Thai retailer Central Group
expects its sales in Vietnam to expand by two-digit rates per year after taking over French grocer Big C
, Tos Chirathivat, chief executive officer of the group, was quoted by Nation Multimedia as saying.
Central Group acquired a majority stake in Big C Vietnam in April this year from Casino Group for some $1.04 billion. After the takeover, the group recorded total sales revenue of Bt40 billion ($1.13 billion) in Vietnam.
“The Big C takeover got us not only the Big C hypermarkets, which comprise 33 branches in Vietnam, but 10 convenience stores and 30 shopping malls owned by Big C Vietnam’s subsidiaries. The challenge for us is to concentrate on the retail business in Vietnam at this time,” Tos said.
He tipped that the company also plans to change the name of Big C in Vietnam but such a move would be finalized next year.
“Although we can use the Big C brand for 10 years after the takeover, we have decided to change the name next year instead of waiting for 10 years,” he noted.
The executive said the group sold its 25% stake in Thailand-based Big C Supercenter Plc to TCC Group because of its success in taking over Big C Vietnam. Also, a 25% stake in Big C Supercenter Plc was not enough for the company to manage the business.
Central Group has been building up its foothold in Vietnam by establishing Central Group Vietnam in 2011 with its business partner Nguyen Kim Trading, in which it holds a 49% stake.
Central Group Vietnam currently operates two Robins department stores in Hanoi
and Ho Chi Minh City, two Marks & Spencer stores, 27 Supersports stores, 21 Nguyen Kim stores selling electronic goods, and 13 branches of Lan Chi Mart retail and wholesale food stores.