Central Retail, a retail company under Thailand’s Central Group, said it will focus on expanding its store network in Vietnam over the next three years. The plan comes amid declining consumer demand in the Thai market.
According to newly announced information, Central Retail will invest from 45 to 47 billion baht (equivalent to about 1.38 to 1.44 billion USD) by 2027 to expand operations.
In Vietnam, the company plans to build 4 to 6 more Go! shopping malls and 12 to 15 Mini go! stores. Currently, Central Retail operates 42 Go! malls and 13 Mini go! stores nationwide.
“Vietnam is a very dynamic country with a large population, a market that we need to monitor closely,” said Mr. Suthisarn Chirathivat, General Director of Central Retail. However, he also commented that the average income per capita in Vietnam is still low. Therefore, this is not the right time to develop high-end department stores.
Each Go! center has a floor area of about 4,500 m². Of which, 70% of the products are food. Mini go! are usually located in small cities. The average area is about 1,700 m² and mainly sells non-food items.
According to the company, Vietnam contributed 22% to Central Retail's total revenue in the first three months of 2025. In the same period, the Thai market accounted for 73% of revenue.
Thailand and Vietnam are two key markets in the next three years. However, the Thai economy is facing difficulties. Domestic purchasing power is decreasing, putting pressure on the company's business operations.
Source: https://hanoimoi.vn/central-retail-dau-tu-hon-1-4-ty-usd-mo-rong-hoat-dong-tai-viet-nam-706891.html
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