Archive for the 'Retail' Category

First weekend of Great Singapore Sale rings in S$46 million

Posted June 14, 2007 * Comments(0)

According to MasterCard Singapore, sales are up 48% from previous years, with restaurants, hotels and departmental stores brining in most of the shopping dollars.

The reasons for the uptrend? The economy is doing well. People are travelling more, buying more fashion items and persuaded to spend by deals and promotions.

Local credit card spending is up 45%, while tourists spending has increased 54% from last year.

Source: “Great Singapore Sale off to good start with sales up 48%“, Channel NewsAsia, 13 June 2007

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NETS fee hike likely to affect consumers

Posted June 7, 2007 * Comments(0)

NETS imposing higher levy on retailers.

NETS now charges businesses 0.35% - 0.55% of each transaction.

Starting July, NETS intends to increase this to 1.5% and 1.8%. Merchants may stop offering NETS or pass on higher transaction fees to customers as part of the total price as NETS does not allow retailers to charge customers for using NETS.

Consumers Association of Singapore (CASE) is taking up issue with NETS and has filed a complaint to the Competition Commission of Singapore concerning.

Source: “Consumers can expect to pay more with higher NETS levy“, Channel NewsAsia, 5 Jun 2007

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