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Cold Storage & Giant Sold to Malaysian Retailer for $125M

 




On March 24, 2025, it was announced that all Cold Storage and Giant supermarket outlets in Singapore will be sold to Malaysian retail group Macrovalue for an initial price of $125 million. The deal includes all 48 Cold Storage stores, including CS Fresh, CS Gold, and Jason’s Deli, as well as 41 Giant outlets and two distribution centers. Macrovalue will take full ownership of the businesses, with the transaction expected to be completed in the second half of 2025.

DFI Retail Group, the current owner of Cold Storage and Giant in Singapore, will shift its focus to expanding its Guardian Pharmacy and 7-Eleven businesses in Singapore and the region, including markets such as Thailand, Hong Kong, and the Philippines. Following the announcement, DFI’s share price rose by 5.3% at 1:45 PM.

Macrovalue already owns the Cold Storage and Giant operations in Malaysia after acquiring GCH Retail Group in 2023. By bringing the Singapore operations under its umbrella, Macrovalue aims to enhance efficiency, optimize its regional supply chain, and improve customer experience. Co-owner Andrew Lim emphasized that the transition will be smooth and that existing management and operational teams in Singapore will remain in place. He also noted that Macrovalue’s Malaysian operations will support Cold Storage in Singapore through improved procurement and supply chain management to offer better product variety and pricing.

Lim Boon Cheong, the current Managing Director for DFI’s Food Singapore division, will continue leading Cold Storage under the new ownership. With over 30 years of experience, Lim has held key leadership roles in DFI, including serving as the CEO of Cold Storage Singapore and overseeing 7-Eleven operations in multiple regions.

DFI’s Chief Executive, Scott Price, explained that the company decided to sell its supermarket businesses in Singapore to focus on sectors with better growth potential. While DFI’s supermarket division in Singapore returned to profitability in 2024 after years of losses, the company anticipates that revenue will remain stable at best due to intense competition. Instead, it sees stronger opportunities in Guardian and 7-Eleven.

In 2024, 11 Giant outlets in Singapore were closed, while five new supermarket stores were opened. These included CS Fresh outlets at Chancery Court and New Bahru, Cold Storage locations in Pasir Ris Mall and Suntec City, and a new Giant supermarket at Tengah Plantation Plaza, the only supermarket in Tengah’s Plantation Village. Some existing outlets, such as Giant at IMM Jurong East and Simei MRT station, and Cold Storage at Tampines 1, have also been renovated. The most recent closure was Cold Storage at Leisure Park Kallang, which shut down on March 10. No other supermarket closures occurred between November 2024 and February 2025.

Singapore’s supermarket industry remains highly competitive. FairPrice, operated by the NTUC co-operative, is the largest supermarket chain in the country, with over 100 outlets, including formats like FairPrice Finest and FairPrice Xtra. Sheng Siong, another key player, has 77 stores in Singapore, with its most recent outlet opening in Punggol in March 2025.

The acquisition marks a significant shift in Singapore’s retail landscape, with Macrovalue taking over two well-known supermarket brands. While customers can expect continued service, industry experts will be closely watching how this change impacts pricing, product selection, and overall competition in the sector.

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