Forum: Help ageing businesses evolve to protect customers

Longstanding businesses like beauty spa Royal Secrets Wellness and massage and foot reflexology chain Wan Yang served Singaporeans for decades. Their recent closures have left customers with prepaid packages that are still unused, and limited options to recover their money.

While there is often ample funding support for start-ups, ageing businesses that struggle to adapt receive less attention. These enterprises are not “new pop-up scams”; it may just be that their business models are no longer viable. Without support to transform themselves, long-time businesses may close, and consumers ultimately bear the brunt.

In the case of Royal Secrets Wellness, affected customers are being asked to top up with another spa to recover part of their package – essentially paying more to regain services already purchased. Consumers like me face a no-win situation: either lose prepaid packages entirely or pay more just to reclaim part of the original purchase. The Consumers Association of Singapore says it cannot intervene. Can consumers seek recourse in such scenarios?

This situation raises broader questions: Beyond existing consumer resources, should there be more mechanisms to help older businesses evolve so that consumers are not left in the lurch? It may be time to consider how Singapore supports both start-ups and ageing businesses to preserve trust and protect consumers.

Loke Xiao Wen