The year-end period used to bustle for heartland store Meng Liang Furniture, but sales this month have fallen to levels normally experienced during the inauspicious Hungry Ghost Festival month.
Owner Eddy Tan, 45, lets on that the occasional customer who drops by his Ang Mo Kio shop now chooses the cheapest items, such as wardrobes going for less than $500, or $28 foam mattresses.
Monthly business has dropped by 40 per cent from last year and is even quieter than what he experienced during the Asian financial crisis in 1997-98.
The father of two schoolgoing children is making just enough to cover costs.
He says: 'The things we sell are not necessities, so people can choose not to buy them. They can simply use their current mattresses for the next 20 years if they need to.'
Mr Tan has six employees and reserves of about $100,000. He reckons he can keep the company going for one to two years if things do not improve.
Retrenchment, he says, is not an option. 'If I retrench people now, who will dare work for me in future?'
Besides, his workers are like family to him. 'At most, I will give up my business and work for other people,' he says.
He brightens up, adding hopefully: 'If I can weather this for two years, it'll be okay. I believe things will perk up.'
This article was first published in The Straits Times on Oct 18, 2008
