Sheng Siong is targeting opening three to five new stores a year over the next three to five years, the grocery store chain said in a filing to SGX with answers to shareholders’ questions before its annual general meeting (AGM).
“We plan to continue to expand our footprint in both Singapore and Kunming, China. In Singapore, the supply of new HDB shops has been affected in the last two years but is expected to improve gradually,” Sheng Siong said.
“The group will continue to look out for retail spaces in new and existing HDB housing estates, particularly in estates where the group has no presence,” the supermarket operator said, adding it also planned to expand its e-commerce offerings to reach customers in areas where it doesn’t have a physical presence.
As part of its outlook, Sheng Siong noted that as the domestic Covid situation has subsided and restrictions have been eased, elevated demand is likely to subside as consumers resume spending on social activities and international travel.
In February, Sheng Siong reported its 2021 net profit declined 4.3 percent on-year to S$133.1 million after Covid-19 lockdowns in 2020 led to elevated demand a year earlier.