17 May '11, 11am

Urgent need for retail industry to raise productivity to stay competitive

Urgent need for retail industry to raise productivity to stay competitive

SINGAPORE : There is an urgent need for the retail industry in Singapore to raise productivity to stay competitive, said Minister of State for Trade & Industry and Manpower Lee Yi Shyan. He was at a recent event to confer the National CET Institute (NCI) status on the Singapore Institute of Retail Studies. Mr Lee said the retail sector is growing with 143,000 people employed in it. He added that the growth prospect of the sector is "reasonably positive" with the increase in tourist arrivals and spending. Still, he said more can be done. "The retail sector's rosy growth prospect is not without its challenges. Singapore's retail as a whole lags behind other international cities, such as Hong Kong and New York. Our retail productivity is only about 66 per cent, and 44 per cent that of the above-mentioned cities respectively," said Mr Lee. The latest launch of productivity pro...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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