Beginning 9 February, citizens of China and Singapore will have 30-day visa-free access to each other’s countries. That could be a boon for Singaporean seafood restaurant chain JUMBO Group, which recently opened two new outlets in the city-state.
JUMBO’s new restaurants in Ng Ah Sio Bak Kut Teh and Clarke Quay Central will be a draw for visitors to Singapore from China, who had driven consumption at upscale restaurants across Southeast Asia prior to the pandemic. While Covid-related travel restrictions eliminated that traffic short-term, the pandemic didn’t dissuade Jumbo from opening a restaurant in Hanoi in 2022. The company said it aims to capitalize on Vietnam’s emergence in recent years as a destination for Chinese tourists, as well as for businesses seeking alternatives to China for manufacturing.
China remains central to growth plans at JUMBO, which has outlets across China, as well as a central location in the Universal Beijing Resort, opened in 2021, where imported lobster, salmon, and crab are on the menu.
Countries across Southeast Asia – the top global destination for Chinese tourists – are hoping to draw more visitors back post-pandemic. Thailand also recently finalized a deal that will allow visa-free travel for Chinese tourists.
For full-year 2023 (ending 30 September) Jumbo saw total revenue jump 54.7 percent to reach SGD 178.8 million (USD 134.1 million, EUR 123.3 million). But its earnings from China fell 6.5 percent to SGD 26.1 million (USD 19.5 million, EUR 18 million) in the period. The company’s overall profit stood at SGD 14.6 million (USD 10.9 million, EUR 10 million) in 2023, a significant improvement from its SGD 100,000 (USD 75,000, EUR 68,000) loss reported in the previous accounting year.
Jumbo is not the only company working to capitalize on increased visits from Chinese tourists. Julian Davies, head of Bangkok-based Thammachart Seafood Retail Co., said retailers in Thailand are spending big in preparation for the upcoming Chinese New Year celebrations.
“Everyone hopes the Chinese will flood in,” Davies told SeafoodSource. “The visa-free entry certainly helps make things easier, and traditionally Thailand has serviced the Chinese extremely well.”
As part of its marketing for Chinese New Year, Thammachart is arranging “Salmon Dragons” – elaborate plates of salmon slices shaped to resemble a dragon – in its stores, in honor of this year being the year of the dragon in the Chinese lunar calendar.
