SINGAPORE, 9 APRIL 2014 – Local retail chain, NTUC FairPrice (FairPrice), is recognised as Southeast Asia’s most valuable retail brand in Interbrand’s Best Retail Brands 2014 report with an estimated brand value of US$1.52 billion, ahead of Philippines’ SM, Indonesia’s Matahari and Malaysia’s Parkson. According to the Interbrand report, FairPrice’s mission of being a ‘world-class retailer with a heart’, its corporate citizenship commitment to staff and the community, affordable housebrand and private-label products as well as its innovative efforts such as self-checkout counters and automated warehouse systems have helped it obtain its high ranking.
Mr Seah Kian Peng, CEO, NTUC FairPrice, said, “We are humbled by the recognition and value accorded to the FairPrice brand. We take pride in flying high the Singapore and NTUC FairPrice flag in this highly competitive retail scene in the Asia Pacific region. Our commitment in cultivating a strong brand identity has always been through providing high quality products, exceptional service standards, and maintaining a customer centric approach. Our brand affiliation has also been forged by our efforts to give back to the community as we do well. Being an innovative and progressive retailer, we will continue to leverage our brand strength as well as look for more ways to harness technology to increase convenience for customers and improve productivity that can translate into cost savings and benefits for them. We are also always mindful of our social mission of moderating the cost of living for Singaporeans.”
Interbrand’s report is published annually and the valuation methodology takes into account customer and financial terms, the contribution of the brand to business results and at least 50 per cent of sales revenue has to be from branded retail stores and websites.
Excerpt from Interbrand Best Retail Brands 2014 Asia Pacific
“Singapore’s largest domestic supermarket, FairPrice contnues to stay true to its purpose four decades after it was founded as a social enterprise that aims to temper the cost of living. “A world-class retailer with a heart”, the brand manifests its Corporate Citizenship commitment through the way it treats its employees, charitable giving, and its affordable private-label products. In a largely price-driven sector, FairPrice competes strongly on value, but also continues to strengthen its brand image through efforts such as an online video channel, “Food for Life.” These initiatives, on top of continuous efforts to stay relevant by offering more convenient payment options and passing along the savings from self-checkout counters and warehouse automation-the first of its kind in Asia-Pacific-are cementing the brand’s positioning.”