Closure of Tourism-related and Retail Businesses and Efforts to Stimulate Growth In These Sectors
- From January 2020 to September 2021, 8,600 retail businesses closed but 15,570 new ones opened, resulting in a net increase of 6,970 firms; the tourism sector saw stable numbers with around 420 hotels and 2,900 tourist guides despite some closures.
- The government provided support through the Jobs Support Scheme, the SingapoRediscovers Vouchers scheme, and fee waivers, which helped boost tour participation and aid workers, with 67% of locally retrenched tourism workers finding new jobs within six months.
- Initiatives like the E-Commerce Booster Package and Retail Industry Transformation Map are helping businesses digitalize and adapt to trends such as on-demand retail and sustainability to position for future growth.
- The travel agency sector was hit harder, with 157 closures (8% of licensed agents), but new entrants and support measures are aiding survival and recovery as the endemic scenario unfolds.
- The outlook aims for tourism to reach pre-pandemic levels in the next few years, with ongoing transformation efforts to capture opportunities when travel resumes.