37.2 C
Saturday, April 13, 2024

Central Retail announces impressive growth for Q2 2022

Mr Yol Phokasub, Chief Executive Officer of Central Retail Corporation or CRC, stated, “After the reopening of borders in Q3 of 2021, Central Retail has achieved continuous growth despite rising inflation, oil prices and interest rates along with the uncertainty of Covid-19.

Amidst these challenges, Central Retail marched ahead with unwavering strength and stability, achieving growth powered by its strong foundation and agile DNA that enabled the company to adapt quickly to every challenge. Along with the CRC Retailligence strategy, the company has successfully achieved its short-term and long-term goals and remains confident that it will exceed its sales growth target of 15-20% by the end of 2022. Most recently, Central Retail revealed its Q2 performance with a revenue of THB 56,826 million (+23% YoY), EBITDA of THB 6,912 million (+69% YoY) and a net profit of THB 1,605 million (+477% YoY). Regarding sales performance by business category, the food category accounts for 39% of total sales, the hardline category accounts for 36%, and the fashion category accounts for 25%. As for omnichannel performance, it has achieved double-digit growth accounting for 17% of total sales. Store and mall traffic within the group has also significantly surged, with sales returning to the equivalent of the pre-Covid era. However, the number of international tourists has not fully returned.

In terms of my country’s growth, Central Retail Vietnam has achieved growth since 2012, when Central Retail started operating its business in Vietnam. This September will mark ten years of success for Central Retail Vietnam, which is now the number one hypermarket and lifestyle retailer under the brand GO! and the largest foreign retailer in Vietnam. Moving forward, the company aims to be the number one omnichannel platform in food and property segments in Vietnam within the next five years, along with growing sales targets to THB 100,000 million, doubling omnichannel sales to 15% and expanding business across 55 of 63 provinces. Central Retail will be investing in growth across the nation, including expanding food stores and modernising GO! Malls, the development of mixed-use projects to strengthen the property segment, and the enhancement of omnichannel platforms to serve the customers’ needs in Vietnam.

For the second half of 2022, Central Retail focuses its efforts on expansion and investments with plans to launch new business models across all business segments in three markets:

1. Food category

· Launch Tops CLUB, a new business model in Thailand that curates over 3,500 imported products and global brands available at an exclusive membership price to serve the needs of consumers with high spending power. The flagship Tops CLUB store will launch its first branch at the end of September in Rama 2. Customers can download the Tops CLUB Application today at http://topsclub.app.link

· Launch two additional Tops standalone branches after achieving resounding success at Tops market Phattanakarn 30 and Tops Food Hall Sukhumvit 39

· Reinforce leadership as the urban supermarket in Vietnam by launching two additional Tops market branches in Ho Chi Minh City and two additional go! supermarket branches in Baria and Binh Duong. By 2022, Vietnam will have 10 Tops market branches and four go! supermarket branches.

2. Fashion category

  • Launch two additional Robinson department stores in Thalang (Set to open on 25 August 2022) and Ratchapruek (Set to open in October), which totals 51 Robison department store branches by 2022
  • Renovate four Central Department Stores, including Rama 2, Lat Phrao, Chidlom and Ram Inthra
  • Renovate two branches of Rinascente in Italy, including Milan, Rome and Fiume

3. Hardline category

  • launch eight additional Thai Watsadu and Thai Watsadu x BnB Home hybrid formats, including locations in Bangsaen, Nan, and Bang Bon, totalling 67 Thai Watsadu branches by 2022

4. Property category

  • Launch two additional Robinson Lifestyle branches, including Thalang (Set to open on August 25) and Ratchapruek (Set to open end of October), totalling 27 Robinson Lifestyle branches by the end of 2022

  • Launch the new format of go! lifestyle shopping mall in rural provinces for the first time in Thailand. The shopping mall serves everyone in the family and the lifestyles of every generation, featuring a hypermarket housing high-quality and accessible products across fashion, beauty, and food, & Joy, an international restaurant and new hangout spot offering quality food at accessible prices, Sunday the large-scale indoors playground with the largest amount of equipment in the district for children to unlock their imaginations, go! Wow, a variety store offering home and lifestyle products and go! Power the electronics store with instalment payment options and speedy credit approvals. go! will launch its first branch this August and is set to launch a total of four branches in Nakhon Si Thammarat by the end of 2022.

“Our success in 2022 is a testament to our strategy’s strong potential, and our journey forward is about building on what we have achieved. Although there are still many challenges and pressures ahead, we are confident that we can rise above these uncertainties with our strong financial management, prudent investments, business expansion, and adaptations of our business models to the current market situation. We are also constantly finding collaboration opportunities with new partners to drive inclusive growth. These actions will allow us to march ahead with our business expansion plans in Thailand, Vietnam and Italy to exceed our sales target of 15-20% by year end, and reinforcing our leading position as the future retailer, ” said Mr Yol.

Edited by: Supaporn  Pholrach (Joom)

Related Articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.