“To reach Hong Kong’s level of penetration, industry players have room to set up 125 new stores. In addition, based on Singapore’s housing development plan in the next two decades, there are underdeveloped land areas designated for new major residential estates,” he writes in his Dec 14 report.
There is room for supermarkets in Singapore to increase their penetration with “growth opportunities abound”, say DBS Group Research analyst Andy Sim and the Singapore research team.
At the existing estates, the supermarket count relative to the population in Singapore is lower compared to the other Asian cities, says Sim, who sees a “store count upside” in existing and upcoming estates.
