PAHANG-based hypermarket operator TF Value-Mart (TF) is thriving despite the Covid-19 pandemic as it follows a simple formula: focus on second-tier cities and remain asset-light.
After reporting a near 9% year-on-year growth in revenue to RM1.48 billion last year, the profitable retailer expects to end 2020 with an even bigger jump in revenue of 15% to RM1.7 billion.
Remarkably, all of its stores have remained profitable this year and have been performing above expectations since the beginning of March.
Not surprising then that when Singapore-based private equity firm KV Asia Capital Pte Ltd said it was seeking a buyer for TF as it wanted to monetise its investment, the hypermarket operator’s top management jumped at the opportunity to take over the business.