Home Retailing Minimarket 99 Speedmart pulls out of Singapore

99 Speedmart pulls out of Singapore

99 Speedmart has made a surprise announcement on 15 May 2020 informing the public that its Singapore operation will cease from 31 May 2020. The Malaysian minimarket chain first entered the island state in December 2019 but COVID-19 has dashed the hope of 99 Speedmart to make a mark in Singapore.

The minimarket operator did not elaborate on the reason for pulling out from Singapore but given the tough operating environment due to the circuit breaker and poor consumer sentiment, 99 Speedmart has probably made a cleaver choice to cut loss.

There is always the possibility for 99 Speedmart to re-enter Singapore once the situation recovers.


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