Dear Editors and Media friends,

Thank you for taking the time to join us today, and for your strong support over the past year. Our achievements last year would not be possible without our media friends.

2010 looks set to be an exciting year, with Singapore riding high on the global economic upswing. Global demand is expected to continue rising, helping to boost our economy as it recovers.

The trend on the global retail front is just as exciting. Consumers are becoming more affluent and sophisticated. They also look for convenience and instant gratification.

Retailers around the world are expected to customise their products and services by focusing on customers’ shopping occasions, life experience and lifestyles.

Successful retailers will have to deliver a bigger range of products and services under one roof. Their offerings will also have to address a multi-cultural spectrum of customers.

Corporate social responsibility is gaining ground on consumers’ agenda, and retailers will be expected to carry products that are socially responsible and eco- friendly.

At home, FairPrice is preparing itself for the economic upswing by heeding the call of the Labour Movement to be Cheaper, Better and Faster.

To up productivity and pass cost savings to our customers, we have upgraded our back-end and front-end operations by investing in new purchasing, logistics and point-of-sale systems.

In keeping with our Senior Minister’s recent call for Singaporeans to build up their ‘Service DNA’, FairPrice has launched an internal service campaign to cultivate a service mindset.

To ensure customers have greater access to our stores, we have grown our network steadily over the years, while introducing multiple retail formats. Since January last year, we have opened 10 new stores in various formats throughout Singapore. We will continue to increase our accessibility this year with more new stores, including a new Hypermarket in Serangoon Central.

While we push ahead with our business plans, NTUC FairPrice remains mindful of our social mission to moderate the cost of living for all. We ensure essential items are affordable through our basket of Everyday Low Priced Items, house brands, and yellow dot items, as well as attractive rebates for members.

We lend a helping hand to those in need. At this time last year, I announced that FairPrice Foundation will donate 20% more to help the community during the downturn. I am happy to announce that we have donated 30% more and contributed $9 million last year to help the poor and needy.

This contribution also includes a donation of $5.25 million of funding to the Labour Movement U Care Fund to help low-wage workers, including those who were retrenched, to cope with the downturn.

FairPrice Foundation will continue to support worthy causes that help to provide a better life for those in need.

Going forward, FairPrice will keep pace with the changing needs, aspirations and lifestyles of the population. We do this so that we remain relevant to Singapore. We can only deliver our social mission effectively if we are commercially successful. We have to do well to do good.

Thank you for supporting FairPrice through the years. We look forward to your continued support

I hope you will have an enjoyable time with us over lunch.