Despite spending my childhood in Malaysia, my family would take yearly trips to Singapore, with Robinsons being one of our few must-visits. Last week, the departmental store made an announcement of the closures of its last two department stores in Singapore after 162 years of operations, upsetting many, including myself, who hold so many fond memories of the place. In a press release, they indicated that the decision came on the back of changing retail buying patterns and weak demand made worse by the COVID-19 pandemic.
While upsetting, this announcement was not entirely unanticipated. For years, Singapore’s second oldest department store had been struggling, in my humble view, due to their failure to keep up with the trends, adapt their business model to fit the changing retail landscape, and to reach and attract Millennials, especially in the e-commerce space. In an increasingly crowded retail industry, business model transformation, building a strong digital brand presence and revamping go-to-market strategies have become pivotal in staying afloat, particularly in these difficult times.
Are you interested to transform your business model, branding, marketing or sales to drive business performance in this digital age? Please do not hesitate to reach out at https://calendly.com/vktconsult/virtual-coffee-catch-up to see how we can help.