Sheng Siong is looking to bid for three HDB shops released for re-tender.
Smaller supermarket players such as Hao Mart are facing off against giants like Sheng Siong in a race to set up shop in new Housing and Development Board supermarket spaces.
DBS analyst Alfie Yeo notes that the near-term outlook for new supermarket supply in HDB estates looks good with five outlets up for tender in the next six months. Meanwhile, CGS-CIMB analyst Cezzane See said in a research note that from 2019-2022, they are projecting at least another 15 tenders for HDB retail spaces.
“A few years ago, FairPrice Shop was launched as a no-frills retail format located mainly in mature residential areas to cater to the budget-conscious residents. This convenience factor plays an especially critical role because convenience stores which offer the same value proposition are now looked less favourably upon by price-conscious people as they havecompared to these supermarkets,” Chandrasekar further highlighted.
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