Cold Storage Giant Singapore: Macrovalue Acquisition Details
Malaysian retail group Macrovalue bought all Singapore Cold Storage and Giant outlets from DFI Retail Group for S$125 million — a deal announced in March 2025 that shifts ownership of 89 stores and two distribution centres. For shoppers, the immediate impact is minimal: operations continue normally at all locations with no closures announced.
The stats line below shows the key figures from the deal, followed by a detailed breakdown of what the acquisition means for Singapore’s grocery landscape.
Current Owner: Macrovalue (acquired Mar 2025) ·
Acquisition Price: S$125 million ·
Previous Owner: DFI Retail Group ·
Total Stores: 89 outlets ·
Flagship Location: Paragon
Quick snapshot
- Macrovalue bought for S$125 million (Channel News Asia)
- All 89 Singapore outlets included in deal (The Edge Malaysia)
- Announced March 24, 2025 (Straits Times)
- Exact completion date beyond H2 2025 estimate (The Edge Malaysia)
- Whether prices will shift for shoppers post-acquisition (The Edge Malaysia)
- No public plan announced for store expansions or rebranding (The Edge Malaysia)
- DFI owned Cold Storage since 1992 (Wikipedia)
- Malaysia stores sold to Macrovalue in 2023 (Channel News Asia)
- Deal completion expected by late 2025 (Straits Times)
- Operations continue at all Singapore locations for now (Straits Times)
- Macrovalue consolidates regional ownership across Singapore and Malaysia (Straits Times)
- DFI refocuses on Guardian pharmacies and 7-Eleven stores (Straits Times)
The table below summarizes the key facts of the acquisition, including store counts and deal value.
| Key Fact | Details |
|---|---|
| Supermarket Chains | Cold Storage, Giant |
| New Owner | Macrovalue (Malaysia) |
| Deal Value | S$125 million |
| Cold Storage Stores | 48 outlets |
| Giant Stores | 41 outlets |
| Flagship Store | Cold Storage Paragon |
| Distribution Centres | 2 facilities |
Where is the biggest cold storage supermarket in Singapore?
The flagship Cold Storage outlet sits in Paragon, a premium shopping mall along Orchard Road. This location typically stocks the broadest selection of imported goods and specialty items, making it a destination for shoppers seeking products not available at smaller neighbourhood branches.
Cold Storage Paragon flagship
The Paragon store functions as one of the chain’s premium locations, carrying an extended range of international products that cater to expatriate communities and Singaporeans with specific culinary preferences. Unlike suburban Giant hypermarkets, this Cold Storage format emphasizes quality and variety over bulk purchasing.
Other major outlets
Beyond Paragon, Cold Storage maintains strong presence at VivoCity (where FairPrice Xtra operates nearby as a competitor) and in residential districts like Woodlands. Giant stores tend to occupy larger footprint locations in heartland neighbourhoods, offering more traditional hypermarket formats compared to Cold Storage’s boutique-style grocers.
The acquisition positions Macrovalue to unify Cold Storage’s Orchard Road presence with Giant’s suburban reach—a combination that gives the Malaysian group meaningful coverage across Singapore’s retail landscape.
Which company owns Cold Storage and Giant?
For decades, DFI Retail Group held control of both brands in Singapore. The holding company, which also operates Guardian pharmacies and 7-Eleven convenience stores across Asia, sold its Singapore supermarket operations as part of a strategic refocus on higher-margin retail segments.
Previous owner DFI Retail Group
DFI acquired Cold Storage back in 1992, and the brand remained under its umbrella for more than three decades. During that period, DFI expanded the chain to 48 outlets and introduced various format variations including CS Fresh, CS Gold, and Jason’s Deli. The company retained Guardian and 7-Eleven in Singapore even after the March 2025 announcement.
Current owner Macrovalue
Macrovalue Sdn Bhd, a Malaysian retail conglomerate, now controls all Singapore Cold Storage and Giant operations. The acquiring entity is Macrovalue Six Sdn Bhd, a wholly-owned subsidiary. Notably, Macrovalue already acquired the Malaysian operations of both brands via GCH Retail Group in 2023, meaning this Singapore deal completes a regional consolidation under single ownership.
The deal represents a full-circle moment for Macrovalue: after buying Malaysian Cold Storage and Giant stores in 2023, the group now controls the same brands in Singapore, creating a unified regional footprint across two key Southeast Asian markets.
Who is the new owner of Giant and Cold Storage?
Malaysian retail group Macrovalue finalized the S$125 million acquisition that transfers ownership of all Singapore Cold Storage and Giant outlets from DFI Retail Group to its Malaysian parent company. The deal was announced publicly on March 24, 2025, and covers both supermarket brands along with associated distribution infrastructure.
Macrovalue acquisition details
The acquisition price of S$125 million (approximately US$93 million) reflects Macrovalue’s valuation of the Singapore market despite razor-thin margins in the sector. According to analysts cited by Channel News Asia, Singapore supermarkets remain profitable but face intensifying competition from online delivery services, warehouse-format retailers, and established chains like NTUC FairPrice.
Sale announcement
Both DFI and Macrovalue confirmed the announcement on the same day, with DFI stating it would focus future Singapore operations on Guardian pharmacies and 7-Eleven convenience stores. Macrovalue executives indicated the deal aligns with their strategy to build scale across the region, leveraging operational expertise from their existing Malaysian footprint.
The deal is expected to be completed in the second half of this year, possibly in September or October.
— Macrovalue executive Lim, The Edge Malaysia
What are the top 3 largest supermarkets in Singapore?
Singapore’s supermarket landscape features three dominant players: NTUC FairPrice, Dairy Farm International (Cold Storage and Giant), and Sheng Siong. The Macrovalue acquisition reshapes the competitive position of the Cold Storage and Giant brands within this tier.
Cold Storage and Giant rankings
Cold Storage operates 48 outlets across Singapore, while Giant adds another 41 locations. Combined under Macrovalue, the two brands represent the second-largest supermarket network by store count after NTUC FairPrice. The Giant format tends toward hypermarket-style locations with broader product ranges, while Cold Storage maintains a more curated, premium positioning at key malls.
FairPrice competitors
NTUC FairPrice, operated by NTUC Enterprise, remains the largest chain with the most extensive network of outlets. FairPrice Xtra at VivoCity represents one of its flagship large-format stores, competing directly with Giant hypermarkets for suburban shoppers seeking one-stop grocery destinations. The acquisition does not immediately change FairPrice’s market position, but Macrovalue’s regional expertise could drive future expansion.
Despite razor-thin margins and intensifying competition, supermarkets in Singapore remain profitable, analysts said.
— Market analysts, Channel News Asia
Is Giant the same as Cold Storage?
Giant and Cold Storage operate as distinct brands under shared ownership. The two chains serve different market segments and shopping preferences, though both now fall under Macrovalue following the March 2025 acquisition.
Shared ownership history
Before the Macrovalue deal, DFI Retail Group controlled both brands, maintaining separate brand identities and store formats. Giant typically operates larger-format stores emphasizing value and bulk purchasing, while Cold Storage positions itself toward higher-income shoppers seeking imported products and specialty foods. The brand differentiation has remained consistent through multiple ownership changes.
Brand differences
Cold Storage outlets like those at Paragon carry extensive selections of international cheese, wine, and specialty ingredients. Giant stores, by contrast, resemble traditional hypermarkets with broader household product ranges and more aggressive promotional pricing. For shoppers, the distinction matters: Cold Storage serves a premium niche while Giant competes on convenience and value.
The implication: Macrovalue now holds two complementary brands that serve different demographics, giving the Malaysian group flexibility to position each chain according to local market dynamics rather than forcing a uniform strategy across both.
Timeline
| Period | Event |
|---|---|
| 1903 | Cold Storage founded as Singapore Cold Storage Company |
| 1992 | DFI Retail Group acquires Cold Storage |
| 2023 | Macrovalue acquires Malaysian Cold Storage and Giant via GCH Retail |
| March 24, 2025 | Macrovalue announces acquisition of Singapore operations for S$125 million |
| H2 2025 (expected) | Deal completion, pending regulatory approvals |
What we know — and what remains uncertain
The confirmed facts about this acquisition are concrete: a Malaysian buyer paid S$125 million for 89 Singapore stores, the deal was announced in March 2025, and operations continue unchanged for now. What remains less clear involves the longer-term strategy.
Confirmed
- Macrovalue acquired all Singapore Cold Storage and Giant stores for S$125m
- Deal announced March 24, 2025
- Macrovalue already owned Malaysian operations since 2023
- 89 stores and 2 distribution centres included
- DFI retained Guardian and 7-Eleven in Singapore
Unclear
- Exact completion date beyond H2 2025
- Whether pricing will change for shoppers
- Future store expansion or rebranding plans
- Regulatory approval status
- Employee and customer service implications
Macrovalue’s S$125m acquisition ensures Cold Storage’s key sites like Paragon continue delivering value through weekly promotions and locations at Takashimaya and Novena Square.
Frequently asked questions
What happened to Cold Storage and Giant in Singapore?
Malaysian retail group Macrovalue acquired all Singapore Cold Storage and Giant supermarket operations from DFI Retail Group. The S$125 million deal was announced on March 24, 2025, and covers 89 stores across both brands along with two distribution centres.
When was the acquisition of Cold Storage and Giant announced?
The acquisition was announced on March 24, 2025. Both DFI Retail Group and Macrovalue confirmed the deal publicly on that date, with the transaction expected to complete in the second half of 2025.
Will Giant stores close after the sale?
No closures have been announced as of the March 2025 announcement. Macrovalue stated it sees value in the Singapore market, and operations continue normally at all 89 stores while the deal awaits completion.
Where can I find Cold Storage locations?
Cold Storage operates 48 stores across Singapore, with flagship locations at Paragon (Orchard Road) and VivoCity. The chain also maintains outlets in residential areas including Woodlands. Giant operates 41 additional stores in suburban locations.
Are Cold Storage and Giant under the same owner?
Yes, both brands are now under Macrovalue following the March 2025 acquisition. Previously, both were owned by DFI Retail Group, which retains 7-Eleven convenience stores and Guardian pharmacies in Singapore.
What is the largest supermarket chain in Singapore?
NTUC FairPrice remains the largest chain by store count, followed by the combined Cold Storage and Giant network under Macrovalue. Sheng Siong represents a third significant player in Singapore’s grocery retail sector.
How does the acquisition affect prices?
No immediate price changes were announced following the March 2025 acquisition. Analysts note that Singapore supermarkets operate on razor-thin margins, so any strategic changes under Macrovalue’s ownership may eventually affect pricing or promotional strategies.
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