Analysts say the rise of hospitality and MICE numbers will go some way in propping up the retail industry.
SINGAPORE - The global retail industry has, in recent years, struggled to fend off the threat from online retailer, with industry analysts warning that the forecast for 2020 will be not be any rosier.
Even though the situation in Asia Pacific is less dire - regional retail investment volume fell 7% to US$16.5 billion, slower than the global decline rate of 35% - the prospect remains worrying.
But, using Singapore's retail scene as an example, analysts are saying the rise of hospitality and MICE numbers will go some way in propping up the retail industry.
In 2019, an uptick in international visitor arrivals in Singapore had helped to boost the retail market, said Alice Tan, senior director of research and consulting at Edmund Tie.
Feedback from hospitality operators also indicated higher room occupancies and enquiries for conference and meeting spaces, Ms Tan told EdgeProp Singapore.
Hence, the analyst expects the hospitality and MICE industry to continue to support the retail market next year, thanks to an increase in business and leisure travellers to Singapore.
"We could see sustained growth in visitor arrivals and MICE activities in 2020," she added.