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  • Singapore retail sales slide overall while E-commerce goes up

    Singapore retail sales slide overall while E-commerce goes up

    Singapore retail sales – excluding motor vehicles – fell 4.5 percent y-o-y last Dec, a slightly higher decline than Nov’s 2.8 percent. M-o-m sales were down 0.7 percent. DOS estimates total retail sales value at SGD3.5 billion (US$2.62 billion) and that online retail sales accounted for 12.6 percent of that. The strongest categories online were computer and telecommunications equipment, accounting for 35.2 percent of the category’s overall turnover, furniture and homewares (23.4 percent) and supermarkets (11.8 percent).

    Most retail industry categories posted declines in sales in Dec on a y-o-y basis. However, supermarkets and hypermarkets, computer and telecommunications equipment, and furniture and homewares recorded growth rates of between 20.8 percent and 25.3 percent, due mainly to higher sales of groceries, mobile phones and household appliances respectively.

    Sales of recreational goods rose 10.3 percent, largely driven by strong demand for sporting goods. Sales of F&B services fell 16.5 percent in Dec, y-o-y, which was a lesser rate than Nov’s 22.4 percent decline. Online orders made up 19.9 percent of the estimated total spend of $800 million.

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  • Strong China sales fail to ease European Covid pain for Capri

    Strong China sales fail to ease European Covid pain for Capri

    Capri Holdings is expected to post a fourth straight fall in quarterly revenue on Wednesday as the blow from fresh lockdowns in Europe eclipses a China-driven recovery in sales of its luxury handbags and apparel.

    A spike in coronavirus infections from late last year forced many European governments to put their economies back into lockdown, keeping consumers away from stores during the crucial holiday shopping season.

    Capri not only has to deal with store closures in Europe and sluggish department store traffic due to the pandemic but also a “stale” Michael Kors brand image, Jane Hali & Associates retail analyst Jessica Ramirez said.

    Investors will be hoping that Capri’s Versace and Jimmy Choo brands can emulate fashion giant LVMH’s growth in China, which helped cushion some of the pandemic’s impact in other markets.

    Sales of luxury goods in China have been rising since the easing of COVID-19 measures in the second half of 2020, sparking hopes that one of the world’s biggest markets for high-end fashion could ease the pain of companies suffering in regions where the virus continues to rage.

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  • Vietnam retail sales surge ahead of Lunar New Year

    Vietnam retail sales surge ahead of Lunar New Year

    Total retail sales of goods and revenue from consumer services in January are estimated at 479.9 trillion VND (nearly 20.77 billion USD), up 3.7 percent month-on-month and 6.4 percent year-on-year, according to the General Statistics Office (GSO).

    Goods-retail sales totaled 378.9 trillion VND, accounting for 79 percent of the total and up 4.1 percent month-on-month and 8.7 percent year-on-year.

    Revenue from accommodation and food service stood at around 48.7 trillion VND, representing 10.1 percent of the total. It increased 2.7 percent against December but was down 4.1 percent against January 2020.

    Tourism revenue was around 1.6 trillion VND, or 0.3 percent of the total, up 0.7 percent compared to December but down 62.2 percent year-on-year.

    Earnings from other services were estimated at 50.7 trillion VND, accounting for 10.6 percent of the total and up 1.1 percent month-on-month and 7.3 percent year-on-year.

    The GSO said retail sales and consumer services have become more vibrant as the Lunar New Year (Tet) holiday nears.

    Most enterprises, shopping centers, supermarkets, and business establishments have readied an abundant supply of goods and offered various promotional programs to stimulate consumption ahead of the lunar new year, the office noted.

  • Arket bound to open its first retail store in China this autumn

    Arket bound to open its first retail store in China this autumn

    H&M-owned Arket has announced plans to open its first physical store in China this autumn.

    The flagship store will be located in Beijing and will stock a mix of the Stockholm-based brand’s wardrobe staples and seasonal fashion drops for both women and men.

    The store will also feature an Arket cafe and stock an assortment of beauty and home items.

    “We are incredibly happy to announce our upcoming opening in Beijing and we are looking forward to finally meeting our many Chinese customers in person,” said Arket managing director Pernilla Wohlfahrt in a statement.

    “The new store gives us an opportunity to welcome people into our world and invite them to experience the rich diversity of our collections – from beautifully-made fabrics and fashion designs to nature-inspired interiors, sustainable childrenswear and contemporary Swedish cuisine.”

    The physical store is the latest step of the Nordic band’s expansion into Asia. The company made its debut into the Chinese market in August with the launch of its digital flagship store on Alibaba Group’s B2C e-commerce platform Tmall.

    In late 2020 the brand also announced plans to open its first store in South Korea early this year.

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  • EBay close to selling Korean unit

    EBay close to selling Korean unit

    Global e-commerce business eBay is reportedly selling off its Korean businesses G-Market, Auction, and G9, in a deal worth $4.5 billion (5 trillion won).

    eBay is exploring a number of “strategic alternatives” for its Korean business and is looking for options that will maximize value for shareholders and create growth for the wider business.

    “From last week, we heard there is going to be an announcement made by our headquarters in the United States. Given that it said it was considering a variety of options, it seems to be in the process of selling the platforms,” an eBay Korea official said.

    EBay’s Korean platforms provide around 11 percent of its annual sales, and it’s expected any player that acquires the three businesses could become one of the top three e-commerce platforms in Korea.

    Rival marketplace Coupang, which is considered South Korea’s most popular online retailer, is reportedly looking to go public in the first half of 2021.

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  • Giordano International warns for a profit decrease

    Giordano International warns for a profit decrease

    Giordano International (0709) warned that it expects to record an annual net loss of between HK$110 million and HK$130 million in 2020, as compared with a profit of HK$230 million in 2019.

    As stated in the interim results announcement last year, a net loss of HK$175 million was recorded for the six months ended June 30, 2020. However, the group expects to record a net profit of between HK$45 million and HK$65 million in the second half of the year due to the positive trend in retail sales and improvement in consumer sentiment.

    The forecast net profit has not taken into account further potential asset impairment charges.

    As of end-December, 2020, the group’s merchandise inventory was worth about HK$435 million, below that of 2019 by about HK$113 million.

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  • Think tank forecasts some growth for Vietnam

    Think tank forecasts some growth for Vietnam

    A government think tank has pegged economic growth at 6.46 percent this year thanks to the country’s success in containing the Covid-19 outbreak and maintaining stability.

    Vietnam is one of the fastest recovering economies in Asia, the Central Institute for Economic Management (CIEM) said in a report.

    In the best-case scenario, credit growth would be 13 percent against 10.1 percent last year, it said.

    But it also warned of risks that could hamper growth, like the unpredictable global economic situation as the pandemic situation remains severe in many countries and possible anti-dumping and countervailing investigations by the U.S. and other countries.

    Several international organizations have forecast a strong recovery for Vietnam this year, with lender HSBC forecasting growth of 7.6 percent. The International Monetary Fund and Asian Development Bank have forecast 6.5 percent and 6.1 percent growth.

    The government has set a target of 6.5 percent.

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  • Indonesian retail sales fell 16.3 per cent in November

    Indonesian retail sales fell 16.3 per cent in November

    Retail sales in Indonesia dropped 16.3% year-on-year in November following a 14.9% fall a month earlier, a central bank survey showed on Tuesday.

    Sales of telecommunication types of equipment and other household goods contracted in November, the survey showed.

    The survey also forecasts an even deeper contraction of 20.7% in December.

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  • Vietnam’s retail sales see lowest growth in nine years

    Vietnam’s retail sales see lowest growth in nine years

    This year’s retail sales growth was much lower than 9.5 percent seen in 2019 and was also the lowest rate in the 2011-2020 period due to the significant impact of the COVID-19 pandemic.

    Revenue from retail sales of consumer goods exceeded 3.9 quadrillion VND, up 7 percent year-on-year or accounting for 79 percent of the total. Especially, revenue increased by 10.7 percent for food and foodstuff; 7.5 percent for the group of household appliances, tools and equipment; 3 percent for garments and 1 percent for cultural and educational services.

    Meanwhile, revenue from accommodation and catering services dropped by 13 percent year-on-year to 510.4 trillion VND, making up 10 percent of the total. Last year, the revenue from these services saw a yearly increase of 9.8 percent.

    Other services also experienced a slight revenue decline of 4 percent to 535 trillion VND in 2020.

    However, VNDirect Securities forecast that the nation’s retail sales growth would bounce back to pre-COVID-19 levels next year, reaching 8.5-9 percent year-on-year.

    The projection was made on the back of the country’s successful containment of COVID-19, which was a major contributor to the economic rebound in the third quarter that saw unemployment fall 0.23 percent against the previous quarter to 2.5 percent.

    VNDirect also predicted that consumer confidence would likely recover soon, against a backdrop of COVID-19 vaccines expected to be available in 2021.

    With the rapid growth of the middle class and rising per capita income, domestic consumption remained the main growth driver of the retail industry, even during COVID-19.

    The Ministry of Industry and Trade expected the domestic trade sector’s added value to contribute 13.5 percent to GDP by 2025 and total retail sales of goods and services to grow around 9-9.5 percent annually over the next five years.

    The ministry forecast that total retail sales would reach nearly 350 billion USD by 2025.

    The market’s recovery offers huge opportunities for retailers to expand their distribution networks.

    Saigon Co.op is targeting to add at least 2,000 stores to its chain over the next five years, with revenue rising 8-10 percent annually.

    Major Japanese retailer Muji, which sells a wide variety of household and consumer goods, has opened its first store in Vietnam, in HCM City, and is planning to open another in Hanoi, it added.

    Inflation forecast to be controlled less than 4% in 2021

    Many essential goods prices are forecast to fluctuate in 2021, thus the Consumer Price Index (CPI) will rise more sharply than in 2020. However, the average price hike for the whole year is projected to be less than 4%, as the target set by the National Assembly (NA).

    This comment was proposed by experts at a seminar held by the Academy of Finance on January 5 to discuss price fluctuation in 2020 and forecast for 2021.

    Nguyen Anh Tuan, Director of the Price Management Department, said that both objective and subjective impacts have made the Government and ministries and branches’ task of stabilizing the macro-economy, promoting growth, and controlling inflation face great challenges. Therefore, the department had built and set up a price management scenario for this year, closely following the NA target of controlling inflation at below 4%.

    In that context, price management has been directed by the Government and the Prime Minister to implement a prudent point of view, closely coordinating to ensure the harmonization of common goals.

    It was difficult to predict prices of commodities this year, so the Price Management Department would continue to work closely with ministries, agencies and localities to drastically and effectively implement the public management, administration and price stabilization under market mechanisms to control inflation according to set targets, said Tuan.

    At the same time, it would continue to implement the market price roadmap for public services and essential goods.

    Economic expert Ngo Tri Long said that 2021 is still very unpredictable, so price management should be operated in a prudent, flexible and proactive manner. Fiscal policy should coordinate closely with monetary policy and other macroeconomic policies in order to control inflation in accordance with the set targets; at the same time, contributing to supporting and removing difficulties for production and business, and the lives of people affected by the COVID-19 pandemic.

    According to Nguyen Duc Do, Deputy Director of the Institute of Economics and Finance, in 2021, when the disease is better controlled thanks to vaccines, and the world and domestic economy recovers; inflation compared to the same period last year tends to increase again.

    Da Lat aims to welcome 4 million tourists in 2021

    Da Lat city greeted more than 58,000 visitors during the 2021 New Year holiday from January 1 to 3, said Ms. Tran Thi Vu Loan, Deputy Chairwoman of the Da Lat People’s Committee.

    Of this, domestic visitors reached 57,500, a year-on-year increase of 44% while foreigners numbered over 500, a year-on-year decrease of 92%. Total number of visitors staying overnight was 48,000.

    While the tourism industry of many countries in the world and many localities in the country are greatly affected by the COVID-19 pandemic, the number of tourists choosing Da Lat for their destination on New Year is remarkable and is expected to open prospect for the city’s tourism industry in 2021.

    In 2020, Da Lat welcomed four million tourists; down 44% compared to 2019. Of which, over-staying visitors were more than 3.6 million, down 24.7%.

    It is forecasted that by 2021, the COVID-19 pandemic may still be complicated; the local tourism industry focuses on attracting domestic tourists, with many programs linking tours, stimulating tourism demand during the tourist season and holidays. It aims to welcome more than 4 million visitors this year./.

  • Retail sales decline slows significant in Hong Kong and Singapore

    Retail sales decline slows significant in Hong Kong and Singapore

    Hong Kong’s retail sales fell 8.8% in October, the first single-digit fall since June last year, showing further signs of a recovery after coronavirus restrictions had slammed the brakes on spending and tourism in the global financial hub.

    The drop compared with a revised 12.8% decline in September and a 6.7% fall in June 2019.

    October’s sales plummeted from a year earlier to HK$27.4 billion ($3.5 billion), government data showed on Tuesday, falling for the 21st consecutive month.

    In volume terms, retail sales slumped 9.3%, compared with a revised 13.3% fall in the previous month. It was also the first single-digit decline since June 2019.

    “With the fourth wave of the local epidemic spreading widely and quickly, the business environment of the retail trade may deteriorate again in the near term,” a government spokesman said.

    For the first 10 months of 2020, the value of total retail sales fell 27%, and 28.3% by volume, from the corresponding 2019 period.

    Hong Kong leader Carrie Lam on Tuesday again urged residents to stay at home and avoid unnecessary family gatherings as the global financial hub scrambles to contain a rise in coronavirus cases.

    Games centres, karaoke lounges and swimming pools will close from Wednesday, while the Ocean Park theme park and DisneyLand will also close.

    The worsening situation in the city also prompted the government to extend the postponement of an air travel bubble with Singapore on Tuesday to beyond 2020.

    Hong Kong’s economy shrank 3.5% in the third quarter compared with a year earlier as the coronavirus pandemic hammered consumer spending, trade and tourism, but at a slower pace as the outbreak had eased.

    The city’s tourist arrivals in October plunged 99.8% from a year earlier to 7,817 visitors, the tourism board said, compared with a drop of 99.7% in September.

    Sales of jewellery, watches, clocks and valuable gifts, which depend heavily on mainland tourists, fell 26.6% in October versus a revised 25.6% plunge in September.

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  • Delhi High Court rejects Amazon challenge to $3.4 billion Reliance deal

    Delhi High Court rejects Amazon challenge to $3.4 billion Reliance deal

    The Delhi High Court on Monday refused to restrain Jeff Bezos-led Amazon from interfering in Kishore Biyani-headed Future Retail’s $3.4 billion deal with Mukesh Ambani-owned Reliance Retail by writing to statutory authorities.

    The order was pronounced by a Single Judge Bench of Justice Mukta Gupta in the suit by Future Retail Ltd after an Emergency Arbitrator of the Singapore International Arbitration Centre (SIAC) restrained Future Group from taking any steps in furtherance of the transaction with Reliance Retail, according to the information available on law platform Bar & Bench.

    “However, the court passed a neutral observation that the balance of convenience lay both in favor of FRL and Amazon and also observed that the statutory authorities were free to form their own opinion as per law,” said Salman Waris, managing partner at technology law firm TechLegis Advocates and Solicitors, after doing an analysis of the development. “The Court opined that it was ‘a matter of trial’ to determine whether Amazon’s case outweighed FRL’s claim and for now, it was for the statutory authorities (or) regulators to come to their own right conclusion.”

    In August, retail conglomerate Future Group struck a $3.4 billion asset sale deal with Reliance Industries Ltd (RIL). Amazon then sent a legal notice to Future, alleging the retailer’s deal breached an agreement with the American e-commerce giant. This was because last year, Amazon had bought a 49 percent stake in one of Future’s unlisted firms Future Coupons Pvt Ltd (FCPL) for Rs 1,430 crore. As per the conditions of the deal the disputes was arbitrated under SIAC rules and Amazon won a favorable ruling. Future Retail then approached the Delhi High Court seeking relief against the arbitration order passed by the SIAC with regard to its deal with Reliance.

    The Delhi High Court, prima facie, found that the suit filed by Future Retail was maintainable, the Emergency Award was valid, and that Future Retail’s resolution approving the transaction with Reliance was also valid, according to Bar & Bench.

    Waris of TechLegis said for Amazon, the court held that the ‘control’ as per the conflation of 3 agreements is not permitted under FEMA (Foreign Exchange Management Act) FDI (Foreign direct investment) rules, without the government’s approval. Thus, prima facie Amazon’s plea is void. However, Waris said the breach of the agreement by FRL would make a strong case for Amazon since it owns a stake in Future Coupons Pvt Ltd, which is, in turn, has a 9.82 percent shareholder in FRL.

    Without challenging the Emergency Award before the High Court, FRL had prayed Amazon be prevented from writing to statutory authorities such as the Securities and Exchange Board of India (Sebi) in an attempt to stall the deal, according to Bar & Bench.

    Also, FRL had asserted that the Emergency Award was of no consequence as it was not enforceable in the Indian regime.

    Earlier Future Retail’s representative had told the arbitration panel that if the deal with Reliance Retail fails, then the company would go into liquidation. The closure of the company would lead to over 29,000 job losses. Also, the company lost Rs 7,000 crore in revenue in the first three to four months of the pandemic phase.

    “(As) For Future, FRL does not want Amazon to interfere in the $3.4 Billion asset sale deal,” said Waris. “Moreover, it also contended that being an investor in Future Coupons Pvt Ltd and not FRL, Amazon had no say in a transaction between FRL and Reliance.”

    Waris said Reliance supported FRL’s case before the High Court, arguing that Amazon was “playing mischief” by stalling the deal that would save FRL from going under. “The said deal would get the benefit of economies of scale as Reliance Retail is India’s largest, most profitable retail business and is the fastest-growing retailer in the world thus far,” said Waris.

    Last month the court witnessed a lot of drama in this case. Future Retail which was represented by senior advocate Harish Salve likened Amazon to the “East India Company’” and told the court that its interference in the Future-Reliance deal would result in thousands of job losses and make FRL bankrupt. Amazon, represented by senior advocate Gopal Subramanium, told the court that it has invested $6.5 billion all over India and created 900,000 jobs. He had said some comments were made which were misplaced and said that the rhetoric should be kept aside on Amazon being called “East India Company.”

    Meanwhile, in November, the Competition Commission of India (CCI) cleared Reliance Industries’ (RIL) bid to buy Future group’s retail, wholesale and logistics assets even as Amazon had sought to block the transaction, alleging contractual violations by Future.

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  • The Latest Retail Technology Trends in Asia

    The Latest Retail Technology Trends in Asia

    The world of retail has seen some major changes in recent years thanks to the introduction of new technology. Even more changes are expected in the near future, as the latest technology trends take hold in Asia and beyond, but which are the more important trends to be aware of?

    Augmented Reality and Virtual Reality Can Enhance the Consumer Experience

    These are two different types of technology that have made huge advances lately. Augmented reality (AR) adds virtual elements to a real-world view, meaning that it could be used to let someone try on clothing without it being physically present. On the other hand, virtual reality (VR) immerses the user in a computer-generated world while being completely isolated from the real world, which would let them re-create the experience of being in a physical store without leaving home.

    Payments company Worldpay has recently looked into this subject, and summed up that VR and AR are growing in popularity across the Asia Pacific region. Their research showed that China is the current leader, with 95% of the Chinese consumers who took part in the survey confirming that they have used either VR or AR while shopping in the last three months. All of the Chinese respondents have tried VR at some point, which compares to the 19% of Japanese shoppers who have done so.

    The room for growth in these areas is seen in the prediction from the Research and Markets site, which predicted at the end of 2019, that the AR and VR markets in Asia should grow at a rate of 38.4% in the period up to 2026. This led to them suggesting that the addressable market value in this area for the next seven years is in the region of $172 billion.

    Artificial Intelligence Analyzes Data and Boosts Efficiency

    While AR and VR applications are pretty easy to spot, the use of artificial intelligence (AI) is often something that the consumer isn’t aware of. For example, it can be used to help the retailer to better understand their customer data and offer a more efficient experience.

    We can see how this might work by looking at how AI is used in other industries. In banking, AI is used to help lenders to make better decisions and to detect fraud or money laundering. They are also starting to incorporate AI into their customer service offerings. It can be used to automate processes in industries like manufacturing, or for data analysis in healthcare too.

    Retail firms in Asia may also learn from the way that AI is used by traders in the financial markets. As an example, the Top Online Forex Brokers site mentions The Skilled Trader and Jet Trader Pro in their guide to forex robots. These robots are designed to keep an eye on the movements that take place in the currency market as well as the overall economic picture, allowing automated trading. This is a great leap forward, especially within an industry that has, for so long, relied on human judgement and expansive computer systems to make decisions.

    A report from Microsoft at the beginning of 2020 pointed out that over two-thirds of Asia-Pacific retailers haven’t integrated AI into their businesses. Even more surprising is the fact that 23% of the retailers in the region haven’t even given this technology serious thought yet. In Singapore, the fact that online shopping has grown considerably in 2020 could help to encourage retailers to look into this area more fully.

    A Look Ahead

    It is clear that these cutting-edge technologies are already helping businesses in many different industries, including retail. Their introduction to the retail sector in Asia is still at its early stage in some countries, although more advanced in others. The next few years will be crucial, as those firms that adopt VR, AR, and AI may be seen to hold a critical advantage over their competitors who take longer to get up to speed in this area.

     

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  • Indonesia retail sales drops with 15 procent last October

    Indonesia retail sales drops with 15 procent last October

    Retail sales in Indonesia dropped 14.9% on a yearly basis in October, the biggest fall since June and after an 8.7% fall in September, according to a central bank survey released on Thursday.

    Sales of food, beverages and tobacco products contracted in October, after recording positive growth a month earlier, while a drop in sales of communication equipment accelerated, the survey showed.

    The survey estimated an even deeper slump in retail sales of 15.7% in November.

  • Korea’s Emart set to scale back in Vietnam

    Korea’s Emart set to scale back in Vietnam

    South Korea’s largest supermarket chain operator Emart Inc. is pulling out of Vietnam, the second major Asian market after China, in the face of regulatory hurdles.

    The retailer opened its first outlet in Vietnam’s Go Vap district in 2015 and had procured a site at Ho Chi Minh City for a second opening last year. But the project has been delayed due to licensing setbacks, disrupting its plans to open five to six more outposts.

    Emart’s direct foray has proven difficult as Vietnam, like China, prioritizes joint ventures in permitting a foreign business. Emart started operation in Vietnam in 2014 after setting up a wholly-owned local entity.

    A retail industry source said a hypermarket needs at least 10 outlets to have bargaining power with vendors and maintain logistics efficiency. Unable to meet this number, Emart may have concluded it was better to fold the business, the source added.

    The retailer has been rolling back investments in the country. In its 2019 semiannual report, it had vowed to invest 460 billion won ($424.3 million) in its Vietnamese entity through 2022. But it had slashed that amount to 247.8 billion won in the third-quarter report.

    An Emart representative, however, denied the exit rumors and said it was studying other options such as strategic alliance or business partnership.

    Industry observers believe Emart is wary of making the same mistake as in its Chinese operation.

    Emart entered China in 1997 and aggressively expanded its operations, running at one point 26 outlets across the country. But it failed to overcome Beijing’s stiff regulations and saw losses snowball to 150 billion won over four years from 2013.

    In 2016, it found itself caught in the crosshairs of a diplomatic feud over Korea’s decision to build an anti-missile system, a move China vehemently opposed on national security grounds. Emart, along with many other Korean brands, suffered the brunt of Beijing’s retaliatory nationwide boycott on all things Korean. After suffering steep losses, the retail chain in 2017 sold off its remaining five outlets in China to a Thai company and pulled out of the country altogether.

    After scaling back its Asian operations, Emart is expected to focus more on the U.S. market, where Korean brands have been making rapid grounds. According to its regulatory filings, Emart generated 1.28 trillion won in the first three quarters of this year from overseas, up 122 percent from the same period last year and topping last year’s full annual sales of 778.5 billion won.

    Emarts’ robust overseas performance owes largely to its U.S. subsidiary Good Food Holdings, which the Korean retail conglomerate acquired for $275 million in 2018. The Los Angeles-based company owns five upscale food retailing brands, including Bristol Farms, Lazy Acres Natural Market, Metropolitan Market, New Seasons Market, and New Leaf Community Markets, operating mostly in the West Coast.

    Good Food Holdings raked in sales of 1.2 trillion won in the January-September period, up 136 percent from a year ago, on explosive demand for food products among people sheltering at home during the coronavirus outbreak. The company alone was responsible for nearly 93 percent of Emart’s total global sales in the period.

    Emart plans to invest 83.7 billion won through 2022 to expand its U.S. footprint. It is scheduled to launch PK Market, a shop specializing in Asian goods including Korean food, as early as next year in downtown Los Angeles.

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  • Singapore retail sales down in October

    Singapore retail sales down in October

    Retail sales in Singapore fell by 8.6 percent year-on-year in October, said the Department of Statistics (SingStat) on Friday (Dec 4), although the decline was not as steep as the revised 10.7 percent fall seen in September.

    Most retail industries continued to register declines in sales in October. Food and alcohol, department stores, as well as cosmetics, toiletries and medical goods continued to be among the hardest-hit sectors, with takings down by 44.7 percent, 35.2 percent, and 30 percent respectively, according to the Retail Sales Index released on Friday.

    Wearing apparel and footwear, as well as watches and jewelry fell by more than 20 percent.

    The best-performing sector was again supermarkets and hypermarkets, with sales up by 22.3 percent.

    Takings also improved for the furniture and household equipment, recreational goods, motor vehicles, and mini-marts and convenience stores sectors.

    Compared to the previous month, seasonally adjusted retail sales expanded 0.2 percent, with most sectors reporting growths.

    Takings at petrol service stations increased the most at 5.1 percent as more people returned to the workplace. In contrast, retailers in the watches and jewellery; cosmetics, toiletries, and medical goods; and food and alcohol recorded a decline in sales.

    The estimated total value of retail sales in October was about S$3.3 billion, of which 10.5 percent was spent online.

    Food and beverage sales continued to decline in October as well on a year-on-year basis, although they showed a seasonally adjusted month-on-month improvement across the board, according to the Food & Beverage Services Index.

    “Sales of food and beverage services fell 23.5 percent in October 2020 on a year-on-year basis, an improvement over the 29.1 percent decline in September 2020,” SingStat said. “On a seasonally adjusted basis, sales of food & beverage services increased 5.6 percent in October 2020 over the previous month.”

    Food caterers again suffered the biggest drop in year-on-year turnover – 76.4 percent – although they saw a 6.4 percent increase in sales compared to September.

    “The total sales value of food and beverage services in October 2020 was estimated at S$692 million,” SingStat said. “Of these, online food and beverage sales made up an estimated 19.7 percent.”