Type | Supermarket Co-operative |
---|---|
Industry | Retail |
Founded | 22 July 1973 |
Headquarters | 1 Joo Koon Circle, #13-01, FairPrice Hub, Singapore 629117 |
Key people | Bobby Chin (Chairman) [1] Vipul Chawla (CEO) [2] |
Products | Grocery stores, supermarkets, hypermarkets |
Parent | NTUC |
Website | http://www.fairprice.com.sg/ |
NTUC FairPrice is the largest supermarket chain in Singapore. [3] The company is a co-operative of the National Trades Union Congress (NTUC). The group has more than 100 supermarkets across the island, with over 160 outlets of Cheers convenience stores island-wide.
NTUC FairPrice has partnered with ExxonMobil to run several stations with a FairPrice branding at the minimarts at their stations. The supermarket has the slogan "Singapore's very own".
In November 1972, NTUC announced its new consumer co-operative named Welcome, which opened in February 1973. [4] On 22 July 1973, Prime Minister Lee Kuan Yew opened the first supermarket at Block 192, Toa Payoh Lorong 4, and it was the first of its kind. [5] [6]
In August 2007, FairPrice opened its upmarket outlet at Bukit Timah Plaza named FairPrice Finest, after five months of refurbishment.[ citation needed ] The move was to cater to the changing tastes of Singaporeans who are increasingly well-travelled. The 4,000 square metres (43,000 sq ft), two-storey outlet has an offering of products different from other FairPrice stores, and also features a Swiss-style delicatessen, a wine cellar and a European bakery. [7]
FairPrice has attempted to expand into other countries. In 2003, it entered a joint venture with DBS Private Equity, New Hope Group, Silver Tie and Taiwan's Apex Group, known as Nextmall.[ citation needed ] The venture provided merchandising, management and logistics for a fee to Nextmart which is a China incorporated hypermarket. Seven hypermarkets were opened in China, with its first in Shaoxing, Zhejiang. [8] Nextmall closed in 2005 after incurring a total of $80 million in debts and over $40 million in losses. [9] A supermarket in Vietnam was opened in 2013 under a joint venture with Saigon Union of Trading Co-operatives, known as Co.opXtra Plus. [10] FairPrice also operated Cheers convenience stores in Vietnam as of 2018. [11]
Every year, FairPrice offers NTUC Union Members (NTUC cardholders) and FairPrice shareholders dividends, along with cash-back rebates for all purchases made at FairPrice supermarkets island-wide. [16]
In collaboration with OCBC Bank, FairPrice launched its FairPrice Plus membership programme in April 2007, offering banking solutions[ buzzword ] and promotions at all FairPrice supermarkets islandwide for all supermarket customers. [17] On 31 January 2023, the long-standing OCBC-Fairprice partnership ended, with OCBC's co brand NTUC Plus! non-union and union credit cards in favor of Trust Bank, which is a joint venture between NTUC FairPrice and Standard Chartered.
Employees of NTUC FairPrice are represented by the Food, Drinks and Allied Workers' Union (FDAWU), an affiliate of the National Trades Union Congress.[ citation needed ]
A convenience store, bodega, convenience shop, corner store or corner shop is a small retail store that stocks a range of everyday items such as tea, coffee, groceries, fruits, vegetables, snacks, confectionery, soft drinks, ice creams, tobacco products, lottery tickets, over-the-counter drugs, toiletries, newspapers and magazines. In some jurisdictions, convenience stores are licensed to sell alcoholic drinks, although many jurisdictions limit such beverages to those with relatively low alcohol content, like beer and wine. The stores may also offer money order and wire transfer services, along with the use of a fax machine or photocopier for a small per-copy cost. Some also sell tickets or recharge smart cards, e.g. OPUS cards in Montreal or include a small deli. They differ from general stores and village shops in that they are not in a rural location and are used as a convenient supplement to larger stores.
A grocery store (AE), grocery shop (BE) or simply grocery is a foodservice retail store that primarily retails a general range of food products, which may be fresh or packaged. In everyday U.S. usage, however, "grocery store" is a synonym for supermarket, and is not used to refer to other types of stores that sell groceries. In the UK, shops that sell food are distinguished as grocers or grocery shops.
A discount store or discounter offers a retail format in which products are sold at prices that are in principle lower than an actual or supposed "full retail price". Discounters rely on bulk purchasing and efficient distribution to keep down costs.
A big-box store is a physically large retail establishment, usually part of a chain of stores. The term sometimes also refers, by extension, to the company that operates the store. The term "big-box" references the typical appearance of buildings occupied by such stores.
Aeon Co., Ltd., formerly Jusco Co., Ltd., is a Japanese diversified retail holding company. It is one of the largest retail companies in Japan, owning Aeon hypermarkets, Aeon Mall and Aeon Town shopping malls, Daiei, MaxValu, Maruetsu, and My Basket supermarkets, Ministop convenience store, Welcia drugstore, and Aeon Cinema movie theaters.
Big C, is a grocery and general merchandising retailer headquartered in Bangkok, Thailand. Big C is as of 2016 Thailand's second-largest hypermarket operator after Lotus's. It has operations in five countries, namely Thailand, Laos, Cambodia, Vietnam and Hong Kong.
Chedraui is a publicly traded Mexican grocery store and department store chain which also operates stores in the U.S. in the states of California, Arizona, New Mexico, Texas, and Nevada under the banner name El Super and stores in Texas under the banner name Fiesta Mart. It is traded on the Mexican Stock Exchange under the symbol CHEDRAUI.
GCH Retail (Malaysia) Sdn Bhd is a hypermarket brand and retailer chain now mainly in Malaysia, Singapore and formerly Brunei, Cambodia, Indonesia and Vietnam. In 2016, Giant was the largest supermarket chain in Malaysia. Its parent company also operates Mercató, Cold Storage and TMC in Malaysia.
Coles Group Limited is an Australian public company operating several retail chains. Its chief operations are primarily concerned with the sale of food and groceries through its flagship supermarket chain Coles Supermarkets, and the sale of liquor through its Coles Liquor outlets. Since its foundation in Collingwood, Victoria in 1914, Coles has grown to become the second-largest retailer in Australia after its principal rival, Woolworths, in terms of revenue.
White Sands Shopping Mall, also known as White Sands, is a 5-storey shopping mall in Pasir Ris, Singapore. It is located near Pasir Ris MRT station and Pasir Ris Bus Interchange and features a basement with retail outlets and two additional floors of basement carparks.
Carrefour Express is a convenience store chain owned and operated by French retailer Carrefour with locations in three continents. Carrefour Express was created in 2007 to consolidate all convenience stores owned by Carrefour worldwide under one name. In 2010, all convenience store operations in France, including Marché Plus, Champion and Shopi were rebranded as Express.
Jurong Point (Chinese:裕廊坊) is a large regional shopping mall in the precinct of Jurong West Central in Jurong West, Singapore. It is next to Boon Lay MRT station and Boon Lay Bus Interchange. It is currently the largest shopping mall in Singapore in terms of number of tenants and the largest in western Singapore.
nex is a regional shopping mall in Serangoon, within the North-East Region of Singapore. The largest mall in North-East Singapore and one of the largest suburban malls in the country, and is integrated with the air-conditioned Serangoon Bus Interchange and Serangoon MRT station.
The retail format influences the consumer's store choice and addresses the consumer's expectations. At its most basic level, a retail format is a simple marketplace, that is; a location where goods and services are exchanged. In some parts of the world, the retail sector is still dominated by small family-run stores, but large retail chains are increasingly dominating the sector, because they can exert considerable buying power and pass on the savings in the form of lower prices. Many of these large retail chains also produce their own private labels which compete alongside manufacturer brands. Considerable consolidation of retail stores has changed the retail landscape, transferring power away from wholesalers and into the hands of the large retail chains.