Drugstore retailers boost Thai businesses
Two specialty drugstore retailers – Watsons and Boots – plan further investments in Thailand after sales rose last year.
Watsons says it will earmark 350 million baht (US$11.7 million) to open 50 additional stores, facelift existing stores and boost brand awareness.
“We continue to make a substantial investment in new stores, product development and customer relationship management because we are confident in the Thai market, where Watsons is well positioned,” said Rod Routley, MD of Central Watsons, the local operator of Watsons.
With the additional 50 stores, Watsons’ retail stores in Thailand will total 304.
Watsons, whose sales rose 25 per cent last year, says it will add 100 new products to its portfolio.
Rival Boots also plans to up its investment in the country, where it already has 227 stores. It says it will open 30 new stores this year while existing stores will be renovated. More products are to be added also, it says.
While competition in Thailand’s health and beauty market is getting fiercer, Watsons and Boots remain upbeat on outlook.