Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited or CRC, said “Central Retail continues to have strong growth amid various disruptions from technology disruption and the change in consumer behavior to the arrival of generative AI and climate change. This is a result of Central Retail’s resilient ecosystem, which allows us to be able to adapt quickly in any situation, together with our strong financial stability due to effective cost and expense management. Our achievement in being selected into Dow Jones Sustainability Indices: DJSI and an “AAA” score for SET ESG Rating from the Stock Exchange of Thailand in 2023, which is considered the highest level in Thailand, were among many of our excellent track records. All of these lead to significant success for Central Retail as we maintain our leadership in every business group. In 2024, Central Retail has set our strategy towards Leading Excellence and Advancing Sustainability to reiterate our position as the #1 in all business groups with excellent performance in every dimension and a more advanced strategy for sustainability.”
Central Retail is set to move forward to the next era with ‘CRC OMNI-Intelligence’ vision by incorporating AI in every business process including elevating the Next-Generation omnichannel experience that seamlessly integrates offline and online platforms together to provide the best experience to customers. The company will also fully expand the ecosystem from B2C to B2B, as well as enhance our enterprise by integrating human intelligence with AI that empowers employees to be more productive and more efficient, delivering on ‘expertise at your fingertip’ for superior customer experiences. Moreover, the company strives to drive impact that focuses on growing both ‘profit’ and ‘planet’ together in a sustainable way.
The ‘CRC OMNI-Intelligence’ vision consists of five important strategies (5R) as follows:
- Revolutionise Core Strengths – Elevating the strength of core business in Multi-Format, Multi-Category and Multi-Market, with a focus on businesses with high growth as well as raising the level of synergy and M&A to add long-term value to the business.
- Reinforce Financial Resilience – Strengthening financial status with the most efficient cost management to gain better returns and financial flexibility based on 3C (cash, cost, capex) management principle.
- Reinvent Beyond Retail – Expanding business beyond retail which includes becoming an important part of various communities in each category to build network and long-term values for Central Retail’s business while also driven to scale up continuously like expanding the ecosystem from B2C to B2B excellence.
- Reimagine Human Capital – Developing employees’ potential by combining the intelligence of AI and HI together to expand work capability, improve customer data analysis and exponential enhancement of the omnichannel platform.
- Rally Green Impact – Improving green transition by joining forces with all stakeholders including the government sector, private sector, customers, and business partners to work together in solving climate change issues before they become a climate crisis through reducing energy use and minimising inequality to pass on a better world to future generations.
Based on ‘CRC OMNI-Intelligence’ vision, Central Retail strives forward with a 2024 operational plan, targeting revenue growth at 9-11% and EBITDA growth at 15-17%, with an investment budget of 22-24 billion baht. Operational plans for 2024 are as followed:
- Fashion Group: Development of Central Department Store’s flagship store – Central Chidlom – to become a world-class luxury destination, along with the launch of 2 new branches, continuous renovations and upgrades on 4 more branches, add world-class brands to the portfolio, and bring Thai brands to expand to Vietnam.
- Food Group: Expansion of GO Wholesale to add 7 more branches to be ‘The New Choice For All’ for customers, entrepreneurs, and partners. Tops will also expand to a total of 10 branches in Thailand. For Vietnam, there’ll be the launch of 3 more branches for GO! Hypermarket and 9 more branches for mini go! which has proven to be a winning format with tremendous response.
- Hardline Group: Expansion of Thaiwatsadu coverage by 9 branches, renovating 4 more branches, and transforming Nguyen Kim in Vietnam to deliver on a better performance.
- Property Group: Continuous plan to develop and improve each branch of Robinson Lifestyle, and the launch of 3 more GO! Mall branches with the aim to have a total of 42 branches by the end of 2024, covering 42 provinces out of 63 provinces nationwide.
“In addition to creating excellence in our business, sustainability is another core aspect that Central Retail has always put our focus on. This year, we will take sustainability to the next level through operations based on the ‘CRC Care’ philosophy that is ready to drive the business forward while also taking care of all sectors to grow sustainably together. According to this philosophy, for example, we’re committed to elevate second-tier cities as part of our plan to build a strong foundation for Thai economy, uplift communities and the environment through our ongoing sustainability initiatives, and enhance cooperation with partners and suppliers to join forces and drive impact throughout the ecosystem – all of which is key to reinforcing our ‘Central to Life’ brand purpose towards inclusive growth” Mr. Yol concluded.
