The Changing Face of Holland Village
Holland Village, long celebrated as one of Singapore’s most eclectic and vibrant neighborhoods, is undergoing a profound transformation. Once a bohemian enclave known for its mix of heritage businesses, trendy cafes, and lively nightlife, the area has recently seen a wave of high-profile business closures and a shift in its unique character. As new developments rise and consumer habits evolve, questions loom over whether Holland Village can reclaim its former vibrancy or if it is destined to become just another commercial district.
From Bohemian Hub to Business Exodus
In 2024, the signs of change became impossible to ignore. Beloved institutions such as Thambi Magazine Store, Sunday Folks ice cream parlour, party shop Khiam Teck, and Bynd Artisan all shuttered their doors. Even Lim’s Holland Village, a family-run furniture business with deep roots in the community, announced its closure by early 2025. These closures are not isolated incidents but part of a broader trend that has seen the area’s distinctive charm erode over the past decade.
Bynd Artisan’s co-founder, Winnie Chan, described the decision to leave their flagship store in Chip Bee Gardens as bittersweet. The shop, a tribute to her grandfather’s legacy as a pioneering hand bookbinder, had become unsustainable due to dwindling foot traffic and rising rents. On weekdays, fewer than ten people would pass by the store, with only a slight uptick on weekends. This decline in visitors is echoed by other business owners, who cite similar struggles in maintaining profitability amid changing circumstances.
Lim’s Holland Village, known for its unique furniture and personal touch, faced a different but related challenge. After the passing of their father and co-founder, the Lim sisters considered moving the business online or to a warehouse but ultimately decided these options did not align with their family’s vision. The evolving needs of customers—many of whom now have less space or different tastes—also played a role in the decision to close.
Why Are Businesses Leaving?
Several factors have contributed to the exodus of businesses from Holland Village:
- Rising Rents: Rental costs have soared, with some units charging over S$20,000 per month and others as high as S$62,000. For many independent businesses, these rates are simply unsustainable.
- Dwindling Foot Traffic: The once-bustling streets now see far fewer visitors. Data from the Department of Statistics showed a 3.7% month-on-month drop in restaurant sales in April 2024, with only a marginal increase in cafes and food courts.
- Changing Consumer Habits: Post-pandemic shifts have altered how people spend their leisure time. Gen X is going out less, Gen Z prefers digital spaces, and millennials are more focused on essentials than nightlife.
- Competition from New Developments: The opening of One Holland Village and Holland Piazza has introduced a slew of new retail and dining options, intensifying competition and diluting the area’s unique identity.
- Road and Parking Changes: The closure of the central open-air car park and the implementation of time-based road closures have made access less convenient, further discouraging visitors.
Stanley Yeo, owner of the iconic Wala Wala Café Bar, noted that the closure of the car park and restrictions on live music have significantly reduced crowds. “After Covid, the entire Holland Village has been slow compared to before. Perhaps drivers are too lazy to walk as the current car park is ‘far away’. It’s worse when it rains,” he remarked.
Gentrification and the Loss of Heritage
The transformation of Holland Village is often described in terms of gentrification—a process where rising rents and redevelopment push out long-standing businesses and residents, changing the character of a neighborhood. However, experts caution against viewing gentrification as inevitable or entirely negative.
Dr. Yeo Kang Shua, an associate professor of architectural history, explains that gentrification is simply a term for change driven by economic, social, and cultural factors. It becomes problematic when it happens so quickly that people cannot adapt and are forced out. Dr. Tan Shin Bin, from the Lee Kuan Yew School of Public Policy, adds that targeted subsidies and thoughtful urban planning can help mitigate the negative effects, preserving some of the area’s original charm while allowing for renewal.
Yet, as Dr. Tan points out, capping rents is not a long-term solution if the main issue is a lack of demand due to changing lifestyles and the rise of e-commerce. The fate of heritage businesses is tied not just to policy but to the choices of consumers themselves. As she notes, “If we change our social patterns and the way we shop, they will die a natural death.”
The Impact of New Developments: One Holland Village
One of the most significant changes to the area is the opening of One Holland Village, a mixed-use development featuring residential units, retail shops, and up to 500 parking lots. The project, developed by Far East Organization and partners, aims to revitalize the district by attracting new residents and visitors.
Deborah Tan, Far East Organization’s director for operations and marketing, stated, “We believe that the location was ready for revitalisation as it offered a chance to bring new energy to an already established and authentic community.” The mall’s design incorporates elements inspired by Holland Village’s history, with art installations and open spaces intended to foster community interaction.
Some business owners have reported an uptick in customers since the opening of One Holland Village. Phillip Ang, owner of Phillip Antique Investment, noted a 30% increase in business within the first week of the mall’s opening, especially from foreign visitors. Others, like the team at Caffeine Xpress, appreciate the improved visibility and pet-friendly environment.
However, not all are convinced that the new development will benefit the entire neighborhood. Nasen Thiagarajan, president of the Singapore Nightlife Business Association, observed that while food options have grown by 30% since the mall’s opening, overall footfall has not increased proportionally. “If businesses in the mall are doing okay, while the streets remain quiet, it means we’re not seeing fresh footfall. We need people,” he said.
Adapting to Survive: Strategies for Revival
Despite the challenges, some entrepreneurs remain optimistic about Holland Village’s future. Business owners and community leaders have proposed several strategies to revive the area:
- Enhancing Communal Spaces: Suggestions include creating more outdoor seating, especially in Holland Village Park, to encourage people to linger and socialize.
- Merchant Associations: Establishing a formal association could help coordinate marketing efforts, cross-promotions, and events to draw visitors back.
- Event Programming: Plans are underway for a three-month campaign coinciding with Singapore’s 60th anniversary, featuring discounts, product deals, and a lucky draw for diners who visit multiple outlets. There are also proposals for four marquee events annually, tied to major holidays.
- Diversification: Some businesses are exploring new revenue streams, such as hosting workshops, renting out space for events, or expanding their offerings to cater to different customer segments.
- Leveraging Social Media: Recognizing the importance of digital engagement, businesses are increasingly collaborating with influencers and creating content-worthy experiences to attract a younger, digitally savvy audience.
Stanley Yeo of Wala Wala Café Bar emphasized the need to adapt: “Revitalising Holland Village requires acknowledging that the old formula simply will not work in today’s landscape. The goal now is not to recreate the past, but to interpret the village for today’s audience.”
Community, Nostalgia, and the Role of Consumers
While much of the discussion centers on business strategies and urban planning, the heart of Holland Village’s identity lies in its community. Long-time residents and regular visitors express a deep sense of nostalgia for the area’s past, recalling childhood memories and the comfort of familiar landmarks. Yet, as some observers note, the survival of heritage businesses depends as much on consumer choices as on external factors.
Dr. Yeo Kang Shua points out that “people make a place,” and that supporting local businesses is essential to preserving the character of a neighborhood. The closure of shops like Thambi Magazine Store and Khiam Teck party shop is not just a loss of commerce but a loss of shared history and identity. As one resident reflected, “The thing we’re desperate to hold on to might not even be the shop or person or car park per se, but what their existence meant to us.”
In a rapidly changing city like Singapore, the tension between progress and preservation is ever-present. Holland Village’s story is a microcosm of broader trends affecting urban neighborhoods worldwide, where the forces of gentrification, economic pressure, and shifting lifestyles continually reshape the landscape.
In Summary
- Holland Village has seen a wave of business closures in 2024–2025, including iconic names like Thambi Magazine Store, Bynd Artisan, and Lim’s Holland Village.
- Key factors driving the decline include rising rents, dwindling foot traffic, changing consumer habits, and competition from new developments like One Holland Village.
- Gentrification and redevelopment have altered the area’s character, but experts argue that thoughtful planning and community engagement can help preserve its unique identity.
- New developments offer both opportunities and challenges, with some businesses reporting increased patronage while others struggle to compete.
- Revival strategies focus on enhancing communal spaces, coordinated marketing, event programming, and adapting to new consumer preferences.
- The future of Holland Village depends on the resilience and creativity of its entrepreneurs, the support of its community, and the choices of its visitors.
