Thai retailer CP All, owned by Dhanin Chearavanont’s Charoen Pokphand Group, plans to invest up to $353 million in expansion by 2024. The company aims to open 700 new stores in Thailand, with additional expansion in Cambodia and Laos. CP All will allocate funds for new projects, including a distribution center, fixed assets, and IT systems to enhance its operations.
The company’s focus is on developing distribution channels for products and services through online and offline platforms, aligning with the needs of customers in various locations. With a 53% increase in net profit in the first quarter of the year, CP All attributes its growth to domestic consumption, economic activity resumption, tourism recovery, and government stimulus. The company expects to continue improving its gross profit margin through strategic product offerings catering to consumer demands.
In line with reorganizing its retail businesses, CP All’s retail unit CP Axtra plans to merge with CP Group’s Ek-Chai Distribution. This move combines over 160 Makro wholesale stores across nine countries with more than 2,500 Lotus retail chains in Thailand and Malaysia, aiming to enhance operational efficiencies within the group. The restructuring will simplify the group’s structure and support future growth opportunities.
Founded in 1921, CP Group is one of the world’s largest producers of animal feed and livestock. Dhanin Chearavanont, with a net worth of $34 billion, heads the conglomerate as the richest individual in Thailand. Recognized with the Malcolm S. Forbes Lifetime Achievement Award, Dhanin has been integral to the company for many years, with his sons Soopakij and Suphachai currently holding leadership positions within CP.
Spanning various industries like telecommunications, finance, pharmaceuticals, property, automotive, and e-commerce, CP Group’s diversification reflects its dynamic approach to business. The company’s success stems from its ability to adapt to changing consumer needs and market trends, ensuring sustainable growth across multiple sectors. With a strong foundation and forward-thinking leadership, CP All is poised for continued expansion and success in the retail industry.
As CP All looks towards 2024 with ambitious growth plans, the company remains committed to enhancing its store network, distribution efficiency, and overall customer experience. By leveraging its resources and expertise, CP All aims to solidify its position as a leading retailer in Southeast Asia while contributing to the economic development of the region. With a strong financial performance and strategic vision, CP All is well-positioned to achieve its long-term goals and drive value for its stakeholders.
