Giant owner DFI reshuffles supermarket deck as shopper preferences evolve

It opens more CS Fresh and Cold Storage outlets even as 11 Giant stores close in 2024

- Kang Wan Chern

When supermarket chain Giant closed an outlet in Bishan in August, it set tongues wagging that the business was streamlining its operations amid rising costs and cut-throat competition.

Speculation grew after rival chain Sheng Siong immediately took over the vacated retail space in Block 512 Bishan, opening a new supermarket outlet within a month.

Days later, a FairPrice store around the corner at Block 510 reopened after renovations.

In 2024 so far, a total of 11 Giant stores have closed, the latest being its Paya Lebar Square supermarket on Nov 24.

Besides the Bishan and Paya Lebar outlets, others that have closed include a hypermarket in Sembawang, and supermarkets in Ang Mo Kio and Toa Payoh, as well as several smaller express stores in areas like Pasir Ris and Punggol.

But the supermarket chain said it has no plans to reduce its presence here, despite rising inflation and intense competition.

"Giant is a brand Singaporeans are familiar with. We have long-term plans to grow alongside our customers in Singapore," said Mr Yoep Man, managing director for food at DFI Retail Group (DFI) in Singapore.

The Singapore-listed company owns and runs Giant, as well as three other supermarket chains targeting different segments of the local market: Cold Storage, CS Fresh and Jason's Deli.

Mr Yoep noted that each of these brands has a different proposition and plays a different role in supporting the group's long-term growth in Singapore.

"We want to tap the whole Singapore market, and we cannot do it with one brand. We need to have different brands to serve different purposes."

DFI also owns a stake in yuu Rewards Club, an artificial intelligence-driven loyalty programme backed by Temasek. This allows DFI to optimise revenue by tapping data generated by more than 1.8 million Singapore members.