A recent publication of Singstat shows Singapore retail declined at among one of the worst rate in history, at a drop of 9.6% year to year.
In particular, there is a 34.7% drop in food and beverages sales.
Going forward, PAP policy of low wage and milking people dry has run her course. People has no monies, business cannot make monies. Even if we further open the FT flood gate, so long wages sucks, retail is not going to get anywhere better.
Nevertheless, to bail out retailer, there is one more silver bullet. PAP can increase scandalous public service pay ever stratopherically, bankrupting Singapore, as we are already running operational deficit, which is salvage by transfer from our investment returns.