Thai department store operator Central Department Store has taken a major stake in Thai Watts Co.

Central Department Store, a unit of Central Retail Corporation, now owns 51 per cent of the company, which operates Komonoya, a chain of stores which sells discount goods from Japan. As part of the acquisition, Central will now co-manage the chain.

Komonoya has opened eight stores in Thailand since the brand debuted at Central Plaza Ladprao in 2009. It sells consumer goods priced at 60 baht per piece.

Central Retail Corporation CEO Tos Chirativat said that as a major shareholder in Thai Watts, it plans to expand the Komonoya chain in major cities.

He said an investment of 200 million baht will be allocated for opening 60 stores by 2017. The new openings are expected to help the chain achieve a sales of 1 billion baht in five years.