Rising costs for the furniture sector here: sofa, so good
Local firms have made plans to deal with higher rental, manpower expenses
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[SINGAPORE] Faced with rising rents and a shortage of manpower, furniture firms here are taking measures to overcome their problems.
"The two main killers are rental and manpower," said Xu Xue Ting, group retail manager of furniture manufacturer and retailer Star Furniture.
Rental cost is a major bugbear for the firm, which operates out of large retail spaces, some spanning 20,000 to 30,000 square feet. This is especially so in the case of its stores located in shopping malls, where rents can rise up to 10 per cent each time leases come up for renewal.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
