Supermarket chain bumps up supply from several sources
Against the backdrop of recent floods in Malaysia and the increase in retail prices of vegetables in some places, Singapore’s home-grown supermarket chain, NTUC FairPrice (“FairPrice”), has issued a statement to assure customers that prices of leafy vegetables at its chain remain stable.
Its assurance is rooted in its well-entrenched strategy of importing from diverse sources. Since the start of the rainy season, FairPrice has been bumping up its import of vegetables from other sources such as China, Australia, Vietnam, Thailand and other countries to meet the demand here.
“As a co-operative supermarket, FairPrice prides on its social role to help moderate the cost of living by keeping prices of essentials low. We are pleased that we have been holding the prices of vegetables well due to our diversified sourcing,” says Mr Tan Kian Chew, Group CEO of FairPrice.
He adds, “We are aware that the market has been quick in adjusting prices according to the supply conditions. Hence we hope our statement of assurance could provide some stability in the current situation. Things are very much under control at FairPrice.”
This is not the first time FairPrice has helped to stabilise vegetable prices. During the SARS crisis when the Pasir Panjang Wholesale Market was closed for a short period of time, FairPrice had also stepped forth to bring in more vegetables to meet demand and prevent the prices of vegetables from rising. FairPrice had imposed a temporary $10 limit on purchase of vegetables then to prevent traders from buying up all its affordably priced vegetables. Currently, FairPrice does not see the need to set any limits but will take action to stop traders from buying in bulk.