Weaker footfall observed at Orchard Road.
The Great Singapore Sale (GSS) in 2016 was extended to a 10-week event from the eight weeks seen in the past 12 years. However, despite the extension, the shopping mood in the country remained tepid.
Based on photos shared by RHB during their channel checks at various shopping districts this year, shopper traffic has visibly reduced. The research firm attributed this on two main factors - weak consumer sentiment from concerns over the economy and job security and the GSS becoming irrelevant with more promotional seasons available online.
According to RHB analyst Juliana Cai, they went to Orchard Road over 10 times – on both weekdays and weekends – to do ground checks. They observed that there were still decent crowds on the weekends, albeit less than last year.
Check out photos below showing below how operating environment has worsened in 2016 over the last year:
Do you know more about this story? Contact us anonymously through this link.