Big C Retail Corp, the supermarket chain operator owned by one of the richest families in Thailand, has delayed its plan to list in both its homeland and Hong Kong until next year, in anticipation of finding a better economic environment in 2024.
“This year, things are winding up and we have very high hopes for next year’s Thai economy, with the new administration,” Aswin Techajareonvikul, Big C Retail’s CEO and president, said at the opening ceremony of a Big C Supercenter flagship store in Hong Kong’s Tsim Sha Tsui district on Tuesday. “Next year’s economic activities will be better than this year.”Big C operates about 2,000 stores under the Big C Supercenter, Big C Market, Big C Foodplace and Mini Big C brands in its home market of Thailand, as well as in Laos, Cambodia and Vietnam.
Hong Kong is Big C’s first foray outside Southeast Asia, and it is taking on retailers such as Wellcome and ParknShop. The retailer is part of billionaire Charoen Sirivadhanabhakdi’s business empire, which includes Thai Beverage, the country’s largest brewer and maker of Chang beer. Aswin is Charoen’s youngest son-in-law.
The Bangkok-headquartered retailer has acquired grocery chain AbouThai, which operates 24 outlets in Hong Kong. The group has rebranded these stores as Big C and aims to open 25 stores a year for a total of 99 outlets in the next three years. AbouThai founder Mike Lam King-nam was present for the opening ceremony.Last month, Aswin told the Post in an interview that the group planned to have a dual listing in Hong Kong and Bangkok, and expected the flotation to take place as soon as the fourth quarter. But the final decision would depend on market conditions, he said at the time.
“Before establishing our presence here in Hong Kong, we had e-commerce shops where people from China could order products directly from Thailand,” Aswin said on Tuesday. “We hope to link up further with China through Hong Kong.
“Our latest acquisition in Hong Kong will pave the way for future opportunities to cooperate with other leading companies here and also in mainland China.”
The company said it plans to invest more than HK$200 million (US$25.6 million) in Hong Kong and expected sales worth HK$1 billion within the next three years.
The Hong Kong government recently called upon retailers and shopping centres to extend opening hours to revive the city’s lacklustre night economy, and Aswin said that Big C was looking forward to working closely with the authorities and to supporting their policies.
“In Thailand, we extend our stores’ opening hours until 3am,” he said. “So here, if there’s an opportunity for us to extend the operating hours, we definitely have the model.”
ncG1vNJzZmivp6x7tK%2FMqWWcp51kr7a%2FyKecrKtfmLWqusBmma6rmaOytL%2BOmqmtoZOhsnB%2FkWxscW5hZMGprchmqq6olae6or7Knqtmm5iWtq95waKeZptdmbKtrdisZJ2tkaF6qbvNoGSkp56ceqK6w2aZmqaXoLysecuiqq2hnpx6trrToqNmamBngW7Dx56lZp2TpLuwucic