|Picture Credits : SingPost|
SingPost announced this morning that it will develop Singapore’s first shopping mall which offers a complete suite of eCommerce logistics solutions at its flagship Singapore Post Centre (SPC).
Recall that SingPost had already earlier mentioned that it will redevelop the retail portion of SPC, and has now released more details on this. In particular, SPC will house online e-merchants and offline brick-and-mortar shops under one roof, and aims to revolutionalise the shopping experience.
A consumer could browse in-store, purchase the product and arrange for delivery of the product directly to his or her home. The consumer could then continue shopping, watch a movie or have a meal in the mall without having to carry bulky shopping bags. The retailer, on the other hand, could save on storage space in the store as fulfilment would be done at the backend of the warehouse.
The new mall will be completed around mid-2017 and will be at the present open concourse in front of the SPC, comprising 25,000 sq m of retail space. The construction cost is about S$150m, which includes upgrading amenities and façade for the adjoining office building. This is funded by internal funds and borrowings.
Source : OCBC Investment Research