Commentary: It's sad when beloved businesses such as Thambi newsstand shut but nostalgia won't pay the bills
Up until January of this year, I was the co-owner of two restaurant bars.
I say “was” because both establishments have closed down, within a few months of each other.
The rate of business closures in Singapore has been ramping up in recent years, from 50,423 closures in 2022 to 51,763 in 2023, data shows from the Accounting and Corporate Regulatory Authority.
Most recently, there has been a bit of a hoo-ha around the closure of Thambi Magazine Store, an iconic newsstand along Lorong Liput in Holland Village.
From the day the news was announced right up till the store’s closure on May 5, many took to the Internet to lament the loss of a pillar of Singapore’s retail landscape and history.
Op-eds and articles were published, and social media platforms flowed over with netizens reminiscing about their experiences buying magazines and books at Thambi when they were younger. I myself have fond memories of buying Archie Comics from that very store.
But when was the last time any of us actually handed over cash for a magazine there?
IT’S ALL ABOUT THE MONEY, MONEY, MONEY
In the aftermath of my own business closures, for my partners and I, the question that kept popping up in conversations with others was why we closed.
It seemed to me that the answer was obvious: We were losing a substantial amount of money each month. It’s a well-known fact that times are tough and are only getting tougher, amid rising costs, reduced spending power and manpower constraints.
Of course, there are always a few possible reasons why a business might be closing. The owner could be retiring, for example. Or perhaps the lease for the venue where the business operates is up for renewal, and the owner wants to do something different.
But one underlying theme generally covers the majority of closures: There’s just not enough revenue.
Witnessing the closure of a cherished spot can bring a profound sense of loss. It's more than just a venue; it’s the backdrop to our community and connections.
