The world is being taken by storm with retail industry nuanced by e-commerce and online businesses. Numerous brands and business owners are shutting down their physical stores, moving forward and embracing futurists ways of running their enterprises. The retail industry is currently in a ditch, with unemployment rates experiencing influxes and jobs being at an all time low. This has greatly affected the logistical companies who are relying heavily on the retail market.
Tons of entrepreneurs are opting to invest their money in the upcoming food & beverage and transport industries. What is happening? Have people stopped spending money?
The answer is no, as the world continues to revolve on its geometrical axis, global citizens are continuing to spend money, some much more than others, in fact. The world of fashion are inherently experimenting with their crazy antics, fabricating current trends and moving along with the seasons. Yet, as SMEs(Small-Medium Enterprises) are experiencing a lack thereof presence in mega-malls and shopping centres, the internet is booming with namely brands and online stores making their headlines on the latest advertisements.
What is probably the world’s most expensive mall, Marina Bay Sands’ The Shoppes, owned by casino giants Las Vegas Sands, has made a decision to put up their shopping mall on sale. “Sovereign wealth funds or a consortium of large private equity firms may be interested. There is a lack of available good-quality retail mall stock here. The Shoppes is one such property.” – Mr Alan Cheong, Savills Singapore research head.
Does this spell the end of super-sized shopping & entertainment arenas? Perhaps not.
Singaporean Capital City Group has been handed over the project to build Johor Baru’s latest retail hub. The Capital mall is rumoured to span an area of one million sq feet. It will also be conjoined with 690 service apartments and 630 hotel-esque service suites.
Meanwhile, Lazada & Unilever are collaborating together to embrace this new e-commerce boom with hopes of brighter future prospects. The two companies, rivalling each other in terms of business etiquette – Lazada being an online consumer goods provider and Unilever, a mostly physical retail consumer goods company, clearly opportunistic have decided to join forces.
The means and methods are certainly underlying as people who are shopping online might visit a physical store to see the product in person and whereas window shoppers are referring to their mobile devices to check up on the products.
With this being said, we hope that the retail & e-commerce industry will continue to bridge the gap and escalate employment rates and revolutionise the way we purchase our goods. Let’s save discussing the morality and ethics of consumer goods for another time as for now, the old school Silk Road methods of trade and barter is a forgotten one whilst digital crypto-currencies are the new in thing.
If it’s not cash you’re after, let it be Alipay points and bitcoin!
Article written by Yoji Amashiro
Photograph by Aika Isabelle