1. About the brand
GreenPrice: Rebuild food economy with expired stocks
WHAT:
GreenPrice is a social enterprise specialized in retailing surplus and short-dated stock. All the stocks are sold 30-40% off the market price, including personal care products, food and snacks.
WHY:
Over 40% of food is wasted during processing, and more than 3,600 tonnes of food are wasted everyday in Hong Kong. Approximately 150 million expired food items are thrown out each year. Hence GreenPrice is acting to both save the environment and offer affordable food to Hong Kong people.
HOW:
They don’t operate as traditional retailers or outlet stores. They acquire their stocks irregularly from hundreds of vendors instead of from a single manufactuer. They don’t hold replenishment products in stock rooms so goods are different every other time.
WHAT’S GOING ON NOW:
They now have 8 stores in Hong Kong. Covid has only hit 10% of their overall revenue. So they continue to expand and thrive as a middle to high end green store.
2. About the founders
Terence Hon
Co-founder, Design & Marketing
Studied Information System & Business Design in HKU
Allison Chan, Ben So, Cherissa Hung
Co-founder
The Vision
‘Stop Waste. Best Price.’
To create more than a space for people to discover ever-changing, discounted and sustainable quality merchandise.
To create a community hub for people to learn and discuss ways of living a sustainable life.
Create real relationships with customers, discuss dining habits and celebrate green goals.
3. Challenges and opportunity
Suspicions to Faith & Trust
Challenge
Suppliers were not comfortable with the idea of selling expired or short-dated goods. When they started to pitch to up to 300 chain suppliers, there was no single response.
Hong Kong people are also not familiar with the concept and require constant education.
GreenPrice also cannot reorder items and constantly needs to search for the next batch of goods.
Solution
They got their first supplier from their academic network, and thrived since then. They also constantly need to ensure a mix of goods, so they make cold calls and do market research.
With Covid, they have increased their stock varieties such as having more duty free big brands like Godiva and Lindt.
4. Brand Development Timeline
2016-17
Acquired funding from a university social innovation competition (100,00 HKD)
Began business as pop-up booths
First standalone store in Kowloon Peninsula opened
2019
3 stores opened in just 2 years
2022
Total 8 stores across HK island, Kowloon and New Territories
