SINGAPORE: Malaysia’s retail group Macrovalue is set to acquire Cold Storage and Giant supermarket chains in Singapore for S$125 million.
According to Channel News Asia (CNA), the deal includes 48 Cold Storage stores, including those under the CS Fresh, CS Gold, and Jasons Deli brands, alongside 41 Giant stores and two distribution centres in Singapore. The transaction is expected to be completed in the second half of the year.
This acquisition follows Macrovalue’s 2023 purchase of GCH Retail Group, which owns Cold Storage, Giant, and Mercato in Malaysia.
On Monday (March 24), Singapore-listed DFI Group, the current owner of Cold Storage and Giant in Singapore, said that Macrovalue is a “trusted and familiar partner to DFI.”
In a separate media release, Macrovalue said, “Macrovalue’s familiarity with the brands’ ethos, operations, and market positioning ensures that the transition in Singapore will be seamless, with customers benefiting from ongoing improvement in service, enhanced retail experiences and continued operational excellence.”
DFI said it will pivot its focus and resources in Singapore towards its Guardian and 7-Eleven businesses to drive growth, improve customer experience, and boost returns—a move that aligns with its strategic focus on delivering long-term value to shareholders.
CNA reported that DFI’s health and beauty business made up 55% of its total operating profit in 2024. The company expressed being “particularly optimistic” about the growth potential in this area.
A DFI spokesperson told CNA that it’s business as usual for employees in Singapore, with the company aiming for a smooth team transition and continuously delivering customer satisfaction.
The spokesperson also highlighted the group’s plans to focus on personalised assessments and product recommendations to increase “basket size” while exploring opportunities to expand services within its health and beauty sector.
Meanwhile, DFI stated that 7-Eleven has a “strong competitive advantage” and will focus on expanding its store network, improving ready-to-eat options, and growing its digital presence, like the new 7-Eleven app.
DFI group chief executive Scott Price said, “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. We firmly believe that Macrovalue is ideally positioned to drive the next phase of growth for the Singapore Food business with its expanded scale and procurement power across both Malaysia and Singapore.”
Cold Storage, established in 1903, was originally a cold storage and distribution business for imported meats, dairy, and perishable goods. It later expanded into retail and was acquired by DFI in 1992, while the value-driven brand Giant was introduced in 2000.
Macrovalue was founded in 2022 by entrepreneurs Andrew Lim Tatt Keong and Gary Yap Keng Fatt.
According to The Straits Times, Mr Lim Boon Cheong, the current managing director for Food Singapore at DFI Retail Group, will remain in charge of Cold Storage as its managing director.
With over 30 years of experience at Cold Storage, Mr Lim has held various senior roles within DFI Retail Group, including CEO of Cold Storage Singapore and CEO of group convenience, overseeing 7-Eleven operations in Hong Kong, South China, and Singapore. /TISG
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