Times are not good for minimarts and convenience stores this year, even though the economy looks to be improving. For every month from Jan to July, sales at these stores have fallen from a year ago, latest figures from the Department of Statistics show. This contrasts with the same seven-month period last year, where year-on-year sales fell only in May. The reasons for this decline range from online shopping to weaker consumer sentiment to competition from supermarkets, said stores. Mr Toh Hong Aik, MD of the UMart franchise which has 45 minimarts islandwide, said that the biggest reason for the drop in his chain’s business of about 10 per cent was linked to the economy. Even though the economy might generally be doing better, consumers are still wary and unwilling to spend much, for fear that things could get worse, he said. This has resulted in consumers like Ms Jenny Tan shopping at supermarkets once or twice weekly, and hardly visiting minimarts now. “Prices at minimarts are higher and they don’t provide a one-stop service offering both wet and dry food,” said the 51-year-old executive in the aerospace industry. Convenience stores have not been spared from the retail challenges.... Continue Reading