Top 10 Retail Companies in Singapore
Globally, the term “retail” is a broad topic, encompassing everything from supermarkets to high-end fashion, to cars and even jewellery. In Singapore, the retail industry accounts for around 1.4% of the country’s GDP along with approximately 3% of the workforce. Traditionally, when we think of retail we associate it with physical stores but an increasing amount of business is now moving to stores’ websites or other e-commerce platforms.
The decline in physical stores is a global phenomenon and while alarming on the one hand, also presents new and potentially more lucrative opportunities. Indeed, a report in 2018 by Google and Termasek Holdings, predicted the e-commerce market in Singapore to expand by $7.5 billion by 2026.
In Singapore, we have witnessed an increase in consumers beginning their buying journeys online but reinforcing their buying decisions with visits to bricks and mortar stores. It is something that is often referred to as omnichannel retailing with an experiential retail experience. It is an approach that is supported and encouraged by the Singapore government through the Retail Industry Digital Plan (Retail IDP).
Below we investigate some of Singapore’s top retail companies across a wide range of sectors.
1. DFS Venture Singapore
The DFS Group was established in 1960 and is a privately owned by Moet Hennessy Louis Vuitton. They are primarily a duty-free store with a selection of downtown stores in major resort locations. They employ in the region of 9,000 individuals across 14 countries, including Singapore, the UAE, the USA and China. They are regarded as the traveller’s department store and renowned for the quality of their products. The company continues to expand and explore new opportunities around the globe.Take a closer look at the profile of DFS Venture Singapore →
Reebonz was founded in 2009 and has its headquarters in Singapore. Reebonz specialises in offering luxury products including handbags, shoes and watches. They are solely an online platform of which you are required to be a member. Membership is free but requires you to log in through Facebook Connect. They are a privately owned company which employs approximately 300 in eight countries, including Hong Kong, Australia and South Korea. In addition to new products, they offer pre-owned items such as handbags from some of the leading names in fashion, including Gucci.Take a closer look at the profile of Reebonz →
Isetan is a large Japanese department store who formed in 1970 (in Singapore), and they have other branches across Asia and Europe. In Singapore, it is estimated that they employ around 700 people, and they are listed on the Singapore stock exchange. In 2008 the company merged with Mitsukoshi and has continued to explore new opportunities and has expanded rapidly into the online market, a market which complements their physical stores.Take a closer look at the profile of Isetan →
OSIM was founded by self-made tycoon - Ron Sim in the 80s. Best known for its massage chairs, OSIM is a homegrown brand that competes with the world’s best. It operates in 84 cities (18 countries & territories) with 397 outlets. Embracing digital disruption, OSIM also has an online store. The healthy lifestyle group was publicly listed in 2000 and subsequently privatized in 2016.Take a closer look at the profile of OSIM →
5. Love, Bonito
Love, Bonito was founded by three childhood friends in 2006 under the name BonitoChico and was rebranded as Love, Bonito in 2010. It was originally a blogshop on social media but has rapidly expanded and now has 17 retail outlets across four countries, and they also ship their items internationally. The privately owned company was initially a reseller of clothes but now have their own labels. The company continues to look for new opportunities to expand.Take a closer look at the profile of Love, Bonito →
6. The Hour Glass Limited
Specialising in the retail of luxury watches, The Hour Glass Limited was formed in 1979 and quickly established itself as being one of the world’s leading companies, particular in Asia. They have branches in 11 cities including Singapore, Kuala Lumpur, Hong Kong, Tokyo, Bangkok and Sydney. They only sell high-end brands such as Rolex, Hublot and Tag Heuer and employ about 500 people with revenue of around $520 million.Take a closer look at the profile of The Hour Glass →
7. Metro Holdings
Metro was founded in 1957 by the late Mr Ong Tjoe Kim. Listed on SGX,this Singapore’s major department store chain also operates in Indonesia and China. An icon in the retail landscape, over the years Metro has also diversified into property investment and development.Take a closer look at the profile of Metro →
Zalora are a modern-style retail company which focuses on clothing and apparel. They are different from other companies on our list in that they are an e-commerce platform which was founded as recently as 2012. They employ in the region of 2,000 people across a range of countries including Indonesia, Malaysia, Hong Kong and Taiwan with their headquarters being in Singapore. They have revenue of $378 million.Take a closer look at the profile of Zalora →
9. Parkson Retail Asia Ltd
Parkson Retail Asia Ltd is part of the Malaysian Parkson Holdings Berhad group and is a chain of department stores. They have operations across several countries in Southeast Asia, including Vietnam, Indonesia and Myanmar. They employ approximately 3,500 people, and their revenue is $309 million.Take a closer look at the profile of Parkson →
Luxasia are one of the leading beauty and cosmetic companies in the Asia-Pacific region, focusing on retail and e-commerce business. They were formed in the late 1980s and now have several locations across 15 countries. Luxasia has around 2,500 employs with revenue of $300 million and are continuing to expand.Take a closer look at the profile of Luxasia →