Happy Bar & Grill in Singapore

Study Tour Singapore

Denitsa Boneva, Hristo Boyadzhiev & Louis Legros February 6th 2012

Agenda

(1) Information about Singapore (2) Key Values of Singapore (3) Singapore Food Industry (4) Information about Happy Restaurants (5) Business Customs to Consider (6) Recommendations to Happy Restaurants (7) Key Takeaways

Happy Bar & Grill in Singapore February 6th 2012

Information about Singapore

Facts: Located in South Eastern Asia 660 km2 Island ~5.0 million inhabitants (~1.8 million expatriates) 75% Chinese, 14% Malay, 9% Indian, 2% others GPD per capita ~US$41,000 Trends: Desire for luxury Hectic lifestyles drive demand for convenience Singaporeans try to live a healthy life

Infrastructure

Ever expanding FTA

Pro Business Environment

Flexible financial schemes

Highly skilled domestic labor force

Happy Bar & Grill in Singapore February 6th 2012

Key Values of Singapore

Hierarchical society (13th in power distance). Work is formal, with great respect given to ones boss, and chain of command is followed closely Great respect is given to the elderly Family oriented (3rd lowest individualism score) People often think of how decisions affect the group instead of themselves Multicultural Population Not risk-averse (lowest uncertainty avoidance) Various faiths are practiced Harmonious culture Respect and Face are very important to individuals Kiasu (fear of losing) Highly competitive society
Happy Bar & Grill in Singapore February 6th 2012

Singapore Food Industry

Variety of cuisines Thai, Indian, Vietnamese, American Increasing expenditure on consumer food services Most spending on dining out is on chains or independent hawkers Multiple independent food chains with a common area Fast food outlets are popular amongst teenagers and students; busy working professionals also frequent Sales of home delivery and take away grew by 94% in constant value terms between 2006 and 2009. Strong demand for convenience Purpose of dining out is not only to satisfy hunger its a social activity and a way to spend time with others
Happy Bar & Grill in Singapore February 6th 2012

Information about Happy Restaurants

Started in 1994 in Varna, Bulgaria as a seafood restaurant Moved to become a Bar & Grill diner

Found on top locations in cities and key points on main road systems

Introduction of Happy Sushi restaurants

Currently 30 restaurants around Bulgaria and 2 in Barcelona, Spain

Happy Bar & Grill in Singapore February 6th 2012

Business Customs to Consider

There are three main ethnic groups in Singapore: Chinese, Muslim and Hindu Therefore some customs like gift giving & food vary Each group doesnt see themselves as separate, but instead parts of a whole Accept business card with two hands Either a bow or handshake is acceptable, depending on the person Shoes are rarely worn in a household

Happy Bar & Grill in Singapore February 6th 2012

Recommendations to Happy Restaurants (1)

Offer some traditional and local dishes (Singaporeans prefer rice-based meals, vegetables, fruits) Offer take away and delivery because of the growth and demand for these extra-value services Cut down service time in order to target busy working individuals who want a good meal on the go Open a beachhead in the famous Lau Pa Sat food court in the business district Offer a wider range of dishes at different price levels to target both younger consumers and workers

Happy Bar & Grill in Singapore February 6th 2012

Recommendations to Happy Restaurants (2)

Partner with a local beer producer like Tiger Beer Familiarize themselves with the specifics of the Employment Act as laws in Singapore are different and penalties are enforced Promote a racial discrimination-free work environment and company policies (national legislation has no equal opportunities) Building personal relationships with suppliers and partners is key Send chefs to the Global Chef Exchange (and other similar events) that is organized yearly in Singapore a good way to exchange culinary ideas between local and foreign chefs and restaurateurs and get the Happy name out
Happy Bar & Grill in Singapore February 6th 2012

Key Takeaways

Singapore:
Its remarkable what a country can do with vision, political determination, practically zero corruption and lots of work in less than 50 years. It seems like a powerful law system backed up by radical penalties could shape a perfect society. The community takes precedence over the individual in Singapore. Family is the basic unity of society; the latter is based on consensus, not contention. There is a fundamental belief in racial and religious harmony.

Happy Bar & Grill in Singapore February 6th 2012

Key Takeaways

Doing business in Asia:

At times when the West is neck-deep in debts and in dire need of an economic boost, looking to the East is no longer a luxury, but rather a necessity. Its a misconception to label all Asian countries as similar when it comes to doing business. They have different values, attitudes, and practices which need to be understood and respected if one is to be successful. Focus on building relationships, not contracts this is the only way to guarantee long-term business prospects.

Happy Bar & Grill in Singapore February 6th 2012

Thank you!

Happy Bar & Grill in Singapore February 6th 2012

Sources

Online:
http://happy.bg/ http://www.kwintessential.co.uk/etiquette/doing-businesssingapore.html http://www.theworlds50best.com/regional-spotlights/singapore https://app.stb.gov.sg/asp/common/print.asp?id=12703&type=2 http://www.euromonitor.com/consumer-lifestyles-insingapore/report https://www.cia.gov/library/publications/the-worldfactbook/geos/sn.html

Offline:
Slides from Singapore study tour

Happy Bar & Grill in Singapore February 6th 2012