GEIS-新闻详情

Cold Storage opens flagship outlet at Paragon as part of $40 million revamp

2021-08-25 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE - The war for supermarket supremacy has heated up with Cold Storage opening a flagship outlet at Paragon on Wednesday (Aug 25).

Its weapons include exclusive tie-ups with Ryan's Grocery and Crystal Jade that offer premium meats and ready-to-eat meals.

This move is part of a $40 million rebranding exercise which will see a revamp of all 48 Cold Storage stores by the end of 2022, said DFI Retail Group (DFI) which manages the chain.

It follows a study by DFI which gathered customer insights on their preferences and expectations from a fresh food store.

Mr Chris Bush, chief executive of Cold Storage, said: "This is the largest investment plan we have ever committed to. Cold Storage has been serving our customers with great quality and fresh food for over 100 years, and this is what we firmly believe in."

The flagship store, spanning 1,848 sq m, will have what is said to be Singapore's largest organic produce range.

It will also stock plant-based products from brands such as Impossible Foods and Beyond Meat.

Shoppers can also buy health and wellness products and Singapore's first dog treat bar by bulk foods provider Alison's Pantry.

As part of the revamp, Cold Storage stores will have a new look.

For instance, wooden fixtures in the Paragon outlet were recycled from old palettes to make its ambience more rustic.

Associate Professor Lawrence Loh from the National University of Singapore Business School said Cold Storage's revamp is a timely and pre-emptive move as Singapore prepares to further reopen its economy.

The strategy professor added: "Even in a pandemic, some people will still be able to afford premium groceries especially if they work in sectors such as healthcare and e-commerce. Singapore also has a clear road map to co-exist with Covid-19, so business sentiment will pick up."

Prof Loh noted that brick and mortar businesses have suffered, such as Robinsons which shut its flagship store at The Heeren last year. But he feels that supermarkets are more resilient as people still prefer to touch and see fresh foods before buying.

Shopper Ann Bay, 53, said the Paragon outlet will likely be well-received by those who stay in the Orchard Road area.

However, the housewife, who lives in Bukit Merah, said: "Cold Storage can be found in most neighbourhoods these days so not everyone will travel far for groceries. There is also a Cold Storage at Takashimaya and a FairPrice Finest opposite 313？@？somerset which shoppers can visit instead."

DFI was previously known as Dairy Farm Group.

Listed Dairy Farm International's underlying net profit, which excludes non-trading items, fell 69.5 per cent to US$32.1 million (S$43.5 million) for the six months to June 30.

This was down from from US$105.1 million in the year before, amid changing shopping patterns due to the Covid-19 pandemic.