Malaysian grocery chain Sam’s Groceria is being sold by owner Mydin Mohamed Holdings as it divests loss-making businesses.
Mydin values the high-end grocery business at US$12.5 million (MYR50 million). The chain has four outlets: in Gurney Paragon Mall and Straits Quay on Penang island, Sunway Carnival Mall in Seberang Perai, and Nu Sentral in Kuala Lumpur.
Managing director Datuk Ameer Ali Mydin says the decision to sell followed the realisation that the stores’ patrons were mainly local Chinese and expatriates. “We do not sell liquor, wine, beer or pork, so we have been unable to meet our customers’ needs.”
Sam’s Groceria, which started in 2013, stocks 60 per cent imported grocery products and fresh food.
Last year, Mydin disposed of another loss-making unit, MyMydin Convenience, and discontinued its Kedai Rakyat 1Malaysia (KR1M) stores.
For the year ended March 31, 2016, the group posted its first loss, of MYR156.6 million, in 60 years. With an internal re-organisation and cost cutting, the group managed to post a small profit last financial year.
