The Popular Holdings comprises companies with core businesses in book publishing, distribution and retail, and electronic learning. Best known for its chain of Popular retail bookstores, it has subsidiaries and companies worldwide and has ventured into property development. Popular was one of the Top 100 Brands in Singapore identified by Brand Finance from 2012 to 2015.1 In 2023, Popular Holdings was acquired by Hong Kong investment firm ZQ Capital.2
Origins
In 1924, Chou Sing Chu set up Cheng Hing Company in the Tanjong Pagar area to distribute Chinese language books and magazines.3 An immigrant from Zhejiang, China, Chou came to Singapore to seek his fortunes after becoming an apprentice to relatives in the book trade.4
Chou incorporated World Book Company, a book distributor and publisher, in 1934.5 Just two years later in 1936, he opened his first retail bookstore on North Bridge Road. Named Popular, the store sold Chinese language books and stationery.6 Branches in Malaysia and Indonesia followed soon after. However, World War II and the Japanese Occupation (1942–45) halted expansion plans, and Chou fled to Kunming, China, with his family to wait out the war.7
After the war and the installation of a Communist government in China, Chou anticipated that the supply of Chinese language books from China would be interrupted.8 In 1949, he incorporated the World Publishing Company in Hong Kong to publish Chinese language books for the Asian market. In 1952, Popular began to publish Chinese language textbooks by setting up publishing houses in Singapore and Malaysia, followed by Hong Kong in 1960.9 At the time, Chou’s elder son Cheng Chuen ran the book business in Singapore and Malaysia. His younger son Cheng Ngok took charge of operations in Hong Kong from 1964.10
New business model and expansion, 1960s–1990s
In the 1960s and early ’70s, Popular had huge amounts of debts owed by small book retailers. The difficulties in recovering these debts meant that the book distribution business was not viable. Chou exited from the wholesale trade by writing off debts, discarding some 50 lorry-loads of unsold stock and selling the company warehouse.11
In keeping with the company’s philosophy of promoting knowledge and education, Popular decided to emphasise quality, value-for-money and convenience for customers.12 To fill a gap in the market, Cheng Ngok proposed setting up a chain of modern, air-conditioned and centrally managed bilingual retail bookstores under the Popular brand. The first new concept store was opened in Kuala Lumpur, Malaysia, in 1984.13 Cheng Ngok would run the bookstore business in Singapore and Malaysia under Popular Book Company, while his brother Cheng Chuen would take over the publishing and stationery business of the World Book Company in Malaysia.14
Throughout the 1980s and ’90s, Popular expanded its network of bookshops in Singapore, Malaysia and Hong Kong.15 The network included the largest bookstore in Southeast Asia at the time – the Bras Basah branch in Singapore.16 In 1991, Popular launched CD-RAMA to sell music and audio products.17 In 1994, Popular entered the Canadian market by incorporating Popular Book Company (Canada) Limited in Toronto to publish assessment materials.18
By 1995, Popular had become the top three bookstore chains in Singapore, with 14 bookstores and 9 franchise shops. It also had 15 bookstores in Hong Kong and 10 in Malaysia. In addition, Popular began retailing comics, costume jewellery and papercraft products.19
To penetrate the office supplies market in Singapore and Malaysia, Popular invested S$15 million in a new warehouse-cum-office complex in 1997 as their distribution centre for this business.20
In the 1990s, Popular’s publishing business was a key contributor to its growth. In 1996, publishing accounted for 16.2 percent of its turnover and 59.7 percent of pre-tax profit. In Hong Kong, Popular held a 70 percent share in the market for pre-school educational books and a 25 to 30 percent share in the primary school market.21
Popular Holdings was listed on the Singapore Exchange in May 1997 and subsequently delisted on 5 May 2015. Its initial public offering of 56.25 million shares was 28 times over-subscribed, bringing in some S$25.3 million.22
Business expansion and diversification after 2000
In 2002, Popular announced plans to enlarge its publishing and retail networks across the Asia-Pacific region, and to grow its online publishing and electronic learning businesses.23 Part of these plans entailed turning its library of over 5,000 educational titles into online textbooks.24 With China identified as a new emerging market, Popular planned to invest S$30 million in the Chinese electronic learning sector.25 By 2004, Popular’s retail network had increased to 400 shops across Asia, including Singapore, up from 90 a year ago. The company reported annual sales of S$374.4 million and profit of S$15.6 million for the financial year ended April 2004.26
Popular diversified into property development in 2006 when it incorporated Property Land, and purchased a 15,000-square-feet site on Robin Road for S$12.5 million.27 Popular’s first luxury condominium development project was built on this site.28 The company also bought a S$27 million, 29,000-square-feet site on Shelford Road for another condominium project. By end 2007, Popular had acquired two more sites in the Balestier/Thomson area for S$32 million.29
In 2006, Popular launched the Harris chain of bookstores in Singapore, which sold mainly English language titles.30 It also sought to entrench its position in Hong Kong’s educational publishing market by offering English textbooks.31 Popular began modernising its bookstore with stylish designs and addition of cafes, to appeal to changing consumer tastes. It also gradually increased its non-book retail items such as lifestyle and IT products and craft supplies.32
In 2009, Popular opened a franchise outlet in Myanmar.33 It also launched a series of pre-primary textbooks in China while building up its Chinese distribution network. In Singapore, the group opened a lifestyle concept stationery store, UrbanWrite, and introduced three e-learning portals and a new line of digital educational assessments.34
In 2023, Popular Holdings was acquired by Hong Kong investment firm ZQ Capital.
At the time of acquisition, Popular Holdings had 169 retail outlets in Singapore, Malaysia and Hong Kong.35
Author
Alvin Chua
References
1. “Singapore 100,” Brand Finance, accessed 17 November 2023, https://brandirectory.com/rankings/singapore/.
2. Kang Wan Chern, “HK Investment Firm ZQ Capital Buys Popular Bookstore Chain for Undisclosed Sum: Zaobao,” Straits Times, 2 November 2023. (From Newslink via NLB’s eResources website)
3. Tommy Koh et al., eds., Singapore: The Encyclopedia (Singapore: Editions Didier Millet; National Heritage Board, 2006), 418. (Call no. RSING 959.57003 SIN-[HIS])
4. Julia Lui, “Staying Popular,” Straits Times, 7 September 2009, 36; Ong Sor Fern, “Dad Said: You Do Whatever They Ask You to Do,” Straits Times, 2 May 1997, 2. (From NewspaperSG)
5. Koh et al., Singapore: The Encyclopedia, 418.
6. Wong Wei Kong, “Popular Builds On Core Values,” Business Times, 8 November 2006, 18. (From NewspaperSG)
7. Ong, “Dad Said.”
8. Ong, “Dad Said.”
9. Koh et al., Singapore: The Encyclopedia, 418.
10. Lui, “Staying Popular.”
11. Lui, “Staying Popular.”
12. Wong, “Popular Builds On Core Values.”
13. Lui, “Staying Popular.”
14. Lui, “Staying Popular.”
15. “Popular Book May Go Public to Fund Expansion,” Business Times, 17 April 1995, 2. (From NewspaperSG)
16. Popular Holdings Ltd, Annual Report 2009 (Singapore: Popular Holdings Limited, 2009), 8–9 (Call no. RCLOS 338.761381 PHLAR-[AR]).
17. “Corporate Milestones: 1991,” Popular Holdings Limited (2014–2023), accessed 28 November 2023, https://web.archive.org/web/20231103025206/https://www.popularworld.com/en/CorporateMilestone.php.
18. Popular Holdings Limited, “Corporate Milestones: 1991.”
19. “Popular Book May Go Public to Fund Expansion.”
20. Patrick Tan, “Bookstore Chain Popular May Be Listed on Mainboard Soon,” Straits Times, 19 April 1997, 40. (From NewspaperSG)
21. Tan, “Bookstore Chain Popular May Be Listed on Mainboard Soon.”
22. “Popular Holdings’ IPO 28 Times Subscribed,” Business Times, 9 May 1997, 18; “Popular Shares over 20 Times Subscribed,” Business Times, 8 May 1997, 16. (From NewspaperSG)
23. Andrea Tan, “Popular Sets Sights on China Market,” Business Times, 25 January 2002, 6. (From NewspaperSG)
24. Tan, “Popular Sets Sights on China Market”; Tan, “Bookstore Chain Popular May Be Listed on Mainboard Soon.”
25. Tan, “Popular Sets Sights on China Market.”
26. Aaron Low, “Popular Posts 15% Growth in Profit,” Straits Times, 30 June 2004, 21. (From NewspaperSG)
27. Joyce Teo, “From Story Plots to Plots of Land,” Straits Times, 20 February 2010, 7. (From NewspaperSG)
28. Cecilia Chow, “Popular’s Property Play,” Edge Singapore, 24 August 2009 (From Factiva via NLB’s eResources website); Ong, “Dad Said.”
29. Chow, “Popular’s Property Play.”
30. Parvathi Nayar, “New Kid on the Books Block,” Business Times, 10 March 2006, 29. (From NewspaperSG)
31. Desmond Wong, “Popular Holdings Ready to Launch Property Arm, Acquires More Land,” Edge Singapore, 17 December 2007. (From Factiva via NLB’s eResources website)
32. Lui, “Staying Popular”; Zackaria Abdul Rahim, “Stylish Prologue Offers Books and More,” Straits Times, 26 October 2009, 30 (From NewspaperSG); Amanda Lee, “Not Just Books: The Changing Face of Popular Bookstore,” Straits Times, 15 June 2023. (From Newslink via NLB’s eResources website)
33. Ven Sreenivasan, “How Popular Stays Popular,” Business Times, 11 March 2013, 6. (From NewspaperSG)
34. Popular Holdings Ltd, Annual Report 2009 (Singapore: Popular Holdings Limited, 2009), 8–9. (Call no. RCLOS 338.761381 PHLAR-[AR])
35. Kang, “HK Investment Firm ZQ Capital Buys Popular Bookstore Chain for Undisclosed Sum.”
The information in this article is valid as of October 2023 and correct as far as we are able to ascertain from our sources. It is not intended to be an exhaustive or complete history of the subject. Please contact the Library for further reading materials on the topic.
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