DFI's Singapore supermarkets turned profitable in 2024 after a cull and re-siting
DFI shut Giant and Cold Storage stores in estates where they no longer fit, reopened in better spots and curated house brands — and returned to the black.
What was changed
After several years of losses, DFI Retail Group's supermarket operations in Singapore became profitable in 2024, owing in part to a strategy of shutting Giant and Cold Storage stores in estates where the brands were no longer relevant and reopening them in locations with greater sales potential. Eleven Giant outlets closed during 2024 while five new stores opened across DFI's four brands; the Giant stores in Toa Payoh and Bishan shut, while new Cold Storage stores opened in Pasir Ris Mall and Suntec City and a Giant opened in Tengah Plantation Plaza.
The repositioning sharpened the segmentation: Giant for HDB estate shoppers, Cold Storage for middle-income heartland families, CS Fresh in trendier estates like Holland Road and Joo Chiat, and Jason's Deli in high-end malls. DFI curated more products under its cheaper Giant and Meadows house brands and kept one supply chain across all four banners, cutting the cost of keeping unprofitable stores open while covering rent through more strategic offerings.
The results showed in the group's numbers: for the 12 months to 31 December 2024, DFI reported US$201 million in profit from its main business operations, a 30% year-on-year increase driven by its supermarket businesses in Singapore and Hong Kong and its convenience business in China and South-east Asia. It declared total dividends of 10.5 US cents — a 60% payout — and its shares closed more than 6% higher after the results. Yoep Man, who led the supermarket business to profitability, was promoted to chief executive of 7-Eleven for South China, Hong Kong, Macau and Singapore.
Why it worked
Closure decisions were made by estate fit, not nostalgia: stores kept operating where the banner matched the neighbourhood's demand.
House brands like Giant and Meadows gave the value positioning margin that national brands could not.
One shared supply chain across four price-tiered banners lowered cost while widening customer coverage.
Exiting Malaysia and Indonesia in 2023-24 freed management attention to fix Singapore store by store.
What can be applied
A store network is a portfolio, not a footprint: closing where the brand no longer fits and re-siting where it does can restore profit without growth.
Aftermath
Between November 2024 and February 2025 no further outlets closed, and DFI guided that Singapore supermarket revenue would stay stable at best amid intense competition — directing growth resources instead to its 450-store 7-Eleven convenience business, where it launched an order-ahead app in February 2025. The group paid a final dividend of seven US cents in 2025. The following year DFI sold its Giant Singapore outlets altogether.