Central Retail Corporation Plc

Business
Editorial Staff

Central Retail Corporation Plc, Thailand’s leading retailer, plans to spend 28 billion baht to expand its business this year.

Yol Phokasub, CRC’s chief executive officer, said that currently CRC sees various positive signs in both the retail and service sectors in Thailand, Vietnam and Italy. Therefore, the company will accelerate growth of core business groups in all 3 countries.

Mr.Yol Phokasub

For fashion business, it will reinforce leadership position by leveraging the power of synergy with the Central Group's European luxury department store network. This means enhancing Central Retail’s ability to serve evolving and diverse customer needs from the expanded portfolio of new products and brands, as well as the extensive access to the interconnected platform of luxury department stores for customers to shop anytime, and anywhere.

In addition, Central Retail is constantly expanding and renovating our department stores, together with opening two more Robinson department stores this year. For hardline business, it will expand 10 new branches of Thai Watsadu and Thai Watsadu Hybrid Format within this year.

Mr Yol also sets for exponential growth in Vietnam, as well as pushing the Tops brand to become the Food discovery & destination and the No. 1 Food Omni Retailer by opening 15 new branches this year.

The company will continuously expand and renovate Robinson Lifestyle with plans to open one more store this year. Furthermore, Central Retail plans to open 6 to 8 new branches of Go! malls in Vietnam by 2024.

It will put focus on cost and expense management with maximum efficiency as well as focuses on investments that maximize the benefits of strategic businesses and accelerate the expansion of proven formats. It will expand the ability to manage working capital to become more agile, flexible and that can increase cash flow for further business growth.

Mr Yol said that the company will reinvent Next-Gen Omni Retail by harnessing the world’s best technologies and systems that together will create inclusive growth for customers, brands, and partners on the Next-Gen Omni Retail platform.

CRC will look for building new growth pillars by expanding upon new, exciting, and sizable businesses that will better meet the needs of customers and strengthen our position in both Thailand and Vietnam.

These strategies will put Central Retail well-positioned towards The Next Sustainable Growth. It is expected that the total revenue generated in 2023 will be up to 270 billion baht, growing more than 15% compared to the previous year.