Hao Mart Taste Orchard: Tenants Struggle with Low Footfall & Vacancies
Taste Orchard Faces Challenges as Hao Mart Losses Widen
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Taste Orchard, the retail space managed by Hao Mart, is navigating headwinds as the supermarket chain itself reports increasing losses. While some tenants are thriving, particularly those with established customer bases, concerns are rising about footfall and the diversity of offerings at the mall. Hao Mart is actively implementing strategies to boost visitor numbers and revenue, including a focus on events and brand building.
Footfall Focus: Diversifying Tenant Mix & Events Strategy
Hao Mart,a subsidiary of singapore-based Hao Corp,operates a chain of convenience stores and supermarkets. Though, recent financial results paint a challenging picture. The company recorded a loss of S$32.8 million for the financial year ending March 2024, a significant increase from the S$23.2 million loss reported in 2023. This downturn coincided with a drop in revenue, falling from S$84.2 million to S$55.7 million.Despite these figures, hao Mart is committed to revitalizing Taste Orchard. A key area of focus is attracting a wider range of tenants. Mohamed R, from Tea Chimes, believes introducing more recognizable food and beverage (F&B) brands would be a significant draw for customers. Currently, the mall’s F&B options lean heavily towards Korean and Japanese cuisine, possibly limiting its appeal.
Tenant Performance: A Mixed Bag
The performance of tenants within Taste orchard varies considerably.According to Suep, Hao Mart’s management has received formal feedback on business performance from only one tenant to date.
Those located on levels 3 and 4 – encompassing a spin studio,education center,salon,and aesthetics clinics - are reportedly “doing fine,” benefiting from pre-existing customer loyalty. Though, the situation appears more precarious for tenants on other levels, particularly those reliant on walk-in traffic.
Hao Mart expects tenants to take the lead in their own marketing efforts. The management team will provide on-site support, concentrating on “building and promoting the overall Taste Orchard brand identity.” This collaborative approach aims to leverage the strengths of individual businesses while fostering a cohesive mall experience.
Events as a Catalyst for Growth
Recognizing the need to drive footfall and generate income, Hao Mart has prioritized event association at Taste orchard since the beginning of 2024. Approximately two to three events are held each month, strategically positioned across the basement, Level 1, Level 3, and Level 4.
These events encompass a diverse range of attractions, including flea markets, interactive gaming zones, and international fairs. The initiative is already showing promising results. Eccellente, the mall’s grocery store, has reported a consistent “more than doubling” of sales on event days, demonstrating the positive impact of increased visitor numbers.