Thai home-furnishings manufacturer and retailer Index Living Mall has set a strategic plan to open at least one store in a new Asean market every year.
The company expects the sales contribution from Asean countries to increase significantly from the 6 to 7 per cent estimated for this year to 10 per cent within three years.
MD Kridchanok Patamasatayasonthi says the expansion is in line with its vision to be the No. 1 player in Southeast Asia in terms of brand awareness in its segment.
In Thailand, Index Living Mall opened a branch in Nakhon Pathom in February with 7500 sqm of retail space, and another store will open in Chachoengsao next month covering 5500 sqm.
“We also plan to open another store in Bangkok next January,” says Kridchanokshe.
Index Living Mall has also opened stores in Malaysia and Vietnam.
Malaysia’s first store is in IOI City Mall in Putrajaya, followed by another outlet at Aeon Mall in Shah Alam in March, and at Aeon Mall in Kota Bahru last month. The expansion in Malaysia is through a joint venture with Japan’s Aeon Group, and the fourth store will open in Johor Bahru next year.
In Vietnam, where the brand has had a presence for four years, the company has appointed a new local franchisee to expand its network. The first Index Living Mall in Vietnam under the new partnership, at Vincom Mega Mall in Ho Chi Minh City, opened in January, followed last month by a store at Hanoi’s Vincom Mega Mall.
“We are negotiating with a potential joint-venture partner in the Philippines and a potential franchisee in Indonesia for partnership deals expected to be finalised next year,” says Kridchanok.
Index Living Mall posted THB2.5 billion (US$71.242 million) in sales revenue in the first quarter of this year, a 10 per cent increase compared with the same period last year. The company targets THB10 billion in sales this year, up 10 per cent over 2015.
It has also opened a concept store at Don Mueang International Airport, Sky Living by Index Living Mall – 400 sqm of retail space showcasing its products and accessories.
After the renovation of the airport’s Terminal 2 to accommodate the growing number of domestic passengers, Index Living Mall aims to create direct customer experiences by providing a premier passenger lounge designed around a variety of room settings, as well as a Kids’ Zone.
The first Index Living Mall store opened more than 20 years ago, and there are now 26 retail locations throughout Thailand.
