SINGAPORE: All Cold Storage and Giant supermarket outlets in Singapore will be sold to Malaysian retail group Macrovalue for an initial price of S$125 million.
Current owner DFI Retail Group and Macrovalue announced the agreement on 24 March, stating that the deal includes 48 Cold Storage stores—including CS Fresh, CS Gold, and Jason’s Deli—along with 41 Giant outlets and two distribution centres.
The transaction is expected to be completed in the second half of 2025, with Macrovalue acquiring 100 per cent of the businesses. DFI will shift its focus towards its Guardian Pharmacy and 7-Eleven convenience store operations in Singapore and the region.
DFI shifts focus to Guardian and 7-Eleven
DFI Retail Group, listed in Singapore, operates in multiple markets including Thailand, Hong Kong, and the Philippines. The decision to divest its Singapore supermarket businesses aligns with its strategy to strengthen its core operations in convenience and pharmacy retailing.
DFI chief executive Scott Price stated that given rising food costs and inflation, scale and operational efficiencies are key to stabilising prices while maintaining quality and service standards.
The company’s supermarket operations in Singapore returned to profitability in 2024 after several years of losses. However, DFI anticipates that revenue from its supermarkets will remain stable at best, citing stiff competition in the sector. The company sees stronger growth potential in its 7-Eleven convenience stores.
Macrovalue strengthens regional supermarket presence
Macrovalue already operates Cold Storage and Giant in Malaysia, having acquired Malaysia-based GCH Retail Group in 2023. The Singapore acquisition will allow it to consolidate operations across both countries, improving supply chain efficiencies and enhancing customer experience.
Co-owner Andrew Lim stated that the company aims to optimise regional supply chain capabilities and provide better value for customers.
“We will ensure the continuity of local management and operational teams to continuously improve the quality of service for customers,” he said.
He added that Macrovalue’s operations in Malaysia will support Cold Storage’s Singapore business through supply chain and procurement enhancements.
Leadership changes and store developments
DFI’s current managing director for Food Singapore, Lim Boon Cheong, will transition to Macrovalue to lead the next phase of business transformation.
With over 30 years of experience at Cold Storage, Lim has held multiple senior roles within DFI, including chief executive officer of Cold Storage Singapore and CEO of Group Convenience, where he oversaw 7-Eleven operations in Hong Kong, South China, and Singapore.
In recent years, DFI has undergone significant changes within its supermarket portfolio.
In 2024, 11 Giant outlets closed, while five new stores under its supermarket brands were opened, including CS Fresh in Chancery Court and New Bahru, Cold Storage in Pasir Ris Mall and Suntec City, and Giant in Tengah Plantation Plaza.
Some outlets, such as Giant at IMM in Jurong East and Simei MRT station, as well as Cold Storage in Tampines 1, have been renovated to enhance customer appeal.
The latest store closure was Cold Storage at Leisure Park Kallang, which ceased operations on 10 March.
Between November 2024 and February 2025, no supermarket outlets were closed.
Singapore’s largest supermarket chain, FairPrice, operates more than 100 outlets islandwide under the National Trades Union Congress (NTUC) co-operative.
Other major players include Sheng Siong, which is owned by Singapore-listed Sheng Siong Group and currently runs 77 stores, with its newest outlet opening in Punggol in March.
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