Retail Express
Sheng Siong to open third China store in Kunming, China
2021-06-16
Source: Sheng Siong
Singapore grocery chain Sheng Siong announced plans to open a third store in China this month, with the retailer’s parent company signing a lease agreement for a storefront in the city of Kunming.
Parent company Shen Siong Group said its subsidiary Sheng Siong (China) Supermarket Co. signed the lease agreement with Yunnan Yingjun Commercial Operation Management Co. on 1st June.
Spanning 7,800 square feet, the Kunming store will be set up at 1F Unit 101, Chun Cheng Hui Gu Phase 2 Commercial Building, in Haiyuan District, as part of Heilinpu Wuhua District Residential Office.
The new store will operational before the end of the third quarter of this year, Sheng Siong said in a bourse filing.
The new Kunming store brings the group’s store count to 63 in Singapore and three in China.
Studies from international researcher IGD Asia predicted in late 2019 that China’s total grocery market size will reach US$1.8 trillion by 2023. According to the group’s April 26 results announcement, revenue from the Chinese market stood for 2% of the group’s revenue of $337.5 million for the three months ended 31st March.
However, that figure was lower when compared with the same three-month period of the year before, impacted by negative Covid-19-related demand.
Sheng Siong (China) Supermarket Co was formed in 2014, as a result of a joint venture between Sheng Siong Group and Kunming LuChen Group and A-Smart Holdings. Founded in 1985 by Lim Hock Chee, Sheng Siong is the third largest chain of supermarkets in Singapore.
Source: retailinasia.com
