Singapore’s retail industries recorded large year-on-year growth in sales

Supermarkets and convenience stores were the exception and saw a drop, as there was a higher demand for groceries last year  

According to Channel News Asia, Singapore’s retail sales increased by 25.8 percent year-on-year in June, from the low base in the same period last year when strict COVID-19 measures were implemented.  

During Phase 1 of Singapore’s reopening from a “circuit breaker” period between June 1 to 18 last year, physical stores remained closed and dining-in food and beverage outlets were suspended.  

June’s retail sales growth was sluggish than the previous month’s 79.7 percent pace, which was also compared with a low base caused by the circuit breaker measures in May 2020.  

As stated by the Department of Statistics (SingStat), excluding motor vehicles, retail sales rose 19 percent in June, which was lower than the 61.7 percent jump in May.  

Most retail industries recorded large year-on-year growth in sales. 

Exceptions include supermarkets and hypermarkets, and minimarts and convenience stores, which fell 7.9 percent and 4.5 percent respectively. SingStat attributed this drop to the fact that the demand for groceries was higher last year.  

Moreover, department stores experienced a sales increase of 61.8 percent.  

The total retail sales value in June was estimated at SGD3.3 billion (USD2.4 billion), with 15.4 percent going to online retail sales. SingStat added that the higher online sales proportion was due mainly to online promotional events such as the Great Singapore Sale.   

The growing demand for food delivery led Food & Beverage (F&B) sales to grow 7.3 percent year-on-year in June, lower than the 46.4 percent expansion in May.  

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Cafes, food courts, and other eating places saw a jump in sales by 23.1 percent, and fast-food outlets by 23 percent.  

The total F&B sales in June was estimated at SGD529 million, with 47.7 percent coming from online sales, said SingStat. 

The Property Report editors wrote this article. For more information, email: [email protected].