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NTUC FairPrice

From Wikipedia, the free encyclopedia
This article is about the supermarket chain operated as a social enterprise of the National Trades Union Congress (NTUC). For the trade union itself, see National Trades Union Congress.

NTUC FairPrice
Company typeSupermarket
Co-operative
IndustryRetail
Founded22 July 1973; 51 years ago (1973-07-22)
Headquarters1 Joo Koon Circle, #13-01, FairPrice Hub, Singapore 629117
Key people
Kee Teck Koon (Chairman)
Vipul Chawla (CEO)[1]
ProductsGrocery stores, supermarkets, hypermarkets
ParentNTUC
Websitehttp://www.fairprice.com.sg/

NTUC FairPrice is the largest supermarket chain in Singapore.[2] 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".

History

[edit]
The Toa Payoh Hub branch NTUC Fairprice Supermarket before the makeover.

In November 1972, NTUC announced its new consumer co-operative named Welcome, which opened in February 1973.[3] 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.[4][5]

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.[6]

International operations

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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.[7] Despite no longer operating in Malaysia, FairPrice had no plans to restart its operations in the country.[8]

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.[9] Nextmall closed in 2005 after incurring a total of $80 million in debts and over $40 million in losses.[10]

A supermarket in Vietnam was opened in 2013 under a joint venture with Saigon Union of Trading Co-operatives, known as Co.opXtra Plus.[11] FairPrice also operated Cheers convenience stores in Vietnam as of 2018.[12]

Retail formats

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  • Cheers by FairPrice – This 24-hour convenience store chain run by NTUC FairPrice was introduced in 1999. It offers similar facilities to rival 7-Eleven.
  • FairPrice Shop – A small heartland store chain catering to basic needs.[13][citation needed]
  • FairPrice Xpress – A collaboration between ExxonMobil and Fairprice, this 24-hour convenience store chain offers similar facilities to Cheers by FairPrice and its rival 7-Eleven.[13]
  • FairPrice Finest – This is a separate store offering up-market food supplies. It was officially opened in September 2007, and also it merged the former Liberty Market. Stores include Bedok Mall, Waterway Point, Century Square, Junction 8, Causeway Point and Seletar Mall.[14]
  • FairPrice Xtra – A hypermarket chain which combines a normal supermarket and the FairPrice Homemart in one store. It sells items such as electronics, clothing and household merchandise in addition to the regular supermarket items, and also it merged the former FairPrice Homemart, together with former Carrefour stuffs. Stores include AMK Hub, Jurong Point, UE BizHub East, Kallang Wave, Jem and Nex.[15]
  • Warehouse Club – Operating between 2014 and 2024, the Warehouse Club was modelled on American warehouse club chain Costco and access was only available through membership.[16] It offered bulk purchases with discounts.[16] The only branch closed permanently on 21 March 2024 and was replaced by a regular FairPrice store.
  • Unity Pharmacy - A pharmacy chain offering pharmaceutical supplies at affordable prices. Usually located outside Fairprice supermarkets.[13][citation needed]

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.[17]

Union

[edit]

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]

References

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  1. ^ Ho, Pei Ning (17 February 2022). "Pizza Hut's Vipul Chawla to take over from Seah Kian Peng as group CEO at FairPrice". CNA. Archived from the original on 17 February 2022. Retrieved 18 February 2022.
  2. ^ "As inflation rises, how much more are you paying for your groceries?". CNA. Archived from the original on 13 March 2022. Retrieved 13 March 2022.
  3. ^ "NTUC supermarket to be called WELCOME". The Straits Times. 21 November 1972. p. 2. Retrieved 17 February 2023 – via NewspaperSG.
  4. ^ "Hundreds will watch the PM open NTUC supermarket". The Straits Times. 22 July 1973. p. 7. Retrieved 17 February 2023.
  5. ^ Shapudin, Naqiyah 2013 'Back at the first store after 35 years', The New Paper 27 July. p.6
  6. ^ Nur Dianah Suhaimi (19 August 2007). "Fancy exotic cheeses, live oysters? Try FairPrice". The Sunday Times.
  7. ^ "NTUC FairPrice makes strong debut with Malaysian launch". The Straits Times. 10 June 1994.
  8. ^ "FairPrice not planning to expand into Malaysia". The Straits Times. 19 July 2012. Retrieved 27 April 2024.
  9. ^ "NTUC FairPrice to run China hypermarts". The Star. Malaysia. 20 February 2003. Archived from the original on 22 March 2022. Retrieved 13 May 2020.
  10. ^ "FairPrice to expand in Vietnam". Yahoo! News. 21 December 2010. Retrieved 13 May 2020.
  11. ^ "NTUC FairPrice opens joint venture store in Vietnam". The Straits Times. 17 May 2013. Archived from the original on 27 November 2020. Retrieved 13 May 2020.
  12. ^ "Singapore's Cheers convenience store chain expands in Vietnam". Inside Retail Asia. 28 May 2018. Archived from the original on 26 February 2021. Retrieved 13 May 2020.
  13. ^ a b c "Our Retail Formats". NTUC FairPrice. Retrieved 21 August 2023.
  14. ^ "Fairprice Finest". Archived from the original on 8 August 2014. Retrieved 31 July 2014.
  15. ^ "Fairprice Xtra". Archived from the original on 8 August 2014. Retrieved 31 July 2014.
  16. ^ a b Migration (8 December 2014). "FairPrice opens membership-only mega retail store, modelled after United States' Costco | The Straits Times". The Straits Times. Retrieved 17 February 2023.
  17. ^ FairPrice Rebates (4 September 2007). "NTUC Union Membership Core Benefits". NTUC. Archived from the original on 8 November 2007. Retrieved 15 September 2007.
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