Sheng Siong needs to open new stores

There are 12 HDB supermarket locations up for grabs.

As Sheng Siong bid good bye to its the Verge store in June, the group is urged to open new stores to stay ahead in the game.

According to OCBC Investment Research analyst Jodie Foo, the group will need new stores particularly in key growth and untapped areas to maintain topline growth.

"There are currently 12 HDB supermarket locations up for bidding in the next six months albeit there is a risk of cannibalization in certain sites, and opportunities exist in the closed tenders as well," Foo noted.

The analyst cited that a new 4k sq ft store at Bukit Panjang as well as a new 12k sq ft store at Woodlands St 12 will open in September and October, respectively. This could be considered timely, as Sheng Siong's 41.5k sq ft Woodlands store is slated to close in October.

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