EnterpriseSG, CapitaLand Investment launch challenge to foster and identify innovative retail concepts in Singapore
[SINGAPORE] Enterprise Singapore (EnterpriseSG) and CapitaLand Investment (CLI) have launched a competition to encourage local retail brands to develop innovative store concepts.
The inaugural initiative, called the Retail Maverick Challenge, aims to identify brands that can develop 'compelling solutions' capable of meeting and growing consumer demand for their target segment.
The challenge is also looking for brands that can develop innovative and experiential concepts to engage consumers, or store concepts that have adopted technology to optimise space and manpower resources, in turn achieving cost and operational efficiencies.
'Through this initiative, EnterpriseSG and CLI seek to build a more innovative and immersive shopping environment for both retailers and consumers, and strengthen Singapore's position as a vibrant retail and lifestyle destination,' both organisations said on Wednesday (Jun 18).
The challenge will select up to three winning concepts.
Winners will then get the opportunity to occupy up to 4,000 square feet of retail space in one of CapitaLand's malls to pilot and showcase their innovative concepts. CLI will provide rental waivers for these designated retail spaces.
A NEWSLETTER FOR YOU
Friday, 8.30 am SGSME
Get updates on Singapore's SME community, along with profiles, news and tips.
Sign Up
Sign Up
They will also receive funding from EnterpriseSG to cover up to 50 per cent of supportable costs, capped at S$300,000.
The grant will cover cost categories including but not limited to hardware, software and integration costs for innovative technologies; innovation or experiential-focused store fit-out elements and manpower; as well as public relations and marketing costs.
In addition, winners will be publicised on CLI's marketing channels and can access collaboration opportunities with EnterpriseSG and CLI's network of industry partners and experts.
Over the past few years, Singapore's retail sector has experienced 'uneven growth' amid shifting consumer preferences and competition from e-commerce, noted EnterpriseSG and CLI.
Based on a survey conducted at the National Retail Federation Retail's Big Show Asia Pacific in 2024, local retailers are facing challenges such as building brand awareness and rising business costs.
'To tackle these challenges, local retailers must enhance brand management and elevate the in-store shopping experience to provide consumers with a more personalised and immersive omnichannel experience,' added both organisations.
Jeannie Lim, EnterpriseSG's assistant managing director of services and growth enterprises, noted that more consumers are seeking fresh experiences and deeper connections with brands amid a fast-changing retail landscape.
'The Retail Maverick Challenge offers an opportunity to uncover innovative and promising retail concepts that meet such needs,' she said.
Tan Mui Neo, CLI's managing director of retail management and commercial management (Singapore), said: 'Retail is fascinating because everyone has the experience of being a shopper, and we believe there are many great ideas out there that just need the right support to flourish.'
Applications for the Retail Maverick Challenge close on Aug 4. Interested companies can learn more about the challenge here.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
9 hours ago
- Straits Times
Consumer watchdog CCCS to take over EnterpriseSG in regulating consumer protection matters
Businesses and consumers can approach CCCS for matters relating to fair trading practices, consumer product safety requirements, and weights and measures compliance. ST PHOTO: GIN TAY Consumer watchdog CCCS to take over EnterpriseSG in regulating consumer protection matters SINGAPORE – From July 1, the Competition and Consumer Commission of Singapore (CCCS) will expand its regulatory functions over consumer protection matters. Both the Consumer Product Safety Office (CPSO) and the Weights and Measures Office (WMO) – which were previously under Enterprise Singapore (ESG) – will come under CCCS, the competition watchdog said on June 30. Businesses and consumers can approach CCCS for matters relating to fair trading practices, consumer product safety requirements, and weights and measures compliance, it added. 'Ensuring that businesses operating in Singapore sell products that meet requisite safety standards, as well as adopt accurate measurements when dealing with consumers, is integral to cultivating robust and fair competition, which translates to better opportunities for businesses and consumers alike,' CCCS said. By combining competition enforcement with robust consumer protection oversight, it said it would 'have a fuller set of tools available' to continue to strengthen market integrity, promote business innovation, and foster a more trusted trading environment. Both CCCS and EnterpriseSG are statutory boards under the Ministry of Trade and Industry (MTI). The transfer, which consolidates consumer protection, legal metrology and competition functions under the CCCS, comes off the back of the Competition (Amendment) Act 2025 coming into effect. It was introduced in Parliament in March under the Competition (Amendment) Bill. Senior Minister of State for Trade and Industry Low Yen Ling said in April that the transfer would consolidate and streamline Singapore's regulatory landscape on consumer protection. 'This will enhance CCCS' oversight of consumer protection issues and relevant regulations, and strengthen its ability to engage both consumers and businesses on consumer protection matters,' she said. Ms Low noted that consumer markets are constantly evolving and becoming more diverse, from digital goods and online marketplaces to groceries and daily essentials. She added that industries were being actively consulted as part of a more fundamental review of the consumer protection regime. Earlier in March, Minister of Trade and Industry Gan Kim Yong announced a consumer protection review panel to review key consumer concerns in Singapore, such as prepayment losses and online commerce. The panel would also assess the need to strengthen enforcement powers and ability to deal with emerging trends. 'As industry practices change, and as consumer habits, patterns and preferences shift, it is timely for us to undertake a more fundamental review of our consumer protection regime,' he said at an appreciation dinner by the Consumers Association of Singapore. Mr Gan said that the panel will consult with key industry stakeholders, study international trends and best practices, and develop recommendations to drive consumer empowerment, raise industry standards and strengthen regulatory levers where appropriate to the Singapore context. Mr Alvin Koh, chief executive of CCCS, said that the consolidation of various consumer protection functions marks a significant milestone in strengthening Singapore's consumer protection framework. 'By bringing these complementary regulatory roles together, we can explore ways to reap greater operational synergies and develop a more robust consumer protection regulatory framework to serve businesses and consumers alike,' said Mr Koh. CCCS also committed to collaborating with industry stakeholders 'to ensure a smooth transition and to uphold Singapore's reputation for marketplace excellence and integrity'. CCCS said it is working closely with EnterpriseSG to transfer the functions with minimal disruption to existing service, adding that all existing regulatory requirements, registrations and certificates issued by the CPSO and WMO will remain valid and enforceable under its authority. Anjali Raguraman is a correspondent at The Straits Times. She covers politics, as well as consumer stories spanning tourism, retail and F&B. Join ST's WhatsApp Channel and get the latest news and must-reads.
CNA
13 hours ago
- CNA
Singapore's consumer watchdog CCCS to take on new role as product safety regulator
SINGAPORE: The Competition and Consumer Commission of Singapore (CCCS) will expand its consumer protection mandate by taking on a new role as product safety regulator on Tuesday (Jul 1). The role is currently held by Enterprise Singapore (EnterpriseSG) under its Consumer Product Safety Office (CPSO) and the Weights and Measures Office (WMO). With the role transfer, the consumer product safety and legal metrology functions under EnterpriseSG will be transferred to CCCS, the consumer watchdog said in a press release on Monday. The CPSO and the WMO will report to CCCS after the transfer, thus "strengthening the agency's regulatory oversight over consumer protection matters". Consumers and businesses can approach CCCS for issues relating to fair trading practices, consumer product safety requirements, as well as weights and measures compliance, it added. Both CCCS and EnterpriseSG are statutory boards under the Ministry of Trade and Industry. "The consolidation of consumer protection, legal metrology and competition functions under CCCS underscores the agency's mission to make Singapore's markets work well," said CCCS. "Ensuring that businesses operating in Singapore sell products that meet requisite safety standards, as well as adopt accurate measurements when dealing with consumers, is integral to cultivating robust and fair competition, which translates to better opportunities for businesses and consumers alike." Combining competition enforcement with consumer protection oversight will also allow CCCS to have a "fuller set of tools available" to "strengthen market integrity, promote business innovation, and foster a more trusted trading environment", it said. "By bringing these complementary regulatory roles together, we can explore ways to reap greater operational synergies and develop a more robust consumer protection regulatory framework to serve businesses and consumers alike," said CCCS chief executive Alvin Koh. CCCS said it is working closely with EnterpriseSG to transfer the functions with minimal disruption to existing services. It added that all existing regulatory requirements, registrations and certificates issued by the CPSO and WMO will remain valid and enforceable under its authority. The transfer of EnterpriseSG's product safety and legal metrology functions to CCCS was first tabled in Parliament in March as the Competition (Amendment) Bill.
Business Times
13 hours ago
- Business Times
CCCS widens protection mandate to cover consumer product safety, legal metrology
[SINGAPORE] The Competition and Consumer Commission of Singapore (CCCS) will expand its regulatory functions by taking charge of consumer product safety requirements and weights and measures compliance matters currently handled by Enterprise Singapore (EnterpriseSG). Starting from Tuesday (Jul 1), the consumer product safety and legal metrology functions currently handled by Enterprise Singapore (EnterpriseSG) will be transferred to the CCCS' purview, as the Competition (Amendment) Act 2025 comes into effect, the agency said on Monday. The consumer product safety office (CPSO) and weights and measures office (WMO), that currently operate under EnterpriseSG, will report to the CCCS, the competition watchdog said. It also said the move, which consolidates consumer protection, legal metrology and competition functions under the agency, will strengthen its regulatory oversight over consumer protection matters. 'By combining competition enforcement with robust consumer protection oversight, CCCS will have a fuller set of tools available to continue to strengthen market integrity, promote business innovation, and foster a more trusted trading environment that advances Singapore's position as a leading business hub,' the agency said. Alvin Koh, chief executive officer of CCCS, said that the consolidation will fortify Singapore's consumer protection framework. 'By bringing these complementary regulatory roles together, we can explore ways to reap greater operational synergies and develop a more robust consumer protection regulatory framework to serve businesses and consumers alike,' Koh said. To ensure business continuity, the competition watchdog said that it would work closely with EnterpriseSG to ensure 'full transfer of functions with minimal disruption to existing services'. It added that existing regulatory requirements, registrations, and certificates issued by the CPSO and WMO will remain valid and enforceable under CCCS's authority and that businesses must maintain compliance with all current regulatory requirements throughout and after the transition.
