- FairPrice Group will extend the SME Suppliers Support and Development Programme to help local SMEs ease cash flow challenges and boost growth capabilities
Singapore, 26 October 2023 – FairPrice Group announced today that it is committing S$2.9 million to the SME Suppliers Support and Development Programme (SSDP) this year. The announcement was made at the launch of FairPrice Group’s 12th Made in Singapore Fair, an annual event organised in collaboration with the Singapore Food Agency (SFA) aimed at providing a platform for local farmers and producers to showcase their products.
FairPrice Group first introduced the SSDP in 2012, to help local SME suppliers cope with rising business costs, provide them a platform to share and gain insights from peers and industry experts, and widen their opportunities for business growth through deeper collaboration and mentorship. Since then, FairPrice Group has committed over S$18 million to the initiative, which has gone towards benefiting more than 500 SME suppliers in Singapore.
Elaine Heng, CEO, Retail Business, FairPrice Group, shared that while moderating the cost of living for all in Singapore is FairPrice Group’s guiding social mission, supply resiliency and security are also key priorities. “Supporting the nation’s ‘30 by 30’ vision is a big part of our everyday operations. We believe that the local farmers that we work with are the key to building Singapore’s sustainable food future. We are fully committed to championing the SME community, our producers, and suppliers through the SSDP, and are proud to retail over 6,000 local products in our stores.”
FairPrice Group has observed steady growth in demand for local fresh produce in recent years. Sales for these products grew by 33 percent from 2019 to 2022, with eggs contributing more than half of total sales. Besides eggs, locally farmed seafood and vegetables, including pomfret, seabass, beansprouts, and kale were found to be popular with customers.
SMEs participating in the SSDP benefit from support measures including modified payment terms to ease cash flow, essential for small business survival, marketing support to promote their products, subsidised sales reporting and analytics services, and exclusive networking opportunities specially organised by FairPrice Group to bring like-minded suppliers together.
The Made in Singapore launch event was held at FairPrice Xtra at VivoCity, and graced by Dr Koh Poh Koon, Senior Minister of State, Ministry of Sustainability and the Environment. This year’s fair features over 40 Singapore-made products from local suppliers, including fresh vegetables, domestically farmed fish and eggs, ice cream, and soy sauce. The launch event also featured a showcase of FairPrice Group’s recently announced range of Singapore-themed ready-to-heat meals, Home Flavours.
Home Flavours is a range of 14 ready-to-heat meals that aim to provide a growing number of time-strapped Singaporean families and individuals with an easy and accessible way to prepare home cooked meals in minutes. The range is now available in 27 FairPrice stores and the FairPrice Group app.
The Made in Singapore Fair will run till 8 November 2023, at all FairPrice stores and FairPrice Online.