SINGAPORE: Cold Storage Singapore, the nation’s oldest supermarket chain, is about to begin a new chapter as Malaysian retail group Macrovalue announces its acquisition. This significant deal includes 48 Cold Storage stores—operating under the CS Fresh, CS Gold, Cold Storage, and Jasons Deli brands—as well as 41 Giant stores and two distribution centres in Singapore.
On 24 March 2024, DFI Group, the current owner of Cold Storage and Giant, expressed confidence in Macrovalue’s ability to ensure a smooth transition. In a statement, DFI referred to Macrovalue as a “trusted partner”, emphasising that this move will enhance customer experiences through operational excellence and continuous service improvements.
Acquisition Details
- Transaction Value: Approximately S$125 million (US$93 million).
- Expected Completion: Second half of 2025.
Scott Price, DFI’s Group Chief Executive, stressed the importance of leveraging scale to shield consumers from rising food costs. He noted that Macrovalue is well-suited to lead the next phase of growth for Singapore’s food business, utilising its expanded scale and procurement power across both Malaysia and Singapore.
A Rich Legacy
Established as the Singapore Cold Storage Company in 1903, Cold Storage pivoted from a cold storage facility for frozen foods to becoming a beloved retail name. The chain opened its first retail space on Orchard Road on 24 March 1905.
Notably, the supermarket has a legacy of innovation, being the first to produce ice cream in Singapore and pioneering online sales within the retail space. Cold Storage’s journey through the decades has included a famous self-service supermarket, Magnolia snack bars, and even sponsoring the National Day song, *We Are Singapore*, in 1987.
Looking Ahead
Macrovalue has committed to retaining Mr Lim Boon Cheong, DFI Retail Group’s managing director for Food Singapore, to lead the transformation of both Cold Storage and Giant. Mr Lim aims to uplift Cold Storage’s impressive legacy and position Giant as a go-to name for quality groceries.
As the retail landscape in Singapore evolves, both brands will continue to be staples that Singaporeans can rely on, promising enduring quality and trust.