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Learn moreJan 2019
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Sales growth for convenience stores in Singapore has taken a hit over the years due to a combination of various factors, both hard and soft. Although the Singaporean economy has generally recovered in 2018, spill over effects from the sluggish economy in the last few years can still be seen today as weak consumer sentiment and wariness prevail.
With massive competition from supermarkets, convenience stores have been forced to prominently differentiate themselves in order to stay put in Singapore’s retailing landscape. One notable effort is the provision of fresher food and more attractive takeaway options.
Another attempt by convenience stores to raise their game is the leveraging of technology to implement in-store services like self-service and bill-payment kiosks. In addition to combating the man-power crunch, these value-added technology services also offer cashless payment options that support the government’s cashless drive to facilitate consumer transactions.
7-Eleven continues to dominate convenience stores, not only due to its significantly higher number of outlets compared to Cheers, but also its successful revamping of stores to include fresher ready-to-eat meals. By leveraging its pre-existing relationship with 7-Eleven Japan, which is known for efficiently listening to customers, 7-Eleven Singapore has incorporated unique Japanese products and private label ranges into its offerings.
While 7-Eleven continues to dominate and is investing in value-added services to differentiate itself, efforts by Cheers are similar and cannot be dismissed. Jumping on the ready-to-eat meals bandwagon, Cheers is providing further convenience by offering items like nasi lemak and beef rendang baked rice, which are preservative-free and do not need to be thawed before hearing up, thus saving time.
Despite these efforts, Cheers does not capture a large part of sales share in the convenience store landscape. In addition to offering fewer stores than competitor 7-Eleven, translating into lower sales overall, the brand is also struggling due to growing competition from new 24-hour supermarkets and threats from online retailers.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Convenience Stores industry in Singapore with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Convenience Stores industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.
The Convenience Stores in Singapore market research report includes:
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This industry report originates from Passport, our Retailing market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.