Yet another F&B business is closing in Singapore after racking up tens of thousands in losses.
Kokoyo Nyonya Delights, known for Peranakan dishes such as blue pea nasi lemak and ayam buah keluak, will shutter on Nov 2 after two years in business.
Co-owners Ernest Ang, 25, and Irwin Ang, 29, made the announcement on social media on Oct 21, citing low footfall and increasing competition at Hougang Mall as the reasons for closure.
“It’s been rough these past few months,” the brothers said.
“Foot traffic to the food court has dropped drastically compared to when we first entered. With food establishments increasing from 30 per cent to 80 per cent in a small shopping mall, we figured out maybe it’s time for us to close this chapter,” they wrote.
They also thanked customers for their support.
https://www.instagram.com/p/DevU_RjyYoM/
According to Ernest, Kokoyo Nyonya Delights has accumulated around $50,000 in losses since February. Sales have also declined by about half, with business getting worse in September, he told 8days.
The stall’s $11,000 rent every month also added to the financial toll.
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