Sheng Siong
| Public | |
| Traded as | SGX: OV8 |
| Industry | Retail |
| Founded | 1985 |
| Founders | Lim Hock Chee, Lim Hock Eng and Lim Hock Leng |
| Headquarters | Singapore |
|
Number of locations
|
40 stores (as of May 2016) |
|
Key people
|
Lim Hock Chee (CEO) |
| Products | Grocery stores, supermarkets and hypermarkets |
| Revenue |
 SGD $764 million (2015) |
|
SGD $56.7 million (2015) |
|
|
Number of employees
|
2,324 (2010). |
| Website | Corporate Website |
Sheng Siong Group Ltd. (Chinese: 昇菘集团) is the parent company of Sheng Siong Supermarket Pte Ltd, commonly known as Sheng Siong, the third largest chain of supermarkets in Singapore.
Sheng Siong is a chain of supermarkets in Singapore founded by Mr Lim Hock Chee and his two brothers, Mr Lim Hock Eng and Mr Lim Hock Leng. Mr Lim Hock Chee is also the current CEO of Sheng Siong.
The Lim family moved to another farm in Punggol in the 1970s. Years later, the farm experienced an excess supply of pigs, thus Lim Hock Chee and his wife rented a small section within a Savewell provision store in Ang Mo Kio to sell the chilled pork from their pig farm in 1984. In 1985, following the move to phase out pig farming by the Singapore Government, the Lim brothers ventured into the retail business by launching Sheng Siong's foremost operation in a single shophouse unit, (in the same Savewell store premises in which Lim Hock Chee was selling pork, after the Savewell chain faced financial trouble and had to let go of its stores) together with an ex-Savewell managerial staff. Sheng Siong has since evolved into a chain of 37 stores, mainly supermarkets, in Singapore.
The store initially focused on providing a wide range of no-frills products and increased sales by accepting lower profit margins. Other cost-saving measures included employing less staff and avoiding the use of in-house plastic bags.
Sheng Siong has been awarded top 500 retail enterprises in 2007 and became the third-largest retailer in Singapore. The company has also been awarded as Superbrands Singapore from 2008 to 2014. Sheng Siong Group Ltd. is publicly listed at the SGX (code: OV8) since August 17, 2011.
As of July 2014, the Lim brothers have a net worth of $545 million and are ranked 45th on the Forbes Singapore's 50 Richest list.
Business Strategy
The company “maximises profit margins by constantly challenging itself to churn out higher turnover per square feet of retail space”. It also strategizes the business so as to offer products at a low price and provide efficient service that can serve more customers within the same period of time.
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Wikipedia