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 garment (from his food stall) business in Campbell Lane. He left school early (he was a student at Christ Church School) so that he could start his own business. ^[3]

In 1971 he rented a space at No.1, Campbell Lane as started his business selling ready made garments under the name of Mustaq Ahmad. Within two years he had done so well that since lease was expiring he started looking for new places to continue the business.

In 1973 he secured new places at 19 Campbell Lane and 67 Serangoon road. His father and uncle named it Mohamed Mustafa & Samsuddin.

Innovative business ideas

It was while he was still just a teenager, helping 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.

Mustafa 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.

Mustafa 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