SET-listed Bangchak Petroleum Plc (BCP) has tapped Spar International, a Dutch multinational retailer, to run convenience stores at Bangchak petrol stations under the Spar Fresh & Easy Food Market brand.
The mostly state-owned energy firm joined with Spar yesterday in opening the first shop in Thailand on Ratchaphruek Road.
President and chief executive officer Chaiwat Kovavisarach said Bangchak had set aside about 3 billion baht to open up to 300 shops by 2020. Half of them would be located at Bangchak petrol stations, while the rest would be a stand alone shops located in metropolitan areas and commercial buildings.
"The fresh and convenient food of Spar will help market the chain to serve as a niche market choice for consumers in Thailand," said Mr Chaiwat.
All of Bangchak's non-oil business will be run by Bangchak Retail Company Ltd (BRC), he said.
Mr Chaiwat added another four shops are scheduled to be opened early next year in Bangkok and nearby areas, including Wang Noi, Kanchanaphisek Road and Rama III Road.
The size of the Spar shops at petrol stations will be around 300-square-metres. They will be merged with Bangchak's existing shops such as Inthanin Coffee and Lemon Kitchens.
"From now on motorists will not only be able to refuel their tanks, but their refrigerators as well," he said.
Over the last several years, Bangchak has teamed up with Big C and now operates at 160 branches nationwide.
"The new gas station on Ratchaphruek Road will also be renovated over the next several years, with more space, facilities and an environmentally-friendly design," said Mr Chaiwat.
Other shops that have not performed as well including its 30 Bai Chak mini-marts operated nationwide will soon be shuttered.
For stand-alone Spar shops, Mr Chaiwat said they will be bigger than those located at gas stations, measuring 300-700 sq m each.
He said BRC is also currently in talks with property developers to explore opportunities for opening its shops at tower blocks.
Bangchak has recently transferred its non-oil business assets to BRC, including Intanin Coffee Shop, Lemon Kitchen and Spar Shop. It also plans to list BRC on the Stock Exchange of Thailand within five years.
BRC is expected to generate up to 15 billion baht in revenue by 2020.
Spar International operates 12,100 stores in 44 countries worldwide.