SINGAPORE: Cold Storage Singapore, the country’s oldest supermarket chain, will be bought over by Malaysian retail group Macrovalue.
The acquisition includes 48 Cold Storage stores under its CS Fresh, CS Gold, Cold Storage and Jasons Deli brands, as well as 41 Giant stores and two distribution centres in Singapore.
Announcing this on Monday (Mar 24), DFI Group, which currently owns Cold Storage and Giant in Singapore, said Macrovalue is a “trusted partner”.
In 2023, Macrovalue acquired GCH Retail Group, the operator of Cold Storage, Giant and Mercato in Malaysia.
“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,” the Malaysian company said in a separate media release.
The transaction is expected to be completed in the second half of 2025.
DFI said it will pivot its focus in Singapore towards the Guardian and 7-Eleven businesses.
“This transaction aligns with the group’s strategic focus on delivering long-term value to shareholders,” it said.
DFI’s group chief executive Scott Price added: “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.”
Established in 1903 as the Singapore Cold Storage Company, the supermarket chain started out as a cold storage and distribution business for imported meats, dairy and perishable goods. It later expanded to the retail business and was acquired by DFI Retail Group in 1992.
Its value-driven superstore Giant was established in 2000.
Macrovalue will retain Mr Lim Boon Cheong, DFI Retail Group’s managing director for Food Singapore to “spearhead the next chapter of business transformation”.
Mr Lim has held several senior positions within DFI Retail Group, including chief operating officer and CEO of Cold Storage Singapore.
“We want to take Cold Storage’s remarkable 121-year legacy to even greater heights and elevate Giant into a leading name in affordable, fresh, and quality groceries,” said Mr Lim.
“We will ensure that both Cold Storage and Giant continue to be brands Singaporeans love and trust.”
