Singapore retailer Hao Mart closes last premium outlet

The last premium Hao Mart outlet in Singapore, situated on the second floor of Marina Square, has reportedly closed its doors following the expiry of its lease. According to SingLand, a co-owner of the Marina Square complex, the outlet's closure was a natural result of the lease's termination with no outstanding lease-related issues.

This marks the end of a series of closures for Hao Mart, with a total of seven Eccellente outlets, including those at KINEX, Far East Plaza, and East Village, having already ceased operations. The retailer's presence in Singapore has significantly diminished, now operating only in six locations across the country: Bedok, Canberra, Pasir Ris, Bukit Panjang, Potong Pasir, and Whampoa.

Despite the operational reduction, Hao Mart's website still listed 20 outlets, including Eccellente locations and stores that had already ceased operations. The latest closure is part of a challenging period for the retailer, which reported a loss of SGD49.6 million ($38.3 million) for the financial year ending March 31, 2025. This marks the third consecutive year of increasing losses for Hao Mart.

The retailer is currently embroiled in various legal disputes, including five High Court lawsuits. Two of these lawsuits involve department store operator OG, alleging breach of lease agreements, non-payment of rent during January-November 2024, and unauthorized subletting of retail space, with OG seeking SGD6.6 million ($5.1 million) in damages.

Other cases involve property agency PropNex Realty, skincare company Belovie, and hair and scalp care company Bio Organicare Scalp. These legal battles primarily stem from the closure of Hao Mart's Taste Orchard concept, which has since ceased operations.