1.1 Business Challenge
The Sheng Siong is a family managed retail business that was registered in 1985. The supermarket began after the closure and resale of another supermarket – Savewell Supermarket - in which two of the founder were operating a butchery. The plights of the Sheng Siong began during its commencement year and had to do with the facility’s strategic location and lack of manpower. The Sheng Siong was located at the foot of a slope away from the main road and there were at least four provision stores within a small radius. However, stern policies such as ‘no-frills’, discounted prices, and excellent customer service that saw the owners help the customers carry heavy luggage up the stairs helped increase the customers visiting …show more content…
8, 14, 17). During this time, the Sheng Siong was trying to increase its market share in Singapore’s retail sector against dominant supermarkets such as the Cold Storage and NTUC Fair Price. Additionally, the 9/11 attack on America led to a global financial shakeup through a standstill in trading and a collapse in the capital markets that affected operations of large scale enterprises in other countries (Doward 2002). Still, the Sheng Siong seemed immune to the 2007-2008 global recession and rose to be the third largest retail store in Singapore from eighth position (Sheng Siong 2013). These challenges divulge a mixture of internal and external factors that influence an organisation’ operational, marketing and financial …show more content…
According to Spring Singapore, a government statistics tool, the retail industry has approximately 20,082 retail establishments. According to the site, the country’s retail sector generated $34.5 billion in 2013, which is 1.4% of the Growth Domestic Product (GDP) (Spring Singapore 2016). A research conducted by the C Richard Ellis, Singapore is one of the worlds top 15 cities that has a considerable number of global retailers and brands in their market (Spring Singapore 2016). The retail sector is changing with the trends and has integrated technology systems in service provision and delivery. Also, a large number of the retail stores provide online shopping experience to its customers
The Sheng Siong is a family managed retail business that was registered in 1985. The supermarket began after the closure and resale of another supermarket – Savewell Supermarket - in which two of the founder were operating a butchery. The plights of the Sheng Siong began during its commencement year and had to do with the facility’s strategic location and lack of manpower. The Sheng Siong was located at the foot of a slope away from the main road and there were at least four provision stores within a small radius. However, stern policies such as ‘no-frills’, discounted prices, and excellent customer service that saw the owners help the customers carry heavy luggage up the stairs helped increase the customers visiting …show more content…
8, 14, 17). During this time, the Sheng Siong was trying to increase its market share in Singapore’s retail sector against dominant supermarkets such as the Cold Storage and NTUC Fair Price. Additionally, the 9/11 attack on America led to a global financial shakeup through a standstill in trading and a collapse in the capital markets that affected operations of large scale enterprises in other countries (Doward 2002). Still, the Sheng Siong seemed immune to the 2007-2008 global recession and rose to be the third largest retail store in Singapore from eighth position (Sheng Siong 2013). These challenges divulge a mixture of internal and external factors that influence an organisation’ operational, marketing and financial …show more content…
According to Spring Singapore, a government statistics tool, the retail industry has approximately 20,082 retail establishments. According to the site, the country’s retail sector generated $34.5 billion in 2013, which is 1.4% of the Growth Domestic Product (GDP) (Spring Singapore 2016). A research conducted by the C Richard Ellis, Singapore is one of the worlds top 15 cities that has a considerable number of global retailers and brands in their market (Spring Singapore 2016). The retail sector is changing with the trends and has integrated technology systems in service provision and delivery. Also, a large number of the retail stores provide online shopping experience to its customers