TPY 177 Furniture, a landmark furniture store in Toa Payoh Central, will be closing its doors after 40 years in business. The store owners, 73-year-old Zhuang Miaozhu and 77-year-old Lin Hechang, made the tough decision to retire due to their age, difficulties in finding good employees, and the numerous rules and regulations involved in running a business.
Background
Lin began his career at a mattress company at the age of 16. Encouraged by his wife, he started his own business in 1973, wholesaling sofa covers. In 1984, the couple ventured into the furniture retail business by renting a space at Block 184 Toa Payoh Central. Business was initially slow due to MRT construction, but it picked up after the Toa Payoh station opened in 1987.
Overcame challenges, connected with customers
In 1990, the couple bought their current unit at Block 177 Toa Payoh Central to expand their business. They faced numerous challenges over the years, including the Asian financial crisis in 1997, the SARS outbreak in 2003, the financial crisis in 2008, and the COVID-19 pandemic. Despite these hurdles, they built strong connections with their customers, many of whom became friends. “Many younger customers who grew up here also told me their parents had asked them to buy furniture from us when they move to their new home after marriage,” Zhuang shared.
Opened store almost all year round for 40 years
The couple’s strong bond with their customers motivated them to keep the business running, even though their children repeatedly asked them to retire. During the COVID-19 pandemic, they began to consider retirement more seriously due to the rise of online shopping, which they were not familiar with. Lin mentioned that they opened the store almost every day for the last 40 years, closing only for four days during Chinese New Year each year.
Rented out store while searching for buyer
The couple has listed their two-storey shophouse for sale at S$5.88 million. They decided to sell the business completely to retire meaningfully. While searching for a buyer, they rented out the first floor to a friend in the furniture retail business. Zhuang emphasised the importance of ensuring that the goods sold by the tenant are reliable and reasonably priced.
No regrets
Regarding their retirement plans, Zhuang mentioned they might travel overseas and work as volunteers, but the most important thing is to spend time with their family. “We were preoccupied with running our business when we were younger and missed out on many important events of our offspring. This is a very big regret for us,” she said. Lin echoed similar sentiments but stated they do not regret starting their own business and are proud of TPY 177 Furniture’s good reputation.
