- More than $780 million in discounts, rebates and donations returned to community since 2019
- FPG doubles down on long-term commitment to customers by forging ahead with business transformation efforts to stay relevant to customers’ changing lifestyle needs
- Donated SG$50million to Health for Life Fund to support ageing population’s needs, honouring seniors who have contributed to Singapore’s economic growth
- PM Lee presented with the book ‘The Price of Being Fair’ – of which all of FairPrice Group’s proceeds from sale to be ploughed back into community programmes
SINGAPORE, 22 July 2023 – Singapore’s largest retailer and social enterprise FairPrice Group (FPG) celebrated its 50th anniversary this evening with a commitment to double down on its long-term mission – to help all in Singapore moderate the cost of living.
FPG pledged to remain relevant in the changing lives of its customers, by continuing to be laser focused on setting the benchmark for prices of daily staples and to keep food and essentials within reach and readily available.
Vipul Chawla, Group CEO, FairPrice Group said that over the last decade, the meaning of moderating the cost of living in Singapore has evolved beyond providing affordable daily essentials at supermarkets. “FairPrice Group will double down on our promise to make Everything Food Made Easy – firstly, easy on the wallet and secondly, easy on the experience. The ability for our customers to be served with ease, wherever they are – from ordering groceries in the comfort of their living room, to a tasty meal at a food court to delivering simple and meaningful financial services is what will prepare us to succeed in the next few decades,” he added.
Food and grocery expenditure account for more than 20% of an average Singapore household monthly budget according to the 2017/2018 Household Expenditure Survey[1]; with lower income groups spending an even higher percentage. The way that households spend on food and groceries are also fast evolving.
With Singaporeans eating out more, FairPrice Group made the decision in 2019 to merge four social enterprises together – FairPrice, Link, Kopitiam and Foodfare[2]—encompassing everything in the food value chain, from the supply of fresh food and groceries to cooked and packaged food.
“Behind every step made by FairPrice Group lies our social mission beyond commercial considerations. FPG has chosen trade-offs on our bottom line in the last five decades so that we can keep our way of life in Singapore and serve the vulnerable among us, and this will remain the same. Like the National Trade Union Congress (NTUC), we believe that the people we serve cuts across different ages and stages of life and we will continue to stay grounded even as we prepare for our next phase of growth and transformation,” said Vipul.
Over the last four years, FairPrice Group has returned more than $780 million in the form of discounts, rebates and donations to the community. In 2022, it returned more than $200 million to the community and expects to do the same this year.
$50 million donation to Health for Life Fund – honouring seniors who contributed to Singapore’s economic growth but were most impacted by the pandemic
To commemorate its 50th anniversary, FairPrice Group’s charity FairPrice Foundation, made a $50 million donation to the Health for Life Fund (formerly Eldercare Trust).
The donation to the Health for Life Fund is FairPrice Foundation’s promise to the community, to care for seniors who have contributed to the growth of Singapore but were also the most impacted during the pandemic. The donation, which will benefit seniors especially those in the lower income groups, is the single largest amount that FairPrice Foundation has donated to date.
Mr Kee Teck Koon, Chairman, FairPrice Group, said, “2023 is a significant year for us as it marks 50 years since FPG’s founding in 1973. As we look back at the 50 years of endeavours and achievements, we remain true to our purpose – moderating the cost of living for all in Singapore and supporting the vulnerable in our community. Our donation reinforces our commitment to remain steadfast in serving the different needs of our community.”
Lim Boon Heng, Chairman, Health for Life Fund, said, “FairPrice Foundation has been a supportive community partner of the Health for Life Fund, supporting our mission to meet the varying needs of our elderly in need of intermediate and long-term care. The donation will enable us to extend quality and affordable community-based services to our seniors which will enable them to maintain a healthy lifestyle even in their twilight years.”
Two 50th anniversary books to honour the past and employees
To commemorate FPG’s golden jubilee, two books were also produced. The first The Price of Being Fair gives unprecedented access to FPG’s trials and triumphs in helping to moderate the cost of living for all in Singapore. It is retailing at Popular, Times, Kinokuniya, Epigram, FairPrice Online and all FairPrice Finest and Xtra stores for $29.90.
The second book, ‘It Takes a Great Deal’ will be available for all to access at – https://www.fairpricegroup.com.sg/fpg50/it-takes-a-great-deal/. It Takes a Great Deal highlights 50 remarkable stories to commemorate the people, products and places that mark significant milestones for FPG over the last five decades, charting its growth and successes in the past, present and into the future.
FPG celebrated its 50th anniversary with a gala dinner hosted at Marina Bay Sands on 22 and 23 July. The dinner on July 22 was graced by Guest-of-Honour Prime Minister Lee Hsien Loong and saw over 1900 distinguished guests and staff of FPG.
[1] Department of Statistics Singapore: https://singstat.gov.sg/publications/households/household-expenditure-survey
[2] Source: NTUC Enterprise – www.ntucenterprise.sg/media-release/ntuc-enterprise-unveils-strategic-plans-to-meet-consumers-evolving-needs
