The S$4.5b Industry Transformation Programme announced at Budget 2016 was developed to achieve maximum synergies in our industry transformation over the next few years. The programme is designed to integrate different restructuring efforts, taking a targeted and industry-focused approach to address issues and deepen partnerships between Government, firms, industries, trade associations and chambers to address challenging economic conditions, rising competition, and disruption from technological advances. Domestically, land and manpower constraints grow more pressing. An industry-centred strategy is needed to yield results in a more systematic and co-ordinated way.
Under the programme, Industry Transformation Maps (ITMs) were developed for 23 industries under 6 clusters including Manufacturing , Built Environment, Trade & Connectivity, Essential Domestic Services, Professional Services and Lifestyle . The Future Economy Council (FEC) takes overall responsibility for the implementation of the ITMs.
Lifestyle (Retail) ITM
Retail shapes the character of Singapore – it underpins the growth of the tourism industry and contributes to an enhanced quality of life for Singaporeans to live, work and play. There are around 22,000 establishments, in the retail sector today, contributing almost 1.4% to GDP and 3% of total employment*, making it a key industry for the nation.
The sector faces several near term challenges – intensified competition and a need to undergo structural shifts from brick-and-mortar outlets to e-commerce. The sector has to evolve and adapt to major trends like the omni-channel approach, as well as tap new growth opportunities and remain internationally competitive.