5 days ago
Hooking more diners: Fish & Co revamps and goes further overseas, with India as next stop
[SINGAPORE] A decade after losses forced it to consolidate, Fish & Co aims to reel in a new generation of customers while going further overseas.
Set up in 1998, the casual dining chain has survived nearly three decades in Singapore's cut-throat food and beverage (F&B) scene.
'We're the last of the dinosaurs…there's not many of us left from then,' said founder and managing director Ricky Chew, in his first interview in a decade.
This February, long-time rival The Manhattan Fish Market closed its last branch at Northpoint City. Other 1990s-era peers such as The Cafe Cartel and NYDC (New York Dessert Cafe) exited years ago.
In contrast, Fish & Co opened its ninth outlet in Singapore this May, at Jewel Changi Airport. A 10th will follow at Suntec City in October. It also launched premium concept Coast & Roast, which it will bring to Malaysia and Bangladesh.
With 17 restaurants across six other markets today, the group's next stop is India.
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Scaling up too quickly
When Fish & Co began, it made a splash with its American-style concept of seafood in individual pans, offering diners the flexibility of single portions.
At the time, this was in contrast to Chinese seafood restaurants that typically served dishes for communal dining, recalled Chew.
The chain expanded swiftly, seeking to keep pace with its rival. Said Chew: 'We felt that we had to grow in order to compete.'
At its peak from 2010, Fish & Co had 19 restaurants here; The Manhattan Fish Market had 21.
But the rapid scaling up resulted in excess capacity and outlets cannibalising each other. Larger Fish & Co restaurants spanned around 3,000 square feet (sq ft), with its iconic Glass House branch at Park Mall covering a whopping 7,500 sq ft.
Fish & Co's iconic Glass House branch at Park Mall, which spanned 7,500 sq ft, closed in 2016. PHOTO: FISH & CO
'We realised we had too many restaurants and they were too big, resulting in an overcapacity of restaurant seats that we could not fill,' said Chew.
By 2014, Fish & Co was in the red. Chew decided to restructure, closing half his restaurants from 2015. These comprised underperforming branches and those that were too big, including its Glass House flagship.
Staying competitive
Today, Chew wants sustainable growth for the 27-year-old business.
The group has been profitable from 2022. Revenue has since grown 15 per cent annually, reaching S$30 million for FY2024.
Chew sees 12 to 15 branches as the optimum number in Singapore, based on customer demographics.
Fish & Co will take a 'targeted' approach to expansion, he said. 'We won't go for reckless growth, or open restaurants for the sake of opening.'
To better manage operating costs and capital expenditure, new outlets are no larger than 1,600 sq ft.
Chew credits the brand's staying power to 'focusing on the fundamentals': menu innovation and catering to its core customer segments of students and office workers.
This means providing better quality and variety, as well as value-for-money options. Recent efforts include more fish choices – haddock, halibut and pollock – for its signature fish and chips, which previously used only dory.
Fish & Co has included more fish choices – haddock, halibut and pollock – for its signature fish and chips. PHOTO: FISH & CO
'What's important is the consistency of our food and service. When people cut back during bad times, they want to spend on something they know is reliable, where they'll get their money's worth,' said Chew.
Fish & Co's restaurants are also being revamped for a 'more contemporary' aesthetic, with new furnishings and more booth seats for diners who prefer privacy.
'After operating for 27 years, our business legacy is there,' said Chew. 'But this legacy doesn't matter unless we remain relevant.'
Other innovations arose out of necessity. In 2023, Paragon's management asked Fish & Co to rebrand its outlet – which had been there for 20 years – as the mall was sprucing up its F&B offerings.
Chew therefore launched premium concept Coast & Roast, which offers Fish & Co's seafood dishes alongside roast chicken, cooked on a charcoal rotisserie imported from Spain.
'Paragon's demographic (of shoppers) is very different, so this made business sense,' said Chew. The brand plans to extend its roast items to beef and lamb.
Fish & Co's newest outlet at Jewel Changi Airport features a 'more contemporary' aesthetic, with new furnishings and more booth seats for diners who prefer privacy. PHOTO: BT FILE
Ramping up overseas
As Fish & Co nears its optimum number of outlets at home, Chew is focusing more on overseas expansion. 'There's only so much we can grow in Singapore, after our post-pandemic restructuring. So there's more impetus for us to head out.'
The brand opened its first overseas outlet in the United Arab Emirates in 2001, and now has outlets in Malaysia, the Philippines, Sri Lanka, Bangladesh and Kuwait.
It aims to open 19 restaurants in India over the next five years, starting with two in Bangalore and Hyderabad by Q1 2026 under a principal franchise agreement.
India has always been a market of interest, said Chew. 'We've seen a pickup in economic activity there, alongside a growing middle class and a relatively young population. These factors will fuel our growth in terms of consumption and lifestyle.'
Another strategy is to open more of its own outlets – not franchises – in the 'more familiar' neighbouring markets of Malaysia and Indonesia.
Malaysia is currently the only overseas market where Fish & Co owns all its stores, having bought back two franchised outlets in 2015.
Chew is bullish on Malaysia, noting its lower operating costs – driven by the weaker ringgit – and a gap in the market for American-style seafood concepts.
By end-2025, a fifth Fish & Co branch and Coast & Roast's first overseas outlet will open in Kuala Lumpur.
Coast & Roast will open its first overseas outlet in Kuala Lumpur by end-2025. The premium concept offers Fish & Co's seafood dishes alongside roast chicken. PHOTO: FISH & CO
There are also plans for corporate-owned Fish & Co outlets in Indonesia, after the brand ended a franchise agreement there in end-2022. The last Fish & Co store in Surabaya closed in May.
By 2030, Chew aims to have 16 restaurants in Malaysia – all in Kuala Lumpur – and 12 in Indonesia.
Ownership provides 'more control' over operations, said Chew. Fish & Co will continue to franchise in markets that are further away, where local partners are crucial.
Fish & Co's franchise partners in Dhaka, Bangladesh, are also looking for locations to open Coast & Roast's first outlet there by H2 2026.
All of this will contribute to Chew's goal of having 65 overseas outlets across both Fish & Co and Coast & Roast by 2030.
Today, about 75 per cent of group revenue comes from restaurant operations, with the bulk from Singapore.
The rest comes from procurement arm Oceana Seafood, which supplies Fish & Co's own restaurants and overseas franchises, as well as supermarkets such as Sheng Shiong and NTUC FairPrice.
Overseas franchising fees and royalties are accounted for separately, under other income.
Chew aspires for Fish & Co to serve generations of customers to come, noting that many regulars have grown alongside the brand.
'Some of them have started families and now bring their young children to Fish & Co, or their kids are students who dine with us. We hope their kids will follow suit when they grow up, and continue the cycle.'
