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FairPrice Group celebrates 50 years of moderating the cost of living in Singapore with a pledge to do more

Efforts over the past five decades included cost-saving initiatives and a refreshed business model.
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FairPrice Group commemorated its 50th anniversary with a cake-cutting ceremony and birthday toast at a gala dinner held at Marina Bay Sands on 22 July 2023.

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FairPrice Group (FPG) marked its 50th anniversary from 22 to 23 July 2023 with a strong commitment to ramp up its efforts to moderate the cost of living in Singapore.


The social enterprise celebrated the milestone occasion with a gala dinner held at Marina Bay Sands over the weekend. Guest-of-honour Prime Minister Lee Hsien Loong graced a dinner on 22 July with over 1,900 guests and FPG staff.


The group has consistently rolled out cost-moderating initiatives over the past five decades, like discount schemes, affordable housebrand products, price freezes, and more, to help customers cope with rising inflation.


FPG Group CEO Vipul Chawla pledged to remain relevant to its customers by continuing to set the benchmark for prices of daily staples and keep food and essentials accessible.

 

He said:As a social enterprise, our group has always embraced that our purpose must go beyond making a profit.

 

“For the past 50 years, we have made trade-offs on our bottom line to ensure we can keep our way of life in Singapore and uphold the mission to serve the vulnerable.


“As part of this commitment, we have returned $780 million in the form of discounts, rebates, and donations to the community over the last four years. Last year alone, we gave back more than $200 million to the community and are on track to do the same this year.”


A pledge to do more

 

In renewing FPG’s commitment to Singapore, Mr Vipul revealed that the group had refreshed its business model to cater to the evolving demands of moderating the cost of living.

 

For instance, the group responded to Singaporeans eating out more by merging NTUC Fairprice with NTUC Link, NTUC Foodfare and Kopitiam in 2019 to synergise the supply of fresh food and groceries with the provision of cooked and packaged food.

 

He elaborated: “FairPrice Group will double down on our promise to make Everything Food Made Easy ― firstly, easy on the wallet, and secondly, easy on the experience.

 

“The ability for our customers to be served with ease wherever they are ― from ordering groceries in the comfort of their living room to a tasty meal at a food court to delivering simple and meaningful financial services ― is what will prepare us to succeed in the next few decades.

 

“We will forge ahead with sharp business execution and go the distance so that we can compete with the best brands globally and fly the Singapore brand high.

 

Like the National Trades Union Congress (NTUC), we believe that the people we serve cut across different ages and stages of life, and we will continue to stay grounded even as we prepare for our next phase of growth and transformation.”

 

A tribute to the past, present and future

 

FPG also commemorated its golden jubilee celebrations with a $50 million donation to the Health for Life Fund (formerly Eldercare Trust).

 

It honours seniors who have contributed to Singapore’s economic growth but were the most impacted during the pandemic.

 

The donation is the largest amount set aside by its charity arm FairPrice Foundation to help seniors from lower-income groups.

 

FPG Chairman Kee Teck Koon said: “2023 is a significant year for us as it marks 50 years since FPG’s founding in 1973.

 

“As we look back at the 50 years of endeavours and achievements, we remain true to our purpose – moderating the cost of living for all in Singapore and supporting the vulnerable in our community.

 

“Our donation reinforces our commitment to remain steadfast in serving the different needs of our community.”

 

Health for Life Fund Chairman Lim Boon Heng added: “FairPrice Foundation has been a supportive community partner of the Health for Life Fund, supporting our mission to meet the varying needs of our elderly in need of intermediate and long-term care.

 

“The donation will enable us to extend quality and affordable community-based services to our seniors, which will enable them to maintain a healthy lifestyle even in their twilight years.”

 

The group also marked its 50-year journey with a book titled “The Price of Being Fair”. It chronicles the social enterprise’s trials and triumphs in helping to moderate the cost of living for all in Singapore.

 

FPG also paid homage to its employees with a second book titled “It Takes a Great Deal”. The tome highlights 50 stories of the people, products and places that chart the group’s growth and successes in the past, present, and future.

 

Pick up a copy of “The Price of Being Fair” at Popular, Times, Kinokuniya, Epigram, FairPrice Online and all FairPrice Finest and Xtra stores for $29.90.