Supermarket chain Sheng Siong says it plans to open up to five outlets every year as it continues to expand its footprint and boost its market share.
By its fifth year, the Singapore-headquartered retailer will have added 25 stores within its home market where it currently has 65 stores. It is looking for retail spaces in new and existing public housing areas.
Sheng Siong achieved a 6.4-per-cent increase in revenue in the second half of last year to US$505.66 million. Net profit slipped 4.2 per cent to $97.3 million, although this was more a reflection of a high comparative base.
Last year, the company was heralded for distributing up to 16 months of staff bonuses after its ‘tremendous’ performance in 2020.
The business has also planned to extend its e-commerce service in areas where customers do not have access to a physical Sheng Siong store.
Talks continue over further expansion into China, however, the specific plan is not yet known. The business has achieved profitability with its supermarkets in Kunming.