Thailand’s Central Retail is investing THB28 billion ($833 million) at home and in Vietnam, with the expectation to raise its total revenue by 15% year-on-year to THB270 billion ($8.06 billion) in 2023, the firm announced Monday.
The Bangkok Post reported the investment includes 70-75% for its business expansion in Thailand, while the remaining 25-30% will go towards its Vietnam ventures, particularly in food and property.
Central Retail is ready to advance its success in Vietnam by enlarging its GO! brand, aiming for net zero gas emissions by 2025, said Central Retail Corporation (CRC) CEO Yol Phokasub, while presenting the retailer’s five-year ‘CRC Retailligence’ strategy, according to the release.
For the food industry, Central Retail targets exponential growth in Vietnam and pushing its Tops brands to become the top food omni retailer by opening 15 new branches this year.
Regarding the property sector, the firm is looking to open six to eight new branches of Go! malls in Vietnam by 2024.
Entering Vietnam in 2012, Central Retail has become a leading business in the country with more than 340 stores serving 390,000 customers daily, CEO of Central Retail Vietnam Olivier Langlet said at Central Retail Vietnam's 10th anniversary last September.
The firm plans to reach a sales revenue of THB100 billion ($2.99 billion) in Vietnam in 2026, after reaching THB38.592 billion ($1.15 billion) in 2021, and expand its network to 55 out of 63 cities and provinces. Another goal is to double its omnichannel sales penetration to 15%.
Central Retail has been expanding its presence in Vietnam with the opening of two Tops Market supermarkets in the Mekong Delta city of Can Tho and northern coastal city of Hai Phong last December.
Earlier in 2022, the retail giant announced plans to build supermarkets and stores in the Mekong Delta provinces of Bac Lieu and Dong Thap, and the central provinces of Quang Binh, Nghe An, and Binh Thuan.