Free rent and more for winners of contest to rejuvenate retail scene

Competition to seek out local retail brands with the most innovative store concepts

- Anjali Raguraman

Three retailers will get up to a year of free rent in prime shopping mall space and monetary support to pilot innovative concepts, as part of a competition aimed at rejuvenating Singapore's retail sector.

The first edition of the Retail Maverick Challenge—launched by Enterprise Singapore (EnterpriseSG) and asset management group CapitaLand Investment (CLI) on June 18—is seeking out local retail brands with the most innovative store concepts.

Pitches will be judged on how much they can meet and grow consumer demand, with innovative and experiential concepts that elevate consumer engagement through immersive experiences, said EnterpriseSG and CLI in a joint statement. They should also be store concepts that achieve cost and operational efficiencies by optimising space and manpower use through technology.

Winners will get up to one year of up to 371 sq m of retail space in one of CapitaLand's malls to pilot and showcase these concepts. The malls include locations in the city like Plaza Singapura, Funan and CQ @ Clarke Quay.

They will also get up to 50 per cent support from EnterpriseSG—capped at $300,000—for costs such as hardware, software, innovation and experience-focused store fit-outs, and public relations or marketing costs.