Goods of Desire Singapore shuts down

Hong Kong homewares chain Goods of Desire is exiting Singapore.

After three years in the city state the company has closed its 6000 sqft store in Central Mall, Clarke Quay, citing rising rents and other costs.

The Goods of Desire Singapore store was run under a three year franchise agreement with Far East Organisation which says there was insufficient profit to warrant extending the contract.

“The operating challenges in Singapore are the same as those we face in Hong Kong and reflective of the general global retail environment – rising rents, rising costs of resources, sluggish retail appetite and sales,” Goods of Desire founder Douglas Young told the Straits Times newspaper.

“The GOD brand has built an 18-year reputation in Hong Kong and with it comes a strong loyal following. In Singapore, we were a new brand, so it is natural to be more successful in our home city.”

The company, which has six stores in Hong Kong, will continue to run an online presence.

Young said there had been a noticeable increase in online sales from GOD to Singapore residents, proving there was a demand for the company’s products.

GOD will now focus its overseas expansion efforts on Taiwan where it has opened a store in store inside an Eslite bookshop in Taipei.

“The government in Taiwan categorises us as a ‘Cultural Enterprise’. As such, we benefit from rental concessions and marketing support, which is a great foundation and encouragement for us to take the brand to Taiwan,” Young said.

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