stry experience to his current role as CEO of the DFI Retail Group, the latest step in a career that has included spearheading the transformation of Australia’s Coles Group between 2008 and 2015.
Singapore-listed, Hong Kong-headquartered DFI operates in multiple retail categories across 12 international markets. Its 10,200-store network includes Ikea franchises in Hong Kong and Indonesia, the Guardian health and beauty chain, Wellcome supermarkets, 7-Eleven in Hong Kong, and a half share in Maxim’s Group, which operates Starbucks in Hong Kong, Singapore, Thailand, Vietnam, and Cambodia, among other food chains.
Scotsman McLeod has built a reputation for transformational leadership and his achievements with Dairy Farm since he took charge in 2017 qualify him as one of Asia’s most influential retailers. The business had been hindered by inefficiencies related to legacy management culture. It was struggling to adapt to the rapidly evolving digitalisation of pan-Asian retail, increasing competition across almost every market and category in which it operates, and changing consumer expectations.
In 2019, McLeod tempered shareholder expectations of a “quick fix”, predicting it would take five years to complete a turnaround of the business. “There are few quick fixes and no silver bullets,” he said. “Continuous improvement against a deliverable, long-term strategic and operational plan is needed.”
McLeod has ended the company’s hypermarket program, converting many existing stores into smaller ones – and even into Ikeas. Giant stores in multiple markets have been upgraded and everyday-low-price strategies introduced. Digital engagement and online sales have been ramped up across multiple banners and, in 2020, the company launched one of the region’s most successful customer loyalty programs, Yuu Rewards. in partnership with Jardine Restaurant Group and Hang Seng Bank.
Across multiple banners, markets and formats, McLeod has led a root-and-branch overhaul of the entire business, taking suppliers and staff on the journey and challenging competitors and property partners alike.
