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In 2018, Sheng Siong opened 10 new stores, bringing its total store count to 54 and total retail area to more than 46,000 sq m. We recently visited its store in Junction 10, Woodlands Road and bring you some in-store highlights.
Sales revenues improved by 10.1% versus last year.
For the first quarter of 2019, Sheng Siong Group reported revenues of SGD251.4m, an increase of 10.1%, as well as net profits of SGD19.4m, a rise of 5.9%.
The positive results were attributed to the opening of 10 new stores in 2018. Although like-for-like store sales contracted by 1%, new stores contributed to 10.6% of the retailer’s growth. In the second half of 2018 alone, the retailer opened 6 new stores in Singapore.
Sheng Siong also announced that its store in Kunming, China broke even for the first time since its opening in November 2017.
“Compared with Q4 2018 where comparable same-store sales contracted by 2.7%, the contraction of 1% in this quarter was a marked improvement," said a Sheng Siong spokesperson.
The retailer also revealed that three new sites have been secured and operations at these locations will commence in May 2019. The new supermarkets are located at Bukit Batok, Sengkang and Punggol, all relatively young HDB estates.
In addition, Sheng Siong will be expanding its China operations with the opening of a second supermarket in Kunming. The new store is targeted to begin operations in the second half of 2019.
Find out more information about Sheng Siong here.
Keep up-to-date with the latest retail developments from Asia.
Revenue for the supermarket chain increased by 7.4% versus last year.
Singapore supermarket operator Sheng Siong Group reported positive growth for 2018, with revenues of SGD890.9m, an improvement of SGD61m versus last year. Out of the 7.4% increase in revenues, 10.1% was contributed by new store openings. In total, the retailer added 10 new stores to its network. Net profit grew by 1.4% and closed at SGD70.5m.
The main source of revenue growth was attributed to Sheng Siong’s new stores. Comparable same store sales actually decreased by 0.4% for the retailer.
The Group will continue to look for opportunities to expand its store network. It is already targeting six sites that have recently been released for tender by the Singapore government. High competition for retail space in new residential areas, the rise of ecommerce players and slowdown of the country’s economy are expected to provide a challenging environment.
Chief executive officer Lim Hock Chee said, “Besides nurturing the growth of our new stores in Singapore and China, we will continue with our efforts in enhancing the gross margin via more efficiency gains in the supply chain and higher sales mix of fresh produce. We will remain vigilant on costs.”
More information about the Sheng Siong Group can be found here.
Supermarket chain now has more than 50 stores in Singapore.
Sheng Siong announced that it has secured two more locations to boost its supermarket network. A 10,030 sq ft store at Woodlands is scheduled to open next month, followed by a larger, 20,370 sq ft store in the Junction 10 shopping mall before the end of this year. This will bring the total number of stores it operates in Singapore to 52.
Separately, the retailer has also placed bids for two other sites and is awaiting the results of that tender exercise from the Housing and Development Board.
This is in line with the retailer’s strategy of store network expansion into residential estates where they are not currently present.
The retailer recently posted strong first half results and more information about the Sheng Siong Group can also be found here.
Supermarket chain reports SGD17.1m profit and growth of 6.3% versus same period last year.
Singapore supermarket operator Sheng Siong Group has closed the first half of 2018 with a net profit of SGD17.1m. Compared to the same period last year of SGD16.1m net profit, this is an improvement of 6.3%. Revenues also grew by SGD11.5m to SGD213m, a growth of 5.7% versus last year.
In the first six months of 2018, the Sheng Siong Group opened seven new stores, bringing the total number of supermarkets in Singapore to 50. The most recent stores in the residential towns of Bukit Batok and Yishun opened on 13 July 2018. It opened its first overseas store in China at the end of 2017.
The Group says it will continue to look for opportunities to expand its store network, especially in the newer estates where they are not currently present. Chief executive officer Lim Hock Chee said, “In line with our commitment to expand our retail network across Singapore, particularly in areas we do not have a presence, we will stay focused but disciplined to look for new retail space. Nurturing the growth of our new stores in Singapore and China, and rejuvenating the old stores remain one of our key priorities.”
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