Thai consumer goods conglomerate Saha Group will halt new investment this year as it experiences a slowdown in consumption.

The group’s chairman Boonsithi Chokwatana expects this year’s business growth to be the worst in 10 years.

It says it will not further invest in shoe and textile manufacturing as those categories were the worst hit by weak consumer demand.

While it is seeing sluggishness in consumer goods consumption, the group will focus for the meantime on its retail business.

Its investment company Saha Pathana Inter Holdings will be spending 300 million baht to build the group’s first community mall in Chon Buri province.

The group plans to develop more retail developments once the first community mall trades stably.