Good times roll for the Great Singapore Sale
Smiles all round as big buying season winds down
By VINCENT WEE
(SINGAPORE) To get a sense of the sentiment driving retail markets, consider this: even companies that did not offer discounts during the Great Singapore Sale (GSS) saw their goods moving faster. Those that did take part in the sale saw an extra booster going for them; they saw more big-ticket items being snapped up as savvy shoppers jumped in ahead of the hike in the goods and services tax (GST) midway through the sale.
Local brand Charles & Keith said sales grew by 10-20 per cent during the period even though it did not offer discounts. ‘The buying mood is there anyway because the economy is doing well,’ said corporate communications manager Lau Tse Ling.
Likewise, high-end watch retailer The Hour Glass also reported good sales even though, due to the nature of the watch retail business, specific discounts for the nation-wide sale are not the norm. Executive director Michael Tay said sales for the April-June quarter, which takes in part of the sale period, have been ‘absolutely stellar’.
Consumer electronics specialist Audiohouse saw sales growing by 30 per cent compared to last year, said managing director Alvin Lee. While Audiohouse did offer discounts like its 1-D Sale, linked to lottery ticket winning numbers, Mr Lee noted a clear trend towards purchases of big-ticket items like plasma TV sets and higher-end audio equipment. Rising affluence and the growing demand for new technologies like high-definition television sets also played a part in this, said Mr Lee.
Jewellery chain Goldheart’s assistant brand manager Gary Goh added: ‘This year has been quite good.’
Other big retailers like Tangs said sales increased 11 per cent at its Orchard Road store.
Malls also saw more sales of expensive items driving up overall numbers. Capitaland’s Funan DigitaLife Mall, which specialises in IT products, saw its sales rise by 30 per cent compared to the same period last year.
Likewise, while upscale mall Wisma Atria reported a 10 per cent increase overall, jewellery and watch tenants enjoyed the strongest increases, according to Amy Lim, assistant general manager at Macquarie Pacific Star Property Management, which manages the mall. She said there was possibly a last-minute shopping surge before the GST hike on July 1.
Frasers Centrepoint Malls senior advertising and promotions manager Andre Lobo said that shopper traffic increased by 15-20 per cent. ‘The exciting offers and discounts from retailers coupled with our late-night shopping programmes and activities have been very well received,’ he said.
Some malls, however, did miss out on the overall sales boom. Among its portfolio of 13 malls, Capitaland said Tampines Mall, Junction 8 and Plaza Singapura reported an average of about 5 per cent growth - possibly slowed by enhancement works there during the sale.
The tourist dollar also continues to figure strongly in the Great Singapore Sale figures. Reports from the various mall operators suggest an increase of almost 50 per cent, based on claims for GST refunds. This was consistent with earlier-released MasterCard credit card figures showing tourism spending in June was up 57 per cent over the previous period.
‘We are glad to see an increase in tourists shopping in our stores and positive response to the late-night shopping during the weekends,’ added Tangs senior marketing and communications manager Lin Pei Hua.
While the sale closes on July 22, Singapore Retailers Association executive director Lau Chuen Wei said that ‘anecdotal indications are that the news of a rosy economy has contributed to heavier shopper traffic and retailers have also indicated good performance as soon as the GSS started’.
Source : Business Times - 22 Jul 2007
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