-- Enterprise Singapore (EnterpriseSG) and CapitaLand Investment (CLI), a global real asset manager, have launched the inaugural Retail Maverick Challenge – an open competition inviting local retail brands to showcase their most innovative store concepts. Through this initiative, EnterpriseSG and CLI seek to build a more innovative and immersive shopping environment for both retailers and consumers, and strengthen Singapore’s position as a vibrant retail and lifestyle destination.
This industry initiative aims to identify local retail brands with:
- Compelling solutions capable of meeting and growing consumer demand for their target segment(s);
- Innovative, experiential concepts that can elevate consumer engagement through immersive experiences; and
- Store concepts that optimise space and manpower resources through the adoption of technology to achieve cost and operational efficiencies.
The challenge will select up to three winning concepts, underscoring the commitment to recognise and support a broader range of innovative and outstanding ideas. Winners will get the opportunity to access up to one year of retail space1 in one of CapitaLand’s malls2, of up to 4,000 square feet to pilot and showcase their innovative concepts. Winners will also receive EnterpriseSG’s support for pilot implementation, of up to 50% support capped at S$300,000 for supportable costs3. In addition, winners will benefit from promotional support through CLI’s marketing channels and gain access to collaboration opportunities with EnterpriseSG and CLI’s extensive network of industry partners and experts.
Amid global retail trends of evolving consumer preferences and competition from ecommerce, Singapore’s retail sector has similarly experienced uneven growth over the past few years. Local retailers are facing increasing challenges such as building brand awareness4 and rising business costs. To tackle these challenges, local retailers must enhance brand management and elevate the in-store shopping experience to provide consumers with a more personalised and immersive omnichannel experience. The emphasis on rejuvenating the local retail scene and transforming mall offerings is part of the Government’s effort to enhance the vibrancy of Singapore’s retail sector and contribute to Singapore’s broader economic growth. The Retail Maverick Challenge aims to unlock these new growth opportunities and redefine traditional retail models as part of EnterpriseSG’s broader strategy to drive industry transformation.
Ms Jeannie Lim, EnterpriseSG’s Assistant Managing Director (Services and Growth Enterprises), said: “Enterprise Singapore’s partnership with CapitaLand Investment comes amid a fast-changing retail scene where consumer behaviour is rapidly evolving and digital transformation is reshaping the industry. Consumers seek fresh experiences as well as deeper connections with brands. The Retail Maverick Challenge offers an opportunity to uncover innovative and promising retail concepts that meet such needs. EnterpriseSG aims to collaborate with more key partners like CLI, so that Singapore continues to be a vibrant lifestyle hub, characterised by a variety of experiential retail concepts.”
Ms Tan Mui Neo, Managing Director, Retail Management, Commercial Management (Singapore), CLI said: “We are excited to partner with Enterprise Singapore on this initiative, to encourage Singaporeans to come up with new ideas. Retail is fascinating because everyone has the experience of being a shopper, and we believe there are many great ideas out there that just need the right support to flourish. The Retail Maverick Challenge is designed to uncover hidden concepts that can brighten up the local retail and lifestyle landscape. Together with Enterprise Singapore, we hope to help unearth these ideas and incubate them. The criteria are intentionally open, so that we can drop preconceived notions of what can or cannot work. We look forward to the interesting Maverick ideas that we expect to blossom from this initiative and hope to work with all partners to contribute to a vibrant Singapore retail ecosystem.”
This latest initiative comes on the back of a series of experiential concepts supported by EnterpriseSG to rejuvenate the lifestyle sector and elevate the retail experience for consumers. For example, the agency supported local retailers FairPrice Group, MORNING, and Wine Portal Holding (Vivino) on the development of their first experiential concept stores in Singapore. Following the opening of these stores, they have seen growth in their revenue, customer reach and/or footfall. (Refer to Annex for more details)
Applications for the Retail Maverick Challenge will open from 18 June 2025 – 4 August 2025. Interested companies can find out more information about the challenge and sign up at https://open.innovation-challenge.sg/en/challenges/rmc-2025.
Footnotes:
1. As part of its commitment to nurture innovative retail concepts, CLI will provide rental waivers for the designated retail spaces.
2. Locations such as Plaza Singapura, Funan, and CQ @ Clarke Quay are among those included.
3. The support is subject to further assessment based on the proposed proof-of-concept and key performance indicators. The grant can be used for various cost categories, including but not limited to hardware, software and integration costs for innovative technologies; innovation/experiential-focused store fit-out elements and manpower; and PR marketing costs.
4. Source: Survey conducted at the National Retail Federation’s 2024 Retail’s Big Show Asia Pacific.
Release ID: 89162577
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