Cold Storage Singapore Acquired by Malaysia’s Macrovalue

Industry Insights by Next Move Strategy Consulting

Many supermarket shoppers in Singapore may recognize Cold Storage and Giant as brands operated by DFI Retail Group. However, this is set to change in the second half of 2025, following a deal in which DFI will sell both supermarket chains to Malaysian retail group Macrovalue, which will take full ownership of Cold Storage

Macrovalue Acquires Giant and Cold Storage Supermarkets in Singapore for S$125 Million

Malaysia-based retail group Macrovalue has acquired the Giant and Cold Storage supermarket chains in Singapore from DFI Retail Group for S$125 million (approximately US$93.35 million).

The deal covers 48 Cold Storage stores, 41 Giant outlets, and leases for two distribution centres, but does not include any property assets.

Founded in 2022 by Andrew Lim Tatt Keong and Datuk Gary Yap, Macrovalue aims to establish itself as a key player in the regional grocery market, according to its founders. The company had earlier acquired DFI Retail Group’s supermarket operations in Malaysia.

Key Insights:

• Acquisition Deal: Macrovalue has acquired DFI Retail Group’s Giant and Cold Storage supermarket chains in Singapore for S$125 million (approx. US$93.35 million).

• Scope of Acquisition: The deal includes 48 Cold Storage stores, 41 Giant outlets, and leases for two distribution centres, but excludes any property assets.

• Macrovalue’s Expansion Strategy: The acquisition is part of Macrovalue’s broader strategy to become a leading player in Southeast Asia’s grocery retail sector.

• Previous Acquisitions: Macrovalue had earlier acquired DFI’s supermarket operations in Malaysia, strengthening its regional footprint.

• Founders: Macrovalue was established in 2022 by Andrew Lim Tatt Keong and Datuk Gary Yap.

Macrovalue Plans Seamless Integration of Singapore Supermarkets

Macrovalue already owns the operations of Cold Storage and Giant in Malaysia, having acquired Malaysia-based GCH Retail Group in 2023.

According to Macrovalue co-owner Andrew Lim, the acquisition of the Singapore businesses will enhance operational efficiency and allow the group to better optimize regional supply chain capabilities.

Lim noted that the existing operations in Malaysia would help support Cold Storage in Singapore, ultimately improving product range and value for customers.

“We will ensure the continuity of local management and operational teams,” he said, adding that Macrovalue is committed to a “seamless” transition.

Lim Boon Cheong, the current managing director of Cold Storage and Giant in Singapore under DFI, will also be joining Macrovalue.

DFI to Refocus on Guardian and 7-Eleven Amid Supermarket Exit

Following the deal, DFI announced it will shift its focus to operating its Guardian pharmacy chain and 7-Eleven convenience stores.

“In the current climate of rising food prices and inflation, achieving scale and operational efficiency is crucial to shielding customers from price fluctuations while upholding quality and service,” said DFI CEO Scott Price.

Conclusion:

The acquisition of cold storage and Giant marks a significant shift in Singapore’s retail landscape, as Macrovalue strengthens its regional presence and DFI redirects its focus to core pharmacy and convenience store operations. With a promise of operational continuity and improved value offerings, shoppers can expect a seamless transition under Macrovalue’s leadership.

Sources: https://mothership.sg/

Prepared by: Next Move Strategy Consulting