FairPrice NTUC, a Singapore co-operative with 270 stores and 630,000 members, has been named the country’s best brand by Interbrand.
The leading global branding consultancy firm named NTUC FairPrice as the most valuable retail brand in Singapore and also in South East Asia. The study took into account how companies responded to customers’ needs, how effectively they make decisions and how they provide customers with an experience that goes beyond physical stores.
Seah Kian Peng, CEO of Singapore NTUC FairPrice, said the co-operative was on a social mission to moderate the cost of living and this sets NTUC FairPrice apart from other retailers.
“This is fundamental to our success these past 40 years. It is because of our social mission that customers know when they shop with NTUC FairPrice, they are assured that they are shopping with a trusted supermarket that offers them honest and fair prices.
“Because of our status as a social enterprise and a co-operative, customers also know that every dollar they spend with us goes back to the community."
This is not the first time FairPrice has been ranked among the top retailers in Singapore. Campaign Asia’s 2012 report “Asia’s Top 1,000 Brands” ranked FairPrice as the only Singaporean brand that emerged in the top ten list of brands in Singapore.
A 2011 survey commissioned by FairPrice aimed to find out customers’ views on Corporate Social Responsibility (CSR) on their buying behaviour. When asked which supermarket they considered to be the most socially responsible, three out of five respondents (61 per cent) indicated FairPrice as their choice.
The survey also revealed that customers expect fair and affordable pricing, safe products of good quality, good customer service, willingness to help those less fortunate and green practices. They also think of socially responsible supermarket retailers as responsible employers.
“As a significant number of Singaporeans are actually members of co-operatives," said Seah Kian Peng. "This puts the co-operative movement in a unique position to impact not just its members, but Singapore as a whole. FairPrice touches the lives of Singaporeans on a daily basis.”
FairPrice has initiated various activities to promote responsible bahaviour and healthy balanced lifestyles. Most recently, it launched the “Do Good initiative” to inspire youths to do good, on the principle that small deeds can make big differences.
In an attempt to appeal to young people, FairPrice is also making extensive use of social and digital media. Its Facebook page “That’s My FairPrice” has nearly 70,000 fans, 60 per cent of whom are young people. FairPrice also launched a mobile application that acts as a grocery shopping planner.
In 2009 FairPrice launched a sports scholarship for athletes to support the development of local sporting talent. The scholarship is awarded to athletes who excel at the Asian Youth Games.
“We want to engage our customers, including youths, to enhance their shopping experience,” concluded Mr Kian Peng.
Photo: Seah Kian Peng, CEO of FairPrice NTUC and ICA Board member