Economy of Singapore Takes to Cost Cutting Measures

Published Date : Apr 17, 2015

Economic slowdown is making the economy of Singapore to come up with measures that will tackle any sort of industry slowdown. Most retailers have taken to cost cutting steps coupled with shorter operating hours. This has been done in order to reorganize manpower wherein the main focus would be on the peak hours of shopping. 

The manufacturing sector is also trying to come up with ways to minimize and rationalize electricity consumption. These techniques have been adopted by the Singapore economy as a part of the measures for cost cutting. With a view to increasing footfalls and boosting revenue, the manufacturing sector is also renovating retail spaces. This is leading to the launch of pop-up shops and stores which in turn enhances the presence of these retailers via social media and online networking mechanisms. 

The manufacturing sector is also taking up staff training programs to enhance and better customer experience. Challenger, a Singapore based tech retailer will soon be investing US$500,000 to refurbish a retail space in a well known flagship store. This will also include the introduction of newer retail concepts. The Xbox Xperience will very much be a part of this with video walls of height 110 inches and shoppers and gamers can engage themselves in these games without any interruption. 

The marketing head of Challenger expressed that there are three main things that the company at present is aiming at: innovation, apt sizing, and rationalizing. The company also wants to make the most of the opportunities that come its way, even at a time of sluggish economic activity. Challenger will soon be setting up retail spaces and pop-up shops and stores in several shopping malls and arcades.