The retail sector in Singapore is currently undergoing significant transformation, with new opportunities emerging for businesses to thrive amidst challenges. As one of the key contributors to the economy, retail plays a critical role in Singapore’s workforce and GDP.
Here are the key takeaways from the latest industry trends:
🔹 Market Outlook
- 29,000+ retail establishments employ 3% of the national workforce.
- Retail contributes nearly 1.4% to Singapore’s GDP, influencing key sectors such as logistics, supply chain, and manufacturing.
- e-Commerce is projected to grow to $19.6 billion by 2027, with online sales already making up 12% of total retail sales.
🔹 Labor Market Challenges
- Workforce shortages are a major concern, with 90% of retail employers acknowledging difficulties in finding qualified talent.
- 44% of retail workers are expected to leave within the next year due to factors like low pay and long working hours.
- 72% of retail employees have not received any training in the past two years, highlighting the need for skills development.
- In Budget 2025 recommendations released on January 23, the Singapore Retailers Association (SRA) proposed easing the Dependency Ratio Ceiling (DRC) to allow more foreign workers in frontline retail roles.
🔹 Digital Transformation and Upskilling
- 73% of retailers have adopted digital solutions in the past 2 years.
- Employees seek upskilling opportunities in people management, data analytics, and social media management to meet the evolving demands of the industry.
(Insights driven from resources: MyCareersFuture, HumanResourcesOnline, SME Horizon, The Straits Times)
CGP Personnel: Your Recruitment Partner to Fill Retail Roles Faster
As Singapore’s retail sector faces workforce shortages and a need for skilled talent, CGP Personnel is here to support your business with the right recruitment solutions. Our expertise in workforce planning and talent acquisition, coupled with a deep understanding of the retail industry employment, positions us as the ideal partner for your manpower needs.
At CGP Personnel, we specialize in:
- Tailored recruitment for retail roles across all levels
- Workforce solutions that align with your strategic goals and business growth
Ready to grow your retail workforce with top-tier talent? Connect with our team to explore how we can help you scale your team and meet the demands of today’s dynamic retail landscape.
