Holland & Barrett Exits Singapore – Sign of a Struggling Economy?
British Health Retailer Pulls Out After Nearly Two Decades
British health and wellness retailer Holland & Barrett (H&B) has officially closed all 12 of its outlets in Singapore, marking the end of its nearly 20-year presence in the local market. The closure was announced on March 10 via its Instagram page, leaving many questioning whether this is another symptom of an ongoing economic downturn.
According to government records, the local distributor MA Supplements declared its inability to continue operations due to liabilities, and a creditors' meeting is scheduled for March 18 to formalize the business winding down.
What Went Wrong?
The closure of a long-standing international brand has sparked concerns that Singapore’s retail industry is struggling, especially as rents continue to climb and consumer habits shift online.
Some Reddit users noted that Holland & Barrett stores were often empty, which may have made them unsustainable in the long run.
"In all my years of life, I have never seen a single customer inside one of these stores."
— u/ipigstine
Others speculated that e-commerce giants like Shopee, iHerb, and Amazon have rendered physical health stores obsolete.
"With the accessibility of online shopping—either Amazon or iHerb for health supplements—it's difficult to compete, definitely not with local rentals."
— u/BlackWing1977
Are More Businesses in Trouble?
The shutdown of Holland & Barrett is just one of many recent closures in Singapore. Several Redditors pointed out that other major brands have also struggled, suggesting a larger economic issue.
"Domino effect. When you see PRC businesses also shuttering, then you can start to really, really worry. Starting with HDL (Haidilao)."
— u/CybGorn
Landlords and high rental costs continue to be a major problem for retailers trying to survive in Singapore’s competitive market.
"With landlords charging ever higher rentals, something will have to give, and businesses closing shop is the main lever. Seriously though, e-commerce destroys physical retail shops. But for the consumer, it's a no-brainer that it saves money."
— u/DonDonStudent
Another user highlighted the shifting consumer behavior, where physical stores are now mainly used as showrooms, with actual purchases happening online.
"People nowadays are no longer going to physical stores to buy supplements. Most of the time, people go to physical stores, ask for advice, check out the retail price, then go home to research and purchase online. Brick-and-mortar models have long been outdated for some of these businesses."
— u/lukepornalot
Is This a Sign of Recession?
The bigger question remains—is Singapore’s economy in trouble? Some Redditors believe this is a clear indicator of an economic slowdown.
"With so many large brands dying, I wonder if our malls would be like our neighboring countries—dead towns. Take a second look at property prices, please. Or let me buy a shophouse and live in it."
— u/MonstaB
Others, however, argued that the H&B shutdown could be more of a company-specific issue rather than a nationwide economic problem.
"It can simply be their parent company failing. Why must it be recession here? Can explain?"
— u/Kazozo
Final Thoughts
Regardless of whether this is an economic red flag or simply the natural decline of physical retail, the closure of Holland & Barrett reflects the changing landscape of Singapore’s consumer market.
With rising rents, e-commerce dominance, and shifting consumer habits, traditional retail stores are facing an uphill battle to stay afloat. The question now is: Which major brand will be next to exit Singapore?
