The Business Times
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BRUNCH

Are Singapore’s supermarkets ‘tariff-proof’?

While most grocery prices will remain stable, consumers are likely to tighten their belts ahead of an uncertain economic outlook, say analysts

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Navene Elangovan

Navene Elangovan

Published Fri, Apr 25, 2025 · 03:00 PM
    • Supermarket counters remain a defensive play for investors, but navigating tariffs will be a hurdle
    • Giant supermarket at IMM. DFI sold its Giant and Cold Storage supermarkets to Malaysia's Macrovalue for S$125 million.
    • Supermarket counters remain a defensive play for investors, but navigating tariffs will be a hurdle ILLUSTRATION: MARIO MONREAL, BT
    • Giant supermarket at IMM. DFI sold its Giant and Cold Storage supermarkets to Malaysia's Macrovalue for S$125 million. PHOTO: CHONG JUN LIANG, ST

    [SINGAPORE] The United States administration’s tariffs have roiled markets, sparking concerns over a full-blown trade war and a global recession.

    Unsurprisingly, markets in trade-reliant Singapore have also been on a rollercoaster. Certain sectors, such as banks and Singapore-listed real estate investment trusts, saw a sell-off before rebounding when US President Donald Trump paused the tariffs on Apr 9.

    Against this backdrop, Singapore’s supermarket listings have been mixed. Sheng Siong ’s stock price rebounded to end at S$1.75 as at Apr 24 after a brief dip following Trump’s “Liberation Day” tariffs on Apr 3.

    BrunchUS tariffsSupermarketsDFI Retail GroupSheng SiongFairPrice

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    This comes after a Citi note on Tuesday that lifted target prices for all Singapore banks, with a leading preference and “buy” call for DBS.

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    Aster deputy CEO Andre Khor, citing the age of the “polycrisis”, says: “It’s very important to be agile, to be focused on execution… We don’t know all the answers but we keep going forward.”

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    Singapore ranks as the world’s most expensive city for cars and placed third globally for residential property.

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