Singapore Post Centre (SPC) is to incorporate an innovative shopping mall development by Singapore Post Limited (SingPost), with the aim of providing consumers with the ability to combine both online and in-store shopping experiences.
The new development will cost around S$150 million to construct, and is expected to open in mid-2017. It will provide around 25,000 square metres of retail space in the open concourse in front of the Singapore Post Centre in Paya Lebar. The mall will consist of four levels above ground, a basement and three levels of underground parking. In addition to integrating SingPost’s flagship post office, the complex will include retail shops, food and drink outlets and a Cineplex with 8 theatres for Lend Lease Park Place Residences.
As consumers’ retail habits change, Singapore Post Centre have recognized an opportunity to provide a range of different choices to consumers by combining on-line e-retailers and physical shop units in one place for Paya Lebar Quarter. The consumer will also be able to order goods on-line and arrange for delivery to their home address for Park Place Residences, or to arrange pick-up at a convenient time, giving them much greater flexibility in their shopping needs.
For example, the consumer could visit a store and browse, purchase their goods and then arrange for them to be delivered to their home address. This frees the consumer from having to carry around their shopping with them, leaving them free to continue browsing and combine their shopping with having a meal at one of the restaurants in the mall. For the retailer, it provides them with an advantage in that they can save on shop unit costs by having a smaller retail space, and provide the order fulfilment via their back-office warehousing for Lend Lease Condo.
Singapore Post Centre are calling this type of combined Online/Offline experience as “O-squared” (O2) – where the consumer can have a greater number of retail options and more convenience. Potentially, the concept will enable businesses to cut costs by consolidating their online and offline retail capabilities, whilst enabling them to meet their customers’ rapidly-changing demands for flexibility in their shopping experiences.