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NTUC FairPrice
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 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 operationsFairPrice 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
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] UnionEmployees 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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