Mustaq Ahmad
Mustaq Ahmad co-founded one of Singapore’s local retail giants – the Mustafa Shopping Center.[1]
In 2008 Forbes ranked him Number 37 in their list of 40 Richest People.[2]
Early life
Ahmad was born June 8, 1951 in Uttar Pradesh, India. In 1956 he moved to Singapore to join his father, following the death of his mother.
Budding entrepreneur
From when he was just a boy, Ahmad showed a keen interest in the business world. He set up a stall next to his father’s, where he sold handkerchiefs that he had purchased with his own money. This stall inspired his father to move over to apparel (from his food store) which soon resulted in a makeshift store at Campbell Lane. He left school early (he was a student at Christ Church School) so that he could work full-time for his father.[3]
In 1971 he convinced his dad to rent a small store – kk & Samsuddin Co Pte Ltd (MMSC) – as the government had banned street stalls. Within two years they had done so well that they started looking for additional places to set up.
Innovative business ideas
It was while he was still just a teenager, working with his father that the idea of selling products at a fixed price came to him. At the time, this was quite a revolution away from current business practices. This greatly pleased customers who appreciated competitive pricing without the need for bargaining.
kk Centre
It was when rent on the store escalated by 70 percent that Mustafa felt it was time to buy. He purchased 20 stores on Syed Alwi Road which he converted to a 75,000 square foot department store containing a hotel with 130 rooms that opened in 1995 but was open to business as a 24 hour a day store, in 2003.
kk Centre has since expanded to the building across Verdun Road and has more than 250,000 wide-ranging products including produce and appliances. The Centre is also home to: a jewel mart, money-changing services, a pharmacy, postal services, supermarket and travel services.
Together with the store he reopened at Serangoon Plaza following its 2004 renovation, his empire turns over a staggering $302m per annum.[4]
Awards
The Singapore Tourism Board named Mustaq “Tourism Entrepreneur of the Year” in 2004. He received this because of his great contribution to the country’s tourism industry, since his stores are a “must-visit” destination for the hundreds of thousands of Indian tourists that come each year.
References
- ↑ Nureza, Ahmad. "Mohamed Mustafa and Samsudin Co Pte Ltd". Singapore Infopedia. Retrieved 10 August 2015.
- ↑ "Singapore's 40 Richest". Forbes. Retrieved 10 August 2015.
- ↑ Ong, Isabel. "Mustaq Ahmad". Singapore Infopedia. Retrieved 10 August 2015.
- ↑ "Mustaq Ahmad: The founding father of Mustafa Centre". South Asian Diaspora. Retrieved 10 August 2015.