Supermarket expands rapidly across Singapore
CDC voucher redemption via supermarkets in Singapore
Supermarkets to continue growing at a low but stable rate over forecast period
Cost-of-living challenges to remain major concern for consumers in medium term
Private label offerings to remain popular for quality at an affordable price
Table 65 Supermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 66 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 67 Supermarkets GBO Company Shares: % Value 2019-2023
Table 68 Supermarkets GBN Brand Shares: % Value 2020-2023
Table 69 Supermarkets LBN Brand Shares: Outlets 2020-2023
Table 70 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 71 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Hypermarkets in Singapore

KEY DATA FINDINGS

Players continue to supplement hypermarkets’ core offer with specific services such as foodservice and recreation
Leveraging its large store footprint, Giant at Tampines hosts regular events to engage with and draw consumers to the store
Outlook for hypermarkets in Singapore remains challenging
Supermarkets more appreciated by local consumers for smaller selling space
Table 72 Hypermarkets: Value Sales, Outlets and Selling Space 2018-2023
Table 73 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 74 Hypermarkets GBO Company Shares: % Value 2019-2023
Table 75 Hypermarkets GBN Brand Shares: % Value 2020-2023
Table 76 Hypermarkets LBN Brand Shares: Outlets 2020-2023
Table 77 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 78 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Small Local Grocers in Singapore

KEY DATA FINDINGS

Rising costs and channel shifts impact sales at small local grocers
Wet markets gradually close for redevelopment and refurbishment due to ageing infrastructure
New outlets will be driven by opening of wet markets in emerging estates
Small local grocers will continue to find a niche and remain relevant in Singapore
Modern interpretation of the wet market combines benefits of modern retail with traditional charm
Table 79 Small Local Grocers: Value Sales, Outlets and Selling Space 2018-2023
Table 80 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 81 Small Local Grocers GBO Company Shares: % Value 2019-2023
Table 82 Small Local Grocers GBN Brand Shares: % Value 2020-2023
Table 83 Small Local Grocers LBN Brand Shares: Outlets 2020-2023
Table 84 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 85 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

General Merchandise Stores in Singapore

KEY DATA FINDINGS

Variety stores benefit from cost-of-living challenges by providing good value
Miniso introduces product collaborations with popular brands
MUJI opens new outlet in Singapore with Café&Meal MUJI concept
Department stores benefit from resumption of international tourism, but long-term outlook remains challenging
Don Don Donki expected to continue rapid rate of outlet expansion across Singapore
Table 86 General Merchandise Stores: Value Sales, Outlets and Selling Space 2018-2023
Table 87 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 88 Sales in General Merchandise Stores by Channel: Value 2018-2023
Table 89 Sales in General Merchandise Stores by Channel: % Value Growth 2018-2023
Table 90 General Merchandise Stores GBO Company Shares: % Value 2019-2023
Table 91 General Merchandise Stores GBN Brand Shares: % Value 2020-2023
Table 92 General Merchandise Stores LBN Brand Shares: Outlets 2020-2023
Table 93 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 94 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 95 Forecast Sales in General Merchandise Stores by Channel: Value 2023-2028
Table 96 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2023-2028

Apparel and Footwear Specialists in Singapore

KEY DATA FINDINGS

Apparel and footwear specialists benefits from full-scale resumption of social activities and international travel
Uniqlo records further strong value growth in apparel and footwear specialists
Luxury segment underperforms amid cost-of-living challenges, and as consumer spending is directed towards other areas such as international travel
Ralph Lauren expands rapidly in Singapore and launches Ralph’s Coffee concept
Direct-to-consumer and digital native brands a continual threat to specialists over the forecast period
Table 97 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 98 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 99 Apparel and Footwear Specialists GBO Company Shares: % Value 2019-2023
Table 100 Apparel and Footwear Specialists GBN Brand Shares: % Value 2020-2023
Table 101 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2020-2023
Table 102 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 103 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Appliances and Electronics Specialists in Singapore

KEY DATA FINDINGS

GST hike an incentive for consumers to bring forward essential purchases
Amid cost-of-living challenges, consumers reduce discretionary spending
Smart home devices increasingly popular due to tech-savvy Singaporeans and the convenience offered
Appliances and electronics specialists threatened by e-commerce sales
New business models lower barriers to ownership but come with limitations
Table 104 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 105 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 106 Appliances and Electronics Specialists GBO Company Shares: % Value 2019-2023
Table 107 Appliances and Electronics Specialists GBN Brand Shares: % Value 2020-2023
Table 108 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2020-2023
Table 109 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 110 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028

Home Products Specialists in Singapore

KEY DATA FINDINGS

IKEA reduces prices of some products to address cost-of-living challenges
Pet ownership continues to grow in Singapore, with cats to be allowed in HDB blocks
Pure play e-commerce brand Castlery opens flagship store along Orchard Road
Trend of Japanese-inspired living set to remain strong in Singapore
IKEA expands offerings beyond homewares and home furnishings to reach wider audience
BTO flats and house renovations likely to be main driver of home products specialists over the forecast period
Table 111 Home Products Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 112 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 113 Sales in Home Products Specialists by Channel: Value 2018-2023
Table 114 Sales in Home Products Specialists by Channel: % Value Growth 2018-2023
Table 115 Home Products Specialists GBO Company Shares: % Value 2019-2023
Table 116 Home Products Specialists GBN Brand Shares: % Value 2020-2023
Table 117 Home Products Specialists LBN Brand Shares: Outlets 2020-2023
Table 118 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 119 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 120 Forecast Sales in Home Products Specialists by Channel: Value 2023-2028
Table 121 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2023-2028

Health and Beauty Specialists in Singapore

KEY DATA FINDINGS

Beauty retail benefits from resumption of social activities and international travel
Preventative health remains top of mind among consumers, driving sales via pharmacies and health and personal care stores
Clean and ingredient-based beauty popular amid focus on health and wellness
Watsons uses technology to improve in-store shopping experience and aid consumers’ purchasing decisions
Optical goods stores face challenges from DTC brands with more affordable options and good quality
Health and beauty specialists will continue to face threat from e-commerce
Table 122 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2018-2023
Table 123 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2018-2023
Table 124 Sales in Health and Beauty Specialists by Channel: Value 2018-2023
Table 125 Sales in Health and Beauty Specialists by Channel: % Value Growth 2018-2023
Table 126 Health and Beauty Specialists GBO Company Shares: % Value 2019-2023
Table 127 Health and Beauty Specialists GBN Brand Shares: % Value 2020-2023
Table 128 Health and Beauty Specialists LBN Brand Shares: Outlets 2020-2023
Table 129 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2023-2028
Table 130 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2023-2028
Table 131 Forecast Sales in Health and Beauty Specialists by Channel: Value 2023-2028
Table 132 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2023-2028

Vending in Singapore

KEY DATA FINDINGS

Vending benefits from greater mobility outside of the home
7-Eleven launches vending machine concept in Singapore
Vending is a viable retail format for non-conventional vending products
Cashless payments expected to remain a key element of modern vending
Table 133 Vending by Category: Value 2018-2023
Table 134 Vending by Category: % Value Growth 2018-2023
Table 135 Vending GBO Company Shares: % Value 2019-2023
Table 136 Vending GBN Brand Shares: % Value 2020-2023
Table 137 Vending Forecasts by Category: Value 2023-2028
Table 138 Vending Forecasts by Category: % Value Growth 2023-2028

Direct Selling in Singapore

KEY DATA FINDINGS

Direct selling sales decline in 2023 but remain above pre-pandemic levels
Consumer health and beauty and personal care remain leading product categories for direct selling
Direct selling faces headwinds as a retail channel moving forward
Direct sellers increasingly diversify via e-commerce
Table 139 Direct Selling by Product: Value 2018-2023
Table 140 Direct Selling by Product: % Value Growth 2018-2023
Table 141 Direct Selling GBO Company Shares: % Value 2019-2023
Table 142 Direct Selling GBN Brand Shares: % Value 2020-2023
Table 143 Direct Selling Forecasts by Product: Value 2023-2028
Table 144 Direct Selling Forecasts by Product: % Value Growth 2023-2028

Retail E-Commerce in Singapore

KEY DATA FINDINGS

E-commerce sales normalise in 2023 as pre-pandemic lifestyles resume
Stripe partners with WhatsApp to allow merchants to accept payments within the mobile messaging app
Shopee and Lazada retain leadership of e-commerce despite competition
Outlook for e-commerce remains strong in Singapore
Generative AI likely to be important tool to help e-commerce retailers engage and serve their customers
TikTok Shop Marketplace to continue driving livestreaming e-commerce adoption in Singapore
Table 145 Retail E-Commerce by Channel: Value 2017-2022
Table 146 Retail E-Commerce by Channel: % Value Growth 2017-2022
Table 147 Retail E-Commerce by Product: Value 2017-2022
Table 148 Retail E-Commerce by Product: % Value Growth 2017-2022
Table 149 Retail E-Commerce GBO Company Shares: % Value 2018-2022
Table 150 Retail E-Commerce GBN Brand Shares: % Value 2019-2022
Table 151 Forecast Retail E-Commerce by Channel: Value 2022-2027
Table 152 Forecast Retail E-Commerce by Channel: % Value Growth 2022-2027
Table 153 Forecast Retail E-Commerce by Product: Value 2022-2027
Table 154 Forecast Retail E-Commerce by Product: % Value Growth 2022-2027
The following categories and subcategories are included:

Retailing

      • Fashion Vending
      • Health and Beauty Vending
      • Appliances and Electronics Vending
        • Alcoholic Drinks Vending
        • Hot Drinks Vending
        • Soft Drinks Vending
        • Tobacco Products Vending
      • Foods Vending
      • Home Products Vending
      • Other Products Vending
        • Apparel and Footwear Direct Selling
        • Personal Accessories Direct Selling
        • Eyewear Direct Selling
        • Beauty and Personal Care Direct Selling
        • Consumer Health Direct Selling
        • Tissue and Hygiene Direct Selling
      • Appliances and Electronics Direct Selling
      • Drinks and Tobacco Direct Selling
      • Foods Direct Selling
      • Home Products Direct Selling
      • Other Products Direct Selling
        • Apparel and Footwear E-Commerce
        • Personal Accessories E-Commerce
        • Eyewear E-Commerce
        • Beauty and Personal Care E-Commerce
        • Consumer Health E-Commerce
        • Tissue and Hygiene E-Commerce
        • Consumer Appliances E-Commerce
        • Consumer Electronics E-Commerce
        • Toys and Games E-Commerce
      • Drinks and Tobacco E-Commerce
      • Foods E-Commerce
        • Home Care E-Commerce
        • Home and Garden E-Commerce
        • Pet Care E-Commerce
      • Other Products E-Commerce
        • First-Party (1P) Marketplace E-Commerce
        • Third-Party (3P) Marketplace E-Commerce
      • Grocery E-Commerce
      • General Merchandiser E-Commerce
      • Apparel and Footwear Specialist E-Commerce
      • Appliances and Electronics Specialist E-Commerce
      • Home Products Specialist E-Commerce
      • Health and Beauty Specialist E-Commerce
      • Leisure and Personal Goods Specialist E-Commerce
      • Other E-Commerce Retailers

Retailing

Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.

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