The Central Retail Corporation (CRC), a multi-format and multi-category retailing platform in Thailand, has unveiled its CRC OMNI-Intelligence vision.
The five-year strategy aims to integrate artificial intelligence (AI) across all business processes, enhancing the omnichannel experience by seamlessly connecting offline and online platforms to deliver superior customer service.
The CRC OMNI-Intelligence vision is built on five strategic pillars, known as the 5Rs: Revolutionise Core Strengths, Re-inforce Financial Resilience, Re-invent Beyond Retail, Re-imagine Human Capital, and Rally Green Impact.
CRC’s 2024 operational plan, informed by the vision, targets revenue growth of 9% to 11% and an increase in earnings before interest, taxes, depreciation, and amortisation of 15% to 17%.
The company has allocated an investment budget of Bt22 to Bt24bn ($612m to $668m) to achieve these goals.
The plan includes the development of the CRC’s flagship store, Central Chidlom, into a premier luxury destination, the expansion of the GO Wholesale and Tops brands and the growth of the Hardline and Property Groups.
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The company’s fashion group will also introduce two new branches and renovate four existing stores.
Its food group plans to open seven more GO wholesale branches, ten Tops branches in Thailand and an additional GO hypermarket and mini GO branches in Vietnam.
The Hardline Group is set to increase Thaiwatsadu’s presence with nine new branches and renovations to four others, and the Property Group will continue to develop Robinson Lifestyle branches and launch three more GO mall branches, aiming for 42 branches across 42 provinces in Vietnam by the end of 2024.
CRC chief executive officer Yol Phokasub said: “Central Retail continues to have strong growth amid disruptions from technology disruption and the change in consumer behaviour to the arrival of generative AI and climate change.
“This is a result of Central Retail’s resilient ecosystem, which allows us to be able to adapt quickly in any situation, together with our strong financial stability due to effective cost and expense management.
“In 2024, Central Retail has set our strategy towards leading excellence and advancing sustainability to reiterate our position as the number one in all business groups with excellent performance in every dimension and a more advanced strategy for sustainability.”