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Sales of top retailers in Singapore climbed 4.1 percent in 2009 despite the recession and the euro zone debt crisis issue, making it a good year, especially for supermarkets and convenience stores in the country.
A report from the Retail Asia-Pacific Top 500 (seventh edition), which is conducted by Retail Asia Magazine and market research firm Euromonitor, showed that the total gross sales of top retailers in Singapore climbed to US$7.49 billion (S$10.2 billion) last year from US$7.19 billion in the previous year.
The report compiles the sales figures of the top 500 retail businesses in 14 countries in the region, and ranks them based on performance.
This year, a total of 16 businesses were analysed in Singapore with NTUC FairPrice Co-operative as the country’s top retailer. It owns the Cheers convenience stores and Fairprice supermarket chain. Following that is Dairy Farm group, which owns Cold Storage outlets and 7-Eleven, while in third place is the supermarket chain Sheng Siong.
Department store operators also saw an increase in sales, including stores like Takashimaya (Singapore), Isetan and Robinsons. Overall, top retailers in the region have recorded a 2.3 percent increase in sales.
Mr. Steven Goh, executive chairman of Retail Asia, attributed the sales growth to Asia’s quick recovery by Q4 of last year.