TL;DR – It does so by acting as an industry benchmark for prices of everyday essentials, thereby ensuring they remain affordable for all.
You might have come across a viral post on Facebook which lambasted NTUC FairPrice for “ripping off consumers for decades”.
In the post, the netizen compares the price of promotional items at other retailers with regular-price items at NTUC FairPrice.
Fortunately, it didn’t take too long for FactChecker.sg, a Facebook page, to point out the flaw and call out the netizen for his misleading content.
Well, I mean anyone in their right mind who shops often would have realised that this is definitely an unfair comparison in an attempt to shame the co-operative, right?
In case you didn’t know, NTUC FairPrice’s beginnings and operations are grounded on its founding social mission, which is to moderate the cost of living in Singapore. It does so by acting as an industry benchmark for prices of everyday essentials, thereby ensuring they remain affordable for all.
Example of how NTUC FairPrice moderates cost of living by acting as an industry benchmark
On 16 June 2021, Straits Times published an article titled, “DIY Covid-19 test kits go on sale in S’pore, prices range from $10 to $13”.
In the article, prices of how much these test kits cost at respective retailers were stated,
“The Abbott PanBio test kit costs $13 at Guardian. The same kit costs $12.80 at Unity and $13.10 at Watsons. It is cheaper to purchase the tests in boxes of 10 or more.”
Just in case you were not aware, Unity Pharmacy is part of NTUC FairPrice.
Later, an article was published on Zaobao indicating how much these test kits cost at Guardian, Unity, and Watsons respectively.
The chart below, which was published in the Zaobao article, shows that Guardian has lowered its test kit price (from $13 previously to $12.80) to match the price at which Unity is retailing.
Not long after, another image circulating on WhatsApp has shown that Watsons has too, lowered its test kit price from $13.10 to $12.80:
So, there you go! Got Picture Got Talk (GPGT), a living example of how NTUC FairPrice moderates the cost of living for Singaporeans – in addition to always coming up with initiatives to benefit the community, and making sure that there’s more than enough inventory and stockpiles of essential items in times of crisis.
And once again: It’s NTUC FairPrice. Not CheapPrice, not LowPrice. Let that sink in.