SingPost to develop Singapore’s first shopping mall with eCommerce logistics services
A smart mall in a Smart Nation that combines the best of both worlds
- online and offline shopping
Artist's impression of the new retail mall at Singapore Post Centre
Singapore, 28 October 2015 – Singapore Post Limited ("SingPost"), a leading postal and eCommerce logistics provider in Asia Pacific, today announced the development of Singapore's first shopping mall that offers a complete suite of eCommerce logistics solutions. This development is aimed at creating opportunities for businesses in the changing retail landscape and catering to the evolving needs of consumers.
The new retail mall at Singapore Post Centre (SPC) will offer greater convenience, choices and experiences to consumers by providing online e-merchants and offline brick-and-mortar shops all under one roof. Online shopping through e-merchants will include in-shop online ordering and flexibility in delivery and pickup timings.
A groundbreaking ceremony was held today to mark the commencement of the construction at SPC. The new retail mall is scheduled to be completed around mid-2017 and will be at the present open concourse in front of the SPC, located next to Paya Lebar MRT station. It will boast 25,000 square metres of retail space. The construction cost is about S$150 million, which includes upgrading amenities and façade for the adjoining office building.
Mr Lim Ho Kee, Chairman of SingPost, said, "Ever since our IPO in 2003, SingPost has always sought to maximise the returns to our shareholders by realising the full potential of our assets - from human capital to physical assets and resources. The redevelopment of the retail mall at SPC is part of our efforts to extract maximum value from our property portfolio and support our accelerated transformation from Singapore mail to global eCommerce logistics."
When the new retail mall at SPC comes on-stream, it is expected to revolutionise retail concepts for consumers and retailers alike. It will be a mall that combines both online and offline shopping. For instance, a consumer could browse in-store, purchase the product and arrange for delivery of the product directly to their 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.
Dr Wolfgang Baier, Group Chief Executive Officer of SingPost, said: "SingPost is building a unique and disruptive concept – converging online and offline – to gain maximum customer benefits. With the new retail mall at SPC, consumers can enjoy the best of both worlds - online and offline - while businesses can potentially cut costs and focus on enhancing customer experiences. This is an important shift in mindsets as well as the retail and eCommerce landscapes. The convergence of online and offline will bring exponential benefits to consumers and businesses - therefore we view this as 'O²' (O-squared) instead of O2O (Online-to-Offline)¹. The SPC O² retail concept puts consumers at the heart of this evolution, allowing them to have greater retail options and more convenience."
The new retail mall at SPC will consist of four above ground levels and one basement, an eight-hall cineplex, SingPost's flagship post office, retail shops, as well as food and beverage outlets. The mall will come equipped with three levels of underground car park.
Under the Urban Redevelopment Authority masterplan 2008, the area around the Paya Lebar MRT station will be developed into a suburban commercial node, while retaining its cultural identity. The new retail mall at SPC will reinforce the plan and add more buzz into the area by introducing the new O² retail experience.
Ms Clara Cheo, Chief Executive Officer, Golden Village Multiplex Pte Ltd, which is one of the key anchor tenants of the new SPC mall, said, "Amidst fast-changing trends and the evolving business landscape, SingPost's continuous innovation has transformed the brand into a global player in its industry while staying relevant to customers' needs. With these shared values, we at Golden Village (GV) are proud to be part of the upcoming development Singapore Post Centre Mall in 2017. With the mall's abundant carpark space, easy access from Paya Lebar MRT station and city fringe location, we will be able to bring GV's wellloved cinema experience to even more residents in the East of Singapore."
"Kopitiam has been an anchor tenant with SingPost Centre for the last 7 years and we are extremely excited with the potential of the new concept mall and will continue this journey with SingPost for many more years to come," commented Mr. Alden Tan, Managing Director, Kopitiam.
The new retail mall at SPC will be a smart mall in a Smart Nation, using technology and innovation to support smart living environments while helping businesses to grow.
¹Note to Editor:
O² stands for "O-squared" which refers to the retail fulfilment of Online-to-Offline and Offline-to-Online shopping. It is a convergence of shopping in the online digital world and the offline physical world.
O2O stands for Online-to-Offline. It refers to business transactions in which the consumer finds and pays for a product or service online but receives it at the store. (Source: Dictionary.com)
About Singapore Post Limited
For over 150 years, Singapore Post (SingPost) as the country's postal service provider, has been delivering trusted and reliable services to homes and businesses in Singapore.
Today, SingPost is pioneering and leading in eCommerce logistics as well as providing innovative mail and logistics solutions in Singapore and the Asia Pacific, with operations in 15 countries.
Building on its trusted communications through domestic and international postal services, SingPost is taking the lead in end-to-end integrated and digital mail solutions. The suite of SingPost eCommerce logistics solutions includes front end web management, warehousing and fulfilment, last mile delivery or international freight forwarding.
Listed on the Main Board of the Singapore Exchange in 2003, SingPost is a constituent stock of various main global benchmark indices - FTSE All-World Index Series, FTSE All-World Minimum Variance Index, FTSE All-World High Dividend Yield Index, FTSE RAFI Index Series, FTSE Global Infrastructure Index Series and FTSE ST Index Series. It has a strong credit rating of 'A/Stable/NR' by Standard & Poor's.
To find out more about SingPost, please visit www.singpost.com and https://www.singpost.com/corporate-information/businesses.html for more information on SingPost's subsidiaries and businesses.