Sheng Shiong Group mulls opening 3 to 5 stores yearly
The opening of new stores is part of the group's plan to expand its footprint in SG.
Sheng Shiong Group is planning to open three to five stores per year in the next three to five years to expand its footprint in both Singapore and Kunming, China.
In a bourse filing, the supermarket company said they will be on the lookout for retail spaces in new and existing HDB housing estates where they have no presence yet.
"In Singapore, the supply of new HDB shops has been affected in the last two years but is expected to improve gradually," the company said.
The company also plans to build on its e-commerce capacity to extend its reach to customers in areas where they don't have a physical presence.
"We have also shared that we will be actively seeking new technologies and processes to improve our operational efficiencies and productivity," the Sheng Shiong Group said.
Looking ahead, the company said they expected demand to taper down as consumers increase their
spending on other social activities and/or international travels.
The company also cited risk to the supply chain amidst the COVID situation, climate, and geopolitical events, which is resulting in higher input costs.
Sheng Shiong Group however vowed that they will strengthen their efforts in diversifying their sources of supply and working closely with their suppliers to minimize these disruptions.
"We remain committed to ensuring stability in the supply of essential products, and to deliver value to our customers by being competitive and offering more affordable alternatives to our customers depending on demand," the company said.