Central Retail Corporation Public Company Limited or CRC demonstrates success in driving its business forward under the fundamental 5-year plan with the ‘CRC Retailligence’ strategy. The company is ready to accelerate monumental growth in 2023 within 5 business groups towards The Next Sustainable Growth and to lead the retail business to a robust future.
A total investment of THB 28,000 million is now underway with the expectation to generate the total revenue of THB 270,000 million, or over 15% growth from 2022.
Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation or CRC said, “In 2022, Central Retail implemented ‘CRC Retailligence’ strategy to our integral 5-year business plan, resulting in the successful business portfolio and exponential growth in Thailand, Vietnam, and Italy across all business groups: Food, Fashion, Hardline, Property and Health & Wellness. This has generated more than 20% growth in total revenue, which exceeds our performance target for 2022.”
As for 2023, Central Retail sees various positive signs present in both the retail and service sectors within all 3 countries, including how the economy and tourism fully revitalise itself, as well as China reopening its country and consumers’ purchasing power recovering at a promising rate. Central Retail has invested THB 28,000 million to accelerate and elevate its business under ‘CRC Retailligence’ strategy by focusing primarily on shaping the company into Asia’s No. 1 Next-Gen Omni Retailer. Central Retail is ready to advance its success in Vietnam to even greater lengths with the expansion of the food business and malls under brand GO!, alongside sustainable business practices, aiming for Net Zero greenhouse gas emissions by 2050 as Thailand’s first Green & Sustainable Retail and model organisation for sustainability.
Central Retail strives towards The Next Sustainable Growth powered by 4 main strategies:
1. Accelerate Core Leadership – Accelerate growth of core business groups in all 3 countries
● Fashion: Reinforce leadership position by leveraging the power of synergy with the Central Group’s European luxury department store network. This means enhancing Central Retail’s ability to serve evolving and diverse customer needs from the expanded portfolio of new products and brands, as well as the extensive access to the interconnected platform of luxury department stores for customers to shop anytime, and anywhere. In addition, Central Retail is constantly expanding and renovating our department stores, together with opening two more Robinson department stores this year.
● Hardline: Strengthen Thailand’s Hardline group by accelerating the expansion of 10 new branches of Thai Watsadu and Thai Watsadu Hybrid Format within this year.
● Food: Targeting exponential growth in Vietnam, as well as pushing the Tops brand to become the Food Discovery & Destination and the No. 1 Food Omni Retailer by opening 15 new branches this year.
● Property: Become Thailand’s retail leader in the Lifestyle and Experiential Community Platform space by continuing to expand and renovate Robinson Lifestyle with plans to open one more store this year. Furthermore, Central Retail plans to open 6 to 8 new branches of Go! malls in Vietnam by 2024.
● Strong and prudent financial management with the 3C strategy: The first C is Cost and expense management with maximum efficiency. The second C, Capex, focuses on investments that maximise the benefits of strategic businesses and accelerate the expansion of proven formats. The last C, Cash Flow, expands the ability to manage working capital to become more agile, flexible and that can increase cash flow for further business growth.
2. Reinvent Next-Gen Omni Retail – Elevating the CRC Ecosystem to the next level – this is done by harnessing the world’s best technologies and systems that together will create inclusive growth for customers, brands, and partners on the Next-Gen Omni Retail platform. Redefining customer experience in every dimension with Experience-Driven and Agile Commerce, together with AI-powered Smart Retail, Central Retail aims to deliver on real-time meaningful and highly curated interactions to constantly delight ever-demanding and ever-changing customers.
3. Build New Growth Pillars – Bolstering and expanding upon new, exciting, and sizable businesses that will better meet the needs of customers and strengthen our position in both Thailand and Vietnam.
4. Drive Partnership, Acquisition and Spin Off – Strengthening and expanding through business partnerships, strategic M&As and bringing MEB No. 1 E-Book platform into the Market for Alternative Investment (MAI) stock market and listing for IPO on February 14, 2023.
“The 4 strategies that have been discussed and implemented has put Central Retail well-positioned towards The Next Sustainable Growth. It is expected that the total revenue generated in 2023 will be up to THB 270,000 million, growing more than 15% compared to the previous year. We will continue to develop and grow the business sustainably as the nation’s first Green & Sustainable Retail through the 4 strategies of ‘ReNEW’. Central Retail’s 2023 goals include committing to 30% of energy consumption from clean & renewable sources in the property business, 10% of waste divert to landfill, 10% reduction in water consumption, 20% of products are eco-friendly & sustainably sourced, and 5,000 rai of green area & forestation to neutralize towards Net Zero GHG. It is Central Retail’s unwavering commitment to pass on to future generations a more resilient and sustainable world” Mr.Yol concluded.