The_King Posted June 19, 2020 Share Posted June 19, 2020 Singapore on Friday eased restrictions further and reopened pockets of the economy that were suspended due to coronavirus — but retailers are not hopeful the move would do much to lift their already struggling businesses, according to an industry association. The Southeast Asian economy has been badly hit as measures — both overseas and domestically — aimed at containing the spread of the virus halted much of global economic activity. Singapore’s economy is expected to shrink by between 4% and 7% this year, according to the official forecast. “Retailers are definitely facing significant financial stress during this period. Whether big or small, they’re actually finding it really difficult to meet their financial obligations,” Rose Tong, executive director of Singapore Retailers Association, told CNBC’s “Street Signs Asia” on Friday. “They’re not very hopeful that business will be business as usual ... even after the first two weeks of euphoria shopping, or what we call revenge shopping,” she said, adding that some retailers expect sales to drop by about 50% due to the weakening economy. The country is one the worst-hit in Asia by the coronavirus outbreak, having reported more than 41,000 confirmed cases as of Thursday, according to its health ministry. Over 90% of those cases were detected among migrant workers living in dormitories, official data showed. Those workers are mostly men from other Asian countries working in low-wage jobs. A decline in cases found outside the dormitories paved the way for Singapore to reopen its economy starting June 2, after almost two months of partial lockdown that the government called a “circuit breaker.” The further easing on Friday allows more activities to resume with precautionary measures in place, including shopping at physical retail stores and dining out. The country’s lifting of restrictions has come earlier than some expected, which could help limit the economic slowdown in Singapore, said Selena Ling, head of treasury research and strategy at Singaporean bank OCBC. “We could actually see some pent-up demand and retail sales could snap back a little bit in June,” she told CNBC’s “Capital Connection” on Friday. “But I would caution that this is probably going to be a fairly muted recovery from now. The litmus test really would be probably two weeks later when we see whether there is any pick up in terms of Covid-19 cases coming back again,” she said, referring to the name of the coronavirus disease. Ling explained that China’s experience has shown that a resurgence in cases could mute any recovery in consumer demand. Still, she said recent indicators suggest that the Singapore economy passed its trough in April. That, along with the planned government spending, could help Singapore’s economy to register a less severe contraction of 5% this year, said Ling. The government has announced four stimulus packages worth close to 100 billion Singapore dollars ($71.8 billion) — or nearly 20% of gross domestic product. https://www.cnbc.com/2020/06/19/singapore-retail-sales-to-stay-weak-after-easing-of-coronavirus-lockdown.html 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted June 19, 2020 Share Posted June 19, 2020 sgp's retail is dependent on big spending tourists and atb big spenders supported by the likes of kgk xdd @HarrisY de. and govt stimulus packages r mostly rebates, waivers or more white elephant constructions. how to stimulate retail spending????? nb, this economic outcome is a result of stupid loong loong's 2004 casino economy model. 2 2 Link to comment Share on other sites More sharing options...
Chestnut Posted June 19, 2020 Share Posted June 19, 2020 8 minutes ago, socrates469bc said: sgp's retail is dependent on big spending tourists and atb big spenders supported by the likes of kgk xdd @HarrisY de. and govt stimulus packages r mostly rebates, waivers or more white elephant constructions. how to stimulate retail spending????? nb, this economic outcome is a result of stupid loong loong's 2004 casino economy model. Now i think most consumers would prefer to shop in the comfort of their own home 3 Shalala lala la la ~ 🌠 Link to comment Share on other sites More sharing options...
XianGe Posted June 19, 2020 Share Posted June 19, 2020 Most likely more shops will close after tis year... More office buildings as well... Those big company will just operate mini office then staff just hotdesk... 2 Link to comment Share on other sites More sharing options...
socrates469bc Posted June 20, 2020 Share Posted June 20, 2020 11 hours ago, Chestnut said: Now i think most consumers would prefer to shop in the comfort of their own home the real money in the retail sector is in the luxury brand spending. if spending on luxury brands r not up, that means whole retail sector is in doldrums. sgp retail scene needs more big spenders like kgk xdd @HarrisY who is willing to buy many many sgd300+ sunglasses for atb gf. 2 Link to comment Share on other sites More sharing options...
socrates469bc Posted June 20, 2020 Share Posted June 20, 2020 10 hours ago, XianGe said: Most likely more shops will close after tis year... More office buildings as well... Those big company will just operate mini office then staff just hotdesk... alrdy happening. many of the f&bs and retailers in suntec/ion/far east square area alrdy close shop. many mncs r have implemented wfh on a permanent basis or have reduced staffing so alot of office space will come into the market soon. wework/regus will really be cham. wahahahahah 3 Link to comment Share on other sites More sharing options...
aaur4man Posted June 20, 2020 Share Posted June 20, 2020 34 minutes ago, socrates469bc said: alrdy happening. many of the f&bs and retailers in suntec/ion/far east square area alrdy close shop. many mncs r have implemented wfh on a permanent basis or have reduced staffing so alot of office space will come into the market soon. wework/regus will really be cham. wahahahahah REITS gonna die? Link to comment Share on other sites More sharing options...
Homelander Posted June 20, 2020 Share Posted June 20, 2020 38 minutes ago, aaur4man said: REITS gonna die? Likely will fall in share price and dividends ba...unless u buy those reits in pharma 1 Link to comment Share on other sites More sharing options...
aaur4man Posted June 20, 2020 Share Posted June 20, 2020 I think REITS is a vicious cycle that needs to be corrected Link to comment Share on other sites More sharing options...
socrates469bc Posted June 20, 2020 Share Posted June 20, 2020 56 minutes ago, aaur4man said: REITS gonna die? 17 minutes ago, Homelander said: Likely will fall in share price and dividends ba...unless u buy those reits in pharma and my kumgong brokers suggested i buy into retail/hospitality reits a few mths ago. i looked at industrial reits instead. huat ah!!!!!! 1 Link to comment Share on other sites More sharing options...
The_King Posted June 20, 2020 Author Share Posted June 20, 2020 (edited) 2 hours ago, socrates469bc said: alrdy happening. many of the f&bs and retailers in suntec/ion/far east square area alrdy close shop. many mncs r have implemented wfh on a permanent basis or have reduced staffing so alot of office space will come into the market soon. wework/regus will really be cham. wahahahahah You give me idea to start empty space ( Shop, office) area series Edited June 20, 2020 by The_King Link to comment Share on other sites More sharing options...
The_King Posted June 20, 2020 Author Share Posted June 20, 2020 Heng I talk about investing reits and again i too slow to invest. Heng ah Muhahahhhahahah 1 Link to comment Share on other sites More sharing options...
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