Another close shut down in Singapore
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Streetwear chain 77th Street is about to become another victim of Singapore’s struggling retail scene.
The home-grown clothing company will close the doors of its last outlet, in Ang Mo Kio, by the end of this month, according to Channel NewsAsia.
Founder Elim Chew says high rents have forced the closure, with the present rate of $35 a square foot having risen from $9 when she started the business at Far East Plaza in 1988.
At one point, 77th Street had 16 outlets around Singapore, and was the first Singaporean retailer to set up a shopping mall in China in the early 2000s by opening 77th Street Plaza. This has since closed.
Chew has now ventured into the logistics industry, setting up the app Fastfast along with Adrian Ng of mobile app and retail technology developer Codigo. The app allows people in between jobs or retirees to become document or package couriers. About 4500 people have signed up to be FastFast drivers, according to The Straits Times.
Meanwhile, the first six months of this year have seen several retail brands exit Singapore, including Britain’s New Look, French menswear chain Celio, and local label M)Phosis.
Questions & Answers
Q.What is the primary reason for 77th Street's closure?
What is the primary reason for 77th Street's closure?
Founder Elim Chew states that high rents are responsible for the closure. The current rent rate of $35 a square foot is significantly higher than the $9 rate when the business started in 1988.
Q.What new venture has Elim Chew started after 77th Street?
What new venture has Elim Chew started after 77th Street?
Elim Chew has ventured into the logistics industry, co-founding the app Fastfast with Adrian Ng. This app allows individuals, including those between jobs or retirees, to become couriers for documents or packages.
Q.How many outlets did 77th Street operate at its peak?
How many outlets did 77th Street operate at its peak?
At its peak, 77th Street operated 16 outlets across Singapore. The company also expanded internationally, opening a shopping mall called 77th Street Plaza in China, which has since closed.
Q.Which other retail brands have recently left Singapore?
Which other retail brands have recently left Singapore?
Several other retail brands have exited Singapore in the first half of this year. These include Britain's New Look, French menswear chain Celio, and the local label M)Phosis.
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