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Central Retail consolidates ahead of listing

Jul 31. 2019
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By The Nation

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Central Retail, a subsidiary of the Central Group, today (July 31) announced a consolidation of its retail units in Thailand, Vietnam and Italy under a holding company, ahead of the company's listing on the Thai stock market.

The move falls in line with the company’s ‘New Central New Retail’ policy by stepping forward to become a keen leader with strong capability in conducting business on a ‘customer-centric omnichannel’ platform. 

The platform will create a borderless shopping experience with ‘brick-and-mortar’ stores and online channels, catering to the digital lifestyle of consumers today.

Tos Chirathivat, chairman of the executive committee at Central Retail, said the company started as a small family business 72 years ago.

“We are committed to offer new shopping experiences that cover any demand and requirement of consumers,” said Tos.

Being the leader in the Thai retail market, the company operates a wide range of multi-format stores, ranging from the first department store in Thailand to other retail outlets with diversified formats, including specialty stores for specific products. Furthermore, the company has added value to its offline channel with the launch of Omnichannel strategy to answer consumer’s shopping behaviour in every dimension, he said. 

Tos said the retail industry has undergone a significant transformation and it will continue to evolve through new technology, data and the ever-changing lifestyle of consumers, adding that these are the key trends shaping the retail industry going forward. 

Customers are more emotional than functional these days and massive transformation and collaboration will have to happen to create a seamless play between retail, payment and logistics.

“Central Group positions itself as the “Central of Life” for all our stakeholders. We will continue to revolutionise our platforms in order to create a “Central Experience, ” offering a unique , frictionless proposition throughout a customer’s journey," said Tos.

Central Retail, as of March 31 this year, operates 1,979 retail stores in 51 Thai provinces. The company also has a total of 134 retail stores in Vietnam and Italy.

Yol Phokasub, chief executive officer at Central Retail, said the company conducted a restructuring process of its retail organisation over the past three years, aimed at strengthening its businesses and to expand under new models, driven by the prospects of new business opportunities amid the change in technology and consumers' behaviour.

He said Central Retail had initiated a business model, covering three key dimensions: ‘multi-category’ of products comprising fashion, hardline, and food; ‘multi-format’ of retail stores; and ‘multi-market’ covering stores in Thailand and abroad.

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