Six more FairPrice Shop stores to open this year
NTUC FairPrice says it will open another six FairPrice Shop stores this year – doubling the number that have opened since the new format was launched last year.
“The store has seen rising demand for its format which caters to budget-conscious customers, by offering a focused range of products with greater value compared to regular supermarkets,” the company said in a statement.
Seah Kian Peng, CEO, NTUC FairPrice said the no-frills supermarket format is serving budget-conscious shoppers.
“Located in mature estates, the format has been well-received by residents. We plan to increase the number of FairPrice Shops so that more people will benefit from it. This is one of the ways FairPrice serves its role as a social enterprise by ensuring that essentials remain affordable to help address issues on the rising cost of living.”
The format was officially launched last July with two FairPrice supermarkets in mature estates converted to FairPrice Shop formats. After their conversion, these two supermarkets saw an 8 per cent increase in sales from 2015 to 2016. Following their success, FairPrice launched another four FairPrice Shop stores last year.
FairPrice and Budget branded housebrand products are the top choice for customers at FairPrice Shop stores, contributing about 15 per cent of sales; this is followed by the Pasar and Value Fresh branded housebrand range of fresh products, which makes up almost 10 per cent of sales.
FairPrice Shop stores offer a focused range of essentials that provide greater value including housebrand products, Every Day Low Price (EDLP) and Yellow Dot items, which comprise about half the product mix in the store. ‘Value Fresh’ is also exclusively stocked at FairPrice Shop stores. This housebrand range which includes 30 types of fresh vegetables is priced at five to 10 per cent lower than ‘Pasar,’ FairPrice’s existing range of housebrand produce.