Singapore’s Redmart eyeing Hong Kong and Indonesia
Roger Egan, the CEO and founder of Redmart, has revealed that the Singapore-based online grocery delivery service could be looking to expand to Hong Kong in 2016. Speaking at the Tech In Asia Jakarta conference taking place this week, Egan also indicated that Indonesia could also be a target market.
According to an article published on Tech In Asia’s website today (12 November), Egan said that there was no rush to expand internationally, as conquering Singapore is a big goal in itself. “It’s a US$16bn market. You can build a multi billion dollar company, just for groceries, just in Singapore,” Egan was quoted as saying. However, he added that Hong Kong was enticing as he believed it is “a US$23bn market for groceries”.
Egan added: “Indonesia is possible, I think the ten-year story here is bigger than any market in Southeast Asia, but more immediately, Hong Kong is top of the line.”
The Redmart CEO also indicated that the company may look beyond groceries to become “an everything store”.
Launched in 2012, Redmart employs about 650 people in Singapore. Unlike many of its competitors in the Asian grocery delivery market, Redmart delivers from its own warehouses rather than partnering with supermarkets and local stores.
