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Dairy Farm's
core strategy is
to focus on
international
food retailing
and drugstore
operations.
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Press Releases Back to the Press Releases Main Page
AT IMM FOR FIRST HYPERMARKET Singapore, Monday, March 27, 2000 - Dairy Farm announced today that it has signed a long-term lease with International Merchandise Mart Ltd to operate its first hypermarket in Singapore at the IMM Building. Malaysian hypermarket and supermarket operator Giant, in which Dairy Farm bought a 90 per cent stake last year, will manage the new venture. Giant operates seven stores in Malaysia, two of which are hypermarkets with an average size of 100,000 square feet. The hypermarket, targeted to open in the third quarter of this year, will operate under the Giant name which is a well known brand to Singaporeans who shop in Malaysia. Michael Kok, Regional Director - South Asia, Dairy Farm said: "Dairy Farm's overall business strategy is to focus on four key store formats: supermarkets, convenience stores, drugstores and hypermarkets so our move into the hypermarket business in Singapore is both timely and in line with these objectives. Also, we have the infrastructure in Singapore to support this expansion cost effectively, and our recent partnership with the Teng family of Giant gives us the management vision and capability to run the hypermarket successfully." Francis Teng, Director of Giant said: "Our strategy is to position the Giant hypermarket in Singapore as 'the Hypermarket providing the most diverse and extensive range of products at competitive pricing' for all Singaporeans catering to their everyday and lifestyle needs as Giant does so successfully in Malaysia. We will follow Giant's model in Malaysia but will introduce adaptations to accommodate local tastes and preferences. The IMM site is ideal as it provides ample parking and its free shuttle service to and from the Jurong East MRT Station makes it very accessible." The Dairy Farm Group currently operates over 230 outlets in Singapore under Cold Storage Supermarkets, Jasons, 7-Eleven, Photo Finish, Handifix and Guardian Pharmacy. Dairy Farm International is a leading food and drugstore retailer in the Asia-Pacific Region. At 31st December 1999, the Group and its associates operated 2,063 outlets, principally supermarkets, convenience stores and drugstores, employed some 80,400 people in nine territories and had 1999 sales of US$6.8 billion. For further information, please contact:
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