How 99 Speedmart Became a Successful Business through Strategic Development

How 99 Speedmart Became a Successful Business through Strategic Development

99 Speedmart is amongst the most recognizable and successful names in the retail industry in Malaysia. It is a privately-owned company that has managed to achieve unprecedented success in a short period. The objective of this article is to delve deeper into the strategic development that 99 Speedmart implemented to emerge as a highly impactful brand.

Introduction

99 Speedmart began its operations in 1987. The first store was opened in Kepong, Kuala Lumpur, with the simple goal of providing essential daily items to customers at affordable prices. The founder Lee Thiam Wah started this business upon recognizing the gap in the local market for a well-priced hypermarket. With the passage of time, the brand has expanded and evolved, and today it is known as a leading retail brand in Malaysia with over 1,000 stores nationwide.

Emphasizing on Customer-centric Approach

The most significant aspect of 99 Speedmart’s strategy is focusing on its customers’ needs by providing them with quality products at competitive prices. One of 99 Speedmart’s unique selling propositions (USP) is that they offer customers a “no-frills” shopping experience that centers on convenience and economy. They achieve this by ensuring that their stores are located within densely populated areas and offering a limited but sufficient range of products.

Streamlining Operations

99 Speedmart has adopted a philosophy of simplicity, and this is manifested in its operations. To achieve this level of simplicity, the company streamlined its different business functions to ensure that all departments are working efficiently and cohesively to meet the company’s objectives. This became possible by reducing bureaucracy, simplifying procedures, and creating a flat organizational structure that enables communication and exchange of ideas more effectively.

Aggressive Expansion Plans

99 Speedmart’s success can be attributed in part to its aggressive expansion plan that has helped it expand its market reach. It has achieved this by opening new stores in densely populated marketplaces across Malaysia, carefully selecting locations with a high footfall, thereby growing a broad customer base.

Conclusion

In conclusion, 99 Speedmart’s strategic development plan has had a direct impact on its success as a brand. By keeping its focus on customers, streamlining operations, and pursuing aggressive expansion plans, it has achieved and maintained its position as one of the top retail brands in Malaysia. The company’s adherence to its core values and philosophy of simplicity has played a crucial role in its success, and this continues to drive the brand towards more success in the future.