Central Food Retail has announced an ambitious expansion plan to dominate Thailand’s food retail sector by reaching 1,000 stores by 2027. This strategy was detailed by Food Group CEO Stephane Coum during a press conference. With a THB 1.6 billion (USD 50 million) investment budget allocated for 2024, the company aims to enhance technology and customer experience through various initiatives, including rebranding Tops Daily stores as ‘Joy-venience Stores’, improving the Tops Online platform, and offering exclusive benefits to Tops Prime subscribers.
Celebrating its 28th anniversary, Central Food Retail plans to operate over 730 stores across various formats by the end of 2024. The expansion will include 20 Tops Food Halls, over 150 Tops Supermarkets, 520 Tops Daily stores, 10 Tops Wine Cellar outlets, and over 25 Matsukiyo stores. The company also intends to upgrade an average of 100 branches annually, supporting its target of an 8% average annual growth rate over the next four years.
The company’s strategy includes both physical and digital expansion, with a focus on enhancing omni-channel capabilities to provide a seamless shopping experience that caters to evolving customer preferences. Coum emphasized that reaching the 1,000-store milestone by 2027 is crucial for establishing Central Food Retail as a world-class omni-channel lifestyle food retailer. This expansion is supported by strong financial performance, including an 11% increase in ticket sales and a 10% rise in new customers during the first half of 2024.
(Source: The Nation)
