NTUC FairPrice
 | |
| 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:// fairprice.sg/ |
NTUC FairPriceis the largest supermarket chain inSingapore.[3]The company is a co-operative of theNational 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 withExxonMobilto run several stations with a FairPrice branding at theminimartsat theirstations.The supermarket has the slogan "Singapore's very own".
History[edit]
In November 1972,NTUCannounced its new consumer co-operative named Welcome, which opened in February 1973.[4]On 22 July 1973,Prime MinisterLee Kuan Yewopened the first supermarket at Block 192,Toa PayohLorong 4, and it was the first of its kind.[5][6]
In August 2007, FairPrice opened its upmarket outlet atBukit Timah PlazanamedFairPrice 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-styledelicatessen,awine cellarand a European bakery.[7]
International operations[edit]
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 inMalaysia,FairPrice had no plans to restart its operations in the country.[9]
In 2003, it entered a joint venture withDBS Private Equity,New Hope Group,Silver TieandTaiwan's Apex Group, known asNextmall.[citation needed]The venture provided merchandising, management andlogisticsfor a fee toNextmartwhich is aChinaincorporatedhypermarket.Sevenhypermarketswere opened inChina,with its first inShao xing,Zhe gian g.[10]Nextmallclosed in 2005 after incurring a total of $80 million in debts and over $40 million in losses.[11]
A supermarket inVietnamwas opened in 2013 under a joint venture withSaigon Union of Trading Co-operatives,known asCo.opXtra Plus.[12]FairPrice also operatedCheers convenience storesinVietnamas of 2018.[13]
Retail formats[edit]
- Cheers by FairPrice– This 24-hour convenience store chain run by NTUC FairPrice was introduced in 1999. It offers similar facilities to rival7-Eleven.
- FairPrice Shop– A small heartland store chain catering to basic needs.[14][citation needed]
- FairPrice Xpress– A collaboration betweenExxonMobiland Fairprice, this 24-hour convenience store chain offers similar facilities to Cheers by FairPrice and its rival7-Eleven.[14]
- FairPrice Finest– This is a separate store offering up-market food supplies. It was officially opened in September 2007, and also it merged the formerLiberty Market.Stores includeBedok Mall,Waterway Point,Century Square,Junction 8,Jurong PointandSeletar Mall.[15]
- FairPrice Xtra– Ahypermarketchain which combines a normal supermarket and theFairPrice Homemartin one store. It sells items such as electronics, clothing and household merchandise in addition to the regular supermarket items, and also it merged the formerFairPrice Homemart,together with formerCarrefourstuffs. Stores includeAMK Hub,Jurong Point,UE BizHub East,Kallang Wave,JemandNex.[16]
- Warehouse Club– Started in 2014, the Warehouse Club is modelled on Americanwarehouse clubchain,Costco,and it is only available through membership.[17]It offers bulk purchases with discounts.[17]
Note: From 21 March 2024,Warehouse Clubwill close its store permanently; replacing it will be a FairPrice store.
- Unity Pharmacy- A pharmacy chain offering pharmaceutical supplies at affordable prices. Usually located outside Fairprice supermarkets.[14][citation needed]
Every year, FairPrice offersNTUC 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 withOCBC 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-standingOCBC-Fairprice partnership ended, withOCBC'sco brandNTUC Plus!non-union and union credit cards in favor of Trust Bank, which is a joint venture between NTUC FairPrice andStandard Chartered.
Union[edit]
Employees of NTUC FairPrice are represented by the Food, Drinks and Allied Workers' Union (FDAWU), an affiliate of theNational Trades Union Congress.[citation needed]
References[edit]
- ^"Ng Ser Miang steps down as NTUC FairPrice Chairman".Channel NewsAsia.Retrieved21 July2014.
- ^Ho, Pei Ning (17 February 2022)."Pizza Hut's Vipul Chawla to take over from Seah Kian Peng as group CEO at FairPrice".CNA.Archivedfrom the original on 17 February 2022.Retrieved18 February2022.
- ^"As inflation rises, how much more are you paying for your groceries?".CNA.Archivedfrom the original on 13 March 2022.Retrieved13 March2022.
- ^"NTUC supermarket to be called WELCOME".The Straits Times.21 November 1972. p. 2.Retrieved17 February2023– viaNewspaperSG.
- ^"Hundreds will watch the PM open NTUC supermarket".The Straits Times.22 July 1973. p. 7.Retrieved17 February2023.
- ^Shapudin, Naqiyah 2013 'Back at the first store after 35 years', The New Paper 27 July. p.6
- ^Nur Dianah Suhaimi (19 August 2007). "Fancy exotic cheeses, live oysters? Try FairPrice".The Sunday Times.
- ^"NTUC FairPrice makes strong debut with Malaysian launch".The Straits Times.10 June 1994.
- ^"FairPrice not planning to expand into Malaysia".The Straits Times.19 July 2012.Retrieved27 April2024.
- ^"NTUC FairPrice to run China hypermarts".The Star.Malaysia. 20 February 2003.Archivedfrom the original on 22 March 2022.Retrieved13 May2020.
- ^"FairPrice to expand in Vietnam".Yahoo! News. 21 December 2010.Retrieved13 May2020.
- ^"NTUC FairPrice opens joint venture store in Vietnam".The Straits Times.17 May 2013.Archivedfrom the original on 27 November 2020.Retrieved13 May2020.
- ^"Singapore's Cheers convenience store chain expands in Vietnam".Inside Retail Asia.28 May 2018.Archivedfrom the original on 26 February 2021.Retrieved13 May2020.
- ^abc"Our Retail Formats".NTUC FairPrice.Retrieved21 August2023.
- ^"Fairprice Finest".Archived fromthe originalon 8 August 2014.Retrieved31 July2014.
- ^"Fairprice Xtra".Archived fromthe originalon 8 August 2014.Retrieved31 July2014.
- ^abMigration (8 December 2014)."FairPrice opens membership-only mega retail store, modelled after United States' Costco | The Straits Times".The Straits Times.Retrieved17 February2023.
- ^FairPrice Rebates (4 September 2007)."NTUC Union Membership Core Benefits".NTUC.Archivedfrom the original on 8 November 2007.Retrieved15 September2007.
- ^FairPrice Plus (18 April 2007)."FairPrice & OCBC Bank Introduce the First FairPrice Plus Banking Product Offered Exclusively at FairPrice Supermarkets"(PDF).OCBC Bank.Archived(PDF)from the original on 24 July 2011.Retrieved15 September2007.
