In the face of rising business costs, labour scarcity, digital disruption and increasing competition for tourist dollars, individual sectors can no longer afford to go it alone.
The forum, which featured panel discussions with the association representatives and industry leaders, was the first meeting for some. Mr Yeo Guat Kwang, assistant director-general of the National Trades Union Congress and supervising lead of its Hospitality and Consumer Business Cluster, said that"the hard reality is that costs will keep going up", and cost wastage is one area that must be looked at.
SRA executive director Rose Tong acknowledged criticism that the event has become drawn out and little more than sales and discounts. While between 30 and 40 per cent of sales on Orchard Road come from tourists, the street is under pressure to compete with the likes of the integrated resorts and the upcoming Jewel at Changi Airport, he added.
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