CRC Thaiwatsadu Co, a home improvement and construction materials unit under SET-listed Central Retail Corporation (CRC), says the Thai economy looks promising for 2025, and plans to add around 10 more stores next year.
Suthisarn Chirathivat, chief executive of CRC Thaiwatsadu, believes the Thai economy will improve next year as regional central banks have started to cut their policy rates and the Bank of Thailand is likely to follow this trend.
As interest rates fall, loans to the middle-income segment will be relaxed, enticing people to start considering improving their homes or seeking a home loan.
"The company plans to expand by no more than 10 branches next year," Mr Suthisarn said.
He said the company aims to tap into the middle-to-upper income segment through the White Format (hybrid store) model.
The hybrid store is a combination of two brands, Thaiwatsadu and BnB home, which provides construction materials, tools, structural products, electrical appliances, furniture and home décor, catering for professional homebuilders, real estate entrepreneurs, and homeowners.
The White Format stores will feature over 50,000 items and a larger shopping area covering over 20,000 square metres, along with improved store decor, a greater number of sales staff and more options in terms of premium products, Mr Suthisarn said.
"This project is part of the company's revenue growth. I believe there is still more room for growth to cater to the needs of the middle-to-upper income segment in many areas such as Bangkok and other major cities," he said.
With the new store concept, the company saw a 30% increase in sales compared to the original format in 2023.
By the end of 2023, the company had opened nine White Format stores.
In 2024, the company opened four White Format stores, which comprised renovations of two existing stores and two new stores.
At present, three existing stores are being renovated, all of which are set to open by the end of 2024, which would see the total number of White Format stores reaching 16.
"The company plans to transform one existing store to a White Format store next year," Mr Suthisarn said.