In 50 years, FairPrice Group has “come a long way” from being a “modest operative operating a single 10,000 square foot store in Toa Payoh to become one of Singapore’s prime retailers,” said Prime Minister Lee Hsien Loong.
Additionally, “NTUC supermarkets are working hard to provide Singaporeans with products at competitive and affordable prices,” he remarked.
PM Lee was delivering a speech at FairPrice Group’s 50th anniversary commemorative dinner held at Marina Bay Sands (MBS) on Jul. 23.
He spoke at length about the establishment of NTUC supermarkets and the group’s social initiatives, while congratulating them for their milestone.
Long history
PM Lee first touched on how the first FairPrice store at Toa Payoh, called the “NTUC Welcome Store” was launched by Singapore's founding Prime Minister, Lee Kuan Yew, in 1973.
“NTUC supermarkets have become a household name,” he noted, quipping that Singaporeans often use “NTUC” to refer to the supermarket rather than the labour movement.
PM Lee said that the mission of FairPrice Group has always been to “provide Singaporeans with products at competitive and affordable prices”, a response to the period of sharp global inflation back in 1973.
“In other words, to ensure that Singaporeans could obtain basic goods at a ‘Fair Price’. This was the name coined by Mr Lim Chee Onn later in 1983, when he was Secretary General of the NTUC.”
“NTUC Welcome” was later rebranded as “FairPrice”.
Social initiatives
PM Lee then spoke about the present, whereby FairPrice Group’s mission “remains relevant as ever”, using the Covid-19 pandemic as an example.
"FairPrice played a crucial role in keeping their shelves stocked, and in maintaining confidence. Its strategy of stockpiling, forward buying, and diversifying import sources helped to overcome supply disruptions.”
He also talked about various initiatives to provide affordable food and reassurance to Singaporeans.
These include the “FairPrice on Wheels” programme rolled out to deliver daily essentials to residents during the circuit breaker, and the “Greater Value Every Day” campaign that controls prices on popular essentials.
He also noted FairPrice’s extension of the Pioneer Generation (PG), Merdeka Generation (MG) and CHAS Blue discount schemes as well as their absorption of the GST increase in January 2023.
Staying ahead of competition
PM Lee pointed out that while FairPrice is a social enterprise, it is also a business operating in a market economy.
Therefore, it “has to work doubly hard to continually reinvent itself and stay ahead of competition,” he remarked, citing how FairPrice has diversified its products.
He noted that the group is also undergoing a digital transformation, from introducing bar-coding at checkout counters to introducing self-serve technology.
PM Lee also pointed to the success of Singapore’s first all-digital bank Trust Bank, jointly launched by FairPrice Group and Standard Chartered.
“It achieved 100,000 sign-ups in 10 days, and now has more than half a million customers. Digitalisation provides customers a more seamless shopping experience, besides enabling FairPrice Group to improve productivity, lower costs and meet market demand.”
The group has also donated nearly $180 million to the needy and was the first retail enterprise to implement the Progressive Wage Model, he said.
PM Lee once again commended FairPrice Group’s “exceptional journey” and thanked them for their contributions to Singapore.
On the sidelines
Seah Kian Peng, who will be nominated as the new Speaker of Parliament, was also present at the gala dinner.
He will be taking the seat after former fellow Marine Parade Group Representation Constituency (GRC) Member of Parliament (MP) Tan Chuan-Jin resigned due to an "inappropriate relationship" with Tampines GRC MP Cheng Li Hui.
Speaking to the Straits Times (ST), the deputy chairman of the FairPrice Group and chairman of FairPrice Foundation said that he would “prefer to let (his) actions speak for (him)”, in response to questions on his impartiality.
“The job as a Speaker hasn’t changed. You need to carry out your roles, and you need to be fair to all parties on both sides of the House.”
Seah acknowledged that the role comes with many responsibilities and expectations, while noted that he would be discussing about his concurrent roles at NTUC and as a MP for Marine Parade GRC.
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Top image via Facebook/Lee Hsien Loong