New retail productivity plan to help retailers boost sales

Shoppers at Capitol Piazza. ST PHOTO: NEO XIAOBIN

SINGAPORE - Retailers here will be getting more help to drive sales with the launch of a second Retail Productivity Plan.

The plan, launched on Tuesday, aims to help retailers here to go on the "offensive" by helping them sell online and market their products on international platforms such as Amazon and Alibaba, said Senior Minister of State for Trade and Industry Lee Yi Shyan.

It will also help retailers with branding and concept innovation, and encourage collaborations between retailers and experienced logistics players such as SingPost.

The new plan also entails working with retailers to improve their operational efficiency.

"If we only play defensively, we would see our retail sector growing very slowly, or perhaps not at all. Our strategy therefore cannot be limited to cost- cutting and efficiency improvement," said Mr Lee.

"Our strategy has to be offensive, to include selling beyond the limitation of our store fronts and to serve markets in the region and beyond."

The retail sector generated about $35 billion in annual operating sales and accounted for 215,000 jobs last year.

The first Retail Productivity Plan, launched in 2011, has benefited more than 1,990 retailers.

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