The operator of Thai hypermarket chain Lotus’s, Ek-Chai Distribution System Co, is set to invest US$354 – $382 million in expanding the network.
The Bangkok Post reports the investment will be allocated to new store openings, store revamps and the development of infrastructure and online systems. Having opened 39 new stores during this year’s first half, the retailer aims to open another 70-80 new branches in the fourth quarter of this year, bringing Lotus’s store count to 2350 by the end of this year from 2279 currently.
The company said the expansion is in line with the recovery of the Thai economy driven by an increasing number of tourists.
“During the second quarter, we started to see good signs of increasing purchasing power,” Sompong Rungnirattisai, CEO of Lotus’s Thailand, said in a statement.
In addition to retail space, Lotus’s is also expanding its food choices for customers, adding more brands to its offerings.
The company has recently shifted its focus to expanding omnichannel and introducing new retail formats, including the Smart Urban Supermarket concept launched last month, Smart F&B Heaven and Open Air Mall. Its SmartApp, which has more than 4.5 million users, has grown online purchases fourfold since its launch in March.