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SINGAPORE – The closure of the two remaining Robinsons department stores here is a “strong signal” that companies will have to continue to transform to meet the changing needs of consumers, the Human Resources Minister said on Friday (October 30) Josephine Teo.
Ms Teo, who was visiting 3D precision engineering company Metalforge, a local small and medium-sized company, was answering questions from journalists about the news of Robinsons leaving Singapore’s physical retail scene.
“I have to say, for me personally, I certainly feel a sense of loss because Robinsons has been a part of our growing years; he is such an important part of the Singapore retail landscape,” he said.
“I am sure that many people, many Singaporeans, feel the same way,” she added.
However, Ms Teo pointed out that the younger generation may feel this closure differently as they are more likely to be familiar with e-commerce platforms like Lazada and Shopee.
“It is a very clear sign that our industries will continue to have to transform,” he added.
“The consumer landscape, the business landscape will not remain static. At least, Covid-19 has accelerated the entire transformation.”
And while some retailers and companies have been forced to close during this period, others, such as SK Jewelery, have managed to transform their business and are seeing growth potential, Ms Teo said.
Earlier this month, Ms Teo visited the homegrown jewelry retailer’s headquarters in Changi Business Park with Trade and Industry Minister Chan Chun Sing to learn more about the company’s efforts to boost its business. online.
On Friday, Ms Teo said that SK Jewelery is an example of a retailer that has continued to become relevant in the face of changing consumer behavior.
“This will be the continuing story of our economy. Businesses will have to transform, and along with them, their employees. But what emerges could potentially be a more exciting landscape,” he said.
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