Central Retail Corporation (CRC), the retail arm of Central Group and the country's biggest mall operator, is upbeat on the high season growing its revenue as consumer purchasing power rebounds and greater numbers of foreign travellers visit Thailand.
Government stimulus measures such as the "Shop Dee Mee Khuen" tax rebate scheme should boost people's spending in the final quarter of the year, helping the economy and the retail sector, said Yol Phokasub, chief executive of CRC.
"Central Retail's performance over the past nine months was positive in every channel: offline, online and omni-channel," said Mr Yol.
"We are confident our revenue will grow significantly during the final quarter, posting 20% growth in revenue for 2022 as expected."
He attributed CRC's growth in the first nine months to a new strategy and format, a continuation of store launches, major campaigns and new platform development.
New strategy and format
Under the new strategy, Tops retail models are united under the brand "Tops", with the brand image refreshed under the concept of "Every Day Discovery". The goal is to reaffirm the company's position as the country's No.1 food retailer, said Mr Yol.
The group also rolled out Tops Club, its first flagship store in Thailand and Southeast Asia to offer imported and exclusive items from around the world, with more than 3,500 products.
Another new offering was Tops Fine Food, which offers premium food and ingredients from around the world.
Store launches
Two new Thai Watsadu stores opened in the third quarter of 2022 in Bang Saen and Nan, while another two opened in the fourth quarter in Mae Chan in Chiang Rai and Bang Bon in Samut Sakhon.
By the end of 2022, a total of 66 Thai Watsadu stores are expected to be in operation nationwide, with plans to add 8-10 more stores a year.
Robinson Lifestyle stores, which target families, recently opened a new branch in Thalang, Phuket, which has been well-received by local residents, he said.
The group is also preparing to launch a large Robinson store in the Ratchaphruek area on Nov 17 to serve families in western Bangkok, with future expansion planned in the city.
By the end of 2022, a total of 27 Robinson Lifestyle stores are expected to be in operation nationwide.
Major campaigns
A major campaign was launched to celebrate the 75th anniversary of Central Department Store under the concept "All at Central". On Oct 27, the annual flower festival returned, transforming Central Chidlom and CentralWorld into a flower paradise with millions of fresh flowers, as a way of thanking customers for their support over the past several years.
Many stores have been renovated and the results have been well-received by customers, said Mr Yol. Additional plans are in place for further store expansion.
CRC is also celebrating the 10th anniversary of establishing a presence in Vietnam. The company is the biggest foreign retailer in Vietnam and has been recognised as the best in the retail industry for two consecutive years by Vietnam Report.
He said the listing reaffirms CRC's No.1 position in Vietnam's hypermarkets and lifestyle malls under the brand "GO!". As a result, Central Retail Vietnam's growth has always exceeded its annual target, said Mr Yol.
Developing new platforms
The company is committed to elevating its platforms to "next-gen omni-channel", joining the offline, online and metaverse worlds together seamlessly. CRC's platforms in Thailand, Vietnam and Italy focus on in-depth data analysis to ensure every customer can enjoy personalised service in real-time, he said.
"Central Retail sees many positive signs, such as the lifting of Covid-19 restrictions, stable oil prices, more tourists in Thailand, Vietnam and Italy, and government stimulus programmes that have helped the business sector grow in every industry. The government also has measures to attract foreign investors to Thailand. These factors should help the retail and service industries, as well as Central Retail, keep growing," said Mr Yol.
