Last call: Holland Village mainstay Wala Wala seeks to exit lease, plans to close
Owner Stanley Yeo told The Business Times that the lease for the 1,700 square feet ground floor space on Lorong Mambong ends this year. He has received his landlord's consent for an early exit and is currently looking for a new tenant to take over the space.
The restaurant will not close immediately as it depends on when Yeo can find a replacement tenant. At the earliest, the last day of operations would be end-August, he said.
Yeo said that he intends to spend more time with his grandchildren.
The decision to call it a day also stemmed from a combination of factors: waning foot traffic, rising operating costs, and a challenging labour market.
'The market has not been great and basically the nightlife and food and beverage industry are suffering,' he said. 'It's time to call it a day and move on.'
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Logistical challenges, such as road closures, and changes in consumer behaviour contributed to the declining footfall.
The neighbourhood's two main thoroughfares, Lorong Mambong and Lorong Liput, are closed every day, with swing gates. From last December, the road closure at the entrance was extended to Fridays, weekends, eves and public holidays from 6.30 pm to 2.30 am.
The overall experience has become less convenient for customers and delivery partners, thus deterring repeat visits.
Shifts in generational preferences made the nightlife trade tougher. These combined pressures have driven Wala Wala's monthly footfall down, directly impacting revenue.
Wala Wala has been operating in the red for the last four years, Yeo said.
'We did certain promotions but without the live bands, the atmosphere and the crowds was just not the same,' said Yeo. 'We basically became just another watering hole.'
Meanwhile, Wala Wala's rent rose 9 per cent over the last two years, with Yeo currently paying S$28,000 a month for the ground floor space.
During the pandemic, it shuttered its live music space on the second floor as live entertainment was halted.
'Maintaining a space with high fixed costs, while unable to generate revenue from live performances, was simply unsustainable,' said Yeo.
When Wala Wala's lease came up for renewal, the landlord for the upper-floor space declined to adjust rent despite the changed landscape. In contrast, the ground-floor landlord offered a sustainable rate, allowing Wala Wala to stay, he added.
Still, losing the upper floor led to sales plunging by 50 to 60 per cent almost overnight.
Wala Wala's ups and downs underscore the broader challenges facing Singapore's F&B and retail scene. Within the Holland Village precinct, convenience store Cheers recently closed while next door, butcher shop Swiss Butchery shuttered its brick-and-mortar outlet and has taken operations online since February.
Along Holland Avenue, Sens Dining, a Japanese restaurant serving teppanyaki and omakase, closed in April after its space was repossessed by its landlord.
Yeo plans to remain in the F&B business, possibly in a smaller space. But plans remain fluid for now.
'Memories that you've had, treasure them and enjoy them. It was a pleasure being in the village and helping musicians along the way,' he said.
Amid these challenges, several tenants in Holland Village are working on initiatives to revive the precinct and improve footfall along Lorong Mambong and Lorong Liput.
These include a three-month campaign starting July or August, coinciding with SG60 celebrations, where participating restaurants will offer discounts, product deals and vouchers. Diners who visit all outlets can enter a lucky draw. Additionally, tenants also plan to hold four marquee events annually, starting from 2026. They could include National Day, Chinese New Year, Christmas and other major dates.
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