Retailing and The Economy Central

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.