Singapore Management University (SMU) on Tuesday (Oct 10) launched a centre focused on generating information that retailers can use to improve their businesses.

Called the Retail Centre of Excellence (RCoE), the centre aims to tackle key industry challenges and help retailers raise their productivity and innovation levels.

Given the global retail industry's estimated worth of US$28 trillion (S$38 trillion) by 2019 and the retail industry recognised as an essential industry to growth in Singapore, SMU said the centre aims to help the nation keep ahead of the retail wave around the world.

The centre focuses on three sections of the industry - research, talent and community.

Under the three tracks, this joint initiative between SMU, Spring Singapore and the Singapore Economic Development Board wants to empower retailers with know-how through research and insights, building a strong community and developing talented people to improve the industry.

The centre, helmed by SMU Professor of Marketing Kapil R. Tuli, includes Microsoft, Harvey Norman, Ikea, Popular Holdings and Tiffany and Co among its founding members.