BANGKOK -- CP All, operator of 7-Eleven convenience stores in Thailand, is set to expand into neighboring countries after seeking approval from its licensers in Japan and the U.S.
"We can enter overseas markets anytime," CEO Tanin Buranamanit said in an interview with the Nikkei Asian Review. "I believe that we have the ability to expand abroad."
There are around 7,500 7-Eleven stores in Thailand. Only Japan, with 16,000 shops, and the U.S., with 8,000, have more. The Thai chain has grown rapidly as shopping habits change in the Southeast Asian country.
Tanin sees more room for expansion and hopes to have 10,000 stores open by 2017. Even after it reaches that milestone, the company will go further, he said, not only in terms of the number of outlets it operates but in the variety of products and services it offers.
Tanin has had overseas expansion on his agenda for a while. He did not elaborate on where the company would move or when, but with the Asean Economic Community (AEC) scheduled to take effect in 2015, it will not be long. The company will seek advice and approval for its cross-border foray from Seven-Eleven Japan and 7-Eleven Inc. of the U.S.
"AEC countries that we share borders with would be our first choice (for expansion). We can share logistics and it is easier to understand consumer habits as they have similar cultures," Tanin said, adding that China is also on his radar screen.
In 2013, CP All acquired discount retailer Siam Makro for 189 billion baht ($5.8 billion), in the country's biggest corporate takeover.
It could be easier for CP All to expand abroad using the Makro brand. Its 97% stake in the company means it can make decisions unilaterally. "We will first concentrate on expanding within Thailand, but after that we will look into other markets in the AEC," Tanin said.