RETAIL | Staff Reporter, Singapore

Sheng Siong hunts for new store locations

It topped a bid for store in Edgedale Plains, Punggol.

Sheng Siong (SSG) is grabbing the opportunity to generate revenue from buying new stores, OCBC said.

According to OCBC, SSG bagged the highest bid for a 3,100 sqft. store in Edgedale Plains, Punggol. The company also had the second highest bid in another 3,100 sqft. store along Woodlands Drive 73.

According to OCBC analyst Jodie Foo, "We reiterate that there are existing opportunities to open new stores both in the public and private sectors, and as of Sep-17, there are another 11 HDB units up for bidding in the next six months, although a few units are close to each other and/or existing SSG stores."

Its 41,500-sqft. Woodland store is set to close in October, whilst a new store in 4,000-sqft. at Bukit Panjang and another 12,000-sqft. one at Woodlands St. 12 will open in September and October.

OCBC said SSG is capable of optimizing revenue for their stores, whilst overall cost management efforts continue to run.

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