so here are some tips to have fun and beat the recession!
How to reduce cost as a CONSUMER:
Instead of shopping at high end shopping malls like Takashimaya or Wisma, try heading to Bugis Junction where some shops there sell similar clothes to the type that you can find in Forever21, Cotton On, Max and more etc at relatively cheaper prices! There are a few flea markets being set up like the Zouk flea market for example.
If you really have to shop at the higher end shops, ask when the next sale will be and buy everything at one go then.
How to reduce cost as a PRODUCER/BUSINESS OWNER:
Because of the current economic situation, many people have cut down on shopping as a way to save more money. This, however, creates a problem for shops all around Singapore. Since there is a drop in demand, there would be an excess of clothes ordered from overseas. As the season changes, shops then have to clear old stock by either holding a massive sale or, keep them in a warehouse. Storing all the extra clothes in a warehouse would incur extra cost. To solve this problem, companies should not order as many clothes as they would have in the past.
Since there would be less customers in the shop, they can cut down on the manpower required. Not as many people would be needed to fold and hang clothes or to do cashing. Retrenchment might not be the answer but advising the staff to take unpaid leave and when the market is looking better, ask them to come back to work. This way, it would help the company save money and have adequate man-power at hand when required.
It would be tempting to buy everything on sale at just one shot - but don't you sometimes go into a store and realise you just don't like anything for that season's line of clothes? I suppose for service oriented businesses there little lee way but to reduce labour, but I wonder if the labour can be redeployed in ways that can increase demand e.g. for restaurants, sometimes labour is redeployed to give flyers.
ReplyDeletewell if we don't like anything from that season's line in particular wouldn't it be a way of saving money since we don't buy anything? (:
ReplyDeletefor service orientated businesses, the company would be trying to draw in customers by giving out flyers to members of the public. most of the time, i've realized that the flyers that are being given out are flyers that would enable the customers to eat at that particular restaurant and would be given a discount.