Sheng Siong is a Singapore-based supermarket chain that has been an integral part of the local retail scene since 1985. It has grown to become one of the largest and most successful supermarket chains in Singapore, with more than 60 outlets in the country. Sheng Siong has established itself as a reliable and trusted provider of quality and affordable groceries.
History and Growth
Sheng Siong first opened its doors in 1985 with a single outlet in Ang Mo Kio. Since then, it has expanded rapidly, opening new outlets across the island. The chain has also ventured into neighbouring countries such as Malaysia, with its first outlet in Kuala Lumpur opening in 2017.
The supermarket chain has grown steadily over the years and has become one of the leading players in the local retail market. In 2018, Sheng Siong reported a revenue of S$1.1 billion, a 17% year-on-year increase. This growth has been driven by Sheng Siong’s ability to capture new markets, such as the fast-growing online grocery market.
Business Model and Expansion Strategies
Sheng Siong’s success has been attributed to its focus on providing quality and affordable groceries. It has a “low-price, high-volume” business model, which allows it to keep prices low while maintaining high volumes of sales. It also sources its products from a wide range of suppliers, giving customers more choice.
The chain has also been aggressive in its expansion strategies. It has opened new outlets in key locations, such as shopping malls and residential areas. It has also ventured into the online grocery market, launching its own e-commerce platform, Sheng Siong Online.
Conclusion
Sheng Siong is a supermarket chain that has been a mainstay in the Singapore retail market for over three decades. It has established itself as a reliable and trusted provider of quality and affordable groceries, thanks to its focus on providing quality products and its aggressive expansion strategies. The chain is well-positioned to continue its growth in the years to come.