Central Retail Corporation Pcl (CRC) said on 8th February it plans to invest 100 billion baht (US$3.03 billion) over the next five years, in a bid to expand its retail businesses.
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The Southeast Asian retail conglomerate said it aims to drive revenue growth by 2.5 times, expanding across all business segments, including food, fashion, hardline, property and new businesses, according to a press release. The company is also aiming for an increase in EBITDA by 3.5 times and looks to grow market capitalisation by 2.5 times.
CRC’s five-year strategy includes expanding its online shopping platforms to bolster its food, fashion and other business lines, chief executive, Yol Phokasub, said.
“Three years ago, we set out to be the number one regional omnichannel retailer,” said Yol.
“And today, the ‘New Central New Retail’ strategy has proven to be a resounding success, which is a testament to Central Retail’s DNA powered by unwavering strength, optimism and boundless potential. We are ready to move forward with ‘CRC Retailligence’ that prioritises the environment, society and good governance as the key cornerstones in operating our business,” continued Yol.
Most of the proposed funding will be used for physical store expansion and upgrades, with the rest for technology. Exact details were not disclosed.
“We aim to bring value to society and drive collective success for all our stakeholders, including our customers, the government, partners, merchants and our people,” said Yol.
“The determination and hard work of our people is well-reflected through the work that we do and the best experiences we deliver. Today, we are confident in our capabilities to achieve our growth targets set for the next five years.”
In the nine-months to September 2021, the company reported revenue of 136.8 billion baht (US$ 4.18 billion)and EBITA of 12 billion baht (US$ 366 million). For the period, it reported an overall loss of 2.1 billion baht (US$ 64.1 million).
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The news comes as Central Retail’s parent Central Group, owned by the billionaire Chirathivat family, acquired UK luxury department store Selfridges, in partnership with Austrian real estate firm, Signa Group, in a US$5 billion deal in December.