Sheng Siong offers operations in the grocery chains, through the provision of supermarket supplies and engagement in the supermarket operations segment. As one of Singapore’s largest retailers, it reports over S$337.6m of revenues in the first quarter of 2021, providing over 1200 products and operating across 67 supermarkets and grocery stores.

With plans to open 25 more retail stores, the success of the company lies in its capacity in adapting to market condition changes. Such is seen through its cost-cutting initiatives like the “1% counter inflation discount” to keep prices low and in view of its competitors with similar rollouts due to the recent GST increase.

​Context Analysis 

The Singapore government’s necessary fiscal approach, i.e., the GST increase, was put in place to meet the country’s increasing needs such as to aid Singapore’s rising healthcare expenditure due to the rapidly aging population. The supermarket sector was less affected by this due to the relatively inelastic goods and services provided. However, the market performance is still forecasted to decelerate due to the decrease in consumer uncertainty attributed to the receding effects of Covid-19.