MR. D.I.Y. (Thailand), a home improvement and lifestyle retailer, wants to launch 200 new stores across the nation.
The majority of these stores, around 90%, are to be standalone, with the remainder mall-based stores.
Andy Chin, chief executive of MR. D.I.Y. Holding (Thailand) Plc, said the standalone approach is important.
"It allows us to connect with more consumers throughout Thailand, and we are keen to explore opportunities in various districts," he said.
The company is allocating 2 billion baht for this expansion, with the goal of surpassing 1,000 stores by the end of the year.
With the opening of its newest store in Phangnga province this month, MR. D.I.Y. now operates in every province in Thailand.
Mr Chin said the company is committed to assisting Thai consumers in managing rising living costs by offering quality products at competitive prices.
A survey by Frost & Sullivan found MR. D.I.Y.'s product prices are on average 24.7% lower than those of competitors, and 94% of their products are priced below competitors.
To support the local economy, the company plans to source more products, especially electrical items, plastic goods and fast-moving consumer goods, from Thai suppliers, recognising the quality that local products offer.
Imported items make up 69% of the product range, while the remainder comes from more than 350 Thai suppliers.
Amid current economic challenges, Mr Chin expressed optimism about the business.
"We are experiencing the least impact from the current situation, compared to the others and we see this as an opportunity to expand our customer base to include higher-middle income consumers who are increasingly seeking quality products at lower prices," he said.
As of Dec 31, 2024, MR. D.I.Y. operated 932 stores in 74 out of 77 provinces, offering 16,000 products across six categories: household and furnishing, hardware, stationery and sports, electrical, toys, and others.
The company reported revenue of 16.2 billion baht, boasting a compound annual growth rate of 27.7% from 2022 to 2024, with household and furnishing sales accounting for 35.4%.
"We are projecting double-digit growth this year," said Mr Chin.
