SINGAPORE, March 24 — All Cold Storage and Giant supermarket outlets in Singapore will be sold to Malaysian retail group Macrovalue for an initial sum of S$125 million (RM414 million).

DFI Retail Group and Macrovalue announced today that the deal includes 48 Cold Storage stores — operating under CS Fresh, CS Gold, and Jason’s Deli brands — along with 41 Giant outlets and two distribution centres.

According to The Straits Times (ST), the transaction is expected to be completed in the second half of 2025, with Macrovalue acquiring full ownership of the businesses.

DFI, which is listed in Singapore, said it will shift its focus to its Guardian Pharmacy and 7-Eleven convenience store operations in Singapore and other markets, including Thailand, Hong Kong, and the Philippines.

Following the announcement, DFI’s share price rose 3.5 per cent by 1.30pm.

Macrovalue already owns Cold Storage and Giant stores in Malaysia, having acquired GCH Retail Group in 2023, which previously operated the brands there.

As reported by ST, Macrovalue co-owner Datuk Andrew Lim said the acquisition would allow the company to "enhance operational efficiencies, optimise regional supply chain capabilities and elevate the overall customer experience."

“We will ensure the continuity of local management and operational teams to continuously improve the quality of service for customers,” he was quoted as saying.

ST reported that Lim Boon Cheong, DFI Retail Group’s current managing director for Food Singapore, will continue to lead Cold Storage as its managing director. He has held several senior roles within DFI, including CEO of Cold Storage Singapore and CEO of Group Convenience, overseeing 7-Eleven operations in Hong Kong, South China, and Singapore.

DFI chief executive Scott Price said the company will now focus on growing its Guardian and 7-Eleven businesses.

“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 standards,” he told ST.

DFI’s supermarket operations in Singapore returned to profitability in 2024 after years of losses, though the company expects revenue to remain stable amid stiff competition.

In 2024, 11 Giant outlets closed, while five new stores opened under DFI’s supermarket brands, 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 existing outlets, including Giant at IMM in Jurong East and Simei MRT station, as well as Cold Storage in Tampines 1, have been renovated and upgraded.

The latest closure was Cold Storage at Leisure Park Kallang, which shut its doors on March 10. No outlets were closed between November 2024 and February 2025.