Course details
The recovery of the economy since 2010 has spurred growth in the retail sector as consumers’ shopping habit changes, which led to an increase in consumers’ spending. Consumers now are willing to spend on items which they had cut back on during the recession. They are now seen as being less price conscious, and place greater emphasis on convenience and shopping experience.
Due to the shift in consumers’ shopping habits and varied need, it is important for all retailers to ensure that their business model is still meeting the needs of their consumers. With the opening of new malls and the two integrated resorts, there has been a drive in retail growth which is affected by the boost in visitor arrivals. Independent retailers are now facing strong competition from major players which are given a chance to expand their reach by opening up new stores Hence, it is important for independent retailers to re-analyze their market to overcome these challenges. As for major retailers, it is also important for them to look back at their business model and positioning to ensure that they are targeting at the right customers.
Upon the completion of this course, one will get a more in-depth understanding on what
retailing is all about; and how the economy will influence the growth of the retail sector. With the demand and supply of the goods being always affected by the economy, there is a need for retailer to know how to gauge the demand required to prevent stock-out or overstock cases. Besides, they will also need to understand the challenges face, and the ways to overcome it.
OBJECTIVES
After completion, participants will be able to:
- Describe what retailing is
- How the performance of the economy affects retailing and vice versa
- Understanding how retailing may be conducted in the new integrated resort era
- Understand the challenges that retailers face and how these may be overcome
- Explain market structure and market analysis
- Explain how product price is affected by demand and supply, consumer choice and price elasticity
COURSE CONTENT
- What is retailing and its importance?
- Retailing and the economy
- Retailing and the integrated resort era
- Challenges faced by retailers
- Market structure and market analysis
- Product, price, demand & supply
WHO SHOULD ATTEND
The course is beneficial for managers and executives who want to gain a more in-depth understanding on how the economic growth of Singapore and the principles of economics can affect the retail sector.
Updated on 08 November, 2015Course Location
About The Retail Academy Of Singapore
The science and arts of retailing as a business have advanced over the years. Changing customer preferences, business innovations, globalisation, information technology and now, raising productivity, have pushed the boundaries of retail management. To develop leadership capabilities, retail executives have to learn more and faster than before. A formal grounding in retail management is essential for any retail executive; and, continuous professional development is a must for the contemporary retail manager as well as the business owner. A key focus of the Retail Academy is to develop leaders at middle and senior levels of the retail organisation. In a highly competitive global marketplace, retailers need leaders with higher education, deeper insights of the business and wider accessibility to networks.
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