All stores to observe one minute’s silence at 2.30pm on 23 May 2010

Statement by Mr Tan Kian Chew, Group Chief Executive Officer, NTUC FairPrice

“Dr Goh Keng Swee’s vision was instrumental in laying the foundation for the birth of FairPrice’s first supermarket in 1973 – NTUC Welcome. Then, Singapore was in the grips of the global oil crisis, and unscrupulous profiteering by merchants led to rising food prices. With a clear social mission to help stabilise the cost of living in Singapore, NTUC Welcome helped to ensure that all workers and consumers have access to essential items at affordable prices.

Today, NTUC FairPrice continues to play this critical social role with our affordable housebrand products, Everyday Low Price basket of essential items and our 2% Senior Citizen discounts. Even as we have grown to become a market leader in Singapore, with $2.2 billion in revenue and a network of more than 240 stores that employ more than 7,000 people, our social mission has remained unchanged as a testament to the rich legacy Dr Goh left behind.

Dr Goh also laid down guiding principles for co-operatives under the Labour Movement, that emphasised the importance of being competitive with private enterprises, choosing a field where there is a competitive advantage, as well as having the highest standards of integrity and effective management. These principles built a strong foundation for NTUC FairPrice and continue to guide us in all we do, even as we grow our business at home and abroad.

Through our new wing of growth, NTUC FairPrice will acquire greater scale and competitiveness that will let us better deliver our social mission. This way, Dr Goh’s legacy will live on to inspire future generations of Singaporeans, as a reminder of the integrity, selflessness and comradeship he stood for.

As a tribute to Dr Goh, all FairPrice stores, including Cheers and FairPrice Xpress outlets, will observe one minute of silence when the State funeral starts at 2.30pm this Sunday.”