Encouraged by the expected recovery of the retail industry, Ek-Chai Distribution System Co, the operator of Lotus's retail stores, plans to raise its investment by 50% to 11 billion baht to expand its business this year.
Sompong Rungnirattisai, the company's chief executive, said the retail market now exhibits more obvious positive factors, including fewer Covid-19 infections and the recovery of the tourism industry since the fourth quarter of last year.
Ek-Chai Distribution decided to allocate up to 11 billion baht to expand its retail business this year, compared with the 7-8 billion baht in annual spending the company carried out before the pandemic.
Of the total spending planned, more than 50% will be allotted to the opening of new retail outlets and the renovation of existing stores, with the remainder to be used for facility maintenance and information technology (IT).
The company plans to open five hypermarkets covering an area of 3,000 square metres this year. This includes the one it opened recently in Nakhon Ratchasima province's Sikhiu district.
It also plans to open another five supermarkets covering an area of between 700 and 1,000 sq m and 200 branches of Lotus's Go Fresh this year.
In a related development, the company on Wednesday launched Lotus's Privé, a new premium hypermarket, which was developed under a premium inclusive concept at ICS, the lifestyle retail project opposite the Iconsiam complex.
The new store was designed to reflect the distinct elements of a premium hypermarket in terms of the look and feel, the design, and the assortment of products on offer, through to extra services provided, so as to differentiate Lotus's Privé from Lotus's other hypermarkets.
Mr Sompong said the company rented a space covering 2,900 sq m from Iconsiam for a period of 15 years to develop the first Lotus's Privé on the underground floor of ICS mall.
Lotus's Privé provides customers with a wide range of premium products sourced from around the world at accessible prices. Roughly 40% of the goods on offer are imported.
"Our commitment is to give our customers 'a little delight every day' by offering quality products at affordable prices, both at our stores and online. We designed our shopping experiences and product offerings to suit the needs of each customer segment in each location," he said.
According to Mr Sompong, the company opened Lotus's Privé premium at ICS as its first premium hypermarket due to the unique potential that ICS offers, being surrounded by riverside condominium projects, four and five-star hotels including the Hilton Garden Inn located in the ICS building itself, residents in nearby communities, as well as Bangkok's main business districts.
Iconsiam is linked to ICS via the Charoen Nakhon skytrain station.
The company is planning a second location for Lotus's Privé by the end of this year because more people are looking for quality products and shopping experiences, he said.
"Lotus's Privé is an important milestone in our continued growth story and a prototype for future stores that will provide premium inclusive to other communities in Thailand," said Mr Sompong.
