Five imperatives for change every business should consider

DESIGN Orchard, a new development on Orchard Road comprising a retail showcase, incubators and event spaces bringing over 60 local brands together, recently opened its doors.

A part of the masterplan to develop Singapore's famed shopping precinct into a vibrant lifestyle destination, this move reflects a growing appetite for local products with a Singapore story as global brands become more ubiquitous across shopping malls.

Indeed, consumer behaviours and attitudes are shifting - and so are the foundations that the retail industry has been built on.

To sustain competitive advantage, what do retailers need to do now to reshape their business and generate value from the consumer of tomorrow?

At a recent EY-led hackathon, the purpose of which was to imagine a future world for consumers in Singapore, participants agreed that consumers are increasingly aspiring to have a more fulfilling and purposeful life and that technology will be key to empowering them to achieve …