Thai supermarket chain Big C Supercenter has reportedly postponed its plan to list in both Hong Kong and Thailand until 2024, as the group believe that the economic environment will improve next year.
This comes as Big C Supercenter acquired Hong Kong-based retail chain AbouThai and rebranded all AbouThai physical stores to Big C in August. SCMP reported that Big C's holding company will seek a dual listing in Hong Kong and Bangkok in the fourth quarter the earliest.
Speaking at the opening ceremony of a Big C flagship store in Hong Kong on Tuesday (26 September), Aswin Techajareonvikul, CEO and president of Big C Supercenter, told local media such as HKEJ and Ming Pao that the group has delayed its dual listing until 2024, when the macro economic environment gets better.
Operating around 2,000 retail stores under its brands in Southeast Asian markets such as Thailand, Vietnam and Cambodia, the introduction of Big C in Hong Kong marks its first expansion city outside the region. Techajareonvikul said Big C aims to open 25 stores a year, resulting in a total of 99 outlets by 2026. The company also plans to invest more than HK$200 million in Hong Kong and expected sales worth HK$1 billion within the next three years.
On the other hand, Aswin said that while Hong Kong has great business potential, its recent acquisition will pave the way for future opportunities to cooperate with other companies in the city and in mainland China, according to SCMP.
"We believe that Hong Kong has great business potential as the preeminent international financial centre in Asia. We have a very long-term vision in Hong Kong, which is to turn Big C into the best premium Thai supermarket. Our first batch of stores also perfectly highlights our continuous commitment in looking for opportunities in the Hong Kong market," Techajareonvikul said during an opening ceremony of its first group of stores across Hong Kong on Tuesday.
He added, "We are committed to putting customers at the centre and meeting their ever-changing needs and preferences by keeping rigorous quality control and competitive pricing. Our stores will offer customers the opportunity to easily purchase high-quality and affordable Thai products. We are planning a further expansion and opening more stores in Hong Kong in the next three years."
MARKETING-INTERACTIVE has reached out to Big C for more information.
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