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Fairprice should not pretend to be a co-operative

NTUC Fairprice has been selling ‘too many’ products at prices higher than its competitors. It is not known how Fairprice helps Singaporeans “moderate the cost of living” and “serve the needs of its members”.

What Fairprice does is mark up prices to inflate the discount and make unwary customers/members feel ‘shiok shiok’. This is no different from the PAP govt marking up HDB prices before giving out the ‘generous’ CPF housing grant to flat buyers. Or polyclinics – which charge $48.50 in consultation fees – offering an unbelievable subsidy/grant when neighbourhood private GP consultation rates are only $20 to $25.

Click to enlarge

Fairprice should not pretend to be a co-operative and remove the label as this serves only to mislead. Then, it can continue making as much money it wants without kena hantam.

 

Phillip Ang

 

 

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READER COMMENTS BELOW

27 Responses to “Fairprice should not pretend to be a co-operative”

  • Farts:

    All those sound good words are farts.

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  • Finest charge for bags:

    Giant, Cold Storey et al more exensive than NTUC finest. NTUC hillion prices are marked up during pioneer discount days. Better go during non pioner days.

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  • oxygen:

    TRACKING LISTED SUPERMARKETS AROUND THE WORLD as a comparative benchmark of earning margin, I can’t help it but observed too that NTUC-Fairprice net profit margin is the fattest by a long long distance.

    NTUC-Fairprice, it seems does NOT pay tax (as a co-operative entity not classified as a business entity by IRAS???), so no GST which gives it competitive advantage/leverage with respect to Cold Storage (Dairy Farm group), Sheng Siong etc. (which must pay tax).

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  • Pap FAIL MAJOR RESPONSIBILITIE:

    IF not charge very high prices,higher than other supermarts,or wet markets,
    HOW are they going to pay the MD, directors, yearly each $ 1-2m in salary and
    the bottom staff paying surviving wages to earn more profits to pay the top people.
    THE SOME 2500 gagmt business subsidiaries in TEMASEK AND GIC, ALL the MDS,DIRECTORS ARE BEING PAID LIKE THAT….AND workers at bottom are surviving on living wages enough to survive.
    IT is now I think ,we have 300% capitalist system like AMERICA WHERE 30 MILLION LIVING IN THE STREETS AND NO EMPLOYMENTS,EXCRETING ON STREETS AND WHERE JOBS ARE TAKEN BY MEXICANS, AND SOUTH AMERICAN COUNTRIES.
    Never ,never listen to and read the propagandas of PAP gagmt,deceving u and misleading u.
    U need to vote for more oppositions to have 40 % OF PARLIAMNET SEATS FOR THEM as a CHECK AND BALANCE and TO HOLD THE PAP AGGMT FOR ACCOUNTABILITY AND TRANSPARENCY,AND TO RULES OF LAWS, AND HOLD THEM TO INTEGRITY OF THE Institutions and SYSTEMS.
    TOO MANY ABUSES OF GHE SYSTEMS, AND HANKY ,PANKY GOING ON ,FOR TOO MANY YRS CREATING IMMENSE SUFFERINGS FOR COMMON PEOPLE.
    THINK FOR YOUR CHILDREN,GRANDCHILDREN FUTURE!!!

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  • Shanmugam admits PAP failure:

    Straits Times: ‘Abuse’ of boyfriend/girlfriend category to enter S’pore led to its removal in March: Shanmugam

    It is not “rocket science” to see that the boyfriend/girlfriend category will be abused because many foreigners like to come to Singapore for employment.

    PAP is always “reactive” instead of “proactive”. This is stupidity and incompetence for those in charge. Singaporeans are wasting their money paying millions to mediocre PAP politicians. Time for REGIME CHANGE.

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  • Flipping Prata Agani & Again:

    This is nothing new. This ‘system’ has been going on during old man’s time. Those days, they don’t call it ‘boyfriend/girlfriend’, they called it ‘sponsor’. That was the open-leg era.

    Change soup don’t change medicine. Same-same la! There are many ways to flip prata.

    Shanmugam admits PAP failure:
    Straits Times: ‘Abuse’ of boyfriend/girlfriend category to enter S’pore led to its removal in March: Shanmugam

    It is not “rocket science” to see that the boyfriend/girlfriend category will be abused because many foreigners like to come to Singapore for employment.

    PAP is always “reactive” instead of “proactive”. This is stupidity and incompetence for those in charge. Singaporeans are wasting their money paying millions to mediocre PAP politicians. Time for REGIME CHANGE.

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  • HSK should resign:

    PAP failed AGAIN.:
    Straits Times: Teen, 17, dies after basketball backboard structure falls on him in Bedok

    This is obviously either shoddy design, construction or maintenance or all of them. This is under East Coast Town Council headed by DPM Heng Swee Keat.

    HSK should accept responsibility and resign.

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  • PAP mandate strong:

    The constant long queue in NTUC display otherwise thar customers is satisfy with the price policy even with self check out machine. Else they would patronise other supermarket or elsewhere.

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  • PAP failed AGAIN.:

    HSK should resign: HSK should accept responsibility and resign.

    What would HSK do? Another ministerial statement a.k.a. “spin”?

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  • liew mun leong must be jailed:

    pap ntuc, like pap PA, must go as soon as New Government forms.

    pap abuses its power via a pliant parleement to set up pap ntuc which sole purpose is for pap political advantage.

    pap ntuc, as everyone with eyes can see, is a pure pap setup for pap political use.

    pap ntuc must go. so also pap PA.

    BTW how does pap ntuc or pap PA enrich the pap balls carriers? via t-shirt contracts.

    we buy a 9.90 T-shirt and wear it for years, from white colour to yellow and frayed before we buy another one.

    the pap ntuc folks and pap PA folks always dish out brand new T-shirts to pap folks. 7 events in a week, 7 brand new T-shirts.

    where does pap ntuc get its money for the T-shirts? where does pap PA get the money for the T-shirts? from pap cotton sheep.

    how do the balls carriers in pap ntuc and pap PA get rewarded? the top ranked ones always get the T-shirt contracts. the lower rank ones get other contracts from gic temasick. the really low ranked ones get from them from pap ministries directly.

    in truth, it is all rotten self enriching setups at the expense of taxpayers approved by cotton sheep.

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  • Not true:

    PAP mandate strong:
    The constant long queue in NTUC display otherwise thar customers is satisfy with the price policy even with self check out machine. Else they would patronise other supermarket or elsewhere.

    Note true! It depends whether there a available other stores in neighbourhood. If none, then the residents have no choice especially in the covid pandemic. More risk as you travel further away.

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  • Chan Chun Sing talking cock:

    Straits Times: Lighter load for national and year-end school exams to help ease stress: Chan Chun Sing

    Why doesn’t CCS also reduce the financial burden on parents by adopting measure to eliminate or at least reduce the perceived valus of private tuition. Private tuition is The norm for local education. Why? If there is value-add in private tuition then MOE is not doing its job. Parents are paying something that should be provided by teachers in local schools. Moreover, private tuition puts less well-off Singapore families at a big disadvantage.

    “With immediate effect, there will also be dedicated time at the start of every school term to check on the well-being of students.” – CCS

    WTF! Why only now after so 5+ decades of PAP-run government the schools will checked on the well-being of students. This is inexcusable. This is an admission of failure by CCS. Singaporeans have been wasting money paying millions to PAP office holders.

    Time for REGIME CHANGE. PAP IS A “SPENT FORCE”. IT IS TIME BURY IT WITH LKY.

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  • Chan Chun Sing talking cock:

    Straits Times: How River Valley High School tragedy unfolded: Student seen holding axe, asking others to call police

    “Speaking in Parliament on Tuesday (July 27), Education Minister Chan Chun Sing outlined the timeline of the incident, adding that not all details can be shared as the case is now before the Court.”

    CCS (conveniently) starts his description of the event AFTER the murder has been committed using “case is now before the Court” as an excuse not to disclose more. This is BULLSHIT.

    What the public wants to know are the following:

    (1) What happened before 11:35am? Did anybody see the student with the axe before 11:35am?

    (2) If answer to (2) above is yes, was the teachers promptly notified? If yes, what did they do about it?

    (3) Did the student who did the murder exhibit abnormal behaviour? If yes, what did the school do about it?

    The public deserves to know the WHOLE TRUTH. The usual PAP “spin” will no do. The public wants ALL the FACTS.

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  • Bernard Tan:

    NTUC FarePrice prices have increased in the last 3-4 weeks by >2.5%.
    Some products like soft drinks as high as 25% among many others.

    NTUC FarePrice Silent price increases with their edacity to declare without shame in their –
    (1) Our Mission
    - To provide customers with the best value, quality products and excellent service, be a preferred employer, to moderate the cost of living in Singapore, and serve the needs of our members, the labour movement and the community.

    (2) FairPrice Aim to be the
    - Best Place to Shop
    - Best Place To Work
    - Best Corporate Citizen

    (3) Our Core Values
    - Customer-Focus
    - Teamwork
    - Professionalism
    - Empathy
    - Caring
    - Trustworthy

    What’s more degrading and hypocritical is the constant reflection of an item (Sunkist Orange Juice) with the Usual Price (UP) reflected at $4.70 over the years and Selling Price (SP) discounted at $4.25. However, their latest price increased with discount on the same item reflected – UP $4:70 and discount $4:35.

    Cold Storage has been maintaining the same item price (discounted) at $4:35 over the years.

    What a scam?
    (1) Mission on
    - Best value
    - Moderate the cost of living in Singapore

    (2) CORE VALUE on
    - TRUSTWORTHINESS
    - EMPATHY
    - CARING
    - Customers Focus

    Now shop at Sheng Siong and neighbourhood shop.

    Boycott NTUC.

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  • Ali:

    With the recent flood and heat waves in many places, food supply definitely will have a great
    Impact coming days.take note.

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  • question Mark?:

    NTUC FAIRprice?
    Me says its NTUC FATprice.

    Again,whats wrong with collecting more money?

    We need to pay THE FAT ARISTOCATS.

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  • PAP mandate strong:

    Please, Before pandemic already NTUC long queue. Where have u been ?

    Dont other supermarkets offer online orders and delivery services ? Of course u pay more right since delivery to your doorstep.

    If not because cannot dine in, many youngsters to uncles to elderly, all want to go coffeeshop and makan there. If dont want vaccination and u dont dare to go out u blame who ? At least there’s no sudden huge flash flood in Sg.

    Its just C19 and not cancer , even cancer people still go for treatment to fight and live. Unless stage 4 and u live enough. Enjoy the last 1 year or 6 months.

    The bus terminal still many retirees chit chat there from the afternoon to the evening e.g. Nex bus terminal last Saturday was there. Go see yourself. Except for Nex 4th floor electronics shop mainly PRC electronics items ( beside Value or ABC ) no customers even currently 50% discounts.

    Macdonalds and other fast food still queuing outside for orders. Even Wok hey , old chang kee people still queue to buy.

    Of course biz cannot compare to the peak previously before C19.

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  • maths idiot:

    I really do not understand how this knowledgeable esteem person who said that a non registered GST co have a advantage over a GST register co in Singapore, come to this conclusion

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  • Not cheap:

    NTUC need to go back to its root and make the items affordable to most Singaporean.
    Should not be too profit orientated .

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  • clowns are clowns:

    Those fat pigs sitting on top of NTUC are not aware of such price differences!!??
    Of course they know!! You all can KPKB for all they care!!
    Because they know that they CONTROL the market share of the daily needs of the population!! They know that if you don’t buy from them, there is little choice outside!!
    Any wonder they are laughing all the way to the banks, EVERYDAY!!!

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  • Protect Aliens Party:

    There’s this supermarket in sg called Ang Mo which sells majority of its items at about 20-30% cheaper than nutc Fatprice’s. Even during the Covid-19 CB period when people were clearing shelves, Ang Mo supermart still sold items at their normal low prices unlike shameless Fatprice. I clearly remember the latter sold a packet of spaghetti at $3.40 when most supermarket ran out of stocks. But when stocks were available a few days later at Ang Mo or even Sheng Siong, I managed to get the spaghetti (although different brand) at only $1.95!

    Even in normal time when Fatprice was having a promotion, the offered price will still be a few cents higher than the same ones selling at normal price in Ang Mo. Don’t believe, go check it out!

    It’s time Fatprice be more honest to tell people it’s true vision – To be SG’s world-class leading retailer with a GREEDY Heart. Or….. To be HEARTLESS working towards being SG’s world-class leading retailer.

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  • oxygen:

    @ maths idiot,

    NOT SO SURE ABOUT this “knowledgeable esteem person” of your mention in this thread but my idea came from extensions of Growth Share Matrix thinking/conceptualisation (originating from the famous Boston Consulting Group)

    https://www.bcg.com/about/our-history/growth-share-matrix

    maths idiot: I really do not understand how this knowledgeable esteem person who said that a non registered GST co have a advantage over a GST register co in Singapore, come to this conclusion

    Bruce D. Henderson wrote a book – Henderson on corporate strategy I read in Sydney decades ago.

    You probably can find this book in NUS library or buy secondhand from Amazon.

    Basically, Growth Share Matrix in BCG’s conceptualisation stress on market share domination as a means of profit and cash generation.

    The faster you accumulate profits and cash generation, the stronger is your accumulated cash and balance sheet strength over time.

    Without GST-registration, the earnings of NTUC-Fairprice is NOT TAXABLE by IRAS. All things being equal, they accumulate cash faster adding to its financial muscle faster, invest in more outlets and saturated the market with its dominant presence,lower their operating costs and expand their market-share presence and escalating market domination.

    IT IS AKIN to the idea of “printing money” (growing profits and cash flows over time) to “print more money” in the future. Sheng Siong is moving into China, expanding there. Dairy Farm International is not growing faster than NTUC-Fairprice in SGP. Both entities competing on tighter profit margin AND THEIR PROFITS ARE TAXED unlike NTUC-Fairprice.

    I checked NTUC-Fairprice financial statement before, I don’t see a tax component in its Income statement unlike other listed supermarkets like DFI/Sheng Shiong as examples.

    I remember having read an article written by Sandra Moose (BCG’s consultant) along with Alan Zakon called “frontier curve analysis” which I thought fascinating. Can’t remember with business periodical it was in but it deals with cash flow generation from operation compared to “cash flow consumption” in capital expenditure spending. I thought their ideas are very powerful.

    BCG’s GSM conceptualisation when combined with experience curve effects application in corporate strategy is very powerful competitive tool and nowhere it is more visibly demonstrated than in the auto industry.

    https://en.wikipedia.org/wiki/Automotive_industry

    The largest auto companies now is Toyota, Vokswagen, Hyundai ahead of GM, Ford. Five decades ago, US autos are largest.

    Letting costs running down faster than pricing (experience curve) to generate profits & CASH wins the race.

    Read this weblink too.

    https://www.bcg.com/publications/2014/growth-share-matrix-bcg-classics-revisited

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  • oxygen:

    @ maths idiot

    Read this interesting article, if it interest you.

    Building Strategy on the Experience Curve

    https://hbr.org/1985/03/building-strategy-on-the-experience-curve

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  • AMTK:

    Cheaper supermarket called Ang Mo.

    Wow, Proof of AMTK.

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  • Temusik Patriot:

    NTUC…A LEEgal Ponzi scheme for its members with the public recieving the sticky end…Sheng Shiong n direct importer ABC gives a better deal especially ABC for dry goods…With almost a million members n counting a fee of $9 Monthly will rake in a lifestyle for the rich n famouse running it and the idiots paying

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  • One man & his cult go haywire:

    PAP under Dr. Toh Chin Chye & Dr. Goh Keng Swee had in the 70′s intended for Singapore’s government-linked companies to be a “Co-Operative Enterprise” for all CPF contributing citizens.
    It was the moral imperative of a responsible government of this republic to share its profits with the people because indeed the people were supplying the capital funds for the GLCs to operate.
    So in 1986, every grownup IC holder were awarded the Singapore Telecom dividends… I cashed mine out at that time and received about $400. My sister is still holding on to hers today – but Singtel is no more the people’s preferred employer it was once during the glorious 80s & 90s.
    How we loved the natural aristocrats of that original PAP! Affordable public flats and increasing economic development with wages in tandem to expenditures….
    Every public policy was rigorously debated in parliament between MPs for the sake of the people and we we witnesses to Democracy Alive! By no means did any of them think, speak or act like the monkeys of the ChokTongian breed although parliamentary salaries were very modest then. Pioneers and Merdeka generation will attest to that.
    By the way, where was the not-mediocre-by-a-long-$hot Woody as we witnessed the paid-like-a-gorilla scholarship general sink Neptune Orient Lines into the French Sea? Wasn’t the the original CEO of NOL just watching the fracas and minding his own$elf take care own$elf pay$lip? Need to save up for his basket-case $wiss retirement huh? Heeheehee…. All the Singapore kids slap your FIFA face then you know…..wait long loong looong world cup no come.
    Anyway, Old Fox became the Supremo of his personally innovated Sinchiapor Incorporated when he christened Goh C.T. the puppet PM. The 90s commenced the downward spiral into big-bucks elitist corporatism and the gradual evolution of a species known as the sinchiapor sheeple – fearful, morally apathetic, educated & ambitious, self-centered …..LKY’s ideal type. But his 80s eugenics initiative had killed off the natural procreating instinct of young love birds. Lowest fertility rates among nations worldwide is the norm in this super expensive playground of the world.
    If PAP had their way during the 80s onwards, it would have been one Singapore GLC after sharing their dividends with their shareholder cpf citizens. But one man’s view of his world prevailed, and by means of his exaggerated realpolitik Wallah! He threw upon us his 2nd Gen yesmen and he vouchsafed their allegiance by transforming them into narcisstic $$$corporate-politician$$$
    And of course he promptly sent the beloved Ong Teng Cheong into Istana oblivion with 56 man-years to figure out the nation’s assets and wealth.
    The brightest jewel of political economic creativity had been suppressed; Adam Smith’s egalitarian vision was crushed in lessthan a decade of maddening political manoeuvring.
    No national cooperatives for us, Philip. They’ve deceived the people of goodwill&sacrificed innocents.

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  • What's worse is their cronyism:

    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone. The importance of money stems from its being a link between the present and the future.”

    - John Maynard Keynes

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