 NSB estimates that 60% of its premium seafood restaurant customers are tourists. Photo: CompanyNo Signboard Holdings' (NSB) core restaurant business is a "tourist-driven" business, as the company says, but NSB is set to broaden its business scope to appeal increasingly to Singaporeans.NSB operates three restaurants in Esplanade, Vivo City and Clarke Quay offering premium seafood (such as Alaskan crabs and snow crabs).
"We want to cover all price points, and we want to get back Singapore market share," he said in an interview with NextInsight last week. |
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Sam Lim, executive chairman and CEO of No Signboard Holdings: He holds a 74% interest in the company. Photo: CompanyAfter over 30 years in the traditional seafood restaurant, NSB -- now fortified by its Nov 2017 IPO net proceeds of S$19.3 million -- will roll out the following ventures in 2H this year and early next year:
♦ Hotpot: NSB will open at least one restaurant a year in Singapore under the Little Sheep franchise.
All ingredients for the food will be imported from China for an authentic taste, said Mr Lim.
♦ "Hawker" QSR (quick service restaurant): NSB will offer quick service food -- chiefly burgers with nasi lemak ingredients, for example -- with local taste that the likes of McDonald's and KFC don't offer regularly.
The "Hawker" QSR outlets will operate 24/7 and offer home delivery.
♦ Mass-market restaurants: NSB is toying with the idea of restaurants that are more wallet-friendly (more on this later).
No Signboard's brand of beer: Draft Denmark♦ Beer: The first shipment of cans of NSB's brand of beer -- Draft Denmark -- will soon reach supermarket shelves as well as outlets such as coffeeshops.
And the full range of SKUs -- can, pint, quart, keg -- will be available in increasingly more coffeeshops and entertainment outlets.
With scale and market share in mind, Mr Lim also wants to open a chain of smaller-sized restaurants (about 2,000 sq ft) in various parts of Singapore, including the heartlands.
They will offer a menu that is more affordable that the NSB premium restaurants, he said.
In due course, NSB will take overseas, likely China, the QSR and any new restaurant concepts that will be developed, he said.
 Arthur Quek, 52, joined NSB last month (June) to spearhead its beer business. Photo by Leong Chan TeikBack to the beer business -- NSB is considering brewing its Draft Denmark canned beer in Portugal, using spring water which, Mr Lim said, would enhance its taste.Draft Denmark will grow with NSB's existing and new restaurants, as well as capitalise on its export potential, he added. In the near term, it's the Singapore heartland coffeshops that are NSB's big target -- where the market is big but the competition is stiff and success, apparently, depends a lot on relationships with the customers (ie the outlets). To that end, NSB has hired Arthur Quek, a veteran from Asia Pacific Breweries and other beer companies, to head its beer business which reported a S$0.4 million net loss in 1HFY18. More experienced executives, with a proven track record, from the beer industry are expected to be hired. |
Not stinting on paying for talent, NSB has also hired Eric Er, a former McDonald's veteran, to head its Hawker QSR business.
With so many NSB initiatives ahead, the F&B scene could yet see No Signboard emerge as one of the food brands for the everyday Singaporean.
For more info, see NSB's Powerpoint presentation material.