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. 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. [8] Nextmall closed in 2005 after incurring a total of $80 million in debts and over $40 million in losses. [9] A supermarket in Vietnam was opened in 2013 under a joint venture with Saigon Union of Trading Co-operatives, known as Co.opXtra Plus. [10] FairPrice also operated Cheers convenience stores in Vietnam as of 2018. [11]
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. [16]
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. [17] 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]