TL;DR

Who: Honestbee, Chan Chun Sing and the retail scene

Weekly Business Brief | 2019 Week 20

Wrapping up the week's business news and announcements.

SBO Singapore Weekly Business Brief
Published:   |   Updated:   |   Posted in

Honestbee to halt food delivery service and temporarily suspend laundry service in Singapore.

Honestbee announced that the Singapore market’s food delivery service will be halted and laundry service will be temporarily suspended with effect from 20th May 2019.

On 15th May 2019, Honestbee announced that the Singapore market’s food delivery service will be halted and laundry service will be temporarily suspended with effect from 20th May 2019.

The company said that “the decision was made to optimise the business structure, and to drive better focus and alignment with honestbee’s current strategic priorities.”

It also added that its grocery delivery service and Habitat remains operational.

Honestbee said that “approximately 400 delivery bees are affected by the decision,” but added that “the headcount in Singapore remains unaffected.” Read more in this summary of the reports on Honestbee.

Singapore must prepare to deal with US-China trade war fallout: Chan Chun Sing

Mr Chan said it is important that Singapore gets its fundamentals right by ensuring the business environment and workers’ skills remain competitive, amid ongoing disruptions.

“Many in the US, in and out of the administration, Republican and Democrat, see China as a strategic competitor. Some in China wonder if the US is seeking to thwart China’s growth,” he said in a Facebook post.

Mr Chan warned that while some businesses may benefit from the disruption in trade in the near term, worsening trade tensions will hurt global business and consumer confidence as many countries depend on a global system underpinned by stable US-China relations.

Mr Chan said it is important that Singapore gets its fundamentals right by ensuring the business environment and workers’ skills remain competitive, amid ongoing disruptions.

Read more on this Channel NewsAsia report.

Singapore retail sales fell 1% in March

Food retailers saw their takings fall by 5.7 per cent from the same period a year ago, while department stores saw a 4.6 per cent decline. 

Excluding motor vehicles, March sales fell 1.5 per cent.

The total retail sales value was estimated at S$3.8 billion, with online sales making up about 5.3 per cent.

Most retail segments registered a fall in March, with optical goods and books seeing the biggest decline of 6.4 per cent.

Food retailers saw their takings fall by 5.7 per cent from the same period a year ago, while department stores saw a 4.6 per cent decline.

Categories which registered year-on-year increases included medical goods and toiletries (2.8 per cent), as well as supermarkets and hypermarkets (0.9 per cent).

Read more on this Channel NewsAsia report.


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