Commentary: It’s sad when beloved businesses such as Thambi newsstand shut but nostalgia won’t pay the bills

Up until January of this year, I was the co-owner of two restaurant bars. 
I say “was” because both establishments have closed down, within a few months of each other. 
The rate of business closures in Singapore has been ramping up in recent years, from 50,423 closures in 2022 to 51,763 in 2023, data shows from the Accounting and Corporate Regulatory Authority. 
Most recently, there has been a bit of a hoo-ha around the closure of Thambi Magazine Store, an iconic newsstand along Lorong Liput in Holland Village. 
From the day the news was announced right up till the store’s closure on May 5, many took to the Internet to lament the loss of a pillar of Singapore’s retail landscape and history. 
Op-eds and articles were published, and social media platforms flowed over with netizens reminiscing about their experiences buying magazines and books at Thambi when they were younger. I myself have fond memories of buying Archie Comics from that very store.
But when was the last time any of us actually handed over cash for a magazine there?
In the aftermath of my own business closures, for my partners and I, the question that kept popping up in conversations with others was why we closed.
It seemed to me that the answer was obvious: We were losing a substantial amount of money each month. It’s a well-known fact that times are tough and are only getting tougher, amid rising costs, reduced spending power and manpower constraints.
Of course, there are always a few possible reasons why a business might be closing. The owner could be retiring, for example. Or perhaps the lease for the venue where the business operates is up for renewal, and the owner wants to do something different. 
But one underlying theme generally covers the majority of closures: There’s just not enough revenue. 
Witnessing the closure of a cherished spot can bring a profound sense of loss. It’s more than just a venue; it’s the backdrop to our community and connections. 
We read about a historic restaurant bowing out and say: “So sad, we had our first date here.” We hear the news about a neighbourhood beauty store shuttering and think: “What a pity; I bought my first lip gloss from there.”
But when was the last time you got dinner from the hole-in-the-wall restaurant where you had your first date with your partner? Or picked up lipstick from the family-run beauty store by your house, instead of pulling up Shopee on autopilot? 
Waxing lyrical about times past can give us an emotional kick — but for those involved in such businesses, our memories don’t do much to make them money.
Of course, the restaurant or shop has to provide some sort of continued value to you. There are always many new entrants in any market, and also those who continue to survive and prosper. Changes and closures are inevitable — it’s part of the business circle of life.
Consumers’ needs and wants change over time, and businesses have to be adaptable enough to stick around.
It’s easy to think that one’s customers will always be there, but it’s a customer’s prerogative to continue patronising a shop or not. Businesses have to work for it.
On my own failed ventures, people often ask me if I would do it all over again if I could turn back time. 
My honest answer is “no”. No, I would not do it again.
Running any business is demanding. Not just financially, but physically, mentally and emotionally as well. 
Having to close a business is another thing altogether. Making such a final decision involves a significant amount of stress for all involved, not to mention sadness and disappointment.
Someone said to me just a couple weeks ago: “No problem lah. Start over again.”
I understand that they might have been trying to encourage me, to help me look ahead instead of dwelling on pains of the past. 
However, it’s hard to ignore that trite comments such as these can often belittle the overwhelming amounts of time, money and energy local business owners pour into their ventures to keep them afloat. 
In this climate, we can afford to be more thoughtful and sensitive about our reactions and responses to the closure of any business, whether we know the people involved or not. 
There’s a famous quote from the Harry Potter series: “It is our choices that show us who we truly are, far more than our abilities.”
In this day and age, change is happening faster than ever. Books and magazines have moved online; new fads about food and drink, clothing and more pop up on social media practically on a weekly basis. 
But one thing that won’t change anytime soon is that we each have the choice to support our local businesses — by giving them money in exchange for goods and services, rather than lamenting their imminent deaths on social media. 
Perhaps instead of waiting for nostalgia to bring out the best in us, it’s time to put our money where our mouths are.
ABOUT THE AUTHOR:
Chua Ee Chien is the Asia-Pacific director of business development-fintechs at GTN. He writes on LinkedIn about personal finance, current events, work-life balance and entrepreneurship. He was the co-owner of the recently closed food-and-beverage establishments Jekyll & Hyde and Graftdagger.