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The local economy may be in the throes of a recession, but for Cherie Hearts Group, boom time has arrived.
The childcare centre chain is already the biggest private childcare player with about 50 centres, and it is making a name for being the fastest-growing chain as well.
In the next two months, 15 more Cherie Hearts centres will have opened in Singapore.
Its founder, Mr Sam Yap, 36, said he expects to have a total of 100 centres here by the end of the year.
Each centre takes in about 80 children, ranging from two months to 12 years old.
The company has expanded to countries like Malaysia, Indonesia and Vietnam.
Said Mr Yap: 'The economic recession did not affect the childcare business. Childcare is a basic need here and many parents are still willing to invest a lot in their children's education.'
Half of the existing 50 centres are run by franchisees.
He said there are advantages to expanding the business during a recession.
Landlords are more willing to reduce rental rates and this, in turn, helps to expedite the process of opening more centres.
Cherie Hearts will also be moving into its own five-storey headquarters in Cecil Street which will house its offices and training centre for teachers.
The company is paying 'very reasonable rates' for rental of the building, thanks to the bleak economy.
Mr Yap and his partner, Mr Gurchan Singh, 35, both former policemen, opened their first childcare centre in 2001 in Limau Garden, near Bedok.
They soon realised that there was a huge demand for quality childcare services.
They opened more centres and in 2003, started to franchise their Cherie Hearts brand. Since then, their centres have been popping up everywhere.
The company's annual revenue is about $30 million.
Said Mr Yap: 'We never dreamt our business would be this big.'
Nur Dianah Suhaimi
This article was first published in The Straits Times.
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