Locals own nearly 90% of SG retail entities as gov't details support schemes

The government is arming them with support like grant to go global.

Singapore has recorded over 45,000 retail business entities as of 8 January, nearly 90% of which are owned by locals.

In a written reply to a Parliamentary Question, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong cited data from the Accounting and Corporate Regulatory Authority that showed that 89.7% or 40,931 of retail business entities operating in the city-state are owned by Singaporeans.

China was far behind, accounting for 3% or 1,390.

To support these businesses, the government has rolled out initiatives that focus on productivity and expansion. There are also targeted programmes to push for innovation and provide differentiated offerings.

Enterprise Singapore specifically supports “local retailers through schemes that help small and medium enterprises enhance their productivity, transform their business and expand overseas.” These include the Productivity Solutions Grant, the Enterprise Development Grant, and the Market Readiness Assistance Grant.

For targetes programmes, there is the Retail Maverick Challenge, which is a platform launched by Enterprise Singapore and CapitaLand for local retailers to pilot innovative and experiential retail concepts.

Another example is Design Orchard Retail Singapore (DORS), managed by the Singapore Fashion Council with help from the Singapore Tourism Board and Enterprise Singapore. DORS showcases over 80 local design brands, providing them with premium retail exposure and cost savings through shared facilities and services.