CP All Public Company plans to take the number of 7-Eleven stores in Thailand to 10,000 by 2018.

The company says it will open 3300 outlets in the next six years, in addition to 6700 existing outlets. Each year will see around 500 openings. The majority of the openings will be directed outside Bangkok. Stores in provincial cities and rural areas will account for 60 per cent of the total network.

CP All President Piyawat Titasattavorakul said there is vast potential for retail in Thailand.

“We are still in the early stages of a consumer-spending boom,” said Titasattavorakul.

Expansion plans are also afoot in China and Vietnam in an aim to meet long-term profit target.

“China and Vietnam have large populations and strong economies that will offer opportunity for us,” Titasattavorakul said.

“For Vietnam, we have been exploring the market for several years. The country’s high inflation rate and economic crisis has delayed our plans. We will begin looking at it seriously again after the crisis has subsided and the economy is growing again,” he added.

CP All, controlled by Thai billionaire Dhanin Chearavanont, performed strongly in the second quarter, reporting a profit increase of 20 per cent to 2.6 billion baht (US$83 million).

GB