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Incurred losses of $20K to $40K on bad months
Ben and his partners, who also own zi char concept Charcoal Fish Head Steamboat Restaurant, retro-themed kopitiam Tan Xiang Chai Chee and beer garden Playground, had projected the restaurant would break even within two years.
However, operating at its current location at Little India has been challenging. Not only is there a lack of parking and shelter in the vicinity, the business takes a big hit during the rainy season as the majority of their 80 pax seating is outdoors.
“We foresaw these problems, but we didn’t think they would affect us so badly,” shares Ben.
“When business was good, we made money but even then, it was not fantastic. But in bad months, the losses were tremendous, around $20K to $40K per month. Perhaps this location is not suitable for our concept.”
Mulling closure for a year
The decision to shut was a difficult one and something the guys had been mulling about for a year. The business had turned a small profit in the first year and they expected the second year to be more challenging.
“Despite this, we decided to take the risk and push on for another year. However, business took a turn for the worse, partly due to the economy and competition from overseas brands. 2024 has been bad for F&B,” he says.
Tan Xiang Yuan’s last day of operations will be on February 12, the last day of Chinese New Year, and Ben has invited customers to visit the restaurant for its last hurrah.
“We had initially planned to close in December, but there were a lot of bookings for Chinese New Year. We didn’t want to disappoint our customers, so we pushed back our closing. We hope to let our regulars spend the last CNY with us at this location,” shares Ben.
Besides CNY set menus, there are also promotions like $1 Peking duck or free Typhoon Style Lobster (around 500g), worth $98, with an order of their Signature Seafood Steamboat (from $98 for about five pax). This will be available till their last day (excluding eve of CNY).
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BenYeo Shutting Fancy Chinese Restaurant Aft Suffering $1M
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11:32 PM (2 days ago)
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