Thailand’s CP All will expand its 7-Eleven store network with 700 new outlets this year.
According to Bangkok Post, CP All will invest approximately US$380 million in the expansion plan. The company opened 155 stores during the first quarter of this year, increasing the 7-Eleven store number to 12,587.
Chief financial officer, Kriengchai Boonboapichart, said CP All will spend about US$128 million on new projects, subsidiaries and distribution centres, US$121 million on store expansion, and US$108 million on store renovations. The remaining is slated for fixed assets and IT systems.
“We will continue to open new stores but with a more cautious approach,” said Boonboapichart.
“There are many uncertainties, so we will select locations that can build revenue and have real demand from customers.”