Boston Business Management School

Paralleling the growth of travel and tourism and rising affluence is the rapid growth of the Retail industry.  This is particularly visible in the bewildering array and turnover of goods in what is called the fast moving consumer goods (FMCG) and the high fashion market.   People all over the world are shopping like never before.  With visitor arrivals slightly more than double of Singapore’s population of 4.8 million, and a per capita income of S$53,000 in 2008, second only to Japan in Asia, it is little wonder that Singapore is a major hub for retailing. 

Of the total S$9.8 billion spent by visitors in 2007, 35% was in retail shopping.   The Wholesale and Retail Trade sector employed 270,000 people as of June 2008, making it the third largest employing sector in Singapore.  This sector also accounts for 18% of Singapore’s Gross Domestic Product.

Singapore will soon see the opening of two multi-billion integrated resorts.  This will cement Singapore’s position as one of the world’s leading retail centres.   But Singapore is not the only retailing paradise.  Nearly all the world’s major metropolitan centres have focussed on retailing, shopping to energise their economies.  These days retailing is a global exercise.  Armed with a good retail management education you will be right at home in your career regardless whether you are in Tokyo or Shanghai or Kuala Lumpur or Dubai or London or New York.