This week we have decided to visit Market Place Singapore which is a part store brand of Cold Storage. Market Place is a full serviced retailer dedicated to offer the widest range of quality, good value and international merchandise to satisfy the daily needs of its target customers in a relaxed and pleasant shopping environment.
Merchandise Management
It is a process which the retailer offers the right quantity of the right merchandise in the right place at the right time and meets the company’s financial goals.
Market Place tried to order the right quantity by analysing their sales data. They analyse the sales performance of the previous year and the past few months of the current year. They compared the sales figures for the same particular month from last year data. Further more, they also look at the performance from the current first few months. From there, they can adjust the quantity ordered so that it will match the expected demands and there will be no shortage or excessive wastage in resources.
Category Management
It is the process of managing a retail business with the objectives of maximizing the sales and profits of a category.
Market Place categorised their groceries items into categories such as washing detergents, canned meats and toothpastes etc. Category management works for the Market Place by improving the relationship between them and the suppliers through the exchange of information. With the category management in place, the focus will centred around the effect of the total turnover of the category and not just looking at the sales of the individual products. So the suppliers are largely encouraged to suggest new product introduction and also to implement promotional activities. The expected result is a beneficial effect on the turnover and profit of the total category and it will benefits the shopper of that particular category. It will also in turn benefits the retailer as they would expected more shoppers and sales when the suppliers took the efforts to implement new products or promotional efforts.
Monday, May 25, 2009
Market Place!
Neat and tidy store front !
Award the best retail concept for the year 2008!
Detail of shelving description in glass
Tidy and Classy shelves display
International brand bakery store
Tidy fruits section. Classy concept
Monday, May 18, 2009
Retail Strategy
1) Target Market
NTUC FairPrice general target market is at home makers who take care of necessities at home.
FairPrice Finest target market is groups of people who are more health conscious. Finest is also slightly targeting more at working professionals rather then housewives etc.
2) Retail Format
NTUC FairPrice has 4 different types of retail formats. Their 4 formats include Liberty Market, FairPrice Xpress, FairPrice Xtra Hypermarket and FairPrice Finest. These retail formats are located strategically all over Singapore with the number of outlets in Singapore itself exceeding 80 stores.
The store that we visited most recently was FairPrice Finest store. Finest is slightly different from the other Fairprice outlets because they offer more organic products. They have a stand alone Organic departments in their store.
3) Bases for building sustainable competitive advantage
NTUC FairPrice has three ways in building sustainable competitive advantage.
Firstly, is through having weekly discounts on their items. For example, FairPrice is currently having their 36th Anniversary offers on products now, purchase with purchase promotion meaning buy one get one free and FairPrice is providing a 5% discount on house-brand products. The prices in Fairprice are considered lower than the other competitors’ supermarket. Together with the weekly discounts offered, they can offer their customers with better deals.
Secondly, FairPrice understands and realises the demands of their target market hence, they also realise that majority of their customers are heartlanders, housewives. So they set up their stores in the heartlands which are more accessible. Fairprice also have many stores located at the different corners of Singapore. They have much more stores as compared to their competitors. This gives them an advantage as it provides easy and convenient purchases to people who are lazy to travel a further distance.
Thirdly, to keep their customers coming back to them, FairPrice have a customer loyalty programme which is called NTUC Link Points card which accumulates Link Points for customers to exchange their points for vouchers or certain products that are up for grabs during the month.
1) Target Market
NTUC FairPrice general target market is at home makers who take care of necessities at home.
FairPrice Finest target market is groups of people who are more health conscious. Finest is also slightly targeting more at working professionals rather then housewives etc.
2) Retail Format
NTUC FairPrice has 4 different types of retail formats. Their 4 formats include Liberty Market, FairPrice Xpress, FairPrice Xtra Hypermarket and FairPrice Finest. These retail formats are located strategically all over Singapore with the number of outlets in Singapore itself exceeding 80 stores.
The store that we visited most recently was FairPrice Finest store. Finest is slightly different from the other Fairprice outlets because they offer more organic products. They have a stand alone Organic departments in their store.
3) Bases for building sustainable competitive advantage
NTUC FairPrice has three ways in building sustainable competitive advantage.
Firstly, is through having weekly discounts on their items. For example, FairPrice is currently having their 36th Anniversary offers on products now, purchase with purchase promotion meaning buy one get one free and FairPrice is providing a 5% discount on house-brand products. The prices in Fairprice are considered lower than the other competitors’ supermarket. Together with the weekly discounts offered, they can offer their customers with better deals.
Secondly, FairPrice understands and realises the demands of their target market hence, they also realise that majority of their customers are heartlanders, housewives. So they set up their stores in the heartlands which are more accessible. Fairprice also have many stores located at the different corners of Singapore. They have much more stores as compared to their competitors. This gives them an advantage as it provides easy and convenient purchases to people who are lazy to travel a further distance.
Thirdly, to keep their customers coming back to them, FairPrice have a customer loyalty programme which is called NTUC Link Points card which accumulates Link Points for customers to exchange their points for vouchers or certain products that are up for grabs during the month.
Thursday, May 14, 2009
Thomson FairPrice Finest!
Thomson Plaza FairPrice Finest!
Section Selling All Organic Food
1st Retail Strategy - 36th Anniversary Discounts!
2nd Retail Strategy - Buy 1 Get 1 Free!
3rd Retail Strategy - 5% Discount On Housebrand!
A Staff In FairPrice Finest Uniform
Monday, May 11, 2009
1. Variety and Assortment:
The variety and assortment of Fairprice is very huge as it is one of the leading supermarkets in Singapore and most Singaporean will go to Fairprice for their weekly or monthly purchase. So their variety is quite huge and they sell from household items to food items just to name a few.
Their products range from household products, consumable, fresh foods & groceries to clothing, body & facial care and first aid products. For each category they have several brands, size, flavors and variant available to choose from.
Two challenges faced by this retailer:
2. SHOPLIFTING
The retailer we are doing NTUC Fairprice. One main challenge faced by Fairprice is that the number of people shoplifting is very high. As the store is very big, a lot of manpower is needed to ensure that no one shoplifts. And the store has many products that are very small in size so it will be easy for customers to pickpocket the items. For examples products like sweets and chocolate are products that can be easily stolen since it is near the checkout counter where there are long queues.
3. Expiry date of products
Another challenge that Fairprice face, maybe is to how they are able to maintain the extensive products’ expiry date. As NTUC have many SKUs to handle and a lot of their products are food related so the maintaining of the expiry date is very important. Because if someone buy a product that is expired and the person may face some serious health implications like food poisoning, etc.
The variety and assortment of Fairprice is very huge as it is one of the leading supermarkets in Singapore and most Singaporean will go to Fairprice for their weekly or monthly purchase. So their variety is quite huge and they sell from household items to food items just to name a few.
Their products range from household products, consumable, fresh foods & groceries to clothing, body & facial care and first aid products. For each category they have several brands, size, flavors and variant available to choose from.
Two challenges faced by this retailer:
2. SHOPLIFTING
The retailer we are doing NTUC Fairprice. One main challenge faced by Fairprice is that the number of people shoplifting is very high. As the store is very big, a lot of manpower is needed to ensure that no one shoplifts. And the store has many products that are very small in size so it will be easy for customers to pickpocket the items. For examples products like sweets and chocolate are products that can be easily stolen since it is near the checkout counter where there are long queues.
3. Expiry date of products
Another challenge that Fairprice face, maybe is to how they are able to maintain the extensive products’ expiry date. As NTUC have many SKUs to handle and a lot of their products are food related so the maintaining of the expiry date is very important. Because if someone buy a product that is expired and the person may face some serious health implications like food poisoning, etc.
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