Retail News CRM

Tag: Singapore

  • BHG teams with Raffles City in new curated brands marketplace

    BHG teams with Raffles City in new curated brands marketplace

    BHG Singapore will take over two floors at Raffles City Shopping Centre formerly occupied by Robinsons, which closed its last outlet there last Saturday.

    In partnership with Raffles City Singapore, the department store will open a new concept store showcasing its best beauty, fashion, and home and living products.

    The store, called One Assembly, will open by the end of the month, BHG Singapore and Raffles City Singapore said in a joint statement yesterday.

    “As established players in the retail industry, BHG Singapore and Raffles City Singapore are dra-wing on their combined industry insights to explore fresh ways of collaboration and inject new life into the local retail scene,” said the statement.

    While the concept store is a short-term pop-up, it will remain open for the foreseeable future, BHG Singapore told The Straits Times.

    The department store is happy to explore a long-term partnership with CapitaLand, which manages Raffles City Shopping Centre, said BHG’s spokesman. The concept store is expected to go big on digital payments. Shoppers will have the choice of paying for their purchases using eCapitaVouchers, or payment platforms Hoolah and FavePay. In the future, the store intends to make some of its products available on eCapitaMall, CapitaLand’s online shopping website.

    “As part of our reinvention strategy, we aim to integrate both physical and digital shopping journeys to create a seamless shopping experience,” said BHG Singapore.

    Associate Professor Lawrence Loh of the National University of Singapore Business School agreed that the future of retail lies in the integration of online and offline shopping.

    “But on-site stores are still important because they let customers touch and feel the product,” he said.

    Department stores here have been shifting some of their business online amid the coronavirus pandemic.

    Last November, BHG Singapore told The Straits Times that it had launched its own shopping site a few months before in June. The retailer also participated in Singles’ Day and Black Friday sales last year.

    To enhance the shopping experience, the One Assembly store will feature two spa cabins for shoppers wishing to relax.

    “One Assembly will provide new experiences to shoppers. Combined with its prime location, we are confident that it will become a favoured destination for our shoppers,” BHG Singapore managing director Udai Kunzru said yesterday.

    Offering customers memorable experiences is one way the department store has remained relevant amid the changing retail landscape.

    It introduced five spa cabins at the beauty hall in its Bugis Junction outlet as part of an extensive revamp completed last October.

    “We are heartened that our reinvention efforts have been well-received,” said BHG Singapore.

    When it opens, the concept store at Raffles City will feature brands such as La Mer and La Prairie, which are not currently available at existing BHG stores.

    “Having a new brand close to their existing store at Bugis allows them to reach a different segment of consumers without alienating their existing ones,” said Ms Esther Ho, director of Nanyang Polytechnic’s School of Business Management.

    CapitaLand Singapore’s managing director of retail Chris Chong said the mall is delighted to partner with BHG Singapore.

    “By joining hands to present One Assembly, we set out to enhance Raffles City’s shopping experience with a plethora of offerings that are thoughtfully curated for this collaborative space,” said Mr Chong.

    Before Robinsons moved out of Raffles City, the outlet had occupied three floors.

    As for who will occupy the third-floor space left by Robinsons, a Raffles City spokesman said talks with various brands are ongoing and more details will be shared in due course.

    Robinsons announced on Oct 30 last year that it was closing its last two outlets here, and said then that the decision to liquidate was prompted by a range of factors, including changing consumer tastes and cost pressures such as rent.

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  • StanChart Nets Ex-Bank of Singapore Relationship Manager

    StanChart Nets Ex-Bank of Singapore Relationship Manager

    Standard Chartered hires a new private banker focused on the Singapore market, formerly from Bank of Singapore, according to a note.

    Suresh Nair joins Standard Chartered as a senior client partner for private banking, according to the note, effective as of today with a focus on the Singapore market. In his new role, Nair will report to Adeline Chow, private banking team lead for Singapore and Malaysia.

    A spokesperson for the bank confirmed the hire.

    Nair was most recently with Bank of Singapore where he was responsible for the Singapore, Malaysia and international teams. Previously, he had over 20 years of banking experience working for the likes of J.P. Morgan, HSBC Private Bank and American Express. In addition to Southeast Asia, Nair also has some experience covering the Dubai market.

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  • Courts Singapore to open giant flagship where Robinsons vacated The Heeren

    Courts Singapore to open giant flagship where Robinsons vacated The Heeren

    Home appliance megastore Courts will take over the prime retail space at The Heeren which was recently vacated by retail stalwart Robinsons and make the outlet its new flagship store.

    The flagship store will occupy all six storeys of The Heeren’s retail space, making it Courts’ largest outlet in Singapore when it opens in the first quarter of 2022.

    When completed, the Heeren store will span 189,000 sq ft and replace the Tampines megastore as the chain’s flagship outlet.

    Swee Cheng Holdings, which owns The Heeren, said Courts fitted into its long-term plans for the mall but added that it has also been approached by other parties.

    “In view of the uncertainties arising from a prolonged Covid situation, we are confident that Courts’ proposed retail plans will do well at The Heeren,” it said.

    Echoing similar sentiment, Ms Esther Ho, director of Nanyang Polytechnic’s School of Business Management, said: “With customers not traveling, many are likely to dress up their homes and invest in consumer electronics. It’s good that Courts is moving quickly to capture this segment of customers during this period.”

    Its opening will also mark Nojima Corporation’s first overseas venture into a large-format store concept in a central location of Singapore.

    The Japanese consumer electronics giant had acquired Courts in 2019.

    On Courts’ choice of The Heeren as its newest location, Courts Singapore chief executive Hoang Duc Thanh Matthew said: “The Heeren is still a symbolic landmark located right in the heart of Orchard Road and we believe it holds great potential as a central location within the shopping belt.”

    “Coupled with the Urban Redevelopment Authority (URA)’s long-term plans to rejuvenate Orchard Road as a lifestyle destination, we envision that the new flagship store will contribute to the vibrancy of the retail sector.”

    Currently, Courts has one outlet in Orchard, at 228 Orchard Road. A Courts spokesman told The Straits Times that the outlet has been performing well and will remain in operation for now.

    “We will review our plans again once the flagship store is up and running,” said Courts.

    The Orchard shopping belt was also home to its first store here, which opened in 1974.

    “We are looking forward to expanding our presence in Orchard Road to where it all began and raise the bar further in offering Singaporeans innovative and experiential retail experiences while shopping for electronics and home furnishings,” said Courts.

    In 2017, the URA said in a joint statement with Singapore Tourism Board that they are looking into implementing an “actionable Orchard Road Blueprint”.

    The authorities said the blueprint was to guide the precinct’s development over the next 15 to 20 years.

    Courts’ announcement comes after Robinsons closed its flagship store at The Heeren on Dec 16.

    This was followed shortly after by the closure of its last outlet at Raffles City last Saturday.

    The department store announced on Oct 30 the closure of its last two outlets here, saying the decision to liquidate was prompted by a range of factors, including changing consumer tastes and cost pressures such as rent.

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  • Heytea unveils convenience-store-like concept in Singapore

    Heytea unveils convenience-store-like concept in Singapore

    Chinese milk-tea brand Heytea has launched a retail concept resembling a convenience store in Singapore.

    The store, which is also the brand’s first outlet in the city’s south, is located at VivoCity and features bright orange and grey striped frontage, illustrating “the fun and quirky store concept”.

    The store also has large glass windows so customers can see how staff are making their orders. Besides teas, Heytea VivoCity also offers pastries, croissants and muffins.

    An “Order On The Go” service is available for customers to avoid queues.

    Founded in 2012 in China, Heytea operates more than 260 outlets in China and four outlets in Singapore. Three other outlets are located at Ion Orchard and The Shoppes at Marina Bay Sands.

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  • Deutsche Bank Taps Singapore Fintech for Digital Assets POC

    Deutsche Bank Taps Singapore Fintech for Digital Assets POC

    The two sides will jointly explore a proof-of-concept (POC) using a grant under the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) scheme.

    Deutsche Bank Securities Services will work with Singapore-based blockchain development firm Hashstacs to explore the technological and practical feasibility of digital assets interoperability, liquidity, cross-border connectivity and smart contract templates.

    The POC will also explore the support of sustainability-themed digital bonds, according to a joint statement on Thursday,

    We see a clear place for an integrated platform that can service cross-border issuer-investor needs in Singapore and around the world, Jeslyn Tan, global head of product management, securities services at Deutsche Bank, said about the collaboration.

    Founded in 2019, Hashstacs previously partnered with Malaysia’s national stock exchange on a blockchain POC project for its bonds marketplace, and is working with EFG Bank to co-develop a blockchain platform that will enhance and simplify the processes of structured products.

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  • 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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  • More Account Suspensions for Exiled Hong Kong Dissident

    More Account Suspensions for Exiled Hong Kong Dissident

    Self-exiled Hong Kong dissident Ted Hui, who was recently spotlighted over frozen accounts at HSBC, has faced even more pressure from the British lender which allegedly canceled credit cards and «unlawfully embezzled» his funds without explanation.

    Ted Hui Chi-fung claimed that HSBC had not only canceled credit card accounts belonging to him and his family but frozen funds within it that resulted from refunded purchases.

    On the credit cards of both my family and myself, as a result of consumption refunds, the credit is more than the debit,» he said on his social media account. «The balances (around a few tens of thousands of Hong Kong dollars) are all private property protected by Hong Kong’s Basic Law. They are now unlawfully embezzled by HSBC without any explanation.

    While Hui’s claims about frozen funds could potentially be contentious, banks routinely assess and close accounts based on legal and compliance risk, especially with regards to politically exposed persons (PEPs).

    This is not the first time Hui has had his accounts frozen after similar moves were made against him and his family’s HSBC Premier accounts in December. At the time, local police issued an official statement confirming it had directed the account suspension over a money laundering and national security law probe.

    Although Hui’s claims that the latest credit card account cancellations were not requested by the police, an HSBC statement indicated otherwise.

    «We have to abide by the laws of the jurisdiction in which we operate and this case is no different,» according to an HSBC spokesperson who said further inquiries should be directed to law enforcement.

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  • Singapore Tightens Oversight of Crypto Exchanges

    Singapore Tightens Oversight of Crypto Exchanges

    MAS powers have been expanded to include regulatory measures on crypto service providers, even if they may not possess the money or cryptocurrency involved.

    The Monetary Authority of Singapore (MAS) is enhancing its regulatory framework and updating the Payment Services Act to keep pace with changes to international standards and to better mitigate the money laundering and terrorism financing related to digital payment tokens.

    Any entity that facilitates the transmission, exchange or storage of DPTs – also known as cryptocurrencies – will now have to be licensed, MAS said on Monday.

    The new legislation will help minimize the risk of DPT service providers being exploited by criminals to launder illicit proceeds or hide illicit assets, said Minister for Transport Ong Ye Kung, who is also a board member of MAS, during the second reading of the Payment Services (Amendment) Bill in Parliament on Monday.

    The amendments also give MAS powers to impose measures on DPT service providers to ensure better consumer protection and to maintain financial stability and safeguard the efficacy of monetary policy.

    We have seen recent development of new forms of DPTs which values are pegged to stable assets to gain users’ confidence. It is therefore important for MAS to be able to respond to market developments and address new risks in a timely manner, MAS said.

    The Payment Services Act, which was introduced in January 2020, provides comprehensive regulation for companies handling activities ranging from digital payments to the trading of tokens such as bitcoin and ethereum, and gives MAS formal supervisory powers for cybersecurity risks and controls on money laundering and terrorism financing.

  • Wirecard Seeks Buyer in Singapore

    Wirecard Seeks Buyer in Singapore

    The firm was ordered to cease payment services in the country in October, and to return all customers’ funds, amid an investigation into missing funds.

    Payments services provider Wirecard is seeking a buyer for its Singapore entity and has at least one party interested in acquiring the business, according to a report on Tuesday.

    The company has lost about one-third of its staff since it was ordered to cease its core business activities in Singapore, where it provided payment processing services to 1,900 companies, a report said.

    At its peak, Wirecard employed more than 350 people in Singapore, where it has a call center, sales deployment team, regional commercial team, and project management office. As of October, it still had 250 people, including 180 locals, on its payroll, who are working from home and supporting its businesses in Hong Kong and Indonesia.

    Wirecard is at the center of one of the region’s biggest corporate accounting scandals in recent years, having admitted that €1.9 billion ($2.25 billion) is missing from its financial accounts.

    Its parent company in Germany has filed for insolvency, and its CEO Markus Braun as well as other top executives have been arrested, while former operating chief Jan Marsalek remains missing.

    So far, one Singaporean has been indicted – a director of a local accounting firm that allegedly helped Wirecard falsify letters about the funds held in its escrow accounts.

  • Singapore Exchange Makes Sustainability Push

    Singapore Exchange Makes Sustainability Push

    Singapore Exchange (SGX) is growing its sustainability capabilities and initiatives with a $20 million ($15 million) plan. SGX is allocating half of the budget towards new ESG-focused products, services and platforms, while the other half will be used for capacity building for the financial ecosystem, strengthening internal capabilities and increasing CSR commitments, the bourse announced in a statement on Tuesday.

    We want to and can push the sustainability agenda further. As a market operator and regulator, we can influence and drive greater commitment to sustainability and greener financial markets, Loh Boon Chye, CEO of SGX, said.

    All sustainability initiatives, which span across asset classes including fixed income, equities, commodities and indices, will be housed under SGX FIRST (Future in Reshaping Sustainability Together) – a multi-partner, multi-asset exchange-led sustainability platform.

    The platform also aims to equip investors and issuers in this region with greater ESG knowledge and provide them with better access to a wider range of ESG-related information

    Given its role in regional capital and financial markets, SGX can help facilitate collaboration within the ecosystem to catalyze change, SGX said in the statement.

    For fixed income, SGX is currently working with Nasdaq on the Sustainable Bond Network Initiative. While it currently covers more than 4,500 bonds, largely from the U.S. and Europe, SGX plans to enhance data access and transparency of sustainable bonds in Asia Pacific by bringing regional issuers onto the network.

    In terms of equities, more ESG-focused investment and risk management products will be rolled out in the next three years.

    SGX has expanded its existing indexing partnership with FTSE Russell, Morningstar Sustainalytics and MSCI to provide ESG ratings on companies listed on SGX. Over 30 of the most recognizable SGX-listed companies are initially covered, with plans to expand coverage in 2021. SGX is also expected to launch four futures contracts in partnership with FTSE Russell in January 2021, based on the FTSE Emerging Markets, FTSE Asia ex-Japan, FTSE Emerging Markets Asia and FTSE Blossom Japan ESG-themed indices.

    New sustainability benchmarks and ESG-related indices will also be layered alongside existing flagship multi-factor indices offered by SGX, including Scientific Beta and Index Edge products.  Scientific Beta will develop new solutions for institutional investors in the next 12 month for responsible investing that aligns to Paris agreement climate change goals.

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  • Citi Launches Hiring Spree in Singapore

    Citi Launches Hiring Spree in Singapore

    Citibank Singapore is set to see a vitalized drive towards expansion as the American lender shared major targets on hiring, assets and clients following the launch of its new wealth hub in Orchard.

    Citi will look to double its assets – currently with $280 billion under management – and triple the number of clients by 2025, according to a report.

    To achieve this, the bank will also look to hire over 330 relationship managers.

    Alongside the latest opening of its wealth hub – a four-floor 30,000 square feet space that can accommodate over 500 people with current restrictions and an extra 100 without – the bank is also seeking to build one or two more hubs in the city-state but no timeline was shared. It also has over 70 wealth hubs and client centers in the broader region to serve its affluent customers.

    One of the key reasons for the selection of Singapore as the hub of choice, according to Citi’s head of consumer banking for Asia Pacic and Europe, Middle East and Africa Gonzalo Luchetti, is trust.

    You have a stable, well-tested framework, under which you can operate, he said. It gives clients the trust that you really need in the business of wealth.»

    In addition, Luchetti also highlighted the geographical location, a strong economy, large amounts of local wealth and talent pool as other reasons.

    In line with the overall industry trend, Citi has benefited in digital adoption in a model Luchetti described as «light-physical, high-digital».

    Less than 1 percent of transactions in Singapore executed at branches and year-to-date, retail sales of mutual funds digitally doubled compared to the same period in 2019.

    Although the bank has reduced space occupied – 10 outlets in Singapore, down from 14 at the start of the year – it maintains that a physical presence and human touch from relationship managers will continue to matter.

    One of the bank’s key strategic approaches will be to leverage its overall network and capabilities to serve the full spectrum of wealth – from the emerging affluent to ultra-high net worth individuals – by creating closer links between the private bank and the global consumer bank, benefiting from the former’s product capabilities and the latter’s transactional capabilities.

    The ability to offer mass affluent clients the type of access to global and institutional caliber insights from the private bank sets Citi apart, Luchetti added.

    This is one of the key things that we see as our differentiators – that we can grow with our clients as their wealth journey moves forward.

  • Marks & Spencer shuts store in Singapore

    Marks & Spencer shuts store in Singapore

    British retailer Marks & Spencer will be closing its outlet at Raffles City Shopping Centre on Dec 31, but its 10 other stores islandwide will remain open.

    In the advertisement, it said that there are discounts of up to 70 percent for its items. The closure on Dec 31 will bring to an end 34 years of operation in the location.

    “Marks & Spencer remains fully committed to the local market, and is continuing to explore growth opportunities of our business in Singapore. We are continually enriching our services and product catalogs, and are eagerly looking for ways to advance our business with store upgrades,” the retailer’s spokesman told The Business Times on Thursday.

    Both Marks & Spencer and Robinsons are part of the Dubai-based Al-Futtaim group, owned by Emirati tycoon Abdulla Al Futtaim and run by his son Omar, according to Forbes.

    In October, Robinsons announced its exit after 162 years of operations in Singapore. It has continued to keep its last two stores at The Heeren and Raffles City open for closing-down sales.

    Its liquidators told BT that Robinsons’ flagship store at The Heeren will close on Dec 16, but said that they are still in talks with the landlord at Raffles City.

    The Marks & Spencer branch at Raffles City is the only one closing as the lease is signed under Robinsons, BT reported.

    When The Straits Times visited the outlet at about 6.30pm on Thursday, there was no queue to enter the store, which had sales posters displayed at the entrance and in many spots in the shop.

    Ms Marilyn Ng, who works in the finance sector, was there with her husband to buy clothes. Ms Ng said she happened to be doing some Christmas shopping in the area, and chanced upon the sale at Marks & Spencer. Mr Ng, who is in her 40s, said that she has been shopping at Marks & Spencer for about 20 years, and regularly buys clothes and food from the retailer.

    As for the moving out sale, Ms Ng said it did not appear unusual to her, since it is the festive season and many shops are having sales.

    The shop’s staff said that the department store is just moving out of the Raffles City outlet, but is not closing down and that its other outlets will stay open.

    The retail chain had opened a pop-up outlet on the first floor of Waterway Point in Punggol in late October, which will operate for six months.

    Marks & Spencer also said that it had no intention of closing its “thriving business” in Singapore, although the franchise has not been making as much recently, recording earnings of $101,613 in 2018, down from $2.9 million in 2017.

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  • Fintech Sector Shows Resilience Amid Pandemic

    Fintech Sector Shows Resilience Amid Pandemic

    Singapore’s fintech investments rebounded in the second quarter of 2020, with investors recognizing the opportunities existing in Southeast Asia.

    Despite an initial decline in funding (-49 percent in Q1 2020 vs. Q4 2019), fintech investments in Singapore grew more than fourfold to $278 million in the second quarter of 2020, compared to the quarter before, according to the «Singapore FinTech Landscape 2020 and Beyond» report, released on Tuesday.

    Over the past five years, the number of fintechs in the city-state has grown from less than 100 to over 1,000, with the number of employees growing from about 1,100 to more than 10,000, the report said.

    The report, published by the Singapore Fintech Association (SFA) and Oliver Wyman, highlights Singapore’s evolution as a fintech innovation center over the past five years and forecasts the trends expected in the next five years.

    Singapore is Asia’s highest-ranking fintech city, according to Findexable’s «Global FinTech Index 2020,» with more than 40 percent of Southeast Asian fintech’s based in the republic.

    The key enablers that have contributed to Singapore’s success include innovation-focused investors, a close-knit network of corporates, banks and partners, as well as progressive government and industry associations, the report said.

    Looking ahead, the report recommended several themes to ensure the republic remains attractive for fintech firms: continue to keep regulation current, further open up financial services infrastructure, and work towards harmonizing standards.

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  • Singapore Fintechs Exceedingly Optimistic on Growth Prospects

    Singapore Fintechs Exceedingly Optimistic on Growth Prospects

    The majority of fintech companies in Singapore are bullish about their prospects over the next three to five years, as they see new opportunities emerging in the post-pandemic world.

    The majority of companies surveyed in the «Fintech Talent Report 2020» said they are planning to hire more people in the coming months to support their expansion plans, and are gradually shifting towards hiring local talent.

    Demand for talent is even higher than last year, despite the pandemic and economic situation, the report said.

    This shows that the FinTech industry is resilient and continues to be a strong source of growth in the market. In fact, the challenge is the availability of talents with the right skillset and mindset,  Wanyi Wong, fintech leader at PwC Singapore, said.

    The report, published by PwC Singapore, the Singapore FinTech Association (SFA), and the Banking and Financial Services Union (BFSU), surveyed 1,491 individuals working at fintech firms with a presence in Singapore.

    It said that the introduction of digital banks in Singapore is likely to have spillover benefits to the wider fintech community, increasing the availability of local talent across the industry.

    The combination of banking and fintech is seen as offering the best of both worlds and driving interest in people to learn the necessary skills to work in such institutions,» the report said.

  • 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.”