From 50+ stores to 7: Hao Mart shutters stores as it bleeds millions & faces lawsuits

More than half of the outlets listed on its website are reportedly closed

Homegrown supermarket and minimart chain Hao Mart has closed a large share of its outlets as losses deepen, The Straits Times reported.

As of publication, Hao Mart’s website lists 20 outlets across Singapore. However, a check by The Straits Times found that only seven remain in operation after visiting all listed locations over a two-week period in the second half of Mar.

The remaining seven include six regular Hao Mart stores, located in Bedok South Avenue 3, Canberra Link, Potong Pasir Ave 1, Petir Road, Whampoa Drive and Pasir Ris Street 21; and one premium Eccellente outlet in the Marina Square shopping mall.

According to Accounting and Corporate Regulatory Authority (ACRA) records obtained by the publication, the company has been in the red since 2023, and its losses have worsened over the years.

For FY2025, Hao Mart reported a S$49.6 million loss. The amount is up from S$32.8 million in FY2024 and S$23.2 million in FY2023, following two years of profitability. The company also posted a S$2.2 million loss for FY2019, its first year of filings.

This year’s figures were filed with ACRA belatedly in Jan. ACRA told The Straits Times in Mar that it has taken enforcement action against Hao Mart for failing to file annual returns within six months of its financial year-end.

While the regulator did not disclose the specific penalty imposed, its website states that late filings can incur fines of S$300 or S$600, depending on the length of the delay.

Separately, Hao Mart is also facing four High Court lawsuits, including a dispute with landlord OG over the termination of its lease for its flagship five-storey Taste Orchard mall on Orchard Road.

Vulcan Post has reached out to Hao Mart about the scaling down of its operations and financial situation.

Some closed stores taken over by rivals

Hao Mart was founded by Dr Tan Kim Yong in 2016, with its first store at Block 74 Whampoa Drive. The chain expanded rapidly over the years, peaking at 51 stores in Dec 2021.

But by Dec 2024, Hao Mart stores had dwindled to just 20, according to its website. Among the outlets that The Straits Times found to be closed, four had been replaced by Hao Mart’s rivals.

Sheng Siong now occupies Hao Mart’s former Punggol East and KINEX Mall spaces, while ValueMart runs the Punggol Walk site near Waterway Point.

Newcomer ACE Signature took one of three Geylang shophouses. Of the remaining two Geylang units, one became a coffeeshop, and the other was demolished in Sep 2024 for a five-storey rebuild. The Redhill Road minimart is now a tuition centre.

Elsewhere, Indian supermarket chain Sri Murugan Supermarket now runs Hao Mart’s former Bayshore Park condo minimart. Its Parksuites condo-facing outlet has been converted into an after-school care centre. The Far East Plaza outlet is now a food court, the Esplanade Xchange space has become a travel agency, and the East Village supermarket has been replaced by a gym.

• Read other articles we’ve written on Singaporean businesses here.

Also Read: Singapore saw 60K business closures in 2025—that’s the highest in 8 years

Featured Image Credit: Hao Mart