Thailand’s family-owned conglomerate Central Group is plotting a bold expansion this year with an investment of 30 billion baht (US$975.93 million).
About 70 per cent of the allotted investment will be spent for its subsidiaries Central Pattana, developer and operator of shopping centres in Thailand, and Central Retail.
Central Pattana will develop five Robinson department stores to be located in Bang Na, Suphan Buri, Bang Kae, Surat Thani and Lampang districts. Its ongoing project Central Embassy which will house an eight storey retail podium and six-star hotel will be opened in the last quarter next year.
“2012 will be another challenging year to turn crisis into opportunity and move forward, stronger and firmer,” said Sudhitham Chirathivat, the conglomerate’s executive chairman.
Central Group, whose overseas business accounts or just 11 per cent of its turnover, plans to open a department store in Chengdu, China, this year, part of a move to expand offshore interests. It currently has three department stores in China.
The group is also eyeing Myanmar, Indonesia, Vietnam and Malaysia as potential markets overseas.
Central Group acquired last year Japanese restaurant Ootoya and Italian department store chain La Rinascente.
It posted revenues of 140 billion baht (US$4.55 billion) last year, 17 per cent higher than in 2010. This year, the group’s growth strategies which include renovations, mergers, acquisitions, new branches and overseas expansion are expected to drive a 35 per cent growth to 188 billion baht (US$6.12 billion).
Central Group also operates hotels, such as the Sofitel Centara Grand Bangkok, and the Centara Grand at Central Plaza Ladprao, Bangkok.
GB
