Can Sheng Siong thrive as retailers downsize in Singapore’s tough retail environment?

Opportunities to open new stories are rising, analysts say.

The city-state’s retail environment has been nothing less than taxing for Singapore’s retailers, but analysts say this opens up a golden opportunity for supermarket chain Sheng Siong.

According to RHB Research, due to the exit or downsizing of retailers, there are more opportunities for Sheng Siong to take up vacant spaces at the older residential areas.

“In addition, our check of the Housing and Development Board (HDB) website shows that there are five new commercial units pending completion within the next six months that will be open for supermarket tenders,” RHB Research said.

And the group seems to be taking advantage, as it opened three outlets in the second quarter of 2016 alone, with one more outlet at Yishun Junction 9 expected to commence operations in 3Q16.

“We expect Sheng Siong to open at least five stores by the end of this year,” RHB Research said.

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