In June, the market’s retail sales totalled $2.43 billion in a year-on-year boost of 25.8 percent, Retail in Asia reports.

Singapore’s Department of Statistics attributed the surge to a low base; it was only until June 18 2020 that stores began reopening. E-commerce made up 15.4 percent of overall retail sales in June, a larger portion than in May due to major sales events like the Great Singapore Sale, which this year joined forces with Alibaba-owned Lazada.

Fashion and luxury were the bestsellers behind hard luxury. Watches and jewellery sales rose 78.4 percent year-on-year, department store sales increased 61.8 percent and apparel and footwear sales were up 60 percent from 2020.

Just last week, Singaporean authorities announced plans to ease Covid-19 restrictions and slowly lift border controls, marking a shift from its earlier ‘Covid Zero’ policy. Instead, ‘living with the virus’ through a mass vaccination programme could help stabilise its retail and economic recovery. Currently, 67 percent of its population has been fully vaccinated.

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Singapore Retailers Hit Hard by Increased Covid Restrictions