CRC Thaiwatsadu Co, a home improvement and construction materials division of Central Retail Corporation (CRC), is optimistic about the Thai economy in 2025 and plans to open approximately 10 new stores next year.
Suthisarn Chirathivat, the CEO of CRC Thaiwatsadu, anticipates an economic rebound as regional central banks have begun to lower their policy rates, with the Bank of Thailand expected to follow suit. He believes that this reduction in interest rates will make loans more accessible to the middle-income demographic, encouraging more homeowners to consider renovations or apply for home loans.
“The company is looking to expand by no more than 10 branches next year,” Mr. Suthisarn stated.
To enhance its offerings, the company targets the middle-to-upper income market with its White Format (hybrid store) model. This model combines the Thaiwatsadu and BnB Home brands, providing a wide array of construction materials, tools, structural products, electrical appliances, furniture, and home décor aimed at professional builders, real estate developers, and homeowners.
The White Format stores will showcase over 50,000 products in a shopping space exceeding 20,000 square meters, coupled with enhanced store decor, an increased workforce, and a broader selection of premium items, according to Mr. Suthisarn.
“This initiative is part of our strategy for revenue growth. I believe there is significant potential to meet the needs of the middle-to-upper income segment in areas like Bangkok and other major cities,” he noted.
The company has experienced a 30% surge in sales with the new store concept compared to the previous layout in 2023. By year-end 2023, they had opened nine White Format stores.
In 2024, they inaugurated four White Format stores, which included renovations of two current stores and two new openings. Currently, three additional stores are undergoing renovations and are expected to reopen by the end of 2024, boosting the total to 16 White Format locations.
Additionally, Mr. Suthisarn mentioned, “The company aims to convert one existing store into a White Format store next year.”
