Naraya revises expansion plan
Wasna Roongsaenthong, co-chief executive of the company, said it planned to open five new stores this year after observing signs of economic recovery last year.
However, since March this year economic indicators have shifted negative and the company recorded a drop in Chinese customers.
From Jan 1 to July 27, Thailand tallied 19 million foreign arrivals, a 6.18% year-on-year drop, according to the Economics Tourism and Sports Division of the Tourism and Sports Ministry.
Chinese tourist arrivals plunged 34% year-on-year from Jan 1 to June 30.
Foreign tourists account for around 70% of Naraya's total sales, followed by direct exports at about 20–25%, with the remaining sales coming from Thai customers, she said.
Chinese, Japanese and Singaporean tourists remain among Naraya's top customer segments and among foreign customers, about 40% are Chinese.
She said the company has adjusted its expansion plan.
Originally, the company planned to open new branches in Bangkok's Chinatown, Phuket and three other locations, but now only the Chinatown branch is in the pipeline.
This cautious approach recalls the company's strategy during the pandemic.
Prior to the pandemic, it operated 37 stores, but the number dropped to 17 last year, she said.
She added that the company had to close unprofitable stores during the pandemic.
To address current challenges, it is also considering tapping into new export markets, possibly through business partners and online e-commerce platforms.
Meanwhile, the company is aiming to increase the share of Thai customers from the current 5–10% to around 30% by implementing strategies including brand collaborations.
Ms Wasna recommended the government take steps to attract foreign travellers back to Thailand, such as conducting travel roadshows.
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