TOURISM ENTREPRENEUR OF THE YEAR
Mr Tay Liam Wee
Group Managing Director, Sincere Watch Limited

Singapore’s Tourism Entrepreneur of the Year, Mr Tay Liam Wee, Group Managing Director, Sincere Watch Limited, says he is not in the business of just selling time.

“We are more than that; we are in the business of creating time.”

Says the man, who joined Sincere Watch in 1984 and has since propelled the company into the forefront of luxury watch retailing and marketing concepts, “We differentiate and position ourselves as the ‘Ultimate Watch Specialist’. With that position, we anchor our business on four key pillars: Brand Management, Fine Watch Retailing, Travel Watch Retailing and Lifestyle Watch Retailing.

“Through market segmentation, we reach our respective customers through our innovative retail concepts such as our Sincere Haute Horlogerie, Sincere Fine Watch and Emotus Time Culture stores and the soon-to-be launched Sincere Watch Academy.

“Our business is driven by the art of watch appreciation and through our passion to influence our customers, we strive to convert watch enthusiasts to watch connoisseurs.”

In presenting the award, the STB recognised Mr Tay “for reinforcing Singapore’s position as the regional luxury watch hub and putting Singapore on the map in the world of horology”.

“I am especially delighted with this award as it recognizes the important role played by the watch industry in Singapore towards the tourism arena. As Singaporeans, we are familiar with references made to Singapore as a place with little to entice and excite."

“However, all that is changing as Singapore transforms into a cosmopolitan city with a host of eclectic offerings synonymous with the international cities of the world. We at Sincere Watch are only too honored to be able to contribute to the Tourism Board’s efforts to nurture Singapore into a ‘Watch Hub’.”

Tourism is an integral part of Sincere’s business with tourists forming a large customer segment. “The business of watch retailing has in recent years grown in prominence. Singapore’s total trade in clocks and watches in 2005 stood at S$2.4 billion. We are also the third most important market in Asia, only after Japan and Hong Kong for Swiss imported watches.

“From these statistics, it is evident that tourism is integral and core to our business.” It is therefore key for retailers to know what tourists want when they come to Singapore to shop. Said Mr Tay, “When tourists come to Singapore to shop, they like to look for something they normally can’t get at home.

“As far as watches are concerned, we offer one of the most comprehensive selections so that the watch buyer has a wide choice. As watches are free of tax in Singapore, we are also competitively priced. Then for the truly discerning customers who want more, we have collaborated with top watch making houses in Europe to create special edition timepieces that are exclusively available in Singapore through our Sincere Haute Horlogerie boutique.”

Asked how Singapore could differentiate itself as a shopping hub from competitors such as Hong Kong, Dubai and Bangkok, Mr Tay said, “Personally for me, I would look at Singapore’s highly organized and safe environment as a strength and it is a special draw especially for the well-heeled. What we can do is to increase the level and sophistication of our offer so that this select group will find it interesting to spend more time and more money here. What the financial industry did to transform Singapore into a major private wealth management center, I believe we can also do that on the retailtainment front.

“While others remain a generalist, it is our mission to become a specialist. In the watch industry, we differentiate ourselves by establishing our reputation globally as the top specialist in our field. We become the best in order to cater to the best.”

Mr Tay said that when entering the retail business, new players need to understand that “retailing is all about service and it is a people business”.

“In order to do it well, one must feel good about what one is doing. We cannot look at it as a low-end job. We have to look at it with a sense of enthusiasm and we have to feel passionate about it. To achieve that, I believe we must acquire adequate knowledge in order to become an “expert” in our selected field of choice.

“Once we perceive ourselves as a professional, we would be able to dispense good advice to help our customers with their buying decisions. Appreciative customers will in turn reciprocate through repeat purchases and that again reinforces us to improve our service and the cycle goes on. It’s about bringing value to your customers!”

As for what motivates him personally, Mr Tay said, “To continue having the inspiration to be innovative and creative by constantly exciting the ‘horoloholics’ (ie the watch buying community) with our wide array of products and services.”