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Retail competition aims to rejuvenate Singapore mall scene by offering free rent, financial support
The competition comes amid a challenging business environment for retailers here, said the organisers. PHOTO: ST FILE
SINGAPORE - Three retailers will get up to a year of free rent in prime shopping mall space and monetary support to pilot innovative concepts, as part of a competition aimed at rejuvenating Singapore's retail sector.
The first edition of the Retail Maverick Challenge - launched by Enterprise Singapore (ESG) and asset management group CapitaLand Investment (CLI) on June 18 - is seeking out local retail brands with the most innovative store concepts.
Pitches will be judged on how much they can meet and grow consumer demand, while being innovative and experiential concepts that elevate consumer engagement through immersive experiences, said ESG and CLI in a joint release.
They should also be store concepts that achieve cost and operational efficiencies by optimising space and manpower use through technology.
Winners will get up to one year of up to 371 sqm in retail space in one of CapitaLand's malls to pilot and showcase these concepts. The malls include locations in the city like Plaza Singapura, Funan, and CQ @ Clarke Quay.
They will also get up to 50 per cent support from ESG - capped at $300,000 - for costs such as hardware, software, innovation and experience-focused store fit-outs, and public relations or marketing costs.
The winners will also receive promotional support from CLI's marketing channels, and have access to collaborations with ESG and CLI's industry partners and experts.
The competition comes amid a challenging business environment for retailers here, said the organisers, who noted that l ocal retailers are facing both rising business costs and changing buying behaviour.
'Amid global retail trends of evolving consumer preferences and competition from online stores , Singapore's retail sector has similarly experienced uneven growth over the past few years,' said ESG and CLI.
Tackling these challenges will require local retailers to enhance their brand management and elevate the in-store shopping experience, and the competition aims to both unlock new growth opportunities and to redefine traditional retail models, said the organisers.
Industry observers said such a competition is timely, and a strategic intervention.
Building brand awareness is a struggle local retailers face, according to a survey conducted at the National Retail Federation's 2024 Retail's Big Show Asia Pacific, an annual industry conference.
The contest will let winning retailers test new ideas for engaging shoppers by allowing them to iterate quickly in a real-world environment without the pressure of a long-term commercial lease, said Ms Felicia Wee, course chair for the diploma in marketing, with the School of Business at Temasek Polytechnic.
'Many local retailers, especially small businesses and new entrants, have long been squeezed by high rentals and rising operational costs, so offering up to a year of complimentary prime retail space is not just generous, it's game changing,' she said.
'It's also a great way to inject new energy into our malls, which are increasingly being reimagined as lifestyle destinations, not just shopping venues.'
Dr Yao Jingxian, who is deputy head for the marketing programme at the Singapore University of Social Sciences said the competition's attractive incentives will also motivate contestants to think out of the box in order to stand out from the field.
ESG's assistant managing director for services and growth enterprises Jeannie Lim said the competition was set up in response to a fast-changing retail scene, where consumers are seeking fresh experiences and deeper connections with brands.
There is also the larger aim of strengthening Singapore's position as a vibrant retail and lifestyle destination. Rejuvenating the local retail scene and transforming mall offerings is part of the Government's efforts towards this goal, and to contribute to Singapore's broader economic growth, said the organisers.
CLI's managing director for retail management and commercial management (Singapore) Tan Mui Neo said the criteria for the competition has intentionally been kept open, so that there are no preconceived notions of what can or cannot work.
'We believe there are many great ideas out there that just need the right support to flourish,' she said.
Those keen to join the competition can do so from June 18 to Aug 4 at
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