SET-listed retailer Robinson Department Store Plc (ROBINS), a Central Group department store chain, plans to open three new retail complexes worth 2-2.5 billion baht this year.
President Alan George Thomson told shareholders during the company's annual general meeting on Friday that two of the three new shopping malls will be developed as lifestyle malls. The outlets are set to be opened in May and December in Phetchaburi and Kamphaeng Phet, respectively.
The third outlet will be located in Mahachai, Samut Sakhon and come under the department store concept.
The additional malls will bring Robinson's number of branches to 47 by year-end. Of the total, 20 are lifestyle malls and the rest are department stores.
The executive did not disclose the investment budget for this year, but previously the company has needed 500 million baht to open a new department store. That figure can reach 1 billion baht for the "lifestyle mall" concept, in which movie theatres, food parks, restaurants and other facilities are available.
Robinson Department Store, a mid-market retailer, was established in 1979 and was merged with Central Group in 1995.
Today, it operates four business segments: department stores, lifestyle malls, international business in Vietnam and brand management.
The brand management segment is primarily tasked with bringing in merchandise, especially international brands, to distribute at Robinson outlets.
The company reported total revenue of 30.2 billion baht in 2016, up 5% from the previous year. Net profit was 2.81 billion baht, up 30.7% year-on-year.
Mr Thomson told the meeting that operating results had met previous projections, although there were a number of difficulties last year, including a weak economy, natural disasters in the South and fierce competition in the retail market due to the entry of several new players.
Besides opening new malls, he said that the company will continuously refurbish its existing branches to stay up to date, catering to ever-changing demand as well as diverse consumer lifestyles in each location.
The company aims to continually expand its stores to gain the first mover advantage in different markets, said Mr Thomson.
Three years ago the company branched out into Vietnam, thanks to the country's growing economy and high purchasing power. Now, there are two Robinson department store branches there.
ROBINS shares closed Friday on the Stock Exchange of Thailand at 62.50 baht, down 25 satang, in trade worth 165 million baht.
