In 2024, Singapore experienced a significant downturn in its food and beverage sector, marking the highest number of closures in two decades with over 3,000 establishments shutting down. The situation continued into 2025, where 2,431 businesses closed their doors within the first ten months, according to the Ministry of Trade and Industry. Not only local establishments faced challenges; international brands such as Eggslut, PizzaExpress, and Hollin have also struggled in this competitive market.
During a recent media tour, Vulcan Post attended the opening of Tim Ho Wan’s tenth store in Hong Kong. The CEO, Yeong Sheng Lee, shared insights on adapting to the tough landscape in Singapore by innovating their product offerings while honoring traditional recipes. Lee, with nearly a decade of experience managing various F&B brands in Southeast Asia, is acutely aware of the hurdles faced by businesses in this region, especially after the COVID-19 pandemic.
He highlighted rising operational costs and labor shortages as significant challenges and emphasized that customer expectations for quality and value are higher than ever. Despite prevailing pessimism among local entrepreneurs, Lee remains hopeful about Tim Ho Wan’s future in Singapore, focusing on long-term growth instead of retreating like many others.