Both festivals were suspended last year. Last March, the government agencies involved commissioned Worth Global Style Network, which specialises in trend forecasting, design resources and retail analysis to assess the needs of the local fashion industry.

There were three main findings. First, fashion talent in Singapore and the region sorely needed cultivating.

Second, there was hardly any platform for local and regional fashion industry players to network, or designers and buyers to have an East-West exchange.

And finally, Singapore could capitalise on the wealth of talent in Asia to become the region's fashion epicentre.

Mr Andrew Phua, STB's director of tourism, shopping and dining, says: 'The world is looking at Asia, it is rising. Despite the downturn, the region has been experiencing tremendous growth. And Singapore is well positioned to ride on the growth.'

The numbers tell the story. In 2007, Japan, China, Hong Kong, South Korea, Australia, Taiwan and Singapore had a combined purchasing power of US$227 billion (S$311.8 billion) for apparel and footwear. Visitors to Singapore spent $3.5 billion on shopping in 2008, of which 38 per cent or $1.3 billion was on fashion and accessories.

In fact, the Q1/10 Singapore Report by Business Monitor International forecasts that total retail sales will grow from an estimated US$28.19 billion last year to US$40.40 billion by 2014.

The retail sector has responded: By the year end, Orchard Road will have added 100,000 sq m of retail space since 2008.

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This article was first published in The Straits Times.