FOODLAND SUPERMARKET is doubling its annual investment budget to Bt500 million next year as part of a strategic expansion of its retail and food businesses.
Chief executive officer Somsak Teerapattanakul said that under the budget, the company would open four or five more Foodland stores next year, and add three new restaurant brands under its portfolio: a Japanese ramen chain, a roasted-goose restaurant business from Hong Kong, and a street-restaurant business from Singapore.
Some of the investment sum will also be spent on the expansion of its existing restaurant interests, including two new Tim Ho Wan dim-sum restaurants, five Took Lae Dee food courts, five Soutao Canton restaurants, and three Mr Pizza outlets.
“As I am getting older, I want to speed our expansion as much as possible. Starting from next year, we plan to open four or five new Foodland stores for five consecutive years,” Somsak said.
The Street
This year, the company is opening three Foodland branches, the first of them already operating at The Street community mall on Ratchadaphisek Road in Bangkok.
The second new branch was officially opened yesterday at The INT Intersect community mall on Rama III, soi 38-40, while the third will be opened at Terminal 21 in Nakhon Ratchasima on December 19.
The CEO added that the company had also been approached by investors in Bangladesh, India, the Philippines, Myanmar, Cambodia and the US, who want to open Foodland supermarkets in their countries.
“We still see market potential in Thailand, and many land developers offer me space,” Somsak said.
Meanwhile, apart from opening Foodland supermarkets at retail complexes, the company is looking to open its supermarkets at property projects under the SC Asset Group and hotels under the Minor Group in the future, he said.
Given the company’s overall expansion plans, sales are expected to reach Bt10 billion next year, up 25 per cent from the Bt8 billion targeted for this year.