Thailand’s retail powerhouse Central Retail Corp. (CRC), part of the Chirathivat family’s Central Group, is set to invest up to 47 billion baht (around $1.4 billion) in a major expansion and modernization effort spanning Thailand and Vietnam through 2027.

The multi-year initiative includes opening 57 to 72 new stores across various formats and renovating up to 41 existing locations. CRC operates nearly 1,900 stores domestically, with additional presence in Vietnam and Italy.

This expansion aims to boost the company’s earnings with a target of 5% annual growth in EBITDA and revenue. In 2024, CRC posted a 6% increase in EBITDA to 34.4 billion baht and revenue growth of 5.7%, reaching 262.8 billion baht.

Market analyst Suttatip Peerasub from Maybank Securities commented, “CRC is poised for moderate earnings growth in the medium term thanks to ongoing expansion and operational synergies. Yet, near-term challenges persist due to subdued consumer spending.”

To navigate a slowing global economy, Central Retail is investing in AI-driven technology to create a seamless omnichannel shopping experience linking physical and online stores. The retailer also plans to expand its loyalty program, which currently boasts over 26 million members.

CEO Suthisarn Chirathivat stated, “Our clear strategy positions Central Retail for steady and robust growth across multiple fronts from 2025 to 2027.”

This strategic move complements Central Pattana’s 120-billion-baht five-year plan to develop new malls and office spaces. The Chirathivat family, with a net worth of $9.9 billion, remains a dominant force in Southeast Asia’s retail landscape, ranked fourth among Thailand’s richest by Forbes Asia in 2024.

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