MORE local retail and food companies will be expanding into new markets in Asia, as part of a new pop-up initiative by Enterprise Singapore that allows them to set up dedicated retail spaces in major shopping centres over a period of one week to two months.
The first pop-up of the series, Singaporium, was officially launched by President Halimah Yacob on Tuesday in Manila, the Philippines.
From September 2019 to February 2020, over 60 local lifestyle and consumer companies will have the opportunity to reach about 2.8 million overseas consumers in Manila, Bangkok, Tokyo and Jakarta. Some 80 per cent of them, or 48 companies, will be testing new markets for the first time.
This aims to help Singapore companies take the first step in their internationalisation journey, said the government agency.
Through these pop-ups, retail, food manufacturing and food services companies will be able to expand brand visibility and test market receptivity over a period of time via a structured platform. By reaching end consumers directly, companies can gather valuable customer insights and refine price points, said the government agency.
Enterprise Singapore will also facilitate business discussions between companies and interested industry stakeholders to seed potential partnerships.
Ted Tan, deputy CEO of Enterprise Singapore, noted that going global is a key driver for companies to scale up and grow their business, with Indonesia, Japan, Thailand and the Philippines consistently ranked among the top 10 countries that local companies have expressed interest to venture into.
“Enterprise Singapore, through our market knowledge and extensive overseas networks, will connect these companies with the right partners who have established channels for distribution, product promotion and proven business models, so that our consumer brands can penetrate into these markets successfully,” he said.