I grew up in the Old Airport area and the Food Centre was known to be a food haven. Pareto principle suggests that a few stalls will get majority of the customers. True enough, there is a legendary Lor Mee stall at Old Airport Food Centre called Xin Mei Xiang (XMX, 新美香), which has a perpetual queue during the peak hours.

I couldn’t remember when was the first time I had a taste of this Lor Mee but I love it even now. (To our foreign readers, Lor Mee is a starchy noodle dish that is popular in Singapore and Malaysia.)

XMX is believed to have competitive advantage and a strong economic moat because it is extremely difficult to replicate the food standard and brand name it has built over the years.

I would also believe the earnings of XMX is rising year-on-year or at least it appears to be. We all …