March 25, 2025
SINGAPORE – All Cold Storage and Giant supermarket outlets in Singapore will be sold to Malaysian retail group Macrovalue for an initial price of $125 million.
Current owner DFI Retail Group and Macrovalue said on March 24 that the deal covers 48 Cold Storage stores – 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 per cent of the businesses.
Singapore-listed DFI will turn its focus to its Guardian pharmacies and 7-Eleven convenience shops here and in the region. There are more than 120 Guardian outlets and over 450 7-Eleven stores in Singapore. Besides Singapore, DFI has a presence in other markets such as Thailand, Hong Kong and the Philippines.
DFI’s share price was up 5.3 per cent as at 1.45pm on March 24 on the Singapore Exchange after the announcement. It closed 4 per cent up at US$2.34.
Macrovalue already owns the Cold Storage and Giant operations in Malaysia, having in 2023 bought over Malaysia-based GCH Retail Group, which operated the brands there previously.
By bringing the Singapore counterpart into the fold, Macrovalue can “enhance operational efficiencies, optimise 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.
“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 two entrepreneurs, Datuk Lim and Datuk Gary Yap, in 2022.
Mr Lim Boon Cheong, DFI Retail Group’s current managing director for its Food Singapore unit, will continue helming Cold Storage as its managing director.
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.
DFI chief executive officer Scott Price said that with the divestment of its Singapore food businesses, the group will pivot its resources to the Guardian and 7-Eleven businesses in Singapore.
“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 here 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 store 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 at IMM in Jurong East and at Simei MRT station, and Cold Storage in Tampines 1, have been renovated and upgraded.
The latest store to close – on March 10 – is Cold Storage at Leisure Park Kallang.
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, taking 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.