Latest news with #Chirathivat
Forbes
4 days ago
- Business
- Forbes
Billionaire Chirathivat Family's Central Retail Earmarks Up To $1.4 Billion For Expansion In Next Three Years
A Central department store. Thailand's retail giant Central Retail Corp. (CRC)—the flagship unit of billionaire Chirathivat family's Central Group—has earmarked as much as 47 billion baht ($1.4 billion) to expand and upgrade its stores in Thailand and Vietnam to boost the company's earnings. Under the three-year expansion plan through 2027, Central Retail plans to open between 57 to 72 new stores in various formats and renovate as many as 41 existing stores. CRC—which operates 1,889 stores in Thailand, 131 in Vietnam and nine in Italy—hopes the expansion would help boost EBITDA and revenue by 5% annually until 2027. In 2024, its EBITDA rose 6% to 34.4 billion baht as revenue climbed 5.7% to 262.8 billion baht. 'CRC is likely to deliver moderate medium-term earnings growth based on its ongoing expansion and synergy benefits,' Suttatip Peerasub, an analyst at Maybank Securities (Thailand) said in a report released on Wednesday. 'However, CRC's near-term outlook remains challenging amid weak consumption.' Amid a global economic slowdown, Central Retail plans to improve its operations by leveraging AI technology to provide consumers a seamless omnichannel shopping experience across its physical and online stores. At the same time, the company also aims to strengthen its loyalty program, which now boasts over 26 million members. 'With a clear and effective strategy in place, Central Retail is committed to driving stable and strong business growth across all dimensions over the 2025-2027 period,' newly-appointed Central Retail CEO Suthisarn Chirathivat said in a statement on Tuesday. Central Retail's expansion dovetails with the 120-billion-baht five-year investment plan announced by Central Pattana, a listed developer under Central Group, in March to build new office buildings and shopping malls. Central Group—which also holds interest in British retailer Selfridges—is led by Tos Chirathivat, grandson of the group's founder, Tiang Chirathivat. With a net worth of $9.9 billion, the Chirathivat family ranked No. 4 when Forbes Asia published the list of Thailand's 50 Richest in July 2024.
Forbes
21-03-2025
- Business
- Forbes
Thai Billionaire Family's Central Pattana Earmarks $3.6 Billion To Build Offices, Malls
A Central Pattana shopping mall in Bangkok. Central Pattana Central Pattana—controlled by the Chirathivat family, among the wealthiest clans in Thailand—is spending 120 billion baht ($3.6 billion over the next five years to build new office buildings and shopping malls as the country seeks to bolster its status as a tourism hub. The company plans to develop a new commercial district in northern Bangkok as well as 30 mixed-use real estate projects across the country from now until 2029, the Bangkok-listed Central Pattana said. 'Central Pattana aims to elevate Bangkok and Thailand to greater global standards, and plans to invest in the development of mega projects, as well as other new projects nationwide,' President and CEO Wallaya Chirathivat said in a statement. Central Pattana—which operates Central World, the largest shopping mall in Thailand—is stepping up its expansion as the nation is set to allow casinos, a move that could further boost tourism, a key driver of the economy. The government is also seeking to bring marquee international events such as Formula One into the country. Among the company's mega projects is The Central, a new commercial business district in Phaholyothin in northern Bangkok. Set to open in late 2026, the mall will have 460,000 square meters of retail space to be occupied by more than 200 global brands. Central Group—which also holds interest in British retailer Selfridges—is led by Tos Chirathivat, grandson of the group's founder, Tiang Chirathivat. With a net worth of $9.9 billion, the family ranked No. 4 when Forbes Asia published the list of Thailand's 50 Richest in July 2024.
