Central Food Retail Co (CFR), operator of Tops grocery stores under the SET-listed Central Retail Corporation (CRC), plans to expand its branches to more than 730 stores from 702 by the end of this year, with a 1.6-billion-baht investment budget.
Stephane Coum, CFR's chief executive for the food group, said over the years the Thai food and retail industry have faced many challenges such as the pandemic and geopolitical uncertainties, but the industry remained resilient compared to other regional peers in the first half.
This was reflected by the company's performance in the first half of the year with a 11% increase in ticket counts and a 10% rise in new customers compared to the corresponding period last year, he said.
Mr Coum said the company aims to operate 20 Tops Food Halls, over 150 Tops Supermarkets, more than 520 Tops daily stores, over 10 Tops Wine Cellar outlets and more than 25 Matsukiyo shops, totalling more than 730 stores across all formats.
"The company plans to expand and upgrade an average of over 100 branches annually," he said.
At present, the company operates 702 stores in 46 provinces across the country, including 402 Tops branches in the Bangkok metropolitan region, 104 stores in the South, 79 branches in the East, 43 stores in the Northeast, 34 in the Central, 25 in the West and 15 in the North.
Mr Coum said the company has allocated an investment budget of 1.6 billion baht this year, an increase of 200 million baht from last year, with a greater allocation in the future.
He said the company aims to achieve an average compound annual growth rate of 8% over the next four years (2024-27), with the goal of becoming Thailand's largest supermarket chain with 1,000 stores by 2027.
Mr Coum said the company has announced its strategic business and organisational direction under the vision of becoming a 'Truly World-Class Omni-Channel Lifestyle Food Retail' by focusing on elevating the customer experience.
Tops will be offering high-quality products from over 80 countries worldwide while supporting small and medium-sized enterprises (SMEs) and local farmers, he said.
Moreover, it will focus on providing a seamless customer shopping experience both online and offline.
This includes delivery services via major delivery platforms, Tops online and ordering via channels such as TikTok.
He said while bricks-and-mortar stores still play a pivotal role for customer socialisation, the company will provide an omnichannel platform for customers as an alternative.
Referring to the planned 10,000-baht digital wallet handout scheme of the government, Mr Coum said the company will participate if it meets the eligibility criteria of the scheme.
However, if the scheme fails to be implemented, the company plans to launch a marketing campaign to boost sales from various segments of customers later this year, he said.
"The scheme is likely to be a 'cherry on the cake' for us, but the handout scheme will benefit customers," Mr Coum said.
