Central Retail unveils $1.38 bln expansion plan for Thailand and Vietnam

Thailand's largest retailer Central Retail Corporation (CRC) will invest over THB45 billion ($1.38 billion) through 2027 to expand mainstream markets and accelerate growth in both Thailand and Vietnam, the retailer said in a release on June 24.

The 'New heights, Next growth' strategy centers on three key areas: strengthening customer engagement through its 26-million-member loyalty program, accelerating new business development, and expanding geographically.

The company is also advancing its unified technology platform to enable a seamless omnichannel shopping experience and build the capabilities needed to scale AI integration, aiming at sustained double-digit growth in online sales.

CRC is also accelerating the expansion of its food and mall businesses in Vietnam and introducing store formats tailored to the specific needs of target customer segments in each area.

Vietnam represents the company's primary expansion target, with the country's projected GDP growth of 5.2% GDP significantly outpacing Thailand.

The retailer currently operates 330 stores across 26 provinces and cities in Vietnam.

Despite global economic headwinds, its strategy aims for 5% growth in annual revenue and EBITDA.

“Doing business in an era of global economic slowdown and rapidly shifting consumer behaviour is immensely challenging,” said the company’s CEO Suthisarn Chirathivat.

“We are enhancing every dimension of our operations by leveraging AI technology, empowering our people to work with maximum efficiency and enabling deeper insights and access to our customers.”