- Consumer trade-down could favour Sheng Siong’s value-for-money positioning
- Stable Singapore supermarket & hypermarket sales in April 2025.
- On track to open at least 8 new stores in FY25.
Supermarket & hypermarket sales increased 1.7% y-o-y in April 2025.
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- On a seasonally adjusted month-on-month basis, total retail sales in April edged up 0.3% from the previous month. Retail sales of supermarkets & hypermarkets grew 1.7% y-o-y in April 2025, reflecting stable demand for essential goods.
Acceleration in new stores opening.
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- Sheng Siong opened two new stores in 1Q25 and secured six more, with an additional four stores under tender pending results. Notably, four of the six secured stores were previously operated by competitors.
- We believe Sheng Siong is expanding its market share amid ongoing industry trend of store rationalisation and scale down of its competitors. These new stores are expected to commence operations progressively from May 2025 through 3Q25. We believe Sheng Siong is on track to open at least eight new stores in FY25, accelerating from its target of at least three new stores per year.
Limited impact from the trade war.
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