Singapore's retail sales slump eased in March

Recovery is expected to continue but is inconsistent and could deviate until April.

The fall in retail sales per store in Singapore has moderated to 34% YoY after 1 March, compared to 45% during the Dorscon Orange Alert in 24-27 February, according to data from omnichannel retail solutions provider Capillary Technologies.

Likewise, the decline in customers per store eased to 10%, compared to 26% over the same period.

“Singapore witnessed a perceptible drop in retail sales but not as significant as that of China. A possible reason could be that Singapore has managed to contain the infection fairly well and avoided a lockdown,” the report noted.

The retail sales recovery is expected to continue, but may be inconsistent and could deviate until the end of April amidst the ever-increasing restrictions imposed on the movement of people in malls and restaurants.

Meanwhile, although tourism is severely impacted, the footfall in malls has returned to 95% of what it was before.