Thai home fashion retailer Chic Republic plans to open three new domestic stores this year.

The company said it will allocate 1.4 billion baht ($43.06 million) to fund the openings in Bangkok’s Bang Na-Trat Rd and Ratchaphruek Rd and in Pattaya.

The retailer’s optimism is driven by the high purchasing power of Thai consumers as well as the growing influx of foreign workers and travellers.

“We found foreign customers from Germany, France, the US, Britain, Russia, Turkey and even Italy shopping at our Pattaya store during the month it was unofficially open,” said president and CEO Kijja Pattamasattayasonti.

Chic Republic expects sales this year to soar 40 per cent to 700 billion baht ($21.53 billion).

It says it is also considering opening in neighbouring countries such as the Philippines and Malaysia.