SINGAPORE: The Giant supermarket chain will lower its prices of "hundreds of everyday essentials" by an average of 20 per cent for at least six months from Thursday (Sep 24).
This comes as customers have expressed financial anxieties amid the COVID-19 pandemic, the supermarket's owner Dairy Farm Group said.
Giant has invested up to S$17 million in the price reductions, its largest single investment in lowering prices in more than a decade, the company said.
The price reductions will apply to food and non-food items, and include products from local and international brands as well as Giant’s house brand Meadows.
For example, a box of OSK green tea sachets now costs S$5, down almost 30 per cent from S$6.95. This is on the “high side” of reductions, Mr Lee Yik Hun, Marketing Director of South East Asia Food, said at a media conference on Wednesday.
Other reduced items include Lee Kum Kee soy sauce priced at S$1.10 and oyster sauce priced at S$3, which are both S$0.70 cheaper than before.
Prices of some fresh foods have also been reduced. For example, customers can expect to buy two golden pomfret for S$6, said Mr Lee. Some vegetables will cost S$2 for three bunches, compared to $0.90 for one bunch previously.
READ: Singapore economy expected to contract 6% this year as private-sector economists downgrade forecasts: MAS survey
With the COVID-19 pandemic causing anxiety about job security and income, customers have expressed a desire for lower and more stable prices, said Mr Chris Bush, Dairy Farm Group CEO for Southeast Asia Food Business.
“The COVID situation has created a new world for many people, and that creates a lot of financial anxiety around their future,” Mr Bush told reporters on Wednesday.
Customers are worried about the rising cost of living and want “fresh, affordable and quality food”, said Mr Lee. These needs are even more relevant during the pandemic as people are spending more time at home and cooking more, he added.
The reductions were part of a series of announcements made by Giant for its relaunch this week.
The supermarket chain has also introduced a "dollar zone" in its hypermarkets, where all items cost S$1, and brought in more than 2,000 new products.
Giant joins other supermarket chains that have in recent months introduced measures to keep prices down amid the COVID-19 crisis.
NTUC FairPrice in June said it would continue to freeze the prices of 100 house brand items at its supermarkets until the end of 2020, as part of a S$50 million package to alleviate living costs for households.
Additional reporting by Ang Hwee Min.