Tops sets out to top the food retail experience
Central Food Retail is set to dominate Thailand’s food retail landscape with an aggressive expansion plan to reach 1,000 stores by 2027, Food Group CEO Stephane Coum announced at a press conference on Monday.
The move is part of the company’s plan to expand its presence, which includes a 1.6 billion baht investment budget for 2024. The investment included upgrades to technology and innovation to improve the customer experience. It encompasses initiatives like rebranding Tops Daily as a 'Joy-venience Store', improving the Tops Online platform, and introducing exclusive benefits for Tops Prime subscribers.
The company, which celebrates its 28th anniversary this year, intends to operate over 730 stores in all formats by the end of this year. Over the next four years, the group expects to grow at an average annual rate of 8% (CAGR).
“By the end of this year, we intend to operate 20 Tops Food Halls, over 150 Tops Supermarkets, 520 Tops daily stores, 10 Tops Wine Cellar outlets, and over 25 Matsukiyo stores, for a total of over 730 stores across all formats. Additionally, the company intends to expand and upgrade an average of100 branches per year," Coum stated.
To achieve this, Central Food Retail is adopting a multifaceted approach, including expanding its physical footprint and enhancing its digital presence. By improving omni-channel capabilities, the company aims to deliver a seamless shopping experience and cater to evolving customer preferences.
“Our goal is to be a truly world-class omni-channel lifestyle food retailer. Reaching the 1,000-store milestone by 2027 is a critical step towards realising this goal. We hope to meet our customers’ changing needs and solidify our market leadership position by expanding our presence and offering a broader range of products and services,” he noted.
The company's strong financial performance, with an 11% increase in ticket sales and a 10% rise in new customers in the first half of 2024, underpins this expansion strategy.
By recognising the importance of consumers, partners, employees, and customers in the company's success, Coum reaffirmed Tops’ commitment to providing exceptional shopping experiences.
