SINGAPORE: After an online user asked Singaporean business owners how their businesses are currently doing, a handful took to the comments section to share insights on their dealings.
“For the business owners (large and small) of Reddit Singapore, what is the situation like for you at the moment?” an online user wrote on an online forum on Thursday (Aug 11). “There’s been talk about recession, a cutback in spending etc. What are you doing today to prepare or cut back or even grow? What do you continue to do? (selling/marketing). Any pressures on the business or personal life or family? Where do you need help the most?”
The netizen also asked, “Where do you need the least? What are you against doing no matter what (e.g. hiring consultants – no offense, just passing on what I myself am hearing)? Why or why not? Curious to know your thoughts!”
A handful of online users were kind enough to share some of their own insights on the matter.
“Not a business owner but work in a business where I get to know many small business owners that usually need storefronts, and I just want to say there has been a spate of landlords jacking rents up 50%,” one shared. “And if there are fools who are willing to pay well sometimes willing buyer and all that but too many millionaires with money to piss away maybe. So yeah some shops will stop when their leases are up.”
Another replied, saying, “I think they have no choice. One landlord jack up prices nevermind, problem is all other landlords (are) jacking up prices. Either pay or don’t do business. What choice they have? Can only say those people who bought those property (are) super lucky and now making big money just by renting.”
Other online users also made references to the cost of rent in Singapore.
“The problem in Singapore is the landlords are king and property values are so high and landlords need to jack up their rentals to earn a decent yield,” shared another. “This business model is not sustainable and kills innovation as everybody just wants to be a landlord.”
A third wrote, “Inflation in Singapore confirm 90% caused by land price. If my landlord increases my rent, what can I do? I increase my product price, if not how to survive?”
Still, a fourth shared a personal experience with rental increases in the country, saying, “Even before the current state of crazy rental increases, my rent already increased 25% (early 2022), lucky I suck thumb and pay, situation at the moment seems to be way worse.”
A handful of other netizens took part in the conversation, discussing how things are going in their line of business.