Company 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. Its first attempt was Malaysia in 1994, operating as a 60:40 joint venture with Hong Leong Industries Berhad under Quayline FairPrice. Its competitors were Parkson and Jaya Jusco. The first outlet was at Ampang Point, which opened on 3 January 1994. [8] Despite no longer operating in Malaysia, FairPrice had no plans to restart its operations in the country. [9]
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. [10] Nextmall closed in 2005 after incurring a total of $80 million in debts and over $40 million in losses. [11]
A supermarket in Vietnam was opened in 2013 under a joint venture with Saigon Union of Trading Co-operatives, known as Co.opXtra Plus. [12] FairPrice also operated Cheers convenience stores in Vietnam as of 2018. [13]
Note: From 21 March 2024, Warehouse Club will close its store permanently; replacing it will be a FairPrice store.
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. [18]
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. [19] 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.
Tesco plc is a British multinational groceries and general merchandise retailer headquartered in Welwyn Garden City, England. In 2011, it was the third-largest retailer in the world measured by gross revenues and the ninth-largest in the world measured by revenues. It has shops in Ireland, the United Kingdom, the Czech Republic, Hungary, and Slovakia. It is the market leader of groceries in the UK.
DFI Retail Group Holdings Limited is a Hong Kong-based retail company with legal bases in Bermuda and Singapore. A subsidiary of the Jardine Matheson Group, it is a major East and Southeast Asian retailer involved in the processing and wholesaling of food and health and beauty products. Jardine Strategic, a publicly listed holding company, has an attributable 78 percent stake in the firm. It is listed on the London Stock Exchange, with secondary listings on the Singapore Exchange (SGX) and Bermuda Stock Exchange (BSX).
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.
ICA Gruppen AB is a Swedish retailer franchise with a focus on food and health. The group also owns a bank, real estate division and a pharmacy chain.
Lotus's is a retail chain in Thailand founded and operated by Charoen Pokphand (CP) Group, with operations in Malaysia following the acquisition of Tesco Malaysia in 2020.
The FamilyMart Company, Ltd. is a Japanese convenience store franchise chain. It is Japan's second largest convenience store chain, behind Seven-Eleven Japan. There are now 24,574 stores worldwide in Japan, Taiwan, China, Philippines, Thailand, Vietnam, Indonesia, and Malaysia. Its headquarters is on the 17th floor of the Sunshine 60 building in Ikebukuro, Toshima, Tokyo. There were some stores in Japan with the name Circle K Sunkus under the operation of FamilyMart.
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.
GCH Retail (Malaysia) Sdn Bhd, doing business as Giant Mall, 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.
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.
Tesco has expanded its operations from the United Kingdom to 11 other countries. Tesco pulled out of the United States in 2013, but continues to see growth elsewhere. Tesco's international expansion strategy has responded to the need to be sensitive to local expectations in other countries by entering into joint ventures with local partners, such as Samsung Group in South Korea, and Charoen Pokphand in Thailand, appointing a very high proportion of local personnel to management positions. It also makes small acquisitions as part of its strategy: for example, in its 2005/2006 financial year it made acquisitions in South Korea, one in Poland and one in Japan.
U Select is a chain of supermarkets in Hong Kong operated by China Resources Vanguard, originally in partnership with Tesco. At least one third of the products sold in the store come from overseas supermarket chains. As part of Tesco's decision to cease international product sales due to Brexit, U Select instead started stocking Coles products from December 2021, and also begun stocking Morrisons products from May 2022.
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.