Sasa, the popular skincare retail chain, is closing its doors on all of their 22 stores in Singapore. The decision came after it was reported that the outlets in Singapore have been suffering loss for 6 consecutive years.
In a statement on Monday (2nd December 2019), the Hong Kong based retailer told reporters that despite their best efforts in restructuring their management to improve the store’s display, results were still unsatisfactory.
This move will see around 170 of their employees being affected. However, the retailer has added that the workers will be fully compensated according to local employment laws and regulations.
The decision was part of Sasa’s new strategy to put more emphasis on their core market back in Hong Kong, which saw a drastic decline in performance after a fall in tourist numbers from mainland China. The strategy will also see the company placing more focus in Malaysia, which they believed to have higher potential for further development.
Sasa representatives have since stepped out to ensure customers that despite the closing, it only represented 22 of their 265 stores, so there isn’t any significant impact. This came after they ensured investors that they remain a viable business, with plans underway to further developed the retailer’s e-commerce business.
Source: The Star.