The Swedish fast fashion retailer previously closed its locations in Tampines and Punggol in 2020 and 2021 respectively. With the most recent closure, there Fax Lists will only be eight H&M locations in Singapore. It is not yet known whether the company intends to reopen additional locations here. Other brands have also left Singapore, in addition to H&M closing its ION Orchard location. British lifestyle retailer, Marks & Spencer recently revealed plans to close its Jewel Changi Airport location on 19 February. Retail Shopping Post COVID-19 According to a study that included more than 5,000 respondents from Singapore, Thailand, Vietnam, Malaysia and the Philippines, physical stores will still account for a significant portion of holiday fashion spending.
Despite the simplicity and convenience of online shopping, nearly 53% of people who plan to spend money on fashion are more likely to buy the item from a physical store. While 28% plan to shop on marketplace e-commerce platforms, 18% plan to do so through websites or apps of brands or fashion retailers. Surprisingly, compared to other Southeast Asian countries, Singaporeans are the most (66%) likely to shop in person. But given the potential drop in sales as people cut discretionary spending due to a shaky economy, and landlords raising rents due to increased foot traffic, this trend isn't entirely unexpected. new retail experience In-store shopping will continue, but the retail industry will need to operate differently than in the past, claims a 2021 McKinsey report.