Energy/PTG non-oil business

Editorial staff

Go Luck Co, a subsidiary of SET-listed PTG Energy Plc (PTG), the holder of master franchise of Subway in Thailand, prepares to invest 2.3-2.5 billion baht to open 500 Subway restaurants in Thailand over the next 10 years.

PTG is a local oil retailer.

Go Luck Co was appointed to be the master franchise of Subway in Thailand since 1 April 2024, but the expansion of Subway in Thailand is operated by Go Subway Co, a PTG subsidiary.

PTG Group holds a 70% stake in Go Luck and 30% is held by Petcharat Uthaisang and partners from Lifestyle Foods Co.

The new Subway restaurants will be opened in Bangkok, surrounding areas, and tourist attractions, focusing on department stores, community malls, offices, airports, hospitals to expand the customer base and easier access to Subway restaurants.

The new Subway restaurants will be opened under the concept “Fresh Forward 2.0” in Asia for the first time in Thailand in June this year.
In addition, the first “drive-thru” will be opened inside PT’s flagship gas station in Nakhon Chai Si, Nakhon Pathom in the fourth quarter of this year.

Under its plan, the number of Subway will total 648 branches in 2033. The opening of new branches is part of its business strategies to make Subway easier access to customers.

Another strategy is to build brand awareness of Subway which is not familiar to Thais despite of entering the Thai market since 2003 via individual investors and master franchise scheme.

New menus with lower price will be introduced along with promotion set for product trial, aimed at increasing the frequency of re-purchasing and expanding customer base.

“We believe in potential of Subway due to different product approaching and healthy food choice to customers. Tourism recovery, more eating out habit and GDP growth will help spur demand of Subway ,” Petcharat Uthaisang, managing director and co-founder of Go Luck, said.

“We aim to become the TOP 3 QSR market in Thailand within 3 years in terms of sales and number of branches,” Ms Petcharat said, adding that currently Subway is among the top 5 or 6 in the QSR market.

(From left) Pitak Ratchakitprakarn and Petcharat Uthaisang

Thailand ‘s quick service restaurant (QSR) business is expected to be valued at 47.7 billion baht in 2024, up from 45.9 billion baht and 43.5 billion baht in 2023 and 2022, respectively.

“We decided to do this business because Subway is under business concept we are interested. F&B is one of the 8 main businesses that PTG aims to invest following its diversified portfolio to non-oil business group. Go Luck will be the catalyst of our F&B business to grow sustainably,” Pitak Ratchakitprakarn, PTG's CEO, said

Beyond this, Go Luck plans to expand its business into other food and beverage brands in the future, especially via acquisition scheme.

Ms Petcharat adds that it will expand platforms to sell Subway such as kiosks and vending machines and new channels, including traditional outlets and online, such as hospitals, airports, etc. Also, menus are adjusted to make easier to access than before.

“We believe that world-class food brands like Subway will be in line with the company’s F&B business and be able to contribute 50% of profit to the total business portfolio in the future,” he said.