Thailand’s Central Retail Corporation has reportedly announced its plans of investing $3 billion (100 billion baht) in the coming five years in order to become the top retailer in Asia and multiply its profit and revenue twofold.
Yol Phokasub, Chief Executive Officer, Thailand Central Retail Corp., commented that the investment bid will help the company grow its revenue by 2.5 times, while earnings before interest, depreciation, taxes and amortization will multiply 3.5-fold, which will augment its market capitalization by 2.5 times through 2026.
Yol added that the largest retailer in Thailand will also invest in advanced digital technologies to drive the omnichannel platforms throughout every business segment and watch for acquisition opportunities.
As per credible reports, the Chirathivat family supervises the Central Retail, and also own a line of industries ranging from retail, real estate, restaurants and hospitality.
Last year, the Central Group announced purchase of the British department store operator, Selfridges, in collaboration with Austria’s Signa Holding for $5.4 billion to expand the corporation’s foreign portfolio.
Yol mentioned that digital technology will have a great impact in the Central Retail’s growth strategy after witnessing the online sales thrive during the pandemic. He stated that the Retail can expand its business of more than 3600 branded stores by providing experiences which merge the offline and online retail worlds.
According to sources, the retail unit has surpassed the pre-COVID sales in 2021 without the tourist’s contribution, which will be a bonus upon their return for the sales.
Yol cited that the addition of the company enables it to leverage latest technologies throughout all its businesses in Thailand, Italy and Vietnam to drive the sales.
Imperatively, the shares of Central Retail have risen nearly 16% this year hoping that the ease of Thai COVID restrictions will help in revenue generation.
Moreover, the company reported a net loss of around 2.3 billion baht for nine months which ended on September 30.