Retailers 40 per cent drop in business during the F1 period
Retailers around F1 tracks pessimistic about business during F1
Posted: 07 September 2009 2102 hrs
F1 cars take a corner with the financial skyline in the background on the Marina Bay City Circuit.
SINGAPORE: Retailers situated around the Singapore Formula 1 track expect a 40 per cent drop in business during the F1 period, the same as last year. This, despite a reduction in the number of road closure days from 12 to seven.
Retailers said the effect of drivers not venturing into the track area is immediate. And while students still enter by public transport, their buying power is not high.
They also said that F1 visitors tend to go to Orchard to shop instead.
To reduce outgoings, some of the retailers plan to reduce their manpower and overhead costs during the F1 period.
Food and beverage outlets said they saw a 20 to 30 per cent drop in business last year and are also pessimistic about the road closures.
Benjamin Seow, managing director, Hotpot Culture, said: "We'll probably cut down a bit of our staff, put them on leave. As for our food cost, we'll try not to overcook on the buffet items." - CNA/vm
Retailers around F1 tracks pessimistic about business during F1
Posted: 07 September 2009 2102 hrs
F1 cars take a corner with the financial skyline in the background on the Marina Bay City Circuit.
SINGAPORE: Retailers situated around the Singapore Formula 1 track expect a 40 per cent drop in business during the F1 period, the same as last year. This, despite a reduction in the number of road closure days from 12 to seven.
Retailers said the effect of drivers not venturing into the track area is immediate. And while students still enter by public transport, their buying power is not high.
They also said that F1 visitors tend to go to Orchard to shop instead.
To reduce outgoings, some of the retailers plan to reduce their manpower and overhead costs during the F1 period.
Food and beverage outlets said they saw a 20 to 30 per cent drop in business last year and are also pessimistic about the road closures.
Benjamin Seow, managing director, Hotpot Culture, said: "We'll probably cut down a bit of our staff, put them on leave. As for our food cost, we'll try not to overcook on the buffet items." - CNA/vm
