Singapore Post (SingPost) has started construction work on a new S$150 million (US$107 million), 270,000ft² retail mall that combines the benefits of both online and offline shopping by offering a complete suite of e-commerce logistics solutions.
The new mall – to be completed by mid-2017 – will be built as part of the Singapore Post Centre (SPC) and will offer greater convenience, choices and experiences to consumers by providing online e-merchants and brick-and-mortar shops all under one roof.
Wolfgang Baier, group CEO 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 while businesses can potentially cut costs and focus on enhancing customer experiences. This is an important shift in mindset as well as the retail and e-commerce landscapes. The convergence of online and offline will bring exponential benefits to consumers and businesses.”
Online shopping through e-merchants will include in-shop online ordering and flexibility in delivery and pickup timings. For example, a consumer could browse in store, purchase the product online 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 store, as fulfillment would be carried out at the warehouse.
Earlier, SingPost, through its indirect wholly owned subsidiary, TG Acquisition Corporation, announced it is acquiring 96.3 per cent of US-based TradeGlobal Holdings for US$168.6 million. TradeGlobal is a leading US end-to-end eCommerce provider that offers best-in-class services to the world’s premier fashion, beauty and lifestyle brands.
Following this transaction, SingPost’s clients in Asia Pacific can now expand their businesses into the US and TradeGlobal’s clients will have access to the fast growing eCommerce landscape in Asia Pacific. As SingPost’s and TradeGlobal’s eCommerce platforms and warehouse networks are complementary, their clients can expect to leverage integrated technology and fulfilment capabilities as a one-stop global solution.
Marcelo Wesseler, chief executive officer, SingPost eCommerce, added: “Full service eCommerce solutions have traditionally been geographically confined. This acquisition will offer a one stop solution for brands to grow their businesses globally. Using localised capabilities in the two largest eCommerce markets, Asia Pacific and North America, brands will also be able to provide their customers with a seamless shopping experience.
“This acquisition strengthens our e-commerce logistics platform by enhancing our scalability and capabilities, for instance to handle major surges in traffic and transactions during peak shopping seasons.”
