Mustafa boss' luxury home is 10 storeys tall

[virus]

I am pretty sure that the landlords have a hook in Mustafa because The Verge was initially meant to house the new Location for him - I will have to check as I have not followed this for a while but only coincidentally heard about plans for the area last week because of the upcoming hospital across the road. I can't remember whether he bought those shophouses because of his fallout from The Verge.

Has this government been known to stay firm for conservation reasons? Wah Singapore in 1995 and Singapore in 2014 are not the same leh...

well not sure about verge but city square is hardly a rowdy place despite the strenght of CDL.

the problem with mostaffa is the organisation structure which is why it cannot capitalize on the advantage of ground floor and good diversity across the entire complex. it's very success is it's very failure.

 

[frenchbriefs]

if mustafa is so powerful why hasnt it thrived anywhere else in the country?to me mustafa is nothing more than a curiosity,u go there once in a while to buy a whole bunch of crap u dont really need.....it doesnt carry the normal range of household brands that most big hypermarket chains carry.....

 

[virus]

it did tried a stunt at kallang using the warehouse as a retail outlet and was slapped with hefty fine.

 

[JHolmesJr]

Yeah, if he built 40 stories, he can keep 10 and rent out 30, income forever,,,,,,

LOL....spoken like a true blue, myopic, wannabe landlord, singo tool ....he already has a flourishing business that will run for generations....he doesnt need more money from rent to distract him from his focus of growing the business. Plus.....the reason an industrial magnate buys an entire building is to ensure his privacy....why the fuck should he be interested in renting apartments to strangers then.

 

[frenchbriefs]

Businesses die u know....but assets last forever.a business may have sentimental value but a true capitalist look for the most effective ways to maxise his income.bill gates for example has sold most of his holdings in Microsoft and reinvested it....now his net worth is even higher than warren buffet.

LOL....spoken like a true blue, myopic, wannabe landlord, singo tool ....he already has a flourishing business that will run for generations....he doesnt need more money from rent to distract him from his focus of growing the business. Plus.....the reason an industrial magnate buys an entire building is to ensure his privacy....why the fuck should he be interested in renting apartments to strangers then.

 

[scroobal]

Hitler made the mistake of opening one extra front and paid dearly. This guys has a model and a single location made it 37th in Singapore's rich list. Sheng Siong has 33s stores and made it to 36th in the rich list. Their model may be different. Either way you are looking 2 very successful chaps and both did it contrary to expectation.

I mentioned earlier that Metro and Isetan never thought Mustafa will outstrip them. Cold Storage also said the same of Sheng Siong and cited the NTUC's special deal with the Govt and again like Isetan and Metro kept their image and model. Giant and Sheng Siong showed the incumbent how it is done.

Jason's is another example of a model that the owner is comfortable with and the Margins are good.

if mustafa is so powerful why hasnt it thrived anywhere else in the country?to me mustafa is nothing more than a curiosity,u go there once in a while to buy a whole bunch of crap u dont really need.....it doesnt carry the normal range of household brands that most big hypermarket chains carry.....

 

[jw5]

Absolutely Agree. I am with you on this.

Hitler made the mistake of opening one extra front and paid dearly. This guys has a model and a single location made it 37th in Singapore's rich list. Sheng Siong has 33s stores and made it to 36th in the rich list. Their model may be different. Either way you are looking 2 very successful chaps and both did it contrary to expectation.

I mentioned earlier that Metro and Isetan never thought Mustafa will outstrip them. Cold Storage also said the same of Sheng Siong and cited the NTUC's special deal with the Govt and again like Isetan and Metro kept their image and model. Giant and Sheng Siong showed the incumbent how it is done.

Jason's is another example of a model that the owner is comfortable with and the Margins are good.

 

[frenchbriefs]

but he doesnt have hitler's problem does he?hes not a fledgling business anymore trying to compete against the big boys with 1 tiny shop front and 4 trucks struggling to survive and break the 1 million sales mark.no he is now a superpower,the british empire,ruler of 3 quarters of the seas and controller of the colonies and the natives,there is no fleet in the world that rivals them.hes now 300 million in annual sales revenue.

so what do u do when u are already a superpower?u expand.u spread ur fleet across the atlantic ocean,u conquer other shores.so why doesnt he do that?why does he build a 11 million dollar apartment?waiting for walmart to come conquer us.once walmart conquers us we will truly be a swiss standard ang moh living of country.

i dunno about metro and isetan,by the time i was born,they were on their way out and only exist as fragments of memories of a different time...besides their models are different i think more of the middle class departmental store type.

as for cold storage they will always maintain their place,ntuc,giant and shengsiong and shop and save are there to fight for the peasant dollars....im a peasant thats why i shop at giant,where the cheapest and most generic junk are sold.i gorge and feast upon the made in china goods,the made in china poultry made in china frozen meat,made in china snacks,made in china fruits and vegetables,made in china diary and milk and cheese and whatnot.cold storage is for the burgeious.

Hitler made the mistake of opening one extra front and paid dearly. This guys has a model and a single location made it 37th in Singapore's rich list. Sheng Siong has 33s stores and made it to 36th in the rich list. Their model may be different. Either way you are looking 2 very successful chaps and both did it contrary to expectation.

I mentioned earlier that Metro and Isetan never thought Mustafa will outstrip them. Cold Storage also said the same of Sheng Siong and cited the NTUC's special deal with the Govt and again like Isetan and Metro kept their image and model. Giant and Sheng Siong showed the incumbent how it is done.

Jason's is another example of a model that the owner is comfortable with and the Margins are good.

 

[The_Hypocrite]

Just being practical,,,nothing wrong with earning more money and diversifying,,,spore so protect business leaders,,might as well capitalise on it,,,retail biz is very fickle,,,and nothing last forever,,might as well diversify...

LOL....spoken like a true blue, myopic, wannabe landlord, singo tool ....he already has a flourishing business that will run for generations....he doesnt need more money from rent to distract him from his focus of growing the business. Plus.....the reason an industrial magnate buys an entire building is to ensure his privacy....why the fuck should he be interested in renting apartments to strangers then.

 

[frenchbriefs]

Behind a successful man you will usually find a woman. In his case a masculine looking woman.

thats very good,having a masculine looking wife will ensure all his energies are focused on business,not having the family jewels bled dry every night.also marrying a pretty dumb broad usually ends up in hot soup,divorce,alimony.never marry a female who do not share the same passion in business and financial matters and economics,most women are good for nothing other than their boobies and tits and for shopping.case in point Peter lim's daughter.if u have a empire to protect,u do what is right and what is necessary even if it means marrying Ayn Rand.

 

[johnny333]

...... He catered to a segment of the market that was probably undervalued and under appreciated in terms of spending power - forget the smells looks etc - they spend money and are repeats because of brand loyalty - look at the number of Chinese vendors flogging their wares nowadays on Sundays in Serangoon Road.

While I was in Batam I saw Indo sightseeing packages to Spore that included visits to Mustafa

When I visit Mustaffa I don't only see indian customers. They also include angmos, Vietnamese, Burmese, Thais, .... & of course Sporeans

 

[frenchbriefs]

Oh shit! I just realised Lee Kuan Yew was right all along!....LOL

nope......lee kuan yew is an aberration.....no offense maybe he had some use,but that useless ah dou son and that smeagol looking daughter and that wife,that is what u call a family of misfits,hillbilly family.

 

[frenchbriefs]

While I was in Batam I saw Indo sightseeing packages to Spore that included visits to Mustafa

When I visit Mustaffa I don't only see indian customers. They also include angmos, Vietnamese, Burmese, Thais, .... & of course Sporeans

who cares?theres nothing to do on this godforsaken island,if singaporeans arent at one of the endless hordes of malls in singapore,then they are in mustafa shopping.thats like saying theres tons of people at suntec city or clementi mall,must be highly successful,goddam every fucking mall in singapore is highly successful.

 

[frenchbriefs]

You've failed to mention that Jason's never discouraged SPGs, braless and in micro tight pants spending two hours bending over the bottom shelves looking for a can of sardines. If that is not business strategy I don't know what is!

thank you i will keep that in mind the next time i become a entrepreneur tycoon.

 

[cocobobo]

[h=1]

The sleek and modern looking apartment certainly looks like the kind of home owned by a man Forbes Asia ranked as the 37th richest in Singapore in 2011 with a net worth estimated at US$240 million ($300 million).
Mr Mustaq is not the only businessman to own an apartment in the area. Nearby is a 12-storey apartment building owned by businessman O. K. Mohamed Haniffa, who owns textile company Haniffa on Dunlop Street.

The Haniffa clan also occupies the entire 12-storey building.
Cue Mr Mustafa adding 3 more floors to his.....

 

[eatshitndie]

All the online references suggest otherwise, including this one:

don't need online references. the secret to his success is buying up properties around the area to create a giant store. ultimately, it's real estate that's the success story in sg. while others languish in increasing rent, he's able to maintain cost which is mostly rent for retailers. the problem with doing business with him is the low volume. even if trading terms are light, the margin doesn't justify the extra painstaking work required, such as relabeling every freaking product with a mustafa price sticker. my family business chin chai do it for them out of consideration, as he cannot get our line of products directly from anybody else via parallel imports. but it's only 1 small van load per week. whereas for the big chains, it's 2 40-foot container loads per chain every day.

 

[eatshitndie]

Just to correct a small error. Mustafa does buy from overseas consolidators, typically from US and UK

yes, thanks. and they do parallel imports too, which i did mention. it depends on the original supplier. some suppliers sell non-exclusively via multi-distribution channels but some stick to their local wholesalers. mustafa happens to be modeled after some indian and middle eastern grand bazaar giant mama shop where you can get anything under the sun, including iphone knockoffs. there's a global market for these overseas consolidators due to the middle eastern formula, as variety of goods is huge and volumes are small. but logistics is a painstaking nightmare. imagine shrink-wrapping various pallets of different boxes of products and trying to optimize pallet loading in a 40-foot container for shipping. my family business is starting to engage small independent wholesalers in sg who are nimble and flexible enough to do consolidation of their own. they cater to small sundry shops, mom and pop groceries, and the still around tiny shack mama stalls. they earn a commission with no trading terms, but they take care of loading, unloading and deliveries. mustafa used to buy from them too (but they reach out to us directly to trim cost) and continues to do so for some very low volume items. these small wholesalers and consolidators are the lifeblood of the sme's in sg.

 

[Narong Wongwan]

I mentioned earlier that Metro and Isetan never thought Mustafa will outstrip them. Cold Storage also said the same of Sheng Siong and cited the NTUC's special deal with the Govt and again like Isetan and Metro kept their image and model. Giant and Sheng Siong showed the incumbent how it is done.

Jason's is another example of a model that the owner is comfortable with and the Margins are good.

Giant belongs to gold storage....or rather both under the same parent dairy farm. shop and save is the other chain the group. So dairy farm corners the market catering to different niche....machiam like Armani with emporio and ax.

 

[eatshitndie]

Giant belongs to gold storage....or rather both under the same parent dairy farm. shop and save is the other chain the group. So dairy farm corners the market catering to different niche....machiam like Armani with emporio and ax.

yes, cold storage, giant, and jasons marketplace (including 7-eleven franchises in asia) are all part of the dfi group. see my post at #28. very tough to deal with hongkies. trading terms "eat" heavily into margins. but bo pian. volume is huge. :o

 

[PoliticalDialogue]

Mustafa's business model works very well for the area it is in. As long as that area - Little India/Serangoon Rd - remains as is, then Mustafa will continue to thrive, particularly since it pays no rental but might collect rental from others.

Mustafa is in effect a one-trick pony where its business model cannot be replicated anywhere else nor is its owner seemingly interested in replicating it anywhere else. But it is a highly successful one-trick pony.

People who visit Mustafa inevitably go there for a purpose. In other words, 90% of the walk-in customers would likely walk out with a purchase. (I have made just 1 visit to Mustafa, 2 years back. I went over to get something specific, discovered it was stocked there but was shocked that it was quite expensive. Nonetheless, because I had made the visit, I bought it and walked out. I can't see a need for me to return.) You compare this to regular shopping malls, where perhaps only 20-30% of the pedestrian traffic goes in and buys something; most other people are at malls to window shop.