In other words, while customers may accept paying a few hundred dollars for a globally recognised label, they are often less willing to spend the same amount on an independent Singapore brand, regardless of the craftsmanship involved.
Coupled with rising costs and rent, sales have fallen by an estimated 20 to 40 per cent since the start of the year, as both tourists and locals tightened their spending.
“There was a dark moment where we seriously questioned if we could go on,” Tay admitted.
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