DFI Retail Group sells Giant and Cold Storage biz in MY, turns focus on growing Guardian

DFI Retail Group has entered into an agreement with a Malaysian retail group, led by local businessman and entrepreneur Datuk Andrew Lim to acquire all of DFI’s food businesses in Malaysia, including the iconic Giant brand. He is currently the group deputy chairman of SOGO Department Store, as well as the executive chairman of the GAMA Group which owns and operates the iconic GAMA Supermarket & Departmental Store in Penang.

Completion of this transition is expected to take place in early March 2023. According to a press statement, the local retail group acquiring these food retail businesses is led by Datuk Andrew Lim, who has an extensive and successful track record in retail leadership, credited with significantly contributing to the growth and transformation of the retail landscape in Malaysia.

The local retail group shares similar beliefs as DFI in delivering great quality, service and value to customers. By bringing these businesses together, under experienced local ownership, both customers and team members will continue to benefit from the positive changes to Giant, Cold Storage and Mercato that have taken place in recent years, forging an exciting platform for future growth through deep market knowledge, brand investment and competitive strength.

This local retail group will also take on 2,500 team members who currently support the food business. According to DFI,  these team members will also benefit from more career growth opportunities by being part of a broader retail group in Malaysia. Chris Bush, CEO of Southeast Asia, DFI Retail Group said “We are delighted to be able to transition our food business to such a well-respected and successful local retail group, who will also be retaining our dedicated team members as well.”

He added that this is a win for both our customers and team members. “By combining our food business with the local retail group’s other retail businesses, this will provide further growth opportunities for our team members and enable greater competitiveness, service and value for customers in Malaysia. We have complete confidence in the future success of the food business under their leadership, it is the best outcome for all, and we wish the new owners and all our team members the very best for this exciting next chapter,” he said.  

Datuk Andrew Lim said, “We wish to express our sincere gratitude to DFI Retail Group for entrusting to us, the guardianship and future advancement of all these outstanding Malaysian retail brands. We, together with our newly made 2,500 friends and colleagues, shall endeavour to the best of our abilities, to add value and to enhance the respective brand equities of Cold Storage, TMC, Giant and Mercato brand names in Malaysia.”

DFI added that despite the sale of the grocery business, it remains fully committed to its retail business in Malaysia, sharpening its strategic focus on the fast-growing health and beauty business and will continue to wholly own and operate Guardian Health and Beauty stores, which was voted in 2022 by customers in Malaysia as the Number One Retailer there.

The company also has plans over the next two years to continuing to refresh the Guardian store format and significantly expanding its store network (currently now over 500), with the expected creation of hundreds of jobs. Bush said, “This transition will allow us to focus our priorities exclusively on the expansion of our Guardian Health and Beauty business in Malaysia.”

“We are very excited by the opportunities for Guardian as it continues to grow rapidly, bolstered by the significant expansion of our store network, store refurbishments and improved customer offerings. This move will allow us to have even greater impact for our customers as we build on our strengths in delivering excellence to our customers every day,” he added.

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