One of the most pressing challenges for retailers in Singapore, including bookshops, is the continuous rise in retail rents. Prime retail rents rose by 0.5% quarter-on-quarter in Q3 2024. This trend places pressure on physical retailers, many of whom struggle to maintain profitability amidst high overheads, particularly labour and inventory costs. 

Singapore's physical bookshop landscape experienced similar pressures in 2024, as seen with the closure of Times Bookstore on September 22, after over 46 years of operation. Following this, Epigram Books, a pioneering bookshop located within the Singapore Art Museum and known for stocking exclusively Singaporean literature, will close on January 26, 2025.

Furthermore, the rise of e-commerce giants like Amazon and Lazada has significantly disrupted the retail market. Consumers are increasingly drawn to the convenience of online shopping, which offers competitive pricing and a wider selection than a brick-and-mortar shop. This shift has compelled many retailers to explore innovative ways to attract customers.

The case of bookshops in Singapore reflects the broader challenges that physical retailers face in an evolving consumer landscape. Although rising rents and competition from e-commerce pose significant threats, there are also opportunities for adaptation and innovation.

As Singapore's retail landscape continues to transform, traditional retailers must remain agile and responsive to changing consumer preferences. By embracing experiential retailing, leveraging social media trends, and diversifying product offerings, retailers can carve out sustainable niches within the competitive retail environment.