Central Food Retail Co (CFR), which manages Tops grocery stores under the SET-listed Central Retail Corporation (CRC), is set to expand its outlets to over 730 from the current 702 by year-end, backed by an investment of 1.6 billion baht.
Stephane Coum, the CEO of CFR’s food group, remarked that despite challenges like the pandemic and geopolitical tensions, the Thai food and retail industry has demonstrated remarkable resilience, outperforming other regional industries in the first half of the year.
The company’s performance this half-year demonstrated growth, with an 11% increase in ticket counts and a 10% rise in new customers from last year’s corresponding period, according to Mr. Coum.
Mr. Coum outlined that the expansion plans include operating 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, summing up to over 730 stores in various formats.
He added, “The company plans to expand and upgrade an average of over 100 branches annually.”
Currently, the company runs 702 stores across 46 provinces, including 402 Tops branches in Bangkok, 104 in the South, 79 in the East, 43 in the Northeast, 34 in the Central region, 25 in the West, and 15 in the North.
Mr. Coum disclosed that this year’s investment budget is 1.6 billion baht, up by 200 million from the previous year, with plans for even greater future investments.
He expressed aims for a compound annual growth rate of 8% over the next four years (2024-27), with ambitions to become Thailand’s leading supermarket chain, reaching 1,000 stores by 2027.
Mr. Coum announced a strategic shift towards becoming a ‘Truly World-Class Omni-Channel Lifestyle Food Retailer’, enhancing customer experiences.
Tops will offer premium products from over 80 countries while supporting local farmers and small to medium-sized enterprises (SMEs).
The focus will also be on delivering a seamless shopping experience for customers both online and offline.
This includes integration with major delivery platforms, Tops online, and social media channels like TikTok for ordering.
While emphasizing the continuing importance of physical stores for social interactions, Mr. Coum noted the company’s commitment to providing an omnichannel platform as an alternative for customers.
Regarding the government’s proposed 10,000-baht digital wallet incentive, Mr. Coum stated that Tops would participate if it qualifies.
Should the scheme not proceed, Mr. Coum mentioned plans to initiate a marketing campaign to stimulate sales from various customer segments later in the year.
“The scheme is likely to be a ‘cherry on the cake’ for us, but the handout scheme will benefit customers,” Mr. Coum said.
