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SingPost launches e-commerce shopping mall
Singapore is looking to become a leader in e-commerce, by introducing a mall that combines online and offline shopping, reports TechCrunch.
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The new retail mall at Singapore Post Centre (SPC) will boast 269,097.8 sf of retail space and it will be located next to the Paya Lebar MRT station.
For instance, consumers could browse in-store, purchase the product, and have the product delivered directly to their homes or preferred address at their desired time. The consumer could then continue shopping, watch a movie or have a meal in the mall without having to carry bulky shopping bags.
The mall, which is said to have 25,000 sq metres of retail space, is scheduled to be built by mid-2017.
Post has appointed Japan’s Shimizu Corporation as the main contractor to undertake the redevelopment and office works at its flagship SingPost Centre for about S$150 million.
SingPost said the development is aimed at creating opportunities for businesses in a “changing retail landscape”, and “catering to the evolving needs of consumers”.
“We view the convergence of shopping in the online and offline worlds as “O2″ (O-squared), instead of O2O (Online-to-Offline), in which consumers find and pay for the product online but receive it at the brick-and-mortar store”.
It’s certainly a bold vision, particularly since this mall would be the first of its kind – even though online-to-offline is already a trend that is enabling a few physical retailers to extend their reach to customers through the internet.
Dr Wolfgang Baier, Group Chief Executive Officer of SingPost, added: “SingPost is building a unique and disruptive concept – converging online and offline – to gain maximum customer benefits”. Revenue from e-commerce made up 28 per cent of SingPost’s total turnover of $920 million in the financial year that ended on March 31.
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When completed, the new mall will consist of four levels above ground and one basement.