Central Retail’s expansion hinges on tourism-driven growth

Central Retail announced plans to invest US$826.6m in 2023.

Central Retail Corporation’s (CRC) expansion plans to bank on the expected tourism-driven growth in Thailand and Vietnam, GlobalData reported. 

CRC will be investing US$826.6m to expand in Thailand, Vietnam, and Italy in 2023. 

“As the economies of Thailand and Vietnam bounce back from the impact of the COVID-19 pandemic, these countries are becoming lucrative markets for retailers,” Shekhar Chowdhury, Retail Analyst at GlobalData, said. 

“The retailer intends to fuel sales growth by enhancing its loyalty platform and expanding and improving its store network. The primary focus of these investments will be to shape the retailer as one of Asia’s largest omnichannel retailers while enhancing its IT infrastructure. CRC is planning to expand its store network mainly because consumer preference is shifting back towards in-store shopping.”

Read more: Central Retail invests US$1.45b in Vietnam operations

CRC expects to generate total revenue of THB270b (US$7.97b) in 2023. In February 2023, CRC also announced plans to invest THB50b (US$1.476b) within the next five years in its Vietnamese operations, targeting sales of THB150b (US$4.432b) by 2027 in the country.