Trisha Shetty (Editor)

Sheng Siong

Updated on
Edit
Like
Comment
Share on FacebookTweet on TwitterShare on LinkedInShare on Reddit
Type
  
Public

Industry
  
Retail

Headquarters
  
Singapore

Founded
  
1985

Number of locations
  
40

Traded as
  
SGX: OV8

Key people
  
Lim Hock Chee (CEO)

Founder
  
Lim Hock Chee

Number of employees
  
2,324

Sheng Siong wwwshengsiongcomsgproductimagesuploadedimag

Founders
  
Lim Hock Chee, Lim Hock Eng and Lim Hock Leng

Products
  
Grocery stores, supermarkets and hypermarkets

Stock price
  
OV8 (SGX) SGD 0.94 0.00 (0.00%)31 Mar, 5:04 PM GMT+8 - Disclaimer

CEO
  
Lim Hock Chee (10 Nov 2010–)

Spa 2014 winner retail sector sheng siong group ltd


Sheng Siong Group Ltd. (Chinese: 昇菘集团) is the parent company of Sheng Siong Supermarket Pte Ltd, commonly known as Sheng Siong, the third largest chain of supermarkets in Singapore.

Contents

History

Sheng Siong is a chain of supermarkets in Singapore founded by Mr Lim Hock Chee and his two brothers, Mr Lim Hock Eng and Mr Lim Hock Leng. Mr Lim Hock Chee is also the current CEO of Sheng Siong.

The Lim family moved to another farm in Punggol in the 1970s. Years later, the farm experienced an excess supply of pigs, thus Lim Hock Chee and his wife rented a small section within a Savewell provision store in Ang Mo Kio to sell the chilled pork from their pig farm in 1984. In 1985, following the move to phase out pig farming by the Singapore Government, the Lim brothers ventured into the retail business by launching Sheng Siong's foremost operation in a single shophouse unit, (in the same Savewell store premises in which Lim Hock Chee was selling pork, after the Savewell chain faced financial trouble and had to let go of its stores) together with an ex-Savewell managerial staff. Sheng Siong has since evolved into a chain of 37 stores, mainly supermarkets, in Singapore.

The store initially focused on providing a wide range of no-frills products and increased sales by accepting lower profit margins. Other cost-saving measures included employing less staff and avoiding the use of in-house plastic bags.

Sheng Siong has been awarded top 500 retail enterprises in 2007 and became the third-largest retailer in Singapore. The company has also been awarded as Superbrands Singapore from 2008 to 2014. Sheng Siong Group Ltd. is publicly listed at the SGX (code: OV8) since August 17, 2011.

As of July 2014, the Lim brothers have a net worth of $545 million and are ranked 45th on the Forbes Singapore's 50 Richest list.

Business Strategy

The company “maximises profit margins by constantly challenging itself to churn out higher turnover per square feet of retail space”. It also strategizes the business so as to offer products at a low price and provide efficient service that can serve more customers within the same period of time.

Future plans

In 2009, Lim expressed his hopes to take the Sheng Siong business public and also expand it within Malaysia or China in future.

Company Revenue

For the financial year of 2014, the company’s revenue had increased 5.6% year-on-year to S$726.0 million.

In the second quarter of 2014, the company saw a 30.3% growth of its net profits to S$11.1 million.

Environmental practices

Sheng Siong has installed the largest single solar panel system in Singapore on the roof of its headquarters and distribution centre at Mandai. Under the best conditions, the 11,000 sq m installation can supply enough power to more than 200 four-room flats.

In October 2013, Sheng Siong received the Solar Pioneer Award for its efforts to become a more environmentally-friendly business.

Publicity

The supermarket chain has also launched its own television variety programmes named "The Sheng Siong Show" on Channel 8 (since 2007) and "Sheng Siong Live!" on Suria (since 2009) broadcast in Singapore, usually on weekends during prime time.

The show aims to generate publicity and sales promotion for Sheng Siong. It is currently in its seventh-year with the latest season (Season 16) airing in November 2014.

Philanthropy

In 2012, Sheng Siong received the Merit Award from the People’s Association Community Spirits Award in recognition of its committed efforts in reaching out and contributing to the community.

From 2009 to 2014, Sheng Siong was a benefactor for Singapore Red Cross Society's Project R.I.C.E which reaches out to underprivileged families by gifting them with rice during Chinese New Year. The public could buy rice vouchers at a reduced price at any Sheng Siong outlet to support this initiative. Sheng Siong raised the most amount of rice at 111,813 kg in 2013.

Milestones and Awards

Some of Sheng Siong’s milestones are listed below:

Selected awards achieved:

References

Sheng Siong Wikipedia