BANGKOK—CP All Plc, which operates 7-Eleven convenience stores in Thailand, will open 700 new locations this year, Bangkok Post reports. The company will spend $368 to $384 billion to expand, including investments for new projects, distribution centers, subsidiaries, store expansion, store renovations, fixed assets and IT systems.
During the first quarter of 2021, CP All opened 155 new 7-Eleven stores. "We will continue to open new stores, but with a more cautious approach. There are many uncertainties, so we will select locations that can build revenue and have real demand from customers," said CFO Kriengchai Boonboapichart, the company's chief financial. “Moreover, each location has to possess the capability to support our O2O [online-to-offline] retailing strategies.”
As of the end of March, CP All had more than 12,000 7-Eleven branches in operation, with 85% of those locations being standalone stores and 15% having gas pumps. Overall, CP All registered lower revenue in 2020, a 4.3% drop from 2019, which the company attributed to the pandemic, which triggered a slowing of domestic consumption and a lack of tourists.
The company pivoted to 7-Eleven Delivery, All Online and 24Shopping to combat the drop in foot traffic. Kriengchai said delivery and pickup services have resonated with customers, boosting sales.
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