EnterpriseSG, CapitaLand Investment launch challenge to foster and identify innovative retail concepts in Singapore
[SINGAPORE] Enterprise Singapore (EnterpriseSG) and CapitaLand Investment (CLI) have launched a competition to encourage local retail brands to develop innovative store concepts.
The inaugural initiative, called the Retail Maverick Challenge, aims to identify brands that can develop 'compelling solutions' capable of meeting and growing consumer demand for their target segment.
The challenge is also looking for brands that can develop innovative and experiential concepts to engage consumers, or store concepts that have adopted technology to optimise space and manpower resources, in turn achieving cost and operational efficiencies.
'Through this initiative, EnterpriseSG and CLI seek to build a more innovative and immersive shopping environment for both retailers and consumers, and strengthen Singapore's position as a vibrant retail and lifestyle destination,' both organisations said on Wednesday (Jun 18).
The challenge will select up to three winning concepts.
Winners will then get the opportunity to occupy up to 4,000 square feet of retail space in one of CapitaLand's malls to pilot and showcase their innovative concepts. CLI will provide rental waivers for these designated retail spaces.
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They will also receive funding from EnterpriseSG to cover up to 50 per cent of supportable costs, capped at S$300,000.
The grant will cover cost categories including but not limited to hardware, software and integration costs for innovative technologies; innovation or experiential-focused store fit-out elements and manpower; as well as public relations and marketing costs.
In addition, winners will be publicised on CLI's marketing channels and can access collaboration opportunities with EnterpriseSG and CLI's network of industry partners and experts.
Over the past few years, Singapore's retail sector has experienced 'uneven growth' amid shifting consumer preferences and competition from e-commerce, noted EnterpriseSG and CLI.
Based on a survey conducted at the National Retail Federation Retail's Big Show Asia Pacific in 2024, local retailers are facing challenges such as building brand awareness and rising business costs.
'To tackle these challenges, local retailers must enhance brand management and elevate the in-store shopping experience to provide consumers with a more personalised and immersive omnichannel experience,' added both organisations.
Jeannie Lim, EnterpriseSG's assistant managing director of services and growth enterprises, noted that more consumers are seeking fresh experiences and deeper connections with brands amid a fast-changing retail landscape.
'The Retail Maverick Challenge offers an opportunity to uncover innovative and promising retail concepts that meet such needs,' she said.
Tan Mui Neo, CLI's managing director of retail management and commercial management (Singapore), said: 'Retail is fascinating because everyone has the experience of being a shopper, and we believe there are many great ideas out there that just need the right support to flourish.'
Applications for the Retail Maverick Challenge close on Aug 4. Interested companies can learn more about the challenge here.
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