Singapore Invests $6 Million To Extend Revitalisation Of Shops Scheme
HDB will be extending its Revitalisation of Shops (ROS) scheme to 35 sites with a $6m budget.
This follows the success of the Scheme’s first two batches, which benefited more than 3,000 shops.
HDB will also help other shop tenants enhance their shops with a half month rent-free period to carry out renovation works within their shops.
Speech for Retail Seminar on 16 July 2010 by Senior Minister of State for National Development and Education Ms Grace Fu,
Distinguished guests, Ladies and gentlemen:
Good afternoon
I am pleased to join you today at the second run of HDB’s Retail Seminar. This seminar is organized jointly with SPRING Singapore and the Federation of Merchants’ Associations, with the aim of helping heartland shops stay relevant and competitive.
The inaugural seminar last year attracted more than 400 participants. Many gave very positive feedback and requested it to be organised on a regular basis. The President of the Federation of Merchants’ Associations, Mr. Yeo Hiang Meng, also shared that the retailers were inspired by the sharing from the successful business leaders and drew practical lessons from them.
Findings from BES 2009: Improved Business Sentiment
When I launched the seminar last year, we were in the midst of an economic downturn. I encouraged you then to continue improving yourselves and to make use of Government resources and assistance measures. I also urged you to exploit your strengths, develop strategies, and build business alliances, so as to stay relevant amidst growing competition from large-scale shopping centres.
Assistance Measures
I am therefore encouraged by the findings of the latest Business Expectations Survey which showed better business sentiment than in preceding years. The survey, carried out in September and October 2009, covered some 2,800 HDB shopkeepers in various HDB towns/estates. I would like to highlight key findings that that are especially encouraging.
First, more of you attributed having an established customer base as the main reason for continuing with your current businesses. Your competitive edge lies in providing the residents in your neighbourhood convenient, affordable and most importantly, personalised services. This is the key area where you can differentiate yourselves from the large-scale shopping centres.
Second, the findings showed significantly greater awareness of the various assistance schemes offered by government agencies, from 28% in 2008, to 63% in 2009. Correspondingly, participation in these assistance schemes also increased. Majority of the shopkeepers saw improvements to their businesses after participating in the schemes.
And third, a greater number of shopkeepers took their own initiative to improve their businesses, from 52% in 2008 to 62% in 2009. Efforts ranged from sales promotions and discounts, to improving on products, services and knowledge, as well as organising publicity activities. About 8 in 10 shopkeepers reported improvements in their businesses through these initiatives.
Increasing Productivity
As you know, our economy registered strong growth in the first half of the year. For our next phase of growth, the Government is adopting a strategy of inclusive growth for Singaporeans – i.e. “To boost skills in every job”. Businesses, including the retail sector in HDB towns, should seek new and innovative ways to create value and boost productivity.
An example of a shop that has taken steps to achieve productivity improvements is CK Departmental Store. The company had embarked on a Customer Centric Initiative project with SPRING, and sent its entire service staff for training. As a result of the training, the staff was better able to interact with their customers and meet their customer’s needs. Without having to increase manpower,the company enjoyed a revenue increase of 15% just after the project was implemented,. Similarly, your businesses can also be enhanced with your existing resources, if you take steps to improve productivity. The Government can assist you in improving your businesses with its various schemes.
New Batch: Revitalisation of Shops Scheme
The Revitalisation of Shops (ROS) Scheme implemented in Nov 2007 is one such scheme. Thirty-four sites with more than 3,000 shops have already benefited from $17 million of funding under the 2 previous batches.
All the sites are progressing well in their revitalisation efforts. Three sites (Teck Whye Shopping Centre, Serangoon North Neighbourhood Centre and Bedok Town Centre) have completed their upgrading works, and more than 100 events have been organised by the Merchant Associations. Shopkeepers reported a 10-20% boost in sales, and greater vibrancy after the upgraded works and the promotional events.
With such positive outcomes, HDB is extending the ROS Scheme to even more retailers. I am pleased to announce today that 35 sites involving an estimated budget of $6 million will be selected for ROS Batch
New Assistance Measure: Rent-free Period for Shop Renovation
I am delighted to share with you another piece of good news. Beyond the ROS scheme, we will also help other shop tenants enhance their shops, by granting a half month rent-free period for them to carry out renovation works within their shops during tenancy renewals and where rejuvenation plans, such as ROH, NRP, Town Council improvement works, have been announced. The government will set aside $2M per year for this, benefiting more than 6,000 shop tenants. I hope you will make use of this new measure to improve your shops physically, and in turn attract more business.
New Web Initiatives: Where2Shop@HDB Mobile
Last year, HDB launched the Where2shop@HDB on its website, showcasing HDB shops in 148 Town / Neighbourhood Centres and Neighbourhood Complexes. This is to appeal to the younger, net-savvy customers. Since its launch last year, new information such as new shops and promotional events has been added, and the pageviews have increased by more than 300%.
Today, we are bringing this service one step closer to the consumers with the launch of Where2Shop@HDB Mobile. Consumers can now access information on Where2Shop on their mobile devices, whenever and wherever. This will make it even more convenient for your potential customers to locate you.
Conclusion
The new measures announced today will help you the HDB retailers to position yourselves better for your business. To do so, it is necessary for you to keep up with the latest demands of our customers and improving the management of your business to succeed. You should continually improve your knowledge of retail practices, and open your minds to new ways to create value and boost productivity (开源节流). This can help enhance your existing businesses even with the same amount of resources.
It is encouraging to see so many of you take time off to attend this seminar You will hear from renowned retail specialists and media professionals on their insights on doing heartland businesses. I hope that you will find new sights and ideas for your business operations. This seminar is also a good opportunity to network with fellow retailers.
I wish each and every one of you success in your business, and have a fruitful day ahead.
Topics: 2010, business, construction, economic development, economic growth, economic recovery, Economy, employment, Governance, government, HDB, heartland, Housing Development Board, internet, investment, jobs, moniter, monitor, news, online, productivity, renovation, rent free, retailers, Revitalisation of Shops Scheme, shop tenants, Singapore, SPRING Singapore, technology, Where2Shop@HDB Mobile
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