Latest news with #DowntownEast
Online Citizen
5 days ago
- Business
- Online Citizen
Haidilao to close flagship Clarke Quay outlet after 13 years as lease expires
SINGAPORE: Haidilao will shut its flagship Singapore outlet at Clarke Quay on 31 August 2025, marking the end of a 13-year run, as its lease reaches expiry. The closure follows recent exits from Downtown East and Bedok Mall. In a statement, Haidilao Singapore expressed 'heartfelt thanks to every customer who has supported [them] along the way'. 'This was our very first outlet in Singapore and served as an introduction to Chinese hotpot for many local diners,' a Haidilao Singapore spokesperson said. 'It also holds countless fond memories for our team and guests alike. Looking ahead, we will continue to serve the local market through diverse concepts and elevated dining experiences.' According to The Business Times, the company's decisions consider factors such as labour costs, outlet locations, and rental prices. Some outlets are being repositioned as the brand optimises resources and expands its menu range. Clarke Quay management's response CQ @ Clarke Quay's spokesperson thanked Haidilao for its 'close partnership over the past 13 years'. 'Given its strong presence across the island, we have mutually agreed that it is time for Haidilao Hotpot's #1 Store unit to be refreshed with a new tenant at the end of its lease. 'We remain close partners in China, Malaysia and Singapore,' the spokesperson said in a statement on 13 August. Retail market faces rising vacancies The closure comes amid a challenging retail climate. Property consultancy Savills Singapore reported on 13 August that islandwide retail vacancy rose to 7.1% in Q2 2025. Vacancy in the central region climbed to 8.2%, reflecting weaker leasing demand driven by higher rents and operational costs. The Downtown Core saw a net contraction of 75,000 sq ft of occupied space. Despite this, central region rents rose 0.9% after falling in the previous quarter, while Orchard and suburban areas saw smaller increases of 0.5% and 0.4% respectively. Savills forecasts subdued economic growth for the second half of 2025, with tariffs, softer employment, and a strong Singapore dollar weighing on retail and food-and-beverage performance. Higher tenant turnover is anticipated, with landlords possibly offering shorter leases or incentives for less prime spaces. Company performance shows mixed results Haidilao's overseas operator, Super Hi International, posted a net profit of US$11.9 million for the first quarter ended 31 March 2025, reversing a US$4.5 million loss from a year earlier. This was mainly attributed to a US$20.4 million drop in net foreign exchange losses from currency revaluations. Quarterly revenue grew 5.4% year on year to US$197.8 million. Delivery revenue surged 37.9% to US$4 million, while restaurant operations revenue increased 4.5% to US$188.4 million. Other business streams, such as retail food products, saw a 22.7% rise to US$5.4 million. However, average daily revenue per restaurant in South-east Asia fell 3.2% to US$15,300, while East Asia recorded a 19.9% rise and North America a 3.3% increase. Operating income dropped 33.9% to US$8.2 million, with margins narrowing to 4.1% from 6.6% due to higher staff benefits, outsourcing, maintenance, and lease payments. Guest visits rose 6.8% to 7.8 million. The quarter saw four new outlet openings and three closures. As of end-March, Super Hi International operated 123 restaurants outside China, up from 119 a year earlier, with South-east Asia remaining its largest overseas market at 73 outlets. Customer appreciation campaign To thank customers for their support, Haidilao Singapore will distribute over S$800,000 in dining vouchers. Eligible members will receive a S$20 e-voucher, redeemable without minimum spend at any local Haidilao outlet. From 18 to 29 August, diners at the Clarke Quay branch during selected hours can also join a lucky draw for vouchers redeemable at sister brands Hi Hotpot and Hi Noodle. After the closure, the nearest Haidilao outlets to Clarke Quay will be located at Marina Bay Sands, Marina Square, Bugis+, Plaza Singapura and 313@Somerset.
CNA
5 days ago
- Business
- CNA
Haidilao Singapore will close its Clarke Quay outlet on Aug 31, eligible members to receive S$20 e-voucher
Hot pot chain Haidilao will shut its Clarke Quay outlet, its first-ever restaurant in Singapore, on Aug 31, following the end of its lease. This follows a series of closures in recent months, including Haidilao outlets at Downtown East and Bedok Mall. In a statement, Haidilao Singapore extended "heartfelt thanks to every customer who has supported [them] along the way". 'This was our very first outlet in Singapore and served as an introduction to Chinese hotpot for many local diners," said a spokesperson for Haidilao Singapore. 'It also holds countless fond memories for our team and guests alike. Looking ahead, we will continue to serve the local market through diverse concepts and elevated dining experiences.' To thank customers who have supported the Clarke Quay outlet, Haidilao Singapore will be giving out over S$800,000 worth of dining vouchers. Eligible members will get an e-voucher worth S$20, redeemable with no minimum spend at any Haidilao outlet in the country. From Aug 18 to 29, those who dine at Haidilao Clarke Quay during selected hours can also take part in a lucky draw to win dining vouchers for Haidilao's sister brands: Hi Hotpot and Hi Noodle.
