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Business Times
a day ago
- Business
- Business Times
F&B business closures: don't blame high rents.
[SINGAPORE] Singapore prides itself as a food haven. Residents and visitors love wining and dining at the wide range of food and beverage (F&B) outlets here. However, the local F&B scene is reeling from a spate of closures of F&B outlets. Might Singapore's status as a top food destination be undermined by the high failure rate in the F&B sector? Last year, the number of F&B business closures in Singapore hit a 20-year high at 3,047. And average monthly closures in the first quarter this year are above 300. Meanwhile, listed Japan Foods Holding – a leading Japanese restaurant chain in Singapore – posted a larger loss for the financial year ended Mar 31 compared with a year ago. Greedy landlords are perceived as the villains that are driving much-loved cafes, restaurants and bars to cease operations. Media reports highlight cases of landlords hiking rents for F&B outlets of 50 per cent or more when leases expire. My take is that landlords are not entirely to blame for the high rate of F&B business closures. 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 Subdued growth in retail rentals One, growth in retail rents has been lacklustre over recent years. Based on data from the Urban Redevelopment Authority's Realis, the private sector rental index for retail space fell 22.1 per cent in the central region and 24 per cent in the fringe area between pre-Covid pandemic in Q4 2019 and Q1 2025. Certainly, some major retail landlords have been upping rents over time and continue doing so. For Q1, CapitaLand Integrated Commercial Trust (CICT) had positive rent reversion – which measures the average incoming rents versus the average outgoing rents – of 11.2 per cent for downtown retail spaces and 9.5 per cent for suburban retail spaces. In perspective, if rent increases by 10 per cent when a lease expires after three years, this represents growth at a compound annual growth rate of 3.2 per cent, which may be broadly in line with the inflation rate. Two, rental is not the only large cost component for an F&B business. Other major recurring costs include manpower and supplies. The initial investment in buying equipment and fitting out premises can also be substantial. For a typical F&B outlet here, the amount of revenue eaten up by rent might be in the low double-digits in percentage terms. Leading Singapore suburban mall owner Frasers Centrepoint Trust (FCT) reported retail portfolio average occupancy cost of 16 per cent for the financial year ended Sep 30, 2024, down slightly from that in pre-Covid pandemic in the financial year ended Sep 30, 2019. Occupancy cost refers to the ratio of gross rental including turnover rent paid by a tenant to the tenant's sales turnover excluding goods and services tax. Long-term greedy landlords Three, leading retail landlords including CICT and FCT are likely to be long-term greedy. A long-term focused landlord will prioritise achieving high occupancy levels and having retail tenants that succeed. As at end-March, committed occupancy at CICT's retail properties here, excluding the areas in IMM Building that are undergoing asset enhancement, was 98.8 per cent. And the tenant retention rate for CICT's retail spaces in Singapore, based on net lettable area of renewed versus expiring leases for Q1, was 79.2 per cent. A mall owner will aim to charge an F&B player high but hopefully sustainable rent. After all, the landlord would seek to avoid having high rental arrears from failing tenants or many tenants abruptly shutting operations. Indeed, a mall with many outlets shut is unappealing to shoppers. On the other hand, a mall with all its shops open for operations can draw higher shopper traffic. And tenants will flock to be in malls with high visitorship. Four, some F&B operators are mini-anchors for malls and thus well-placed to secure choice spots on favourable terms. Mall owners who value having the right tenant mix might pursue certain F&B brands or concepts to help position their property and draw visitors. Equally, an owner of a row of shophouses may be keen to lure the right F&B operator who can bring visitor traffic to the said properties. In short, sought-after F&B operators are in a strong bargaining position to secure choice spots. Five, intense competition among F&B players can result in players fighting hard to snare certain spots by offering high rents. For example, many F&B operators may seek to be in the most prime area of a popular mall or to have presence in an established dining enclave that has buzz. Thus, when choice F&B spaces become available, landlords are in the sweet spot of choosing among strong players who dangle juicy rents. Furthermore, new entrants to the local F&B scene, including Chinese brands, may bid aggressively for target spots in the hope of quickly making an impact with patrons who are spoilt for choice. Six, F&B operators that wish to minimise the risk of relocation from specific locations can consider measures such as signing longer leases than, say, a three-year lease or partnering a real estate player in said F&B outlets. A shophouse owner might be keen to take an equity interest in the restaurant or bar that occupies the property. Property giant Far East Organization invests in a varied portfolio of F&B concepts. The sector will always be tough for operators – in particular young, new entrepreneurs. Success is built on getting many things right such as concept, taste, presentation, ambience, logistics, manpower, supply chain, branding, marketing, pricing, location and so forth. Drawing and retaining customers is challenging as patrons have ample choice and are often mindful of getting value for their spending. Also, F&B businesses need to constantly adapt to changing tastes and business conditions. Still, the high spending power of residents and visitors here will draw new players to enter a ferociously competitive F&B scene. A high rate of F&B business closures may be inevitable – just don't blame rent for the sector's churn. Ultimately, as buzzing F&B outlets are a powerful driver of successful physical retail spaces, many landlords are as vested as F&B players in building a vibrant wining and dining scene in Singapore.
Spectator
3 days ago
- Spectator
Where have all the Japanese tourists gone?
Is the Japanese tourist, for so long in good numbers a welcome and reliable fixture at our most famous tourist spots, now in serious decline? The number of Japanese travelling abroad is still well down on pre-Covid times and with government data just released revealing that fewer and fewer Japanese even hold a passport, the slump could be prolonged, which would be disastrous for the UK tourism and hospitality industry. According to the Japanese government, only around 17 per cent of Japanese adults currently hold a passport, a significantly lower rate than the US and UK (50 and 85 per cent respectively). It seems the Japanese are less and less inclined to travel. The reasons are not difficult to identify but quite hard to address. They fall into two categories:medical (or perhaps psychological) and financial. The first is the legacy of the Covid restrictions that for a while returned Japan to its exclusionary Sakoku period of splendid isolation.
Yahoo
4 days ago
- Business
- Yahoo
Bath & Body Works Delivers Surprise Beat, But Recovery Still Scented with Caution
Bath & Body Works (NYSE:BBWI) is starting 2025 with some tractionand a new CEO at the helm. The company reported first-quarter sales of $1.42 billion, up 2.9% from a year ago, while earnings per share jumped 29% to $0.49, exceeding guidance. Gross margin rose 160 basis points to 45.4%, and operating income grew nearly 12% year-over-year, suggesting recent pricing moves or cost efficiencies may be playing out. The company reaffirmed full-year guidance of 1% to 3% sales growth and EPS between $3.25 and $3.60, even as it navigates tariff pressures and executes a $300 million share buyback. Warning! GuruFocus has detected 4 Warning Signs with BBWI. Daniel Heaf officially stepped in as CEO on May 16, and his early remarks reflect ambition to extend BBWI's leadership in fragrance and beauty globally. He's inheriting a brand with strong cash flow projectionsup to $850 million in 2025but one that still hasn't reclaimed the scale or earnings power of its pre-Covid peak. Q2 guidance is cautious: flat to 2% sales growth and EPS between $0.33 and $0.38, possibly reflecting expected disruption from the leadership change. Still, the company's largely U.S.-anchored supply chain could offer a buffer in an increasingly fragmented global trade environment. From a longer-term lens, the chart tells a sobering truth. BBWI's revenue, net income, and EBITDA have stabilized post-pandemic, but remain a step behind the 20182019 highs. Despite recent gains, investors might view this as a company in recovery modenot revival just yet. The upward drift in margins and earnings is promising, but the path back to pre-Covid performance isn't guaranteed. That said, if Heaf's global vision takes root and margin gains hold, BBWI could be carving out the early innings of a second act. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Bath & Body Works Delivers Surprise Beat, But Recovery Still Scented with Caution
Bath & Body Works (NYSE:BBWI) is starting 2025 with some tractionand a new CEO at the helm. The company reported first-quarter sales of $1.42 billion, up 2.9% from a year ago, while earnings per share jumped 29% to $0.49, exceeding guidance. Gross margin rose 160 basis points to 45.4%, and operating income grew nearly 12% year-over-year, suggesting recent pricing moves or cost efficiencies may be playing out. The company reaffirmed full-year guidance of 1% to 3% sales growth and EPS between $3.25 and $3.60, even as it navigates tariff pressures and executes a $300 million share buyback. Warning! GuruFocus has detected 4 Warning Signs with BBWI. Daniel Heaf officially stepped in as CEO on May 16, and his early remarks reflect ambition to extend BBWI's leadership in fragrance and beauty globally. He's inheriting a brand with strong cash flow projectionsup to $850 million in 2025but one that still hasn't reclaimed the scale or earnings power of its pre-Covid peak. Q2 guidance is cautious: flat to 2% sales growth and EPS between $0.33 and $0.38, possibly reflecting expected disruption from the leadership change. Still, the company's largely U.S.-anchored supply chain could offer a buffer in an increasingly fragmented global trade environment. From a longer-term lens, the chart tells a sobering truth. BBWI's revenue, net income, and EBITDA have stabilized post-pandemic, but remain a step behind the 20182019 highs. Despite recent gains, investors might view this as a company in recovery modenot revival just yet. The upward drift in margins and earnings is promising, but the path back to pre-Covid performance isn't guaranteed. That said, if Heaf's global vision takes root and margin gains hold, BBWI could be carving out the early innings of a second act. This article first appeared on GuruFocus.
Indian Express
5 days ago
- Entertainment
- Indian Express
10 years of Nivin Pauly and Sai Pallavi's Premam: Unpacking the ‘second film in the history of world cinema with nothing fresh'
It was May 2015, the pre-Covid era when anything and everything called for celebration in Kerala colleges: whether someone passed or failed an exam, showed up or skipped class, or even whether it rained or didn't (this was also before the 2018 floods, when incessant rains simply awakened the festive side in people of non-coastal regions, not fear). College students did not need a particular reason to 'party'. Yet, the pandemonium caused by one movie's release outperformed all. On May 29, director Alphonse Puthren returned with his sophomore venture, Premam, featuring Nivin Pauly and Sai Pallavi among others. Since Nivin and Alphonse had impressed with their previous film, Neram (2013), many were confident that this one would at least be decent. But few could have predicted what followed. Even now, in hindsight, it's hard to fully grasp the kind of bedlam Premam created, taking over colleges — with boys/men turning up donning black shirts, white mundu (dhoti) and shades on every occasion, copying Nivin — and becoming a trendsetter in Kerala, with a ripple effect that spread to other parts of the country too. As it turns 10 today and continues to enjoy a massive fan following, two questions still remain: What actually appealed to the audience? And how the hell did a movie marketed as 'the second film in the history of world cinema with nothing fresh' end up feeling fresh? Unlike Neram, Premam wasn't written in a non-linear format. The events unfolded more or less chronologically, with occasional flashbacks. However, it was far from a conventional screenplay. Adopting a style akin to elliptical storytelling and following an episodic structure, Alphonse narrated different stages in the life of George David (Nivin Pauly), focusing particularly on his romantic interests — one in each phase, with not all of them turning into full-fledged or lasting relationships — that shaped him. The screenplay offered something distinct and stood out even on paper. Instead of following the conventional style of showing the thank-you cards against a black screen and in silence, Alphonse cleverly inserted a calming visual of a butterfly fluttering around, searching for nectar from flowers. Given that nectaring is often used as a metaphor for finding love (with subtle sexual innuendos), this visual — with the camera also fluttering — immediately followed by the title Premam (Love), effectively set the stage for what was to come. With composer Rajesh Murugesan's sleek and catchy track 'Ithu Puthan Kalam', penned by Shabareesh Varma and sung by both of them, playing in the background, the audience could effortlessly slip into the world of the film. A post shared by Alphonse Puthren (@puthrenalphonse) By beginning the story in medias res, Alphonse also broke away from the typical template of Malayalam films in the coming-of-age and romance genres. Although the movie opens with a card stating, '1984: A baby boy, George, was born to David and Tresa,' it immediately cuts to a random point in his late teens. Interestingly, the narrative doesn't begin at the start of any particular event, not even when he first meets Mary (Anupama Parameswaran), his romantic interest of that era. By the time we are introduced to George, he has already fallen hard for her. Instead, Premam drops us into an ordinary day in 2000, when he is already busy writing her a love letter. Breaking the fourth wall, George looks directly at the audience and playfully mimics Mammootty as he says, 'My love for you is genuine, Mary.' In this very first scene itself, the writer-director not only establishes George's goofy and inattentive nature but also sets the tone for the rest of the film. Even as the movie progresses, Premam does not serve too many lovey-dovey moments. Instead, it adopts a slice-of-life tone and takes the audience on a fun journey with George and his two friends, Koya (Krishna Shankar) and Shambu (Shabareesh Varma), as he tries different methods to win Mary's heart. Unlike typical romance films, where measured, often poetic dialogues are delivered by characters in love, the lines spoken in Premam mostly sound unscripted and natural. With constant chatter filling the frame, Alphonse ensured the scenes felt lively and relatable. Interestingly, in this part of the movie, we mostly see close-to-mid shots, emphasising how small the world of these kids is and how their focus is limited to just a few things that bring them happiness. For George — and many late teens in that area — their only aim in life is to woo the local beauty, Mary. For Koya and Shambu, it's all about the three of them being together. By allowing the actors to follow their instincts with the dialogues, Alphonse ensured the scenes didn't appear artificial. Although many of the moments featured in this part of the film were fresh to mainstream Malayalam cinema, they were simply drawn straight from everyday life. A perfect example is the scene where Shambu receives a call from George just as he is about to attend to his physical needs after fetching an adult magazine, and is interrupted by a kid at his home who tries to snatch the magazine as he desperately tries to hide it while talking on the phone. Another major advantage the film enjoys here is that nearly all the jokes and one-liners, particularly the back-and-forth between Girirajan Kozhi (Sharaf U Dheen) and Jahangir (Althaf Salim), land effectively. Adding to all this is the inclusion of the track 'Aluva Puzhayude', which had already become a hit by then, featuring enticing visuals and an extremely adorable Nivin at the centre, ensuring the audiences are thoroughly hooked. But once the movie enters its next phase, set in 2005 when the central trio is in college, Premam hits top gear and drifts into a strikingly different territory. The once-cute George has now metamorphosed into a hypermasculine, fearless figure. Often seen in a shirt and mundu, flaunting his thick moustache and beard, and fully embracing the 'complete Malayali man' image, he crashes into the hearts of the audience by literally bursting a bomb cracker. Soon after this segment opens with an iconic dialogue from Rajamanikyam (2005), we see George, Koya and Shambu disrupting a college event, which leads to a group fight that they and their friends easily win. Set against the high-octane 'Kalippu' track and taking place on a ground soaked with muddy water, the scene not only gave the audience goosebumps but also impressed with the film's sharp tonal shift. By leaping suddenly from a feel-good atmosphere into another world — one that taps directly into the target audience's fondness for action sequences and their obsession with the 'complete Malayali man' — Alphonse masterfully crafted his own formula for commercial cinema. Although the industry has produced far too many movies set in colleges, Premam managed to stand out. By focusing on seemingly mundane moments and transforming them into engaging scenes, blending equal parts of comedy and hypermasculinity, the filmmaker offered a fresh view of campus life. Unlike most mainstream Malayalam campus films, where students engage in stock activities and everything revolves around the male protagonist, Alphonse showed that George's world remained small, with only a few close friends, while an expansive world existed outside it. This is exemplified brilliantly in how the film parallelly follows both George and Vimal (Vinay Forrt), a lecturer at the college, vying for the attention of the same woman, Malar (Sai Pallavi), who has joined as a guest lecturer. Once she enters the scene, Sai Pallavi joins Nivin in owning the film. With her extraordinary screen presence and stunning chemistry with him, they elevate the movie to a whole new level. Unlike the first phase, where everybody around knew George had an eye for Mary, the romance here unfolds away from the public eye, with only Koya and Shambu in the know. Even though George usually instils fear in others with his perpetually brooding expression, he transforms into a pookie around her, vying for her glances and attention. Although George's friends point out the differences between him and Malar, such as their age gap, language barrier (since she's Tamil), and the fact that he's her student, Premam avoids delving unnecessarily into these, even when such conflicts could have been convenient plot devices. Featuring only very ordinary moments that are elevated through clever staging and execution, Premam proved that filmmakers don't always need to follow conventional rules and that things can turn out beautifully when they trust their instincts and heart. Another major strength of the film lies in its exceptional music and thoughtful placement of songs. Rather than relying on them for quick narrative advancement, Alphonse uses them to emphasise emotions and enhance the film's mood. 'Malare', sung by Vijay Yesudas, one of the most celebrated Malayalam playback songs of the decade, not only illuminated George and Malar's hidden-in-plain-sight love but also highlighted the beauty of simplicity and restraint, something sorely missing from many films of that time. The addition of a perfectly choreographed number like 'Rockaankuthu' ensured the film offered a complete cinematic experience. This phase of Premam didn't just brim with romance, it also featured one of the most brilliant depictions of heartbreak in Malayalam cinema when George's brave face is stripped away and the hypermasculine image he had built crumbles as he bursts into tears, melting into the arms of his friends upon realising he's lost Malar forever. The way this scene was (re)created and performed by Naga Chaitanya in the Telugu remake, which was nothing short of amateurish, highlights the brilliance of Alphonse's direction and editing, and Nivin's performance. In its third and final phase, Premam presents a more mature George, who is no longer the angry young man he was in college. Now running a café in Kochi, he carries the pain of lost love but has moved on, blending his earlier fun personality with a more grown-up nature. Koya and Shambu remain his closest friends, and they still meet regularly. It is here that he meets Celine (Madonna Sebastian), who is related to Mary, and falls for her. However, by the time he confesses his feelings, her marriage has already been arranged. This leads to George's third heartbreak. The way Alphonse crafted George's character arc and emotional growth here is commendable. This is especially visible in the mature way George handles her initial rejection. Nonetheless, the two end up together eventually; third time's the charm. Premam was not without its flaws. From its celebration of ragging and hypermasculinity to its relegation of the women to mere love interests in George's story, the film had its share of issues. However, Alphonse's masterful use of the most mundane elements and experiences from ordinary life — elevated to extraordinary heights by an exceptionally brilliant Nivin Pauly and the incomparable Sai Pallavi, supported by a talented ensemble — fortified Premam as one of the most celebrated Malayalam films of the 2010s. The movie was not only a blockbuster success but also came close to surpassing Jeethu Joseph and Mohanlal's Drishyam (2013) at the box office. It might have taken the top spot of that era had its pirated version not leaked online. Nonetheless, Premam remains a benchmark in the careers of Nivin Pauly, Sai Pallavi and Alphonse Puthren, and in the landscape of Malayalam cinema itself. Cinema cannot exist in a vacuum; it's all about the discussions that follow. In the Cinema Anatomy column, we delve into the diverse layers and dimensions of films, aiming to uncover deeper meanings and foster continuous discourses. Anandu Suresh is a Senior sub-editor at Indian Express Online. He specialises in Malayalam cinema, but doesn't limit himself to it and explores various aspects of the art form. He also pens a column titled Cinema Anatomy, where he delves extensively into the diverse layers and dimensions of cinema, aiming to uncover deeper meanings and foster continuous discourse. Anandu previously worked with The New Indian Express' news desk in Hyderabad, Telangana. You can follow him on Twitter @anandu_suresh_ and write (or send movie recommendations) to him at ... Read More
