SINGAPORE - After 20 years of supplying customers with specialty stationery and lifestyle gifts, local craft retailer PaperMarket is shutting its physical store due to mounting financial pressures.

The home-grown brand, first opened in 2005 by entrepreneur Elaine Ong, announced the impending closure via an Instagram and Facebook post on April 30.

“After 20 years, this is the hardest post we’ve had to write,” the PaperMarket team said. “We’ve done everything we could to keep going, including months of difficult conversations behind the scenes. But with rising costs, it is no longer sustainable for us to continue as a small, home-grown brand.”

PaperMarket currently operates out of Great World and previously had outlets at Raffles City and Plaza Singapura.

While the posts did not specify the date of its final day of business, the brand has launched a clearance sale offering up to 70 per cent off merchandise. The store’s furniture and display fixtures are also available for sale.

PaperMarket confirmed in the comment section that it will continue to operate its online store.

It originally made its name specialising in scrapbooking materials, DIY kits and stickers before expanding its catalogue to include lifestyle labels such as Kate Spade, Muzik Tiger and Baggu.

The sudden announcement triggered an outpouring of nostalgia and support in the comment sections.

“I have such fond memories of browsing the Raffles City store during my scrapbooking days,” wrote a patron. “The smell of paper and crafts just filled the air. Will miss you and hope for the best for the team!”

“I’ve been a fan since 15+ years ago,” wrote another. “I am so sorry to hear this, and I pray the PaperMarket team comes back in some form or other in the future.”

A former staff member addressed Ms Ong directly: “I’ve found genuine friendships with colleagues and VVIPs 12 ...