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A total of 11 Giant outlets closed in 2024, while five new stores under DFI’s stable of supermarket brands opened during the year.PHOTO: ST FILE
SINGAPORE - All Cold Storage and Giant supermarket outlets located in Singapore will be sold Malaysian retail group Macrovalue for an initial price of $125 million.
Current owner DFI Retail Group and Macrovalue both said on March 24 that the deal covers all 48 Cold Storage stores here - including those under the CS Fresh, CS Gold, and Jason’s Deli brands - and 41 Giant outlets, as well as two distribution centres.
The transaction is expected to complete in the second half of 2025, with Macrovalue acquiring a 100 per cent of the businesses.
Singapore-listed DFI will turn its focus towards its Guardian Pharmacy and 7-Eleven convenience businesses here and in the region.
Besides Singapore, DFI has a presence in other markets such as Thailand, Hong Kong and the Phillippines.
Macrovalue, on the other hand, already owns the Cold Storage and Giant operations in Malaysia, having bought over Malaysia-based GCH Retail Group in 2023, which operated the supermarket brands there previously.
By bringing the Singapore counterpart under its fold, Macrovalue can “enhance operational efficiencies, optimize regional supply chain capabilities and elevate the overall customer experience”, said co-owner Andrew Lim.
“We will ensure the continuity of local management and operational teams to continuously improve the quality of service for... customers,” he said.
“As new shareholders, Macrovalue’s existing operations in Malaysia will also be able to support Cold Storage’s operations in Singapore across supply chain and procurement to help improve range and value for our customers.”
Macrovalue said the transition in Singapore will be “seamless”. The group was founded by Datuk Lim and Datuk Gary Yap in 2022.
Mr Lim Boon Cheong, DFI Retail Group’s current managing director for Food Singapore, will join Macrovalue to spearhead the next chapter of business transformation.
Mr Lim, who has over 30 years of experience with Cold Storage, has held several senior positions within DFI Retail Group - including chief executive officer of Cold Storage Singapore and CEO of Group Convenience where he led 7-Eleven operations in Hong Kong, South China and Singapore.
With the divestment of its Singapore food businesses, DFI will pivot its resources towards the Guardian and 7-Eleven businesses here, said its chief executive Scott Price.
“In today’s environment of rising food costs and inflation, it is essential to leverage scale and operational efficiencies to protect customers from price volatility while maintaining quality and service standard,” he said.
This comes after DFI’s supermarket operations in Singapore became profitable in 2024 following several years of losses.
Despite returning to the black, DFI expects its supermarket revenue in Singapore to remain stable at best due to heavy competition in the industry, and it sees better growth and margins from its 7-Eleven convenience business moving forward.
A total of 11 Giant outlets closed in 2024, while five new stores under DFI’s stable of supermarket brands opened during the year. They are CS Fresh in Chancery Court and New Bahru, Cold Storage in Pasir Ris Mall and Suntec City, and Giant in Tengah Plantation Plaza, which is the first and only supermarket in Tengah’s Plantation Village.
Some supermarket outlets, including Giant in IMM in Jurong East and Simei MRT station, and Cold Storage in Tampines 1, have been renovated and upgraded to appeal to customers.
The latest store to close was Cold Storage at Leisure Park Kallang, which shuttered on March 10. Between November 2024 and February 2025, no outlets were closed.
Singapore’s largest supermarket chain is Fairprice with more than 100 outlets islandwide, which is a co-operative of the National Trades Union Congress (NTUC).
Other well-known chains include Sheng Siong, which is owned by Singapore investment holding company Sheng Siong Group. It has a total of 77 stores in Singapore, with its latest outlet opening at Punggol in March.
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24-Mar 2025 Monday
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