The Thai operator of convenience chain FamilyMart, Siam FamilyMart, says it plans to increase its number of stores to 3000 by 2017.
The company will spend 10 billion baht to open 2200 new stores and to renovate existing stores, says CEO Nath Vongpanich.
This year, FamilyMart will open 208 new stores in addition to the already existing 792 stores.
“The expansion speed of FamilyMart this year will be double its average expansion of 100 stores in the past few years,” said Vongpanich.
From 2014 to 2017, the company will open around 500 stores annually, which is almost on par with the expansion level of market leader in convenience chain sector 7-Eleven.
While competition is getting tougher as rivals also expand businesses and the addition of new players such as Lawson, which is slated to make its debut in Thailand, Vongpanich is confident FamilyMart has huge potential due to the country’s growing urbanisation.
Thailand’s convenience chain market includes 12,000 stores, with more than half of it belong to 7-Eleven. Other players include Fresh Mart, Tesco Lotus Express, 108 Shop, V Shop and Mini Big C.
