Home improvement retailer MR. D.I.Y. (Thailand) is set to open 200 additional stores in 2025 with a planned investment of 2 billion baht.
Andy Chin, chief executive of MR. D.I.Y. Holding (Thailand) Plc, remarked that the company’s robust expansion in recent years demonstrates its strong belief in the Thai home improvement market’s potential.
In 2021, the company launched 122 new stores, followed by 161 in 2022 and 188 in the previous year, according to Mr. Chin.
He also highlighted that the Thai market holds considerable promise compared to Malaysia, where there is an average of 25,000 people for each MR. D.I.Y. store.
With about 70,000 people per store in Thailand, there is significant scope for further growth, he added.
The company recently launched its new flagship store, marking the 900th branch at Seacon Square, Bangkok.
MR. D.I.Y. currently manages 900 stores across 74 provinces in Thailand, with the exception of Mae Hong Son, Phangnga, and Yala, featuring 613 stand-alone shops and 287 within retail malls.
By the end of 2024, the company aims to increase its total to over 920 stores with the addition of about 20 new locations.
Earlier, MR. D.I.Y. declared a commitment to invest 2 billion baht in 2024 for the expansion of its store network.
Next year, the company is prepared to invest more than 2 billion baht to establish 200 more stores, Mr. Chin noted.
He anticipates that the number of store branches will surpass the 1,000 mark in the first half of 2025.
Additionally, in the first quarter of 2025, MR. D.I.Y. plans to open stores in three additional provinces, achieving coverage in every Thai province.
Mr. Chin expressed optimism for the retail industry in the coming year, driven by the recovery in domestic consumption and a revival in the tourism sector.
Despite facing challenges such as high household debt and reduced consumer spending power, the company remains confident in the resilience of its business model.
In tough economic times, Mr. Chin explained, customers tend to choose lower-priced or alternative products, which aligns with MR. D.I.Y.’s strategy to offer goods that provide value.
