SINGAPORE: All Cold Storage and Giant supermarket outlets in Singapore will be sold to Malaysian retail group Macrovalue for an initial price of S$125mil (RM414mil).
Current owner DFI Retail Group and Macrovalue 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 be completed in the second half of 2025, with Macrovalue acquiring 100% of the businesses.
Singapore-listed DFI will turn its focus on its Guardian Pharmacy and 7-Eleven convenience shops here and in the region. There are over 120 Guardian stores and over 450 7-Eleven shops in Singapore. Besides Singapore, DFI has a presence in other markets such as Thailand, Hong Kong and the Philippines.
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 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.
Lim Boon Cheong, DFI Retail Group’s current managing director for Food Singapore, will continue helming Cold Storage as its managing director.
Lim, who has more than 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 to 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.
The news of the sale comes after DFI’s supermarket operations in Singapore became profitable in 2024 following several years of losses.
Despite returning to the black, DFI said earlier in March that it 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, 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.
The latest store to close is 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, which is under FairPrice Group, a cooperative of the National Trades Union Congress. It runs 164 supermarkets islandwide under the FairPrice, FairPrice Finest and FairPrice Xtra formats.
The group also runs convenience stores Cheers and FairPrice XPress, as well as Unity pharmacies, bringing the total outlet count – including supermarkets – to about 400.
Other well-known supermarket chains here include Sheng Siong, which is owned by Singapore-listed holding company Sheng Siong Group. It has a total of 77 stores in Singapore, with its latest outlet opening in Punggol in March. - The Straits Times/ANN
