Giant supermarket pioneer Teng Yew Huat dies at 68

 

From a sundry shop, Teng Yew Huat and his brother built up the business into the Giant hypermarket chain, Jaya Grocer, and Ace Hardware.

PETALING JAYA: Supermarket pioneer Teng Yew Huat has died at the age of 68, after having led the family’s Teng minimarkets into the Giant and Jaya Grocer chains valued in the billions, with Ace Hardware included in the family mix.

In a brief statement, Jaya Grocer CEO Adelene Foo described Teng’s death as a profound loss to the team at Jaya Grocer and to the industry. “He was the heart and driving force behind the success and growth of our company.”

No cause of death was stated. However, Foo said a memorial service is being planned. Teng’s age was given as 68 by The Edge.

The Teng family’s roots in retail grocery lie in a sundry shop in Jalan Sentul, Kuala Lumpur, set up in 1944 by the family’s patriarch Teng Sek How.

Years later, his sons Francis and Yew Huat would set up Teng minimarkets, which grew into the Teng Minimarket Centre (TMC) in Bangsar, Kuala Lumpur, and the Giant hypermarket chain, with its first store in Kelana Jaya, Selangor, in 1982.

TMC and the Giant chain were both sold in 1999 to Hong Kong-based Dairy Farm International, now the DFI Retail Group.

The Teng brothers also built up the Ace Hardware chain and the Jaya Grocer chains.

Francis owns 22% of Ace Hardware through Giant Ace Sdn Bhd, as well as a 97% stake in Megah Inovatif Sdn Bhd, which operates the RM2-store Noko.

In December 2021, the Jaya Grocer chain was sold to Grab Holdings Ltd in a RM1.8 billion deal. Yew Huat owned a 55% stake in Jaya Grocer.

Just 17 days before Grab announced the purchase, Yew Huat bought back a 45% stake for RM411 million which was sold in 2016 to a Singapore company. - FMT