{"id":9341,"date":"2022-07-24T08:26:00","date_gmt":"2022-07-24T00:26:00","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=9341"},"modified":"2022-07-25T07:06:34","modified_gmt":"2022-07-24T23:06:34","slug":"the-end-of-og-department-store-has-the-sun-set-on-the-retail-industry","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/the-end-of-og-department-store-has-the-sun-set-on-the-retail-industry\/","title":{"rendered":"The End of OG Department Store: Has The Sun Set On The Retail Industry?"},"content":{"rendered":"\n<p>Another department store on Orchard Road is shuttering its doors: OG Orchard Point. This comes after the prominent closure of Robinsons at The Heeren in December 2021. Thankfully, unlike Robinsons, OG will continue to operate at its Albert Complex and People&#8217;s Park outlets.<\/p>\n\n\n\n<p>One of Singapore\u2019s older home-grown retailers, the closure of OG Orchard Point points to a shift in the overall retail landscape. As stated by OG on their Facebook page, it is part of their long-term strategy to open more outlets closer to their suburban customers.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"604\" height=\"166\" src=\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/07\/og-comment.jpg\" alt=\"\" class=\"wp-image-9342\" srcset=\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/07\/og-comment.jpg 604w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/07\/og-comment-300x82.jpg 300w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/07\/og-comment-380x104.jpg 380w\" sizes=\"(max-width: 604px) 100vw, 604px\" \/><\/figure><\/div>\n\n\n\n<p>So, is this an end of an era for department stores: the OG of retail?<\/p>\n\n\n\n<p><strong><em>Read Also: <\/em><\/strong><a href=\"https:\/\/dollarsandsense.sg\/business\/isetan-to-close-its-parkway-parade-store-do-retail-stores-have-a-chance-of-surviving-the-pandemic\/\"><strong><em>Isetan To Close Its Parkway Parade Store: Do Retail Stores Have A Chance Of Surviving The Pandemic?<\/em><\/strong><\/a><\/p>\n\n\n\n<h3 id=\"the-pandemic-has-shifted-the-relationship-between-retailers-and-consumers\"><strong>The Pandemic Has Shifted The Relationship Between Retailers and Consumers<\/strong><\/h3>\n\n\n\n<p>Just as the pandemic has changed the relationship between workers and the office, it has also accelerated the change for retailers and consumers. While e-commerce was not uncommon prior to the pandemic, the period of lockdowns and safe management measures propelled an explosion growth in e-commerce. Retailers had little option to reach their customers without a digital presence.<\/p>\n\n\n\n<p>Instead of being a niche option for early adopters and young people, shopping online has become commonplace. Even housewives who were stalwart wet market supporters have also turned to digital options like NTUC Online and Redmart.<\/p>\n\n\n\n<p>Once the floodgates of online shopping have opened, consumers rarely restrict themselves to only shopping in person. This presents a challenge to traditional retailers, like department stores, which have relied on physical footfall and customer interaction.<\/p>\n\n\n\n<p><strong><em>Read Also: <\/em><\/strong><a href=\"https:\/\/dollarsandsense.sg\/business\/guide-to-start-digital-pack-for-smes\/\"><strong><em>Guide To Start Digital Pack For Small And Medium Enterprises<\/em><\/strong><\/a><\/p>\n\n\n\n<h3 id=\"trend-towards-suburban-retail\"><strong>Trend Towards Suburban Retail<\/strong><\/h3>\n\n\n\n<p>As evidenced by OG\u2019s intended shift to suburban outlets, shopping malls and retailers in suburban areas have fared better during the pandemic. This is likely because people were largely working from home and thus would frequent retailers closer to home. Now that workers are returning to office, the trend should logically reverse.<\/p>\n\n\n\n<p>However, OG is giving up their Orchard Point outlet location in favour for suburban outlets. This suggests that the trend towards suburban retail may not be transitory. Instead, it may herald an overall shift towards decentralised retail nodes instead of concentrated shopping districts.<\/p>\n\n\n\n<h3 id=\"smaller-retailers-may-benefit\"><strong>Smaller Retailers May Benefit<\/strong><\/h3>\n\n\n\n<p>According to <a href=\"https:\/\/www.ocbc.com\/business-banking\/smes\/sme-index\">OCBC SME Index<\/a>, the retail industry reverses its slight contraction in 1Q2022 to register growth in 2Q2022. This bodes well for small retailers who may also be benefiting from the trend towards suburban.<\/p>\n\n\n\n<p>Additionally, smaller retailers are also likely to be nimbler in response to the shift in consumer preferences. They can also tap on government grants like <a href=\"https:\/\/dollarsandsense.sg\/business\/guide-to-start-digital-pack-for-smes\/\">Start Digital Pack For Small And Medium Enterprises<\/a> to implement digital solutions<\/p>\n\n\n\n<h3 id=\"retail-is-ever-evolving\"><strong>Retail Is Ever Evolving<\/strong><\/h3>\n\n\n\n<p>Where one department store closes, another retailer opens in its place. Robinsons at the Heeren has been replaced by Decathlon and OG Orchard Point will make way for a new store specialising in fresh food and grocery. Just as consumer preferences change, retailers need to evolve and adapt, to try new retail formats or distribution channels (including e-commerce).<\/p>\n","protected":false},"excerpt":{"rendered":"The OG of retail\n","protected":false},"author":11,"featured_media":9343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[364],"tags":[1469,1468,417],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The End of OG Department Store: Has The Sun Set On The Retail Industry? | DollarsAndSense Business<\/title>\n<meta name=\"description\" content=\"Another department store along Orchard Road closes down: OG Orchard Point. 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