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One year after the Makro-Lotus’s merger, synergies are beginning to show

Soon after Britain’s Tesco abandoned its retail business in Thailand and Malaysia in early 2021, its buyer, Thailand’s Charoen Pokphand Group, merged it with its Siam Makro wholesale arm. Makro, the biggest cash-and-carry operator in Southeast Asia, was already something of a beast in wholesale and retail terms: it operated 154 warehouse-style units with an average size of just under 5,400sqm, selling to both retailers and end consumers in major cities and secondary locations, mostly in Thai