The number of Covid-19 cases in Singapore has dropped drastically, but businesses are still feeling the pinch of the pandemic.
Beloved stores like Books Actually, Topshop, KidZania, and the DC Super Heroes Cafe, to name a few, have been forced to shutter its doors permanently thanks to Covid-19.
And how can we possibly forget the closure of Robinsons, who exited the physical retail scene in Singapore after 162 years in the business?
The message this year has been clear: no one is impervious to the effects of the coronavirus.
Now, a British retailer will be closing its doors for one of its most patronised outlets.
Marks & Spencer Closing Raffles City Outlet But Highlighted That Other Outlets Will Remain Open
Multinational retailer Marks & Spencer will be closing its outlet at Raffles City Shopping Centre on 31 Dec, but assured shoppers that its 10 other stores will remain open.
This will surely upset loyal customers, as the Raffles City outlet has been in operation since 1986.
However, the store maintained it had no intention of closing its business in Singapore.
“Marks & Spencer remains fully committed to the local market, and is continuing to explore growth opportunities of our business in Singapore. We are continually enriching our services and product catalogues, and are eagerly looking for ways to advance our business with store upgrades,” a spokesman told The Business Times.
Up to 70% Off For Moving Out Sale
While some are shedding tears, others see an opportunity for discounted goods.
According to ST, the store had placed an advertisement in their newspaper about a “moving out sale” at its Raffles City store.
The outlet will be giving discounts of up to 70% for selected items in the store.
Other deals include:
- Buy one, get second 50% off for all wines
- 12% off with min. S$100 nett spend from 10 to 14 Dec
The store’s last day of operations will be on New Year’s Eve.
“Thank you for 34 amazing years of memories”, the store said.
Owned By the Same Conglomerate as Robinsons
It’s not been a good year for the Al-Futtaim group.
The Dubai-based conglomerate, owned by Emirati tycoon Abdulla Al Futtaim, own both Marks & Spencers and Robinsons.
In October, the latter announced it would be closing its last two stores at The Heeren and Raffles City Shopping Centre.
ST reported that Robinsons’ store at The Heeren will close on 16 Dec, but the store said they are still in talks with the landlord at Raffles City.
More Companies May Shut Down As Government Aid Dries Up
Dollars and Sense pointed out that from January to September this year, 27,983 business entities shut down.
This sounds like a large number, but it’s actually 13% less than the number of companies that ceased operations last year.
This is, in large part, thanks to government schemes and grants.
However, once these cash injections and protection measures dry up, the rate of closures may spike dramatically, as businesses are already struggling to stay afloat.
Even with these schemes and grants, hugely successful brands like Singapore Airlines have had to lay off thousands of its employees.
This may only get worse once government support ends.
Hopefully, with vaccines already being doled out, the effects of the pandemic will be lessened, and more businesses will survive.
Featured Image: monticello / Shutterstock.com (Image is for illustration purpose only)
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