Latest news with #HaoMart
Business Times
13 hours ago
- Entertainment
- Business Times
Partners in love and work
THE heat is on and we're not just talking about the weather but also passion. Our BT Luxe Summer issue drops this Friday and top on our agenda is love and marriage. Here, we explore the unions of successful professionals and hear their stories about how they found their soulmates while pursuing their own career goals. First up is Zouk Group CEO Andrew Li, and his fiancee Germaine Tan, a scion of the Hao Mart group but who follows her creative heart as a radio deejay. Meanwhile, Hunn Wai and Olivia Lee are respected names in design, and they talk about finding success in the same industry while not actually working together. And thirdly, we hear how a battle with cancer shaped the love and business direction of Melissa Ng and Rackley Nolan – co-founders of Bravely, a mental health support platform. We also introduce The Wedding Collective, a guide to hotel wedding experiences, exotic travel destinations – think Uzbekistan, Sri Lanka and Labuan Bajo – and advice on the kind of jewellery and watches you'll want to wear on that big day. Get tips on creating a hygge vibe in your new home, or take a peek at veteran architect Edmund Ng's latest home project. For great reads and beautiful pictures, don't miss your copy of BT this Friday, available at all newsstands.
Business Times
08-07-2025
- Business
- Business Times
Daily Debrief: What Happened Today (Jul 8)
Stories you might have missed Great Eastern set to resume trading after delisting vote fails [SINGAPORE] Great Eastern Holdings is set to resume trading after a vote for a delisting resolution fell through at its extraordinary general meeting (EGM) on Tuesday (Jul 8). Chuan Grove site draws 7 bids with S$1,376 psf ppr top bid from Sing Holdings, Sunway joint venture [SINGAPORE] A joint venture between Sing Holdings and Sunway Developments placed the top bid for a 99-year leasehold private housing site in Chuan Grove, beating out six other bidders at the government tender's close on Tuesday (Jul 8). Quick takes on Trump's new tariffs: what they mean for markets, the dollar, and inflation BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up SINGAPORE] US President Donald Trump on Monday (Jul 7) announced tariff rates for 14 countries that will take effect on Aug 1. Trump's latest trade war salvos come ahead of the 90-day pause that was to end on July 9. 'Not making enough to survive long': Tenants lament poor footfall, vacant units at Hao Mart's Taste Orchard [SINGAPORE] Smaller businesses at Taste Orchard are struggling to make rent, with master tenant Hao Mart itself scaling down the food-focused mall's supermarket anchor tenant. GuocoLand secures S$619.3 million green loan for River Valley Green development [SINGAPORE] GuocoLand has secured a S$619.3 million green club facility on Tuesday (Jul 8) to finance the acquisition and development of its upcoming River Valley Green (Parcel B) project – a high-end residential development located in Singapore's prime District 9. Singapore stocks hold firm after latest salvo of US tariffs; STI up 0.4% [SINGAPORE] The local bourse extended its rally on Tuesday (Jul 8), after Washington announced the first wave of new tariffs on 14 countries – which did not include Singapore.
Business Times
08-07-2025
- Business
- Business Times
‘Not making enough to survive long': Tenants lament poor footfall, vacant units at Hao Mart's Taste Orchard
[SINGAPORE] Smaller businesses at Taste Orchard are struggling to make rent, with master tenant Hao Mart itself scaling down the food-focused mall's supermarket anchor tenant. This is barely a year and a half after the mall opened, with Hao Mart having signed a 7.5-year lease with landlord OG for all five levels of the former OG Orchard Point building. The grocery business has faced 'significant challenges' in recent years as operating costs rise, said Hao Mart's senior vice-president of operations Jupri Suep in response to queries from The Business Times. The stronger Singapore dollar is causing Singaporeans to spend more in Malaysia, he noted. 'This growing trend is putting pressure on the local retail sector, leading to intensified competition and a potential decline in domestic sales – even in prime areas such as Orchard.' Located at 160 Orchard Road, Taste Orchard opened in February 2024 to much fanfare, with long queues for food and beverage (F&B) players such as Warabimochi Kamakura. At the time, anchor tenant Eccellente by Hao Mart occupied three levels. But now, smaller tenants say they face poor business and low footfall, with some seeing no sales on weekdays. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up When BT visited at the start of July, there were vacant units on Level 1, 3 and 4. BT understands that at least three Level 3 units have been vacant since the mall opened. The shutters to the basement – occupied by Eccellente up till April – were down. Eccellente's non-food products have been 'strategically' relocated from the basement to Level 2, said Suep. This is part of ongoing efforts 'to enhance revenue at Taste Orchard, optimise space utilisation, improve operational efficiency and reduce overheads', he added. 'This move not only streamlines the layout, but also delivers a more seamless and elevated shopping experience for customers within the supermarket on the same floor.' When BT visited Taste Orchard at the start of July, there were vacant units on Levels 1, 3 and 4. PHOTO: PAIGE LIM, BT The basement unit has been listed on real estate website CommercialGuru since Jun 25, at a rental rate of S$180,000 a month. At about 20,000 square feet, it is advertised as a 'unique big space in Orchard for multi-concept', with a flexible lease. Several prospective tenants have expressed 'strong interest' in the space, said Suep. Four other units were also listed on Jun 25, with monthly rent ranging from S$9,700 to S$24,000. These include a fully fitted F&B ground unit near the entrance for S$18,000 a month, with a lease of three years. Lack of marketing The initial buzz surrounding the mall has cooled, with several tenants scaling down or leaving. Hao Mart has closed its FYI (Famous. Yummy. Irresistible) Kitchen – an initial mall highlight that included a live seafood station and butchery – and a community space on Level 2, meant to host cooking classes and events for chefs. This was due to 'low footfall' for both, said Suep. Part of the FYI Kitchen area has been taken over by Taste Myeongdong, a Korean food hall that opened this February. Hao Mart has closed its FYI (Famous. Yummy. Irresistible) Kitchen – an initial mall highlight that included a live seafood station and butchery, where customers have their produce freshly cooked onsite and dine at a 30-seat area. PHOTO: BT FILE Tenants said there was a lack of marketing by the mall's management, with Taste Orchard remaining relatively unknown. Mohamed R opened North Indian cuisine restaurant Tea Chimes in December 2024, expecting 'good footfall' in the prime shopping belt. 'Unfortunately since day one, this has not been the case,' he said. 'Nobody seems to know about Taste Orchard.' A retailer on Level 3, who declined to be named, said: 'A lot of my customers who come here are very confused; they say they've not heard of this mall before.' 'It's a lot quieter than expected, and we don't really see any walk-in customers,' he added. His store, which opened in February 2024, has been doing its own social media marketing. On some weekdays, Chinese traditional dessert shop Tian Bu Shi Fang sees no customers. 'Business has not been good… it's been very quiet,' said owner Fang Yingxin in Mandarin. Even on weekends, she sees at best about 10 to 20 customers a day. Since opening in May, her sales have been unable to cover rent. Her lease runs till December 2026. Weak anchor tenant Businesses also attributed the poor footfall to Eccellente not being a strong anchor tenant, saying that its downsizing – and other vacant units – does not help Taste Orchard's image. A tenant on Level 1, who declined to be named, said: 'Isn't it weird to see the basement of a shopping mall in the middle of Orchard Road completely empty like that? It's the sort of thing that would chase people away.' Eccellente's grocery offerings have dwindled, she added. Last September, a video showing empty freezers and shelves at the supermarket went viral on TikTok. 'There's no shopping atmosphere here,' said the retailer on Level 3. 'I wouldn't think this is a shopping mall, because it's so empty and there's not much decor either.' The vacancies are 'in your face', he added, noting that other malls put up hoardings around empty units. On Level 4, the signboard and furnishings of Ikura Japanese Restaurant – which reportedly closed in December – have not been removed. On Level 4, the signboard and furnishings of Ikura Japanese Restaurant – which reportedly closed in December – have not been removed. PHOTO: PAIGE LIM, BT Suep told BT that Hao Mart is 'actively working' to fill vacant units. 'As part of managing a retail mall, it is essential to secure suitable tenants who align with our overall tenant mix and have the financial capability to sustain rental commitments throughout the lease term,' he said. Eccellente has removed two rows of empty chillers to optimise its space on Level 2, as it previously had 'more chillers than necessary', he added. 'While this is still slightly more than our current needs, we are working closely with our partners to progressively utilise the space more effectively.' Some businesses may leave before their lease ends. Tea Chimes took over a three-year lease from previous tenant Chirashi King Kong, which moved out after six months. 'We're not making enough to survive long,' said Mohamed R. 'It's only been about seven months since we've opened, but we've had to come out with money to stay afloat. We can't stay for long, unless the building brings in more people.' He thinks that having more well-known F&B brands would help to attract customers, noting that current offerings lack diversity as they are mostly Korean or Japanese. 'If you want to be a food harbour, you need to bring more of the big players in to attract the crowd, then they might patronise some of the other smaller fishes. Everybody gets a share.' Level 1 of Taste Orchard. Tea Chimes' Mohamed R thinks having more well-known F&B brands would help to attract customers, noting that current offerings lack diversity as they are mostly Korean or Japanese. PHOTO: PAIGE LIM, BT Drawing footfall with events Hao Mart, a subsidiary of Singapore-based Hao Corp, runs a chain of convenience stores and supermarkets. Hao Mart has been in the red for two years, regulatory filings show. Its loss widened to S$32.8 million for the financial year ended March 2024, from a S$23.2 million loss in 2023. This was as revenue dropped to S$55.7 million, from S$84.2 million before. Hao Mart's management has received a formal update from just one Taste Orchard tenant about business performance, said Suep. Tenants on Level 3 and Level 4 – which include a spin studio, an education centre, a salon and aesthetics clinics – are 'doing fine' as they have established customer bases, he added. Tenants are expected to implement their own marketing strategies, he said. Hao Mart will provide on-site support to showcase them, with a focus 'on building and promoting the overall Taste Orchard brand identity'. To draw more footfall and generate income, Hao Mart has organised events at Taste Orchard since 2024, noted Suep. Each month, about two to three events are held across the basement as well as Levels 1, 3 and 4. These include flea markets, gaming zones and international fairs. These have drawn crowds, he added, noting Eccellente's grocery sales usually 'more than double' on event days.
