SRA Developed its Roadmap 2025 for the Retail Industry which was unveiled at our 21st SRA Retail Awards Gala Dinner 2022 which returned after a 2-year hiatus. The 3-year roadmap was developed in response to the dynamic changes in the retail industry and in line with the new Retail ITM 2025 with the aim to help and inspire retail organisations to chart a path forward for growth and success. Co-designed by the SRA Council, with over 60 participants from SRA members and their employees from the different management rungs came together over a series of workshops conducted by School of X
SRA Roadmap 2025 for the Retail Industry
Strategic Pillars of the SRA Retail Roadmap 2025
Strategic Pillar 1: Unique Diversity
This strategy is designed to stimulate consumer interest and spark fresh excitement in the retail experience to stimulate an endless appetite for retail, by leveraging on the existing multicultural and unique heritage strengths of Singapore to promote the diversity of shopping experiences .
Strategic Pillar 2: Beacon of Light
This strategy aims to support retailers in gaining competitive advantage through experimentation, by challenging assumptions and disrupting expectations to attract shoppers, inspire career journeys, and forge a new pathway for retail experiences to create a globally unique retail value proposition. The strategic pillar will furthermore act as a beacon for the future inspired workforce, to position retail an attractive and inspiring industry within which creative talents might be nurtured and flourish.
Strategic Pillar 3: Emotional Connection
This strategy will look at strengthening the people-centred core of retail, seeking to develop opportunities to build positive emotional experiences and connections both within the workforce and with customers.
Strategic Pillar 4: Seamless Collaboration
This strategy aims to build an ecosystem of shared perspectives, collective design, collaborative learning, and frictionless retail opportunities to create an environment that supports innovation, creative problem-solving, and economies of scale.
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.
Refreshed Retail Industry Transformation (ITM) Map 2025
To ready the retail industry for global competition, the Retail Industry Transformation Map (ITM) was launched in 2016 to encourage retailers to adapt and innovate to remain relevant. In 2022, the refreshed Retail ITM was launched to strengthen Singapore as a global lifestyle and retail hub, anchored with new experiential concepts and innovative products. The Retail ITM will also focus on building a core of global Singapore brands, and uplifting the quality of jobs in the sector.
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.